A major overhaul of the bloc’s flagship carbon market and a brand new fund to protect vulnerable people from rising CO2 costs were agreed on by EU negotiators in the early hours of Sunday as part of a “jumbo” trilogue that started on Friday morning. “After 30 hours of (net!) negotiation time we have an … Read more
RIYADH, Saudi Arabia—Chinese leader Xi Jinping met with Saudi leaders Thursday at the start of a multiday state visit, as the oil-rich desert kingdom strengthens ties with U.S. rivals amid doubts about Washington’s commitment to the Middle East. Crown Prince Mohammed bin Salman, who runs the kingdom’s daily affairs, greeted the Chinese leader with a … Read more
OPEC+ said Sunday it would keep output steady ahead of a momentous week in global energy markets, as wealthy nations impose a price cap on Moscow’s petroleum exports, the European Union launches a ban on Russian oil and Chinese leader Xi Jinping visits Saudi Arabia. The decision on Sunday allows the Organization of the Petroleum … Read more
A vital crop nutrient that lies underground near oil and natural-gas reserves is holding back Exxon Mobil Corp.’s XOM -0.35% development of a key asset in the booming Permian PR 0.19% Basin. Unlike many of its rivals in the largest U.S. oil patch, the Texas oil company shares a sizable chunk of its land with … Read more
WASHINGTON—The U.S. said it would allow Chevron Corp. CVX -0.29% to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the Norwegian-brokered … Read more
Saudi Arabia and other OPEC oil producers are discussing an output increase, the group’s delegates said, a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war. A production increase of up to 500,000 barrels a day is … Read more
Global fossil–fuel carbon dioxide emissions have bounced back to make 2022 the highest year on record, surpassing the previous all-time high set in 2019. Key points: Global fossil emissions are back to a record high and expected to keep growing before they stabilise It is an “impossibility” to keep warming within 1.5C without overshoot, scientists say, and we’ll … Read more
SHARM EL SHEIKH, Egypt—President Biden is moving to tighten restrictions on emissions of methane, a potent greenhouse gas, and boost funding for developing countries to adapt to the effects of climate change and transition to cleaner technologies, according to the White House. Mr. Biden is expected to announce the measures in a speech before a … Read more
As the Fed kicks off its two-day interest-rate setting meeting, the focus is on whether Jerome Powell & Co. stick to their hawkish tone or indicate the pace of rate hikes may slow down. Certainly, there’s valid reason for at least slowing down, after another jumbo rate hike is delivered on Wednesday. Inflation at a … Read more
The annual rate of consumer-price inflation in the eurozone increased to double digits in October, reaching a record and highlighting the challenges facing the European Central Bank after it signaled a coming slowdown in the pace of its rate increases. The broad measure of consumer prices has risen sharply since Russia’s invasion of Ukraine and … Read more