Nayara Energy Increases Fuel Sales to HPCL after EU Sanctions
India's Nayara Energy has raised fuel sales to state retailer Hindustan Petroleum Corp after the Russia-backed refiner's exports were hit by European Union sanctions, a government source said on Tuesday.Since the imposition of sanctions, Nayara has been operating its 400,000 barrel-per-day (bpd) Vadinar refinery in western India at 70-80% capacity.Higher local sales of refined fuels would help the company to sustain its refinery runs, the source added."We would like them (Nay
Chevron, Israel Natural Gas Lines to Begin Construction of Gas Pipeline to Egypt
Chevron has signed a deal with state-owned pipeline operator Israel Natural Gas Lines to kickstart construction of the Nitzana natural gas pipeline to transport gas from the Leviathan gasfield to Egypt, the U.S. company said on Tuesday.Nitzana would ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas and is part of a concerted effort to boost Israeli gas exports to the Arab world's most populous nation.Last month…
US Energy Secretary downplays climate risk as Washington seeks EU Gas Deals
Chris Wright, the U.S. Energy secretary, downplayed climate change risks on Thursday as he promoted Washington’s return to a “commonsense policy” while the Trump Administration worked to increase oil and gas exports to Europe and other allied countries. Wright spoke with reporters in Brussels after he met the European Union energy commissioner Dan Jorgensen. U.S. Doug Burgum, the Interior Secretary of the United States, was also in Europe last week to sign energy deals.
US Sanctions Shipping Network for Transporting Disguised Iranian oil
The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.A senior Iranian official said on Tuesday that the path to nuclear negotiations is not closed but U.S.
Exxon expects a surge in natural gas demand by 2050
Exxon Mobil's annual outlook said that global demand for natural gases will increase by more than 20 percent from its level last year in 2050, as the gas replaces coal in powering industries and meeting higher electricity needs in developing countries. These projections form the basis of the long-term investment and strategy for the largest U.S. oil company. Exxon's growth plans are ambitious compared to those of other oil companies around the world.
Vietnam will switch to fuel blended with ethanol to increase U.S. exports
Vietnam plans to switch to ethanol-blended fuel from next year. This will allow the Southeast Asian nation to import corn and ethanol from the United States. According to documents reviewed by the ministry, the Ministry of Industry and Trade submitted a proposal for the government to switch from RON95 and RON92 unleaded gasoline standards to E10 -- a blend of gasoline and up to 10% bioethanol. The current unleaded gasoline standard is RON92 and RON95.
US Vice President Vance: Russia has made significant concessions to Ukraine peace deal
JD Vance, the U.S. vice president, said that Russia had made "significant concessions," toward a negotiated resolution in its war against Ukraine. He was confident of progress despite the absence of clear signs that the conflict was nearing an ending. Vance, speaking on NBC’s “Meet the Press With Kristen Welker”, said that Russian President Vladimir Putin had made several concessions.
US Vice President Vance: Russia has made significant concessions to Ukraine peace deal
JD Vance, the U.S. vice president, said that Russia had made "significant concessions", towards a negotiated resolution in its war against Ukraine. He was confident that progress was being made even though there were no clear advancements towards the end of the conflict. Vance, speaking on NBC’s “Meet the Press With Kristen Welker”, said that Russian President Vladimir Putin had made several concessions.
The plastic pollution talks are pushed into overtime by countries pushing for a late breakthrough
The talks to create the first legally-binding treaty in the world to combat plastic pollution ran overtime on Thursday. They were adjourned for the next day. The extent of future restrictions on what was supposed to be the last day of the United Nations negotiations in Geneva. Luis Vayas Valdivieso told the delegates that the meeting would continue into Friday. The United Nations Environment Assembly established the INC in 2022.
Mozambique’s illegal miners make money but the land suffers
Farmers say mining activities pollute rivers, soil and water. The risks may be high, but for barefoot miners in Mozambique’s Manica Province, they are well worth it. Manica, which borders Zimbabwe on the west, is a magnet for men desperate to find gold or precious stones. They use picks and shovels to dig. Fernando Massada is one of hundreds of men who are mining in the Mucurumadze area. Garimpeiros are miners from southern Africa, including Mozambicans and Zimbabweans.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. EU/UNITED NATIONS/TRADE DEAL. The U.S. reached a framework agreement with the European Union, imposing a 15 percent import tariff on the majority of EU goods – half the rate that was threatened – and averting a larger trade war between these two allies who account for nearly a third the global trade.
UN chief calls on tech industry to use renewable energy for data centers
U.N. Secretary-General Antonio Guterres called on tech companies on Tuesday to power data centers using 100% renewable energy by the year 2030. This is despite the fact that the industry has been turning to coal and gas fired power plants in order to meet the surge in demand. The Secretary General argued that data centers are energy-hungry and should be redirected to a future of renewable energy.
Brazil's lawmakers revoke environmental permits ahead of the COP30 summit
The Brazilian Congress passed legislation Thursday that loosens environmental licensing. This could be a blow to President Luiz inacio da Silva, who is trying to improve his country's image as a green nation before it hosts the United Nations' global climate summit COP30 this year. The bill was passed by a large majority of Congress, where the powerful agribusiness group has a lot of influence.
Report: Global CO2 emissions in energy reached record levels last year
The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs. The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels…
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close.
Tighter Emissions Regulations, Slower Economy to Soften Marine Fuel Demand
Stricter environmental regulations and slower global economic growth will soften marine fuel demand in the coming years, the International Energy Agency said in its annual report on Tuesday.Marine fuel sales jumped last year due to Red Sea disruptions that made shipping companies take longer routes.But demand for those fuels, also called bunkers, could flatline at around 5 million barrels per day (bpd) in 2024-2030…
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the world's leading AI tech companies increased by an average of 150% between 2020 and 2023 due to power-hungry data centers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, the use of artificial intelligence in data centres by Amazon, Microsoft Alphabet, and Meta increased their indirect global emissions.
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the largest AI-focused tech firms, Amazon, Microsoft Alphabet, and Meta, increased by an average of 150% between 2020-2023 as they used more power to run energy-demanding servers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, artificial…
Serbia will investigate Russian allegations that it shipped arms to Ukraine
Aleksandar Vucic, the president of Serbia, said that Serbia and Russia would jointly investigate how Serbian-made ammunition ended up in Ukraine after Moscow accused Belgrade exporting weapons to the government of Kyiv. The SVR (Russian foreign intelligence service) accused Belgrade of a "stab in the back", alleging that Serbia's defence producers were selling weapons and ammunition to Ukraine.