Tag Archives: Oil Price

Alongside several other major world powers developing new nuclear projects, Canada plans to rapidly expand its nuclear power sector to contribute heavily to the country’s energy demand. Nuclear power contributes around 15 percent of Canada’s energy at present. However, with plans to develop several new nuclear facilities, this figure is …

Oil prices settled little changed on Friday as markets weighed Chinese demand and interest rate-cut expectations after data showed cooling US inflation. Brent crude futures closed up 6 cents, or 0.08%, at $72.94 a barrel. US West Texas Intermediate crude futures rose 8 cents, or 0.12%, at $69.46 per barrel. …

Difficult market conditions have prompted Romanian steel industry leader ArcelorMittal Hunedoara to reduce production until year’s end. According to a notice provided to the Bucharest Stock Exchange, the longs producer’s board of directors decided to reduce production from December 9-31 and pay 75% of salaries to employees impacted by the …

Energy prices across Europe fell below zero for a record number of hours in 2024. An accelerated buildout of large-scale wind and solar farms has flooded European grids at peak production hours, causing surplus energy to be sold at a loss at increasingly frequent increments, for a grand total of …

The European Union is prepared to discuss with U.S. President-elect Trump boosting economic ties, including in the energy sector, an EU spokesperson told Reuters on Friday, hours after Trump threatened to impose “tariffs all the way” on the bloc if it doesn’t buy large volumes of American oil and gas. …

The rise of data centers and their quest for renewable energy to power AI technology will boost the growth of renewables even under President Donald Trump, the Americas head of Japan’s biggest bank, Mitsubishi UFJ Financial Group, told Reuters. “The new administration will be more constructive on fossil fuels, but …

The UN climate conference, COP29, held in Baku in November garnered plenty of global attention. But another, lower-profile UN-sponsored COP, shorthand for conference of parties, convened earlier in December in Saudi Arabia. That COP tackled another global warming-related challenge – the spread of desertification. Barron Joseph Orr, the lead scientist …

The 2024 hurricane season was relentless, and it took U.S. energy infrastructure along for the ride. Above-average storm activity—18 named storms, five of which were major hurricanes—created disruptions in electricity markets and oil and gas production in the Gulf of Mexico. Hurricanes Helene and Milton, both Category 3 storms, were …

India’s second-largest fuel retailer, Bharat Petroleum Corporation Limited (BPCL), plans to raise its refining capacity by 10 million tons per year by 2028, as the biggest Indian refiners consider a massive expansion to processing capacity to meet growing demand. State-controlled BPCL expects to raise its total refining capacity to 45 …

Russian crude oil exports by sea have dropped by 11% from a recent high in October, due to maintenance at the Baltic port of Primorsk, pressure for Russia to align with its OPEC+ quota, and increased sanctions pressure. In the four weeks to December 15, Russia’s seaborne crude exports averaged …