energy and resource

OPEC, non-OPEC countries slash output with eye towards price boost

Oil prices could be on their way back up, thanks to OPEC and other oil production countries having implemented 86 per cent of agreed output cuts, the producers announced Friday in Vienna, noting that there was still room for improvement.

OPEC members produced less oil than production limit in January

OPEC members have more than fulfilled their plan to lower its oil output in January, according to a report that the group of major producers published Monday.

Russia's Putin ratifies deal to build Turkish Stream gas pipeline

Russian President Vladimir Putin has ratified a deal to build the Turkish Stream natural gas pipeline, state media reported Tuesday.

EU: 379 billion euros needed annually to modernize energy sector

The European Union needs an annual investment of 379 billion euros (407 billion dollars) from 2020 to 2030 to meet its climate-friendly energy targets, EU Energy Commissioner Maros Sefcovic said Wednesday.

South Sudan renews oil contracts with China, Malaysia companies

South Sudan has renewed oil mining contracts with China’s National Petroleum Corporation and Malaysia’s Petronas for five more years, Petroleum Minister Ezekiel Lul Gatkuoth said Friday.

Damaged power lines cut power to Istanbul

Power outages in temperatures hovering around freezing tested the patience of Istanbul's residents on Saturday as the Turkish Energy Ministry revealed that heavy snowfall and storms had damaged power lines to the metropolis.

US, Canada to ban future oil drilling in Arctic

The US and Canada will freeze future oil and gas drilling in their Arctic waters, the White House said Tuesday.

Other countries join OPEC to cut oil output by 1.76 million barrels

The Organization of the Petroleum Exporting Countries (OPEC) managed to broaden its efforts to cut oil output on Saturday, when 11 countries outside this group joined a plan that is aimed at raising prices.

No agreement reached between Russia, Ukraine on gas deliveries

Russian and Ukrainian officials failed to reach an agreement on gas deliveries this winter in a first round of EU-led talks on Friday.

New EU energy proposal promises jobs, investment, lower energy bills

The EU doubled down on the economic potential of a global shift towards clean energy on Wednesday with a massive package of proposals to reform the bloc's energy industry.

Oil prices jump as OPEC ministers expect to agree on production cut

Oil prices jumped Wednesday as members of the Organization of the Petroleum Exporting Countries (OPEC) voiced confidence that they could reach a deal to cut output for the first time since 2008.

OPEC officials optimistic about output cut, but markets uncertain

Members of the Organization of the Petroleum Exporting Countries (OPEC) voiced optimism Monday that they could reach a price-boosting deal this week to cut oil output, but markets were not convinced that the cartel can come up with a significant agreement.

EU: Hungary's nuclear deal with Russian firm did not violate rules

Hungary did not break EU public procurement rules when it awarded a nuclear expansion project to a Russian firm in 2014 without seeking other bids, a commission spokeswoman confirmed Friday.

Putin, Merkel discuss gas transit via Ukraine as temperatures drop

Russian President Vladimir Putin on Monday warned Germany about Ukraine possibly disrupting gas supplies to Europe during an expected severe winter.

OPEC urges non-cartel oil producers to cooperate with output limit

Global oil supplies are at risk in the long run unless countries both in and outside the Organization of the Petroleum Exporting Countries (OPEC) cooperate now to bolster oil prices, OPEC Secretary General Mohammad Sanusi Barkindo said Tuesday.

At least 2 dead, 9 injured in power plant explosion in east China

At least 2 people were killed in an explosion at a thermal power plant in east China's Shandong province on Tuesday, state news agency Xinhua reported.

Russia joins OPEC nations in talks over freeze on oil production

Members of the Organization of Petroleum Exporting Countries (OPEC) met Saturday with Russia and six other non-OPEC states to discuss a possible freeze on production, after talks continuing late into the previous evening yielded no results.

Dakota pipeline opponents rally after police make arrests, clear camp

Activists trying to block construction of an oil pipeline remained near the scene Friday in North Dakota even after their protest camp was cleared by police.

OPEC meets in Vienna to discuss possible freeze on production

Members of the Organization of Petroleum Exporting Countries (OPEC) met Friday in Vienna for talks about a possible freeze on production.

EU's Juncker against "crackdown" on toasters, hairdryers

The European Union should not regulate the energy efficiency of devices such as toasters and hairdryers, the head of the bloc's executive, Jean-Claude Juncker, is expected to propose Tuesday.

World Bank: Energy prices to rise by nearly 25 per cent next year

Global energy prices are forecast to rise by nearly 25 per cent next year, the World Bank said Thursday.

Iran eyes bigger stake in European oil market with boosted production

Iran is planning to increase its oil production from the current 600 million to 1 billion cubic metres per day, the vice minister for petroleum said on Saturday.

Russian-Turkish pipeline installation in Black Sea to begin next year

Installation of the Turkish Stream natural gas pipeline in the Black Sea will begin next year, Russian Energy Minister Alexander Novak said Wednesday.

Russia suspends atomic research collaboration with US

Russian Prime Minister Dmitry Medvedev has signed a decree to suspend atomic research and development work with the United States, his website said Wednesday.

Niger Delta militants attack oil pipeline in southern Nigeria

Militant group Niger Delta Avengers Saturday said it attacked an important export pipeline in Nigeria’s oil-rich south.

Iran plans to export 2.4 million barrels of oil per day

Iran is planning to export 2.4 million barrels of oil per day by March, according to the Ministry of Petroleum.

