Energy

A photo taken on August 19, 2013 shows a worker checking oil tanks at an oil well near Tioga, North Dakota. Karen Bleier | AFP | Getty Images Oil prices dropped about 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs

Chevron Chairman and CEO Michael Wirth defended the energy