Energy

VPI, a power firm supported by Vitol, the world’s largest energy trader, plans to invest up to €450 million ($496 million) over the next three to five years in battery projects across Germany. This investment aligns with Germany’s ambitious goal to expand its renewable power capacity to 80% of the country’s electricity by 2030, up […]

According to the Energy Information Administration (EIA), U.S. oil stockpiles saw an increase last week due to rising crude imports and declining exports, coupled with weakened gasoline and distillate demand. Crude inventories climbed by 833,000 barrels to reach 419.1 million barrels for the week ending September 6, which was below analysts’ expectations of a 987,000-barrel […]

Oil prices rose more than 1% on Wednesday, recovering some of the previous day’s losses due to a significant drop in U.S. crude inventories and concerns about Hurricane Francine potentially disrupting U.S. output. According to the American Petroleum Institute (API), U.S. crude stocks decreased by 2.793 million barrels, while gasoline inventories fell by 513,000 barrels. […]

The Abu Dhabi National Oil Company (ADNOC) is anticipated to submit a formal offer to acquire Covestro, a German chemicals firm, for approximately 14.4 billion euros ($15.9 billion), including debt, according to a report from the Financial Times. ADNOC has been eyeing Covestro for over a year and, in June, secured an agreement for the […]

Oil prices fell on Tuesday, influenced by weak demand from China which outweighed supply disruptions in the U.S. caused by Tropical Storm Francine. Brent crude futures dropped by 32 cents (0.45%) to $71.51 a barrel, while U.S. West Texas Intermediate (WTI) crude fell by 38 cents (0.55%) to $68.33 a barrel. Despite both benchmarks rising […]

China’s daily crude oil imports surged to their highest level in a year last month, reaching 11.56 million barrels per day (bpd), according to customs data. This increase reflects a recovery in shipments driven by lower crude oil prices and improving refining margins. Total crude shipments for August amounted to 49.10 million metric tons, a […]

Exxon Mobil has reportedly withdrawn from the competition to acquire half of Galp Energia’s stake in a significant oil discovery off the coast of Namibia, known as the Mopane field. This development comes as more than 12 oil companies, including major players like Shell and Brazil’s Petrobras, had previously expressed interest in Galp’s 40% stake […]

Global commodity traders Gunvor and Trafigura predict that oil prices may stabilize between $60 and $70 per barrel, driven by sluggish demand from China and persistent global oversupply. This outlook was shared during a conference on Monday, reflecting ongoing concerns about waning demand in major economies, including China and the U.S. Despite initial expectations for […]

Asian refining margins have fallen to their lowest seasonal levels since 2020, driven by an increase in diesel and gasoline supplies following the end of peak summer travel demand. Industry analysts and officials reported that these weak margins could lead refiners to further reduce their output, adding to previous cuts made earlier this year when […]

As of August 27, Iraq has cut its oil exports to 3.3 million barrels per day (bpd) in accordance with its commitments under the OPEC+ agreement. The Iraqi oil ministry announced that this reduction will continue in the upcoming months to ensure that production remains within the specified OPEC+ quota and to compensate for excess […]