The country is looking to limit spending from its sovereign-wealth fund as the global transition away from fossil fuels threatens the backbone of its economy.
Mohammed Barkindo said consumers should brace for more energy shortages unless the world boosts investment in oil-and-gas development, the cartel’s first, full-throated response to calls to limit such spending.
The cleaner-burning fuel is at the heart of the energy transition, but its price volatility is likely to only get worse.
Corrections & Amplifications for the edition of Sept. 30, 2021.
One factor behind surging natural gas prices is China’s crackdown on coal, but the country could soon reach its economic pain threshold and embrace the fuel again as winter looms.
Tech stocks that are sensitive to interest rates fell ahead of the bell; Energy stocks got a boost from rising oil prices.
Coal shortages and efforts to control energy consumption make it harder for Chinese factories to operate.
Cnooc plans to raise more than $5 billion from a domestic share sale as it faces a possible delisting of its U.S. securities.
China’s pledge to cease financing coal plants abroad is good for the environment and makes business sense, too. But progress at home is the real key.
Natural-gas supply shortfalls have led to record prices for the fuel and for electricity, leading to fears of a shortage and spotlighting European efforts to slash greenhouse-gas emissions.
The company’s purchase of Permian Basin assets from Shell means it will overtake all but Exxon in oil and gas output in the contiguous U.S.
The transaction kicks off what could be a torch-passing ceremony for the fossil fuel industry over the coming months and years from the most environmentally pressured to the least and from the least efficient to the most.
The sale is one of the biggest recent transactions in the shale patch as large oil companies come under increasing pressure to diversify beyond fossil fuels.
Steps under consideration include state-backed loans to utilities and subsidies for fertilizer producers, as shortages of natural gas and electricity weigh on a range of industries.
Natural-gas, coal and electricity prices are all running abnormally high, far too early.
The militant group’s initiative comes as Lebanon undergoes a severe economic crisis that has thrust millions of people into poverty.
Soaring natural-gas prices prompted U.S. fertilizer maker CF Industries to close two U.K. plants, in a sign that Europe’s energy crunch is affecting industry as the economy struggles with several other disruptions amid the recovery from the pandemic.
The previously unreported incidents at Iran’s main nuclear facility allegedly involved inappropriate touching of female inspectors by male security guards and orders to remove clothing, diplomats said.
Shares of uranium mining companies surged as WallStreetBets users put forward bullish arguments in favor of the radioactive metal, complete with the forum’s typical mix of memes and humor.
Rafael Grossi, head of the International Atomic Energy Agency, said Tehran also has invited him to visit for discussions with senior government officials.