BP has cut its oil exploration team to less than 100 from a peak of more than 700 a few years ago, in the clearest sign yet of the company’s rapid shift away from fossil fuels under CEO Bernard Looney. “The winds have turned very chilly...
The price of Brent crude has touched US$50 a barrel in recent trading, as the oil sector continues its recovery from a near-complete collapse in demand and pricing following the COVID-19 crisis. Brent crude closed at $49.97 a barrel on Friday, while US West Texas Intermediate...
The UK will double its current renewable energy capacity by 2026 – four years earlier than its 2030 target – according to new analysis by consultancy Rystad Energy. Total installed capacity of solar and wind power plants will grow from just under 33GW today to 64GW...
Latin America is set to see its renewable energy capacity grow from 49GW to 123GW by 2025, with multiple auctions providing a strong pipeline in Brazil, Mexico, Chile, Colombia and Argentina. Rystad Energy said the region is emerging as a ‘green powerhouse’ in its latest press...
Oil demand could plummet by 15 to 20 million barrels per day (bpd) in the next few weeks according to Russell Hardy, chief executive of the world’s largest oil trader Vitol. Hardy told Bloomberg in an interview that this steep drop-off would contribute to an overall...
