Tag Archives: Oil Price

Kazakhstan expects a court ruling on its $3.5-billion lawsuit against international majors by the end of this year, Energy Minister Yerlan Akkenzhenov said on Monday as the country is suing Big Oil in several separate proceedings with total compensation and damage claims of more than $160 billion. The first arbitration …

The European Union is backtracking on its plan to prohibit the sale of new combustion-engine passenger cars after 2035, as the de facto ban came under fire from major carmakers and strong auto industry lobbies in Germany and Italy. The EU’s executive arm, the European Commission, is expected on Tuesday …

Chinese refiners processed 39% more crude oil last month, with the total at 60.83 million tons, or 14.86 million barrels daily, official data cited by Reuters showed. The November daily average was a slight dip from October, when the average refinery throughput stood at 14.94 million barrels, but this was …

Advancing ice has prevented an LNG carrier from loading a cargo at Novatek’s Arctic LNG 2 plant, Bloomberg reported today, citing ship-tracking data. The Buran, an Arc4 ice-class vessel that can move through icy waters, but up to a point, set off for the Arctic LNG 2 project on the …

Coal- and gas-fired power generation in China is on course for an annual decline for the first time since 2015, unless demand surges this month. Over the first 11 months of the year, electricity generated from coal and gas plants ticked down by a modest 0.7%, Bloomberg reported today, citing …

The global market for artificial intelligence (AI) chips is projected to skyrocket from $203.24 billion in 2025 to nearly $565 billion by 2032, driven by an insatiable demand for real-time analytics and generative AI capabilities. According to a new report by MarketsandMarkets™, the sector is forecast to expand at a …

The total number of active drilling rigs for oil and gas in the United States fell by 1 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 548 this week, according to Baker Hughes, down 41 from this …

Hungary has secured an agreement to receive natural gas from Azerbaijan for the next two years, Hungarian Foreign Minister Peter Szijjarto said, as the central EU member state disputes the bloc’s pledge to phase out Russian gas imports. “We have secured another gas purchase agreement, this time with Azerbaijan: 800 …

Global oil demand will rise by about 1.4 million barrels per day (bpd) next year, supported by solid economic growth, OPEC said in its monthly report ton Thursday, keeping its demand forecasts unchanged from last month. Unlike other forecasters, investment banks, and analysts, OPEC continues to expect robust demand growth …

The oil market still faces record oversupply next year, according to the monthly report by the International Energy Agency (IEA), but the glut estimate is now trimmed by about 230,000 barrels per day compared to the November forecast. The market is headed to as much as 3.84 million barrels per …