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

High export demand for LNG and higher domestic natural gas consumption pushed U.S. gas demand to higher levels than supply last year, resulting in the highest average Henry Hub spot price since 2008, the Federal Energy Regulatory Commission (FERC) said in its 2022 State of the Markets report. Yet, U.S. natural gas prices have dipped

·     Several countries in the Middle East are investing heavily in renewable energy alternatives, with plans to achieve a 25 percent share of the global low-carbon hydrogen market by 2030. ·     The region’s renewable energy capacity is expected to double again by 2024, with solar power set to account for around 15 percent

The U.S. Energy Information Administration (EIA) expects global liquid fuel production to outpace demand in 2023 and 2024, according to its latest short term energy outlook (STEO). In the STEO, which was released this week, the EIA projects that total world production will hit 101.47 million barrels per day this year and 103.02 million barrels