ENERGY

Authored by Felicity Bradstock via OilPrice.com,

• The UAE, a pioneer in the Middle East's nuclear sector, has signed agreements with China to expand its nuclear capacity.

• Saudi Arabia aims to have 17 GWe of nuclear capacity by 2040, seeking increased collaboration with the IAEA and potential partnerships with the U.S.

• While the Middle East has historically relied on oil and gas, a rising interest in nuclear power indicates a significant shift towards sustainable energy (more…)

Authored by Charles Kennedy via OilPrice.com,

India’s state power giant NTPC Ltd reported on Tuesday an 83% jump in coal production from the mines it operates in the first half of the 2023/24 fiscal year as India continues to rely on coal to meet most of its electricity demand.  (more…)

Oil prices are plunging overnight as worsening sentiment across markets over the last few days, spurred by a higher-for-longer outlook for global interest rates, has trumped any physical tightness fears even as Saudi Arabia and Russia reaffirmed that they will continue output curbs until the end of the year.

API

• Crude -4.21mm (unch exp)

• Cushing +705k

• Gasoline +3.95mm (+300k exp)

• Distillates +349k (-400k exp)

DOE

• Crude -2.22mm (more…)