(Oil Price) – The world’s biggest banks raised their combined financing for fossil fuels by more than one-fifth last year, bucking a falling trend since 2021 amid a backlash against net-zero policies, especially in the United States. The world’s top 65 banks increased fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, according to the 16th
(BOE Report) – The Mexican association that groups major global oil services companies warned that it is going through an “unprecedented crisis” due to the lack of payments from the state-owned oil company Pemex, the world’s most indebted energy company. In a letter sent to President Claudia Sheinbaum and released on Monday afternoon, the association warned that many of these
(Oil Price) – Canada’s new Prime Minister Mark Carney faces his first real challenge to Canadian unity amid a soured relationship with the long-time trade partner and ally, the United States. A movement to secede from Canada is growing in the oil-rich province of Alberta, which contributes a large part to Canadian economy and budget and has the highest gross domestic
(BOE Report) – Chevron said on Tuesday its has acquired on lease about 125,000 net acres in northeast Texas and southwest Arkansas, marking the entry of the U.S. oil major into domestic lithium production. Energy giants, including Exxon Mobil, have been looking to leverage their expertise in drilling and brine processing to enter the lithium market and support the energy transition. Demand for
(World Oil) – The American Petroleum Institute today joined more than 100 other energy trade groups and organizations in urging the Department of the Interior to develop a new five-year offshore leasing program that fully leverages the U.S. Outer Continental Shelf as a secure source of affordable, reliable energy. “Revising the five-year offshore leasing program to take full advantage of
(Investing) – DUBAI/COPENHAGEN – Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged during conflict between Iran and Israel, but there were no injuries to crew or spillage reported. With Iran and Israel firing missiles at each other since Friday, interference has disrupted navigation systems near the vital waterway between Iran
