Tag Archives: Oil Price

The world is far from reaching its offshore wind capacity installation targets amid rising costs and canceled lease sales, analysts and government and industry representatives have told Reuters. Last year, governments set a goal to triple overall renewable energy capacity by 2030. Currently, the world is off track to reach …

Russia is eyeing yet another pipeline to China, this time via Kazakhstan, capable of delivering up to 35 bcm of natural gas annually. Announced by Deputy Prime Minister Alexander Novak, the plan comes as Moscow pivots hard toward Beijing, already shipping 40 bcm of gas to the Asian giant this …

China has been the focus of oil traders’ attention for years thanks to its seemingly insatiable demand for the fuel. Now, the country is about to cast itself as the star of the natural gas show as well. Last year, China’s natural gas consumption hit 394.5 billion cu m—a 7% …

Russia’s Gazprom PJSC has decided to play its favorite game: pipeline politics. Starting November 16, Austria is off the guest list for Russian natural gas, following a €230 million ($242 million) arbitration spat between Gazprom and Austria’s OMV AG. OMV, refusing to let that cash slip away, decided to withhold …

European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan …

The transition team appointed by president-elect Donald Trump has set its sights on the $7,500 EV tax incentive implemented by the Biden administration and plans to axe it as soon as possible, Reuters has reported, citing two unnamed sources. Trump has repeatedly showed an absence of soft spots for the …

Crude oil prices looked set for yet another weekly loss, pressured by the perception of softer-than-expected demand in China. The decline comes in spite of the International Energy Agency’s recent upward revision of oil demand growth for this year. That could be because the agency also revised its 2025 demand …

India aims to be a refining hub in Asia as it is boosting refining capacity and expects to continue relying on fossil fuels until at least 2040, according to Indian Petroleum Minister Hardeep Singh Puri “Our existing refineries will increase in terms of capacity and they will also become regional …

Exports of Russian refined oil products by sea fell by 7% in October compared to September, due to an increase in idled refining capacity because of maintenance, Reuters estimates based on data from industry sources showed on Wednesday. Russia’s oil product shipments dropped to 8.861 million metric tons last month, …

The Norwegian government has agreed to buy from private companies the majority of the natural gas export network of Western Europe’s biggest oil and gas producer, the Energy Ministry said on Tuesday. The government laid out plans in 2023 to take full ownership of the gas export network, which it …