Category: Highlights

Oil prices plunged about 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil. Brent futures fell $4.31, or 4.8%, to settle at $86.15 a barrel, down about 6% for the week. US West Texas Intermediate (WTI) crude fell $4.75, or 5.7%, to settle at $78.74, down about 7% for the week. It was the fourth straight week of declines for both benchmarks, the…

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When the chief executive of Aramco said earlier this week that years of underinvestment had damaged the balance between supply and demand in the oil market, it should have been a wake-up call to those in decision-making positions. Instead, the secretary-general of the UN bashed the oil industry once again for “feasting” on record-high profits and urged governments to make them pay for this. Meanwhile, OPEC’s production shortfall last month reached 3.58 million bpd—a figure equal to some 3.5 percent of global demand—and the United States continued to sell oil…

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The UAE’s state-run oil giant is reportedly considering a full or partial acquisition of Gunvor Group commodity trading house, both Bloomberg and Reuters report, citing unnamed sources. The UAE’s Abu Dhabi National Oil Co (ADNOC) has already undergone early-stage talks about buying the commodities house, according to Bloomberg, to merge Adnoc’s trading arm with Gunvor. Reuters likewise cites an unnamed source as saying that talks have been held for the acquisition of Gunvor Group or a stake in the trading house. Neither ADNOC nor Gunvor have made any statements about alleged early-stage talks,…

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Policymakers need to look beyond this winter and stop vilifying the oil and gas industry if they want to prevent the next energy crisis, according to the chief executive of the world’s biggest oil company and largest crude oil exporter, Saudi Aramco.    Amin Nasser criticized the short-term emergency responses to the energy crisis in Europe and said that the short-term view doesn’t help energy supply or energy security at all. The ongoing energy crisis, while intensified by the Russian invasion of Ukraine, didn’t start with the war, according to…

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LONGi has announced a new world record conversion efficiency of 26.12% for its p-type silicon heterojunction (HJT) cells. The record, validated in testing carried out by the Institute for Solar Energy Research (ISFH) in Hamelin, Germany, was achieved on full-size (M6, 274.3cm2) gallium-doped p-type monocrystalline wafers and is the highest record for p-type cell efficiency to date, further confirming the feasibility of low-cost HJT mass production technology. The cell efficiency is 0.65% higher than that of 25.47% released earlier this year, demonstrating LONGi’s ongoing commitment to driving industrial progress via…

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