Cityscape of Saudi capital Riyadh. Harri Jarvelainen Photography | Moment | Getty Images Saudi Arabia’s economic growth slowed in the second quarter due to cuts in crude output and a decline in oil prices. Despite being one of the fastest growing nations in the G20, Riyadh’s GDP only expanded by 1.1% in the second quarter, …
Canada’s energy regulator has denied Trans Mountain’s request to expedite a nearly threefold increase in shipping fees for energy companies. The pipeline project, owned by Crown corporation Trans Mountain, had submitted an application to the Canada Energy Regulator in June seeking an increase in toll rates from $4 per barrel to nearly $11 per barrel. …
Strathcona Resources Ltd. made an announcement on Tuesday regarding its plan to go public through the acquisition of oil and gas exploration company Pipestone Energy Corp. This move is part of their long-term expansion strategy. Based in Calgary, Strathcona, a prominent oil and gas producer, revealed that the deal would value the combined business at …
The United Nations has announced that July will be the hottest month ever recorded on Earth, according to new data from the World Meteorological Organization (WMO) in partnership with the European Copernicus Climate Change Service. U.N. Secretary-General Antonio Guterres described the situation as a terrifying indication that climate change is already here. Carlo Buontempo, director …
Traders work on the floor of the New York Stock Exchange during afternoon trading on July 18, 2023 in New York City. Michael M. Santiago | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything …
Volatility continues to impact oil markets, as emphasized by U.S. Energy Secretary Jennifer Granholm, who once again called for an increase in supplies. During an interview with CNBC’s Sri Jegarajah, Granholm addressed the state of oil markets, acknowledging the presence of a highly volatile environment that the White House is closely monitoring. “Given the emotional …
The Biden administration took a significant step on Thursday towards modernizing the federal oil and gas leasing program. The Interior Department’s proposed rule, now open for public comment, aims to increase the fees that energy companies must pay for leasing and drilling on federal lands. Additionally, it empowers the Bureau of Land Management to protect …
Fervo Energy, a geothermal startup, achieved a significant milestone in geothermal energy production with its successful completion of a 30-day test at its commercial pilot plant in northern Nevada. The test involved drilling deep wells and pumping water into them, which grew hot from the earth’s heat. The hot water was then pumped back to …
View of Russian oil port Novorossiysk. Алексей Облов | Moment | Getty Images Spot prices of Russia’s crude oil this week exceeded the $60-per-barrel threshold set by the Group of Seven’s oil price cap mechanism, signaling tighter supplies from Moscow and Riyadh. The G7 implemented the price cap scheme on Dec. 5 to keep Russian …
Warren Buffett pictured before the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, NE. David A. Grogan | CNBC Berkshire Hathaway Energy has reached an agreement to acquire a 50% stake in the Cove Point liquefied natural gas facility for $3.3 billion in cash. Warren Buffett’s prominent energy and utility division purchased the stake from Dominion …