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US Supreme Court to hear Big Oil bid to dismiss climate suits

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Markets

Oil prices plunge to multi-year low as OPEC+ plans output acceleration

Crude oil prices fell to a multi-year low on Monday as OPEC+ confirmed plans to continue unwinding production cuts, accelerating output increases in June. The move is expected to exacerbate a market surplus amid weakening demand driven by escalating US-China trade tensions.

Markets

Oil prices hit 4-year low as US-China trade war sparks recession fears

Crude oil prices plunged to a fresh four-year low as the US-China trade war escalated. Other economic-growth-sensitive commodities, including iron ore and copper, also slumped in recent sessions amid deteriorating demand outlooks in the world’s largest importer.

Business

BP unveils multi-billion-dollar deal to redevelop Iraq's oil fields

The energy giant's announcement of the tie-up comes as it finalises plans to ditch renewables targets set under previous CEO.

Green News

US states fight a New York law that makes fossil fuel companies pay

New York is being sued by 22 other US states who say its climate change damage fund may 'cause an energy crisis'.

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Climate

Could a new oil well near Paris threaten France’s climate ambitions?

There are fears that an oil spill could make water around Paris undrinkable.

Business

Shell still reviewing moving listing away from London amid profit miss

Shell said it is still reviewing whether to move its listing away from London as the company's latest earnings failed to cheer investors.

Ukraine

Trump claims war in Ukraine could end if price of oil falls

Addressing the World Economic Forum, the US president pledged to apply pressure on OPEC, claiming that a drop in the price of oil would end Russia's full-scale invasion of Ukraine.

Saudi Arabia

More than €500bn to be invested in US, Saudi crown prince says

Saudia Arabia's state run news agency reported that the country's crown prince intended to invest hundreds of billions into the US economy during US President Donald Trump's term in office.

Green News

Why a small Scottish island is divided on the North Sea’s untapped oil

What do Shetlanders feel about Rosebank, the UK's biggest untapped oil and gas field, being on their doorstep?

Europe News

Oil and gas majors demand massive public support for carbon capture

The clock is ticking on a legal deadline for the petroleum industry to deploy carbon capture and storage (CCS) infrastructure – a technology it has championed for decades – at an unprecedented scale by the end of the decade.

Business

BP moves offshore wind to joint venture as moves away from renewables

BP is creating a joint venture to bring about 'one of the largest global offshore wind developers' while lowering its share of investment in renewables.

Green News

UK universities are leading Europe’s divestment from fossil fuels

While the pledges have been praised by campaigners, investigations show universities have still accepted millions of euros in funding from fossil fuel companies in recent years.

Markets

Hopes that Biden's Angola trip may help lower pressure on oil markets

US President Joe Biden is visiting oil-abundant Angola for a three-day trip, aiming to enhance investment activities in the country and countering China's rising influence in the region.

Green News

COP29: Oil and gas reps outnumber those from most vulnerable nations

If fossil fuel lobbyists were a country, they would be the fourth-largest delegation at the summit.

Business

Shell wins landmark climate case - what does it mean for investors?

The current court decision does not mean that the oil giant will turn away from its green targets, but it will mean Shell can continue its present level of drilling.

Europe News

COP29: MEPs tough on climate finance, vague on fossil fuel phase-out

A cross-party compromise saw MEPs agree weak wording on the future of coal, oil and gas, but strong support for getting major polluters like China to contribute to a global support scheme for poorer nations, and sharp criticism of the choice of Azerbaijan as host country.