Category: Highlights

Europe on track to smash solar power output record in 2025: Maguire

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solar energy

LITTLETON: Solar electricity production in Europe during the first quarter of 2025 was up by over 30% from the same months in 2024, setting the stage for full-year record performance from the region’s solar farms. Total solar electricity generation over the January to March period was nearly 68 terawatt hours (TWh), data from Ember shows, which was 32% more than the same period a year ago. Solar assets accounted for 8.2% of Europe’s utility-supplied electricity in March, up from 6% in the same month a year ago, which indicates that…

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OPEC+ to consider another accelerated oil output increase for June

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Oil prices

LONDON: Several OPEC+ members will suggest accelerating oil output hikes in June for a second consecutive month, three sources familiar with the matter told Reuters. Oil prices fell to a four-year low in April, weakened by a U.S.-China trade war and the unexpected decision by OPEC+, which brings together OPEC and other major producers such as Russia, to increase output by 411,000 barrels per day of oil in May. The figure was three times more than the group originally planned. Eight OPEC+ countries will meet on May 5 to decide the…

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Gold prices in Pakistan see biggest drop in history

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gold price

In a new twist in the US-China tariff war, the price of gold in Pakistan and world over has witnessed the biggest drop in history According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola saw a massive drop of Rs11,700 to reach Rs352,000. Similarly, the price of 10 grams of gold decreased by Rs10,031, bringing it to Rs301,783.  Also Read: Gold rate shatters all records in Pakistan – April 22, 2025 The global gold market has also witnessed significant changes, with the price…

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Oil prices stage recovery on new Iran sanctions, equities rallyoil

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Oil prices

NEW YORK: Oil prices rose more than $1 per barrel on Tuesday as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session’s steep selloff. Brent crude futures rose $1.74, or 2.6%, to $68 per barrel by 12:16 p.m. ET (1616 GMT). The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, was up $1.96, or 3.1%, to $65.04. The more actively traded WTI June contract gained $1.92, or 3.1%, to $64.33. The United States on Tuesday issued fresh…

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Chevron cuts output at Wheatstone LNG facility for planned maintenance

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LNG facility

SINGAPORE: Chevron is conducting minor planned maintenance at its Wheatstone natural gas facility in Australia, temporarily reducing production rates on LNG Train 1, a company spokesperson said on Tuesday. “The annual service event is expected to be completed within the coming week,” the spokesperson said, adding that domestic gas production has remained unaffected. Chevron announces first oil at Ballymore project in US Gulf The Chevron-operated Wheatstone facility comprises two LNG trains with a combined export capacity of 8.9 million tons per annum, and a domestic gas plant. Last year, two-thirds…

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