The head of oil giant Saudi Aramco said Tuesday that a lack of recent investments in the oil sector could lead to a shortage of supplies.
"Not much investments have been going into the energy sector... $1 trillion has been either deferred or cancelled" amid the price slump of recent years, Aramco CEO Amin Nasser said at an investment conferenceRead more
Under the title “We liberated our land and with your cooperation we will build it,” Iraqi Trade Minister, Salman Al-Jumaili, launched the 44th Baghdad International Fair running from 21-30 October with Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, attending. The opening ceremony was also attended by the governor of Baghdad, Hashem Mohammed Hatem, with the participation ofRead more
Six miners were killed and another was wounded after part of a coal mine in Turkey’s southeastern province of Sirnak collapsed on Tuesday, Turkey’s AFAD aid agency said.
AFAD said search and rescue teams were searching for another worker who was trapped at the site.
Turkey’s energy ministry said the coal mine was unlicensed and had been operating illegally.
“TheRead more
A futuristic Dutch family car that not only uses the sun as power but supplies energy back to the grid was hailed as “the future” Sunday as the World Solar Challenge wrapped up.
The innovative bi-annual contest, first run in 1987, began in Darwin a week ago with 41 vehicles setting off on a 3,000-kilometer trip through the heart ofRead more
OPEC and its allies have regained some control over the oil market as their production limits have eroded the supply glut that caused prices to plunge, but the IEA warned Thursday further restraint is needed if this balance is to be maintained.
In its regular monthly report, the International Energy Agency said that global oil stocks are likely to dipRead more
Britain will publish a draft law on Thursday designed to cap consumer gas and electricity prices for millions of households, taking action to try and fix a market it says punishes loyal customers.
Prime Minister Theresa May first proposed a price cap on the energy sector earlier this year, the biggest market intervention since its privatisation almost 30 years ago.Read more
Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday.
In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growingRead more
Britain’s energy regulator Ofgem said on Wednesday it would work with the government on Prime Minister Theresa May’s plan to cap the most common form of gas and electricity tariffs, after it moved to protect the most vulnerable households.
May stunned the industry last week when she announced a plan to impose price caps on standard variable tariffs (SVT), theRead more
The head of the United States Environmental Protection Agency signed on Tuesday a draft decision to roll back Obama-era measures to counter climate change.
Repealing the Clean Power Plan (CPP) was a campaign promise by President Donald Trump and follows his decision in June to withdraw from the 2015 Paris agreement by nearly 200 countries to cap global warming.
"AfterRead more
Saudi Arabia is spearheading oil output cuts agreed by OPEC last year, having disclosed this week that it is cutting November crude allocations to 7.15 million barrels per day (bpd) despite “very strong demand” for 7.7 million bpd.
The cut of about 560,000 barrels per day, revealed on Monday by the Saudi Ministry of Energy, reflects OPEC’s determination to supportRead more