Energy

Tropical Storm Helen halts 24 percent of oil production in Gulf of Mexico

The U.S. Gulf of Mexico accounts for around 15 percent of total domestic oil production and 2 percent of natural gas production

Russia remains one of leading energy market players despite challenges, says Putin

Russia's oil exports to Asia-Pacific region grew 1.5-fold and already exceeded 60 percent

Indonesia targets 23 percent renewable energy share in total energy mix by 2025

This target encompasses a range of renewable sources, such as solar, wind, bioenergy, hydropower, and geothermal energy 

EU approves $221 million subsidies to boost Germany’s offshore renewable energy infrastructure

New docking facilities on Germany's North Sea coast will handle heavy loads, including wind farm components

Eurozone inflation hits 3-year low of 2.2 percent in August, signaling possible ECB rate cut next month

The inflation landscape is gradually improving, highlighting the progress toward the ECB's 2 percent target

China’s $676 billion investment leading the global energy transition

The country's wind and solar exports cut global CO2 emissions by about 810 million tons in 2023

India aims for 17 million zero-emission trucks by 2050

The country is accelerating truck electrification with 30 new policy interventions

U.S. crude oil production set for surge to 13.7 million barrels per day in 2025

New Permian wells delivering high output at 433,000 barrels per day

Australia to build world’s largest $24 billion solar farm to power 3 million homes

The project will include an array of panels, batteries and, eventually, a cable linking Australia with Singapore

U.S. oil and gas M&A activity surges 57 percent to $49.2 billion in 2023

Exploration and development spending last year saw a 28 percent increase to $93.1 billion

U.S. fortifies strategic crude oil stockpile with new 4.65 million barrel purchase

This procurement is part of a series of contracts aimed at refilling the nation's emergency oil stockpile

GCFC, IRENA collaborate to unlock innovative climate finance for sustainable energy transition

The GCFC is working to create an ecosystem that enables investments into low-carbon, sustainable, and resilient projects

Global gas demand forecast to grow 2.5 percent in 2024, driven by Asia: IEA

However, global demand growth is expected to fall below 2 percent year-over-year in the second half of 2024

Global oil demand growth slows in Q2 as EVs, economic headwinds impact consumption

The IEA has forecast an oil demand growth of 970,000 barrels per day (bpd) in 2024

China’s natural gas YoY consumption surges 11.9 percent to 143.73 billion cubic meters in January-April period

In April alone, consumption rose by 11.8 percent compared with the same period last year to total 35.46 billion cubic meters

EU natural gas demand declines by 7.4 percent in 2023

EU recorded the largest jump in demand in Finland with a 25.6 percent increase

China’s gasoline exports fall 50.8 percent to lowest in 9 years in April

Domestic travel saw a 28 percent increase compared to 2019, fueling demand for gasoline

2.5 million barrel drop in U.S. crude, 235,000 barrel gasoline drawdown as refining, demand rise: EIA

Gasoline product supplied last week was 8.9 million bpd, up slightly from the previous week

Oil demand to increase by 2.25 million barrels a day in 2024: OPEC+

OPEC projects demand for crude to reach 43.2 million barrels per day in 2024

Electric vehicle shift in China, U.S. to impact petrol demand in 2024

Meanwhile, India and Indonesia continue to experience booming car sales

Oil industry supports 70 million jobs globally: OPEC secretary-general

Al Ghais anticipates a rise in oil demand to 116 million barrels per day by 2045

U.S. refiners’ profits set to fall in Q1 of 2024, margins remain strong

Earnings to increase in the next two quarters as demand picks up during the summer driving season

Oman LNG signs 10-year supply agreement with TotalEnergies

TotalEnergies also announces final investment decision for Oman's Marsa LNG project

China’s marine fuel oil exports plunge 32 percent YoY to 1.32 million tons in March

The exports are primarily driven by sales from bonded storage for vessels operating on international routes