Since the late 1990s, China has been the big beast in the global oil markets, driving demand for oil and other commodities that it used to power double-digit economic growth every year for many years and then high single-figure growth for years after that . As late as 2017, China’s high rate of economic growth … Read more
Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty Images Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude. … Read more
OPEC puts on Saturday for admin discussions No discussions of Russian price cap so far – delegates OPEC+ to hold virtual meeting on Dec. 4 LONDON/DUBAI, Dec 3 (Reuters) – OPEC+ will likely stick to its oil output targets when it meets on Sunday, five OPEC+ sources said on Saturday, a day after the Group … Read more
Poland backs price cap after seeking extra conditions EU countries to formally approve the deal this weekend G7’s price cap aims to cut Russia’s oil income BRUSSELS, Dec 2 (Reuters) – The European Union on Friday agreed on a $60 per barrel price cap on Russian seaborne crude oil, after holdout Poland gave its support, … Read more
SAN FRANCISCO, Dec 1 (Reuters) – Tesla (TSLA.O) is set to unveil on Thursday its long-delayed Semi, an 18-wheeler heavy duty vehicle that has faced skepticism from industry experts who doubt battery electric trucks can take the strain of hauling hefty loads for hundreds of miles. The launch marks the electric carmaker’s first foray into … Read more
China’s National Bureau of Statistics released monthly data on Wednesday showing that factory activity contracted at a steeper pace in November versus October as lockdowns amplified to deal with rising COVID case numbers. In November, China’s manufacturing sector activity (PMI) fell to 48 on the official index, down from 49.2 in October for the second … Read more
Image: Honda While some may not agree that hydrogen is the way forward for cars, a few automakers are still pursing the tech. Hyundai still sells the Nexois pursuing the freight business with its XCIENT fuel cell truckand teasing us with the N Vision 74 concept; Toyota has been pursuing hydrogen for a while now … Read more
China is ready to work for a closer partnership with Russia in the energy sector, Chinese President Xi Jinping was quoted as saying on Tuesday, days before the EU embargo on seaborne imports of Russian crude oil and the G7-EU price cap on Russia’s oil are set to enter into strength next week. “Energy cooperation … Read more
This image, from March 2022, shows wind turbines and gas storage facilities in Germany. Europe’s energy markets have experienced turbulence in recent months. Jan Woitas | Picture Alliance | Getty Images The CEO of Italian power firm Enel told CNBC Tuesday that turbulence in energy markets was likely to persist for some time. “Things are … Read more
India’s power grid has been more resilient over the past weeks than it was at the same time last year when a coal shortage led to widespread blackouts. Part of the reason for the enhanced resilience was the surging renewable capacity which has reduced the stress on coal-fired generators, which continues to provide around 70% … Read more
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