Tag Archives: Oil Price

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at …

India’s manufacturing activity, which consumes about half of the country’s power supply, surged in August to the highest level in 17 years, driving the fastest growth in electricity generation in five months. India saw a 4% rise in power generation in August, according to a Reuters analysis of data from …

Malaysia’s national energy giant Petronas booked lower revenues and profits amid falling oil prices and a challenging macro and operational environment, which also led to a 3% decline in first-half oil and gas production. Petronas reported a 24% decline in revenues and a 19% drop in profit after tax, due …

TotalEnergies has been awarded a massive new exploration permit offshore the Republic of Congo, which could ultimately boost oil and gas supply from West Africa. TotalEnergies and its minority partners QatarEnergy and Congo’s national company SNPC have been awarded the Nzombo exploration permit, close to the Moho production facilities operated …

Despite current challenges, Equinor still believes in the long-term prospects of offshore wind and will take part with $939 million in the $9.4-billion rights issue of the world’s offshore wind developer Ørsted, in which the Norwegian energy major holds 10%. Ørsted last month announced plans for a $9.4 billion (60 …

Russia kept its number-one spot as the biggest crude oil supplier to India in July, despite U.S. pressure on India over its continued imports of Russian crude. Amid difficult U.S.-India trade talks, the Trump Administration has singled out India to punish as a buyer of Russian crude. After weeks of …

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the …

A record smashing 26MW offshore wind turbine has been successfully installed in China by Dongfang Electric, which has now wrestled the claim of having the world’s most powerful installed turbine from Siemens Gamesa. Dongfang announced today that it has installed the prototype machine at a testing and certification base, saying …

Hyundai Motor said Sunday sales of its face-lifted Nexo hydrogen-powered sport utility vehicle (SUV) have reached nearly 7,000 units since its launch in June, far outpacing its predecessor. Sales of the upgraded hydrogen fuel cell electric vehicle (FCEV) model came to 6,767 units in the June-August period, far surpassing the …

Europe’s biggest gas supplier, Norway, is starting the annual maintenance on gas fields, processing plants, and pipelines, which will see Norwegian gas flows slashed through the middle of September. Some planned works have already begun this week, including the processing plant at Nyhamna. Others begin this weekend, with most maintenance …