The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.622 million barrels for the week ending August 20, bringing the total 2021 crude draw so far to more than 58 million barrels, using API data. Analysts had expected a loss of 2.367 million barrels for the week. In the

OPEC’s total petroleum production in the second half of this year is now set to be 600,000 barrels per day (bpd) lower than previous forecasts because of lower-than-expected ramp-up in output, the U.S. Energy Information Administration (EIA) said on Wednesday. The EIA revised down its estimate for OPEC’s production in the August Short-Term Energy Outlook

Asian shares fought back from early losses on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields. Markets were shaken early by a sudden dive in gold as a break of $1,750 triggered stop

Investors poured more money than ever into renewable energy in the first half of the year, but the pace is far from enough to sufficiently curb increasing carbon emissions. As much as $174 billion was spent on solar, offshore wind and other green technologies and companies in the period, according to data from BloombergNEF. While

Oil prices are marching higher after an industry report identified a decline in U.S. fuel and crude stockpiles. West Texas Intermediate futures rose1.2% to trade above $72 U.S. a barrel after slipping for a second consecutive session on Tuesday (July 27). The increase comes after the American Petroleum Institute reported a 6.23-million-barrel weekly drop in

The US oil price tumbled more than six percent Monday, a day after producers decided to increase output and as stock markets slumped with surging Covid cases threatening economic recovery. The benchmark US crude contract, WTI, was down by 6.1 percent at $67.42 per barrel around 1435 GMT. Europe’s Brent North Sea shed 5.4 percent

The U.S. Department of Energy announced on Wednesday a new goal to support the increased rollout of more wind and solar power in the grid by reducing the cost of grid-scale, long-duration energy storage by 90 percent within the decade. The DOE initiative has very ambitious goals to accelerate breakthroughs in technology that could enable

In recent years, China’s energy consumption structure is clean and low-carbon transformation is accelerated in line with the trend of energy development. In 2020, the proportion of non fossil energy in primary energy consumption in China will be 15.9%, reaching the world average level, and the proportion of coal consumption will drop to 56.8%. By

The green chemical industry park in the northwest of Lanzhou New Area has launched the “liquid solar fuel synthesis demonstration project”. The project consists of three basic technical units: solar photovoltaic power generation, hydrogen production from electrolytic water and methanol synthesis from carbon dioxide hydrogenation. A 10 MW photovoltaic power station will be built to

S & P global proctor’s recent analysis shows that in the second half of the year, the global pure benzene market is expected to restore the balance between supply and demand. As far as the US market is concerned, the data show that the export of pure benzene from South Korea to the US has