Tag Archives: Oil Price

India plans a massive upgrade and expansion of its power transmission system, expecting investment opportunities of $109 billion to support the integration of renewable energy sources and storage solutions, the power ministry has said. India’s new National Electricity Plan (Transmission) envisages the addition of hundreds of thousands of kilometers of …

African countries are planning to launch their own financing vehicle for oil and gas projects in the face of growing pressure from Western financial institutions to abandon the development of these resources. The group of 18 states needs $5 billion to kickstart what it calls an energy bank. They call …

OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, …

Chinese imports of coal surged to a monthly high in September, driven by increased consumption and falling international coal prices. China imported last month a total of 47.59 million metric tons of coal, a 13% increase from September 2023, data from the country’s General Administration of Customs showed on Monday. …

Natural gas demand is set to increase more than previously expected, the International Energy Agency reported recently. Demand will remain strong next year as well, the agency predicted, warning that this might lead to a problematic situation with supply—because that’s not growing fast enough. Just a year ago, the International …

The U.K. has been gradually boosting its energy security by increasing its renewable energy capacity while continuing to produce natural gas. It has done this while also moving away from the ‘dirtiest’ fossil fuel, coal. The diversification of the U.K.’s energy mix is helping the island country to develop its …

The world’s biggest battery makers are working to make electric vehicles more attractive to hesitant buyers by offering a five-minute charge time for a decent range that would give drivers the same superfast experience as they would have at a gas station. Currently, the charging times for EVs range anywhere …

Kazakhstan has been one of the “rogue” members of OPEC+, regularly producing more oil than it was supposed to under the bloc’s output cap agreement. Now, it seems that Kazakhstan has done it again, potentially heightening internal tensions within OPEC+. Reuters reported this week that Kazakhstan’s largest field, Tengiz, had …

Gazprom CEO Alexei Miller has issued a stark warning about the future of the European gas market. Speaking at the St. Petersburg International Gas Forum, Miller highlighted the rising volatility in gas prices and the possibility of new price shocks and supply disruptions. He attributed these risks to Europe’s ongoing …

Saudi Arabia, the Middle East’s leading energy producer, continues to pour significant resources into development of low- and zero-carbon hydrogen, apparently determined to capture a major share of the emerging global industry. According to news reports this week, the Kingdom’s Public Investment Fund (PIF) has created Energy Solutions Company to …