ADIPEC Exhibition & Conference | Energy Industry News

Saudis Forecast to Cut Oil Price to Asia as Competition Heats Up

(Bloomberg) -- Saudi Aramco is forecast to cut the price of its flagship oil grade to Asia for the first time since June as an influx of cheaper US and European barrels drives up competition in the world’s biggest importing region.The state-owned Saudi Arabian …

Chinese Oil Refiners Spend Heavily to Tap Clean Energy Boom

(Bloomberg) -- China’s oil refiners are spending billions of yuan to produce chemicals for the renewables sector, as the nation’s clean energy boom ripples through to even its dirtiest industries.Beijing’s ambitious climate targets are opening up new areas of i…

UK’s Fuel Poverty to Grip Over 20% of Households, Charity Says

(Bloomberg) -- The number of UK households in fuel poverty will continue to worsen, touching 6.5 million from January, because of a planned energy price increase and the scaling back of government support.Many Britons, struggling with high energy bills on top o…

Car Dealers Press Biden to Ease US Electric Vehicle Mandates

(Bloomberg) -- A group of US auto dealers is calling on the Biden administration to pull back on federal regulations that will mandate that two out of every three vehicles sold in the US in 2032 will be battery electric. Calling themselves EV Voice of the Custo…

Rockefeller Foundation Makes Net Zero Pledge for $6 Billion Endowment

(Bloomberg) -- The Rockefeller Foundation, established in 1913 by Standard Oil tycoon John D. Rockefeller, announced Tuesday that it aims to make its $6 billion endowment net zero emissions by 2050. That makes it the largest private foundation in the US with s…

Oil Executives Flock to Venezuela, Braving Risk of US Snapback Sanctions

(Bloomberg) -- Oil executives are flocking to Venezuela to take advantage of lighter US sanctions, even though there’s a risk that access to the world’s largest oil reserves might snap shut as quickly as it opened. Companies including Shell Plc., Repsol SA, Hun…

EDF is Selling Europe’s First Green Bond For Nuclear Energy

(Bloomberg) -- Electricite de France SA is selling the first green bond in Europe that can be used to finance nuclear energy projects.EDF is seeking to raise at least €500 million ($548 million) from the notes, which mature in 2027, according to a person famili…

Oil Edges Higher as Saudis Push OPEC+ to Trim Production Quotas

(Bloomberg) -- Oil edged higher after a string of losses as the market weighed the possibility of deeper output cuts from OPEC+ against signs global supply is running ahead of demand.Brent crude traded above $80 a barrel, after a four-day streak of losses that …

OPEC Defends ‘Vilified’ Oil Industry on Eve of Climate Meeting

(Bloomberg) -- OPEC issued a strongly worded defense of the oil-and-gas industry days before the start of the biggest ever climate talks, pushing back against the International Energy Agency and highlighting the increasingly fractious debate over how best to ta…

China Solar and Storage Firms Face Challenging 2024: BNEF Summit

(Bloomberg) -- The progress of China’s energy transition is in focus as executives from some of the world’s top power and renewables companies meet in Shanghai for the BNEF Summit, a major conference Monday and Tuesday.The nation’s solar companies face an “incr…

Mozambique Approves $80 Billion Energy Transition Strategy

(Bloomberg) -- Mozambique’s government approved a strategy to reduce the nation’s dependence on fossil fuels that it estimates will cost $80 billion to implement by 2050, a step aimed at winning finance to develop the economy.The first steps envisioned in the E…

Pakistan Buys LNG Cargo as Gas Shortfall Forces Fuel Rationing

(Bloomberg) -- Pakistan purchased a liquefied natural gas shipment for January in an effort to reduce a fuel deficit this winter.State-run Pakistan LNG Ltd. bought the cargo from Oman’s OQ Trading, according to traders with knowledge of the matter. The shipment…

Oil Declines for Fourth Day on OPEC+ Intrigue and Risk-Off Tone

(Bloomberg) -- Oil fell for a fourth day as traders looked ahead to this week’s delayed OPEC+ meeting and wider financial markets carried a risk-off tone.Global benchmark Brent dropped below $80 a barrel after retreating by 2.3% over the last three sessions, wh…

Origin Board ‘Leaning Toward’ Rejecting Revised Offer, AFR Says

(Bloomberg) -- Origin Energy’s board is “unconvinced” by a revised takeover proposal made by Brookfield Asset Management Ltd. and EIG Global Energy Partners in a bid to reach a deal, Australian Financial Review reported, citing two people familiar with the matt…

South Africa’s Eskom Reduces Power Cuts as Reserves Restored

(Bloomberg) -- South Africa’s state-owned power utility will reduce power cuts on Sunday as severe outages earlier in the weekend allowed the “replenishment” of emergency reserves. Power cuts will be reduced to so-called stage 4 loadshedding from 12 p.m. local …

Gazprom Says Gas Exports to China Reach New High as Demand Soars

(Bloomberg) -- Russia’s Gazprom PJSC said its natural gas deliveries to China have hit a new historic high amid rising demand.Chinese National Petroleum Corp. requested volumes via the Power of Siberia 1 route that once again exceeded Gazprom’s contractual obli…

Sunak Will Pledge UK Support for New Climate Damage Fund at COP28

(Bloomberg) -- UK Prime Minister Rishi Sunak is set to pledge his support for a new fund to help vulnerable countries cope with the impact of rising temperatures when global climate talks kick off next week.Sunak will join the US and European Union in pledging …

Petrobras Lifts Business Plan 31% in Major Shift Under Lula

(Bloomberg) -- Brazil’s state-controlled oil giant Petrobras announced a 31% increase to its five-year investment plan in a major shift away from the cost-control strategy that had prevailed under previous management.The first budget since President Luiz Inacio…

Oil Falls as OPEC+ Seeks to Resolve Pre-Meeting Output Dispute

(Bloomberg) -- Oil dropped after struggling for direction in a low-volume session as OPEC+ tries to resolve a disagreement over output quotas that forced the group to postpone a pivotal meeting.The Organization of Petroleum Exporting Countries and its partners …

How Ferrari’s CEO Stays Ahead of His Competition

(Bloomberg) -- Benedetto Vigna is the chief executive officer of Ferrari, overseeing a new era as the carmaker — famous for its roaring engine — transitions to electric. Bloomberg Television’s Francine Lacqua spoke with Vigna, an Italian physicist who has helme…

Cocoa Farming Lures New Money as Brazil Is Set to Revive Exports

(Bloomberg) -- Cocoa farmers in Brazil are getting ready for a dramatic comeback.Once a prominent global supplier, the country lost it all to a tree-killing disease that decimated crops back in the 1980s. Now, it’s planning a revival. There’s fresh money flowin…

COP28 Holds Key to Global Carbon Market That Could Help Improve Offsets

(Bloomberg) -- Climate negotiators at COP28 may bolster carbon trading when they decide on rules for a new United Nations-overseen emissions market that can lower the cost of fighting global warming.In Dubai, envoys representing more than 190 nations are set to…