Germany is launching a programme that will make available tens of billions of euros for firms facing substantial energy costs, in a bid to help its challenged industrial sector fund a shift towards carbon-neutral production techniques. European industry is facing pressure due to high costs for raw materials, energy and labour, while other regions, most

The total number of total active drilling rigs in the United States fell by 9 this week, according to new data from Baker Hughes published Friday, after falling by 11 last week and 17 the week before that. The total rig count fell to 711 this week—16 rigs below this time last year.  The current

While the EIA and others see U.S. shale production rising through the end of 2024, there are some worrying signs that production may already be slowing. The two main drivers of U.S. shale production, DUC withdrawals and the rig count, are in decline while 82% of wells drilled in 2022 were to replace legacy production.

Global oil supply fell month-on-month by 500,000 barrels per day (bpd) in April, averaging 101.3 million bpd, according to the Organization of Petroleum Exporting Countries’ (OPEC) most recent monthly oil market report on Thursday. Secondary sources showed that total crude oil production from the 13 member countries of the OPEC group, or OPEC-13, averaged 28.60

Speculators are once again fleeing the oil market, setting the stage for more extreme price swings. Money managers dumped their net-bullish oil holdings by 19 per cent, the biggest drop in six weeks. The positions are now at the lowest seasonal level in more than a decade. The exodus comes amid another crash for oil,

The EU approved a carbon tax reform to reduce emissions by 62% from 2005 levels by 2030. The reform makes emissions more expensive for various industries through carbon permits and the introduction of a tax on emission-intensive imports. The EU plans to soften the blow of the carbon tax reform by setting up an 86.7-billion-euro

Oil prices fell on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts, Trend reports with reference to Reuters. Brent crude slipped 75 cents, or 0.92%, to $80.91 a barrel by 0409 GMT, while U.S. West

The world is on course for the first annual drop in the use of coal, oil and gas to generate electricity outside of a global recession or pandemic, according to a new climate change report. Renewables are now due to meet all growth in demand this year, a new study titled the Global Electricity Review

·     Shell: Wind and solar production capacities are growing faster than liquefied natural gas and nuclear ever did. ·     Government incentives and energy security issues have given renewables another bump. ·     While solar and wind are seeing a much steeper growth trajectory than nuclear and liquefied natural gas did, energy demand, too,

Hours after OPEC+ announced it would reduce its combined oil production by more than 1 million bpd, Goldman Sachs issued a revision of its oil price forecast, raising it to $95 from $90 at the end of the year for Brent crude. The bank also raised its Brent crude forecast for 2024, now seeing it