Oil

Porsche's Bold Vision: Replacing Gasoline with Air and Water

Porsche’s groundbreaking endeavor replaces gasoline with air and water, redefining sustainable transportation. It showcases their commitment to the environment and reducing fossil fuel dependency.  Harnessing the Power of Hydrogen  At the core of Porsche’s pioneering technology is the vision of harnessing the power of hydrogen. The company envisions a world where hydrogen, a clean and […]

Oil Falls as Weak US Economic Data Stokes Recession Fears

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. Brent crude futures fell 41 cents, or 0.5%, to $84.58 a barrel by 0616 GMT. West […]

U.S Details Plan to Draw Clean Energy Into Oil, Coal Communities

The Biden administration on Tuesday released final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal. The Inflation Reduction Act (IRA) passed last year by Democrats extended a 30% tax credit for wind, solar and other green energy projects, […]

U.S to Detail Plan to Draw Clean Energy Into Oil, Coal Communities

The Biden administration on Tuesday will release final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal. The Inflation Reduction Act (IRA) passed last year by Democrats extended a 30% tax credit for wind, solar and other green energy […]

Oil Stable on Mixed Drivers; Market Eyes Iraq Exports

Oil was nearly steady on Thursday as a surprise drop in U.S. crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports. Brent crude futures fell 5 cents, or 0.1%, to $78.23 a barrel at 0630 GMT, while West Texas Intermediate crude rose 12 cents, or […]

Saudi Aramco Reports record profit of $161.1 billion in 2022

Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products. The profits, which are around triple that of Exxon’s $56 billion, follow similar reports in February from international […]

Inside BP’s Plan to Reset Renewables as Oil and Gas Boom

BP hasn’t fallen out of love with renewables. It just wants to have more power. CEO Bernard Looney’s pursuit of green energy outstripped all rivals three years ago when he outlined a radical blueprint to move away from fossil fuels. Last month he applied the brakes, slowing BP’s planned cuts in oil and gas and […]