ENERGY

Authored by Tsvetana Paraskova via oilprice.com,

Surging solar and wind electricity output displaced one-fifth of the European Union’s fossil-fuel power generation between 2019 and 2023, energy think tank Ember has said in a report cited by Reuters.

Between 2019, when the current European Commission took office, and last year, wind and solar power generation soared by 46%, according to the report.

Capacity installations surged by 65% during that period, with wind power (more…)

Authored by Conor Gallagher via Naked Capitalism,

A Russian construction worker speaks on a mobile phone during a ceremony marking the start of Nord Stream pipeline construction in Portovaya Bay (AP Photo/Dmitry Lovetsky, File)

An opaque legal ruling could, in a roundabout way, soon halt all pipeline deliveries of Russian gas to Austria – and therefore Italy. Coupled with the ongoing disruptions in the Red Sea, the economic consequences for Europe’s second-largest industrial (more…)

As we previewed last month, OPEC+ agreed to extend its oil production cuts well into 2025, while also setting a timeline for gradually winding down some of those curbs later this year.

As reported by Bloomberg, the agreement reached in the Saudi capital Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in (more…)