(Oil Price)– Reliance Industries, the top private refiner in India, has accelerated crude oil purchases from the Middle East, traders told Bloomberg on Tuesday, as the fate of Russian barrels going to India remains unclear. Reliance, which typically buys crude from the Middle East, has been more active than usual in procuring oil from the Gulf region in recent weeks. The refiner
(Oil Price)– U.S. LNG developer NextDecade Corporation has decided to invest $6.7 billion in the expansion of its Rio Grande LNG facility in Texas in another boost to America’s LNG export capacity in the coming years. NextDecade has just announced a positive final investment decision (FID) on Train 5 at Rio Grande LNG, closed financial transactions to fully fund Train 5 and
(BOE Report)– The Trump administration’s plans to cancel nearly $8 billion in Energy Department grants are illegal because contracts had already been signed and will cause consumer energy prices to skyrocket, the top Democrat on the U.S. Senate energy committee said. Earlier this month, the Energy Department canceled $7.56 billion in funding for clean energy projects that it claimed would
(Oil Price)– The United States expects Japan to stop importing Russian energy, Treasury Secretary Scott Bessent said on X, following a meeting with Japan’s Finance Minister, Katsunobo Kato. “Minister Kato and I also discussed important issues pertaining to the U.S.-Japan economic relationship and the Administration’s expectation that Japan stop importing Russian energy,” Bessent wrote. Per a readout published by the Department
(Investing)– The U.S. government is considering canceling billions of dollars in funding for clean energy programs, including awards for auto manufacturing and carbon capture, according to a list of targeted projects seen by Reuters. Projects on the list include two major direct air capture hubs that received billion-dollar awards from former President Joe Biden’s administration, including one that involves oil
(Investing) – The U.S. government is considering cancelling $12 billion in Congressionally-mandated funding for clean energy projects beyond the cuts announced last week, a list of targeted projects seen by Reuters showed. The projects on the list include two major direct air capture hubs that received billion-dollar awards from the administration of former President Joe Biden, including one that involves
(Oil Price)– OPEC+ yesterday agreed to yet another monthly boost in production, this time for a modest 137,000 barrels daily. Oil prices inched up, yet they remain tightly range-bound, with Brent at just over $65 per barrel following the news. On the one hand, this is good news for consumer countries—including the U.S. On the other hand, it’s bad news for
(Oil Price)– Over the past decade, the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, has advanced bold strategies to reshape its economies by reducing reliance on oil while developing new sectors like renewable energy, tourism, financial services, and digital innovation. Charting a course toward long-term economic resilience, these nations have launched sweeping infrastructure
(Oil Price)– For most of the last decade, OPEC and Russia, collectively referred to as OPEC+, have aligned their interests in maintaining high oil prices and set production quotas that furthered this goal. Saudi Arabia, OPEC’s largest member, has, as part of its Vision 2030 Initiative, a multi-trillion-dollar goal of diversifying its economy away from dependence on hydrocarbons and uses
(Investing) – WASHINGTON -The Trump administration will expand coal mine leasing on federal lands and provide hundreds of millions of dollars to support more coal-fired power generation, officials said on Monday. The plan is part of a broader effort by the administration to reverse the decline of coal use in the U.S., a fossil fuel that has been hard hit by
(Oil Price) – The Trump Administration is pushing the World Bank to boost funding for oil and gas in what would be a U-turn in the lender’s policy not to finance new fossil fuel projects. Back in 2017, the World Bank Group said it would no longer finance upstream oil and gas after 2019. But the group noted that “In exceptional circumstances, consideration
(Investing.com)– Jobs in solar, wind and other clean energy industries grew three times faster than in the rest of the U.S. workforce last year, according to a study published on Friday, warning that many of them could go due to Trump administration efforts to block renewables. The clean energy industry added 100,000 jobs in 2024, growing 2.8% to employ more
