Crude Oil Tanks Nearly 4% as US Output Overshadows OPEC

Prices of Brent crude and West Texas Intermediate were down nearly 4% on Wednesday as an unexpected and significant increase in U.S. gasoline inventories added to concerns about lagging demand. Wednesday’s prices reflect the lowest levels of crude oil since June this year, shuffling between a 3.5 and 4% loss throughout the first part of.

Report Shows Nuclear Energy Production Fell by 4% Last Year

Nuclear energy’s share in global electricity production fell by 4% in 2022, year-on-year, reaching its lowest since the 1980s, according to the annual World Nuclear Industry report released on Wednesday. In 2022, nuclear energy was responsible for generating 2,546 terawatt-hours (TWh) of electricity globally, representing 9.2% of total generation, with the U.S. generating the largest share, followed.

Russia Says US-Led Effort to Triple Nuclear Energy Capacity is ‘Positive Shift’

Russia didn’t sign up to a U.S.-led pact pledging to triple nuclear energy capacity by 2050, but Moscow welcomed the declaration at COP28 as a “positive shift” in energy goals to help achieve global climate targets. At the COP28 climate summit, the United States and 21 other countries pledged to triple nuclear energy capacities by.

U.S. Crude and Products Builds Send Oil Prices Lower

Crude oil inventories in the United States rose this week by 594,000 barrels for week ending December 1, according to The American Petroleum Institute (API), after a 817,000-barrel draw in crude inventories in the week prior. Analysts had expected inventories to go in a different direction, anticipating a 2.267 million barrel draw. API data shows.

West Pressures Flag States in Clampdown on Russian Oil Sanction Evaders

Some of the most popular flag states for oil tankers – Panama, the Marshall Islands, and Liberia – have come under increased pressure from the West to boost the monitoring of vessels flying their flags to make sure they are not violating the $60 a barrel price cap on Russian crude oil, Reuters reports, quoting a.

Oil Prices Under Pressure Despite Rising Geopolitical Tensions

Crude oil prices whipsawed between an early gain and a loss in a matter of hours in pre-noon trade in Asia today locked between bullish and bearish events. On the bullish side, Venezuelans voted in a referendum about what essentially would amount to an annexation of two-thirds of neighboring Guyana. Reports then emerged that the.

U.S. Adds Three More Shippers to Russian Sanction List over Oil Price Cap

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added three additional companies and vessels to the sanctioned list for violations pertaining to the oil price cap set on Russian crude oil. Today’s inclusion marks the eighth action taken to enforce the crude oil price cap. Of the three entities.

IEA Raises Oil Demand Outlook For 2023 And 2024

Despite concerns about the economy, global oil demand continues to exceed expectations, according to the International Energy Agency (IEA) which raised its demand growth forecasts for both 2023 and 2024. Global oil consumption continued to be strong in September, with a record-high Chinese demand of 17.1 million barrels per day (bpd), the IEA said in.

Dutch Fund Keeps Shell, BP in Portfolio as it Dumps 40 Other Oil Firms

Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector. PMT will continue to invest in Aker BP, BP, Enbridge,.

Russia’s Urals Crude Price Drops but It’s Still Above the $60 Cap

The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was $72.84 per barrel last month, down from $81.52 a barrel in October,.

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