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News

Russia Says US-Led Effort to Triple Nuclear Energy Capacity is ‘Positive Shift’

Russia Says US-Led Effort to Triple Nuclear Energy Capacity is ‘Positive Shift’

Dec 06, 2023 at 03:47 | Tsvetana Paraskova

Russia didn’t sign up to a U.S.-led pact pledging to triple nuclear energy capacity by 2050, but Moscow welcomed the declaration at COP28 as a “positive shift” in…

Venezuela Orders “Immediate” Start of Oil Exploration in Disputed Territory

Venezuela Orders “Immediate” Start of Oil Exploration in Disputed Territory

Dec 06, 2023 at 01:39 | Charles Kennedy

Venezuela’s president, Nicolas Maduro, has ordered the immediate start of exploration and exploitation of oil reserves in the Essequibo region—the disputed territory that Venezuelans voted to annex. Per…

U.S. Crude and Products Builds Send Oil Prices Lower

U.S. Crude and Products Builds Send Oil Prices Lower

Dec 05, 2023 at 15:45 | Julianne Geiger

Crude oil inventories in the United States rose this week by 594,000 barrels for week ending December 1, according to The American Petroleum Institute (API), after a 817,000-barrel draw in…

COP28: Arab Coordination Group Promises $10B To Assist Developing Nations

COP28: Arab Coordination Group Promises $10B To Assist Developing Nations

Dec 05, 2023 at 14:14 | Julianne Geiger

The Arab Coordination Group will allocate $10 billion through 2030 to facilitate the energy transition, the group said on Tuesday during the COP28 meeting. The $10 billion in funds is…

Tesla Set To Break Deliveries Record In China

Tesla Set To Break Deliveries Record In China

Dec 05, 2023 at 12:06 | ZeroHedge

With the excitement of last week's Cybertruck reveal behind Tesla, attention now turns back to where the rubber meets the road: selling cars. And in China, at…

European Commission To Delay EV Tariffs By Years

European Commission To Delay EV Tariffs By Years

Dec 05, 2023 at 11:10 | Julianne Geiger

The European Commission will recommend a three-year delay for EV tariffs traded with the UK, Bloomberg sources suggested on Tuesday. Starting in 2024, the current Brexit deal calls for EVs…

Crude Pricing Change Could Make Nigeria’s Cargoes Less Competitive

Crude Pricing Change Could Make Nigeria’s Cargoes Less Competitive

Dec 05, 2023 at 10:11 | Charles Kennedy

OPEC’s largest African oil producer, Nigeria, is set to switch to a monthly average Dated Brent assessment when pricing its crude exports, which could ultimately make its cargoes…

BP Spuds Production Well at $6-Billion Azerbaijan Oilfield

BP Spuds Production Well at $6-Billion Azerbaijan Oilfield

Dec 05, 2023 at 08:49 | Tsvetana Paraskova

BP has started drilling the first production well from a new platform developing the next $6-billion stage of a giant field in the Caspian Sea in Azerbaijan, the…

Green Energy Giants to Invest $16 Billion in Offshore Wind and Hydrogen

Green Energy Giants to Invest $16 Billion in Offshore Wind and Hydrogen

Dec 05, 2023 at 07:41 | Tsvetana Paraskova

Spain’s Iberdrola and the UAE’s Masdar agreed on Tuesday to form a strategic partnership looking to invest $16.2 billion (15 billion euros) in offshore wind…

Share of India’s Non-Fossil Fuel Power Capacity Rises to 44%

Share of India’s Non-Fossil Fuel Power Capacity Rises to 44%

Dec 05, 2023 at 06:59 | Tsvetana Paraskova

Energy sources other than fossil fuels made up 44% of India’s electricity generation capacity as of the end of October, the country’s Power and Renewable Energy Minister R…

Governments Are Paying Up to Restore Confidence in Offshore Wind

Governments Are Paying Up to Restore Confidence in Offshore Wind

Dec 05, 2023 at 04:47 | Tsvetana Paraskova

After a year of struggles for offshore wind developments amid rising costs, canceled projects, and failed auctions, governments and policymakers in Europe and the U.S. have realized they…

Houthi Attacks Spark Concerns Over Energy and Trade Security

Houthi Attacks Spark Concerns Over Energy and Trade Security

Dec 05, 2023 at 03:36 | Irina Slav

Reports of several attacks with drones and ballistic missiles by Yemeni Houthis in the Red Sea have sparked concern about the security of global maritime trade, notably including…

Oil Prices Stabilize After a String of Losses

Oil Prices Stabilize After a String of Losses

Dec 05, 2023 at 02:45 | Irina Slav

Crude oil prices steadied today after three consecutive losing sessions, mostly supported by a statement from Saudi Arabia that the production cuts agreed last week will be implemented in full.…

Global Emissions Are Set for Another Record This Year

Global Emissions Are Set for Another Record This Year

Dec 05, 2023 at 01:30 | Charles Kennedy

Global emissions from the combustion of hydrocarbons such as oil and gas are set for another record this year, the Global Carbon Budget report has warned

Insurance Risk Premium Increases After Houthi Strikes On Ships

Insurance Risk Premium Increases After Houthi Strikes On Ships

Dec 04, 2023 at 12:36 | Charles Kennedy

In the aftermath of new attacks by Houthi missiles on commercial vessels in the Red Sea, war risk insurance premiums have risen for this trade route. 

West Pressures Flag States in Clampdown on Russian Oil Sanction Evaders

West Pressures Flag States in Clampdown on Russian Oil Sanction Evaders

Dec 04, 2023 at 11:44 | Charles Kennedy

Some of the most popular flag states for oil tankers – Panama, the Marshall Islands, and Liberia – have come under increased pressure from the West to boost the monitoring…

India’s Top Clean Energy Firm to Invest $22 Billion to Boost Capacity Fivefold

India’s Top Clean Energy Firm to Invest $22 Billion to Boost Capacity Fivefold

Dec 04, 2023 at 09:24 | Charles Kennedy

Adani Green Energy, the biggest renewable power producer in India, plans an additional $22 billion in investment to boost its installed clean energy capacity fivefold by 2030, the…

British Merchant Ship Sustains Damage In Houthi Attack

British Merchant Ship Sustains Damage In Houthi Attack

Dec 04, 2023 at 08:48 | City A.M

A British-owned ship has been hit by a missile in the Red Sea as part of an assault by Iranian-backed rebels, the US military said. The Bahamas-flagged Unity Explorer, owned by…

Africa's Hydropower Plants Could Receive $1 Billion for Upgrades

Africa's Hydropower Plants Could Receive $1 Billion for Upgrades

Dec 04, 2023 at 08:31 | Charles Kennedy

A dozen hydropower plants across Africa could receive $1 billion from the African Development Bank (AfDB) to upgrade equipment and boost power generation and potentially speed up the…

Rockefeller Foundation Backs Coal Phase-Out via Carbon Credits

Rockefeller Foundation Backs Coal Phase-Out via Carbon Credits

Dec 04, 2023 at 07:44 | Tsvetana Paraskova

The Rockefeller Foundation is backing the world’s first coal-to-clean pilot project in the Philippines that will use carbon credits to enable early decommissioning of a coal-fired power plant.  …

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