Kuwait increases petrol prices as low oil prices bite

Kuwait started enforcing increases in domestic petrol prices on Thursday as low oil prices have put pressure on the crude-producing Gulf country's budget.

Cyprus and Egypt agree to build gas pipeline

Cyprus and Egypt are to build a natural gas pipeline between the two Mediterranean countries, Cypriot media reported on Wednesday.

Nigerian militants attacking oil installations open to negotiations

Nigerian militants attacking oil installations in the Niger Delta have called a ceasefire and expressed a willingness to negotiate with the government.

Australia blocks Chinese bidders from leasing major electricity grid

Australia has stopped the sale of a major electricity distributor to state-owned Chinese companies on national security grounds, a senior government official said Thursday.

Tesla to purchase SolarCity for 2.6 billion dollars

Electric car producer Tesla has reached an agreement to move forward on a controversial 2.6-billion-dollar takeover of the clean power firm SolarCity, the Palo Alto, California-based company announced Monday.

Ex-minister: May had objected to Chinese investment in nuclear plant

British Prime Minister Theresa May had "raised objections" to Chinese investment in a controversial new nuclear power plant during the previous coalition government, former business secretary Vince Cable said on Saturday.

Iran calls for OPEC production quotas as cartel mulls output levels

The Organization of the Petroleum Exporting Countries (OPEC) should set production quotas for individual members, Iran demanded Thursday at a meeting of the cartel, highlighting divisions over the group's production strategy.

EU approves German plans to shut down eight coal-fired power plants

The European Union gave its blessing Friday to plans by Germany to subsidize the closing down of eight power plants fired by highly polluting lignite, also known as brown coal.

Italy referendum on offshore drilling fails due to low turnout

A referendum in Italy on limiting offshore drilling rights for oil and gas failed Sunday as the necessary 50-per-cent turnout threshold for its validation was not reached, preliminary results showed.

Top oil producers fail to reach cap deal at Qatar talks

Top oil producers Sunday delayed an agreement to freeze the crude output levels to shore up low prices, saying they needed “more time for further consultations.”

Italy holds referendum to limit offshore oil and gas drilling rights

Italians are voting Sunday on whether to limit offshore drilling rights for oil and gas, amid expectations that the referendum, backed by environmental groups and opposition parties, was going to be declared void due to low turnout.

Iran: no plans to join Russian-Saudi oil production freeze

Iran has no plans to freeze its oil production levels at January rates, its oil minister said Sunday, putting a dent in a Russian-Saudi plan announced last month that was designed to slow down the freefall in world oil prices.

EU approves Greek deal, paving way for trans-Adriatic gas pipeline

The European Commission gave its blessing Thursday to a deal struck by Greece for the construction of a new pipeline transporting gas from Azerbaijan, which is meant to reduce European energy dependence on Russia.

Greenpeace stages anti-oil-drilling stunt ahead of Italy referendum

Activists for the Greenpeace environmental lobby staged a protest Wednesday in front of one of Rome's biggest monuments to urge people to back an upcoming referendum against offshore oil drilling.

Pakistan parliament building first to be fully solar-powered

“I am happy that parliament is producing its own electricity," Sharif said in a brief address. "It is a very good initiative as power shortage is a big issue which we are trying to resolve."

Saudi, Russian oil deal appears unable to reverse devastating rout

A conditional deal to limit output by the world's top two oil producers seems unlikely to raise prices.

EU seeks insight into energy deals amid bid to curb Russia dependence

The European Union should have insight into energy deals negotiated by its member states and companies, the bloc's executive proposed Tuesday, amid a push to rely less on Russian gas.

Russia, Saudi Arabia agree to freeze oil output to prevent price drop

The world's two largest oil producers

Russia, Saudi Arabia spearhead deal to freeze oil production levels

Russia, Saudi Arabia, Qatar and Venezuela are ready to freeze oil production at January's level if other producers do the same, Russian Energy Minister Alexander Novak tells the Interfax news agency.

Austrian oil group OMV to sell major Turkish petrol station operator

Austrian energy group OMV announced Friday that it is seeking a buyer for Petrol Ofisi, Turkey's biggest petrol station operator.

UN calls for doubling clean energy investment by 2020

Investment in clean energy must at least double during the next five years for the world to keep on track with the Paris climate agreement, UN Secretary General Ban Ki-moon told a global investor summit Wednesday.

Australia's largest solar plants begin producing energy

Australia's two largest solar plants have begun providing power to the national electricity grid, the government said Wednesday, calling it a watershed moment for big solar in the country.

Iran wants to build two new nuclear power plants with China's help

Iran would like to construct two new nuclear power stations with the help of China, the head of the Iranian Atomic Energy Organization said on Tuesday.

Ukraine triples tariff for transporting Russian gas to EU

Ukraine has tripled its tariff for Russian natural gas supplies to the European Union, Ukrainian state news agency Ukrinform reported Monday.

Qatar follows other Gulf countries in raising petrol prices

Qatar Friday became the latest Gulf country to raise domestic petrol prices as low oil and gas prices have put pressure on state finances in the region.

Russian oil production at highest level since fall of Soviet Union

Russian oil production increased to an average of 10.73 million barrels per day in 2015, the highest level since the fall of the former Soviet Union in 1991, the Interfax news agency cited the Energy Ministry in Moscow as saying Saturday.

Cheap oil creates winners and losers

The decline of oil prices is not a boon for everyone. While consumers and manufacturers profit, the outlook for oil-producing countries is gloomy.