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U.S. Treasury Secretary Janet Yellen has revealed that she intends to warn Beijing that its national underwriting for energy and other companies is creating oversupply and distorting global markets when she pays the country an official visit. "I intend to talk to the Chinese when I visit about overcapacity in some of these industries, and make sure...
U.S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and OPEC+ vowed to keep the output cut status quo as tensions continued to flare in the Middle East and Russia-Ukraine. At 4:23 p.m. ET on Thursday, U.S. crude benchmark West Texas Intermediate (WTI) trading up 2.05% at $83.02, while global benchmark Brent crude was...
A pick-up in freight activity around the world is tightening fuel markers and could cause a shortage of diesel that was barely avoided last year due to the slump in industry activity. Moody’s predicted this week that the price of diesel in the United States alone would add more than $1 from pre-pandemic levels this year, hitting $4.50 per gallon. In...
More than 40% of Citigroup’s clients lack a “substantive plan” for cutting their emissions to align with net-zero ambitions or are unlikely to transition at all, the bank’s latest climate report showed. The report, published earlier this week, is based on initial results from its net zero review template, which monitors its clients’ readiness to adapt...
The shipping industry and its regulators are drafting tentative pathways to reaching net-zero emissions by 2050. But the emission reduction efforts in the hard-to-decarbonize sector are slowed down by unclear regulation and uncertainty about which cleaner marine fuel would be the most cost-efficient and effective alternative to the oil-derived bunkering...
To boost its energy transition efforts, India is betting on acquiring lithium and copper assets overseas and is sending a delegation to search for such resources in Chile, a top producer of both critical minerals, Reuters reported on Thursday, citing a source at the Indian government. “We are interested in buying assets. We are trying to facilitate...
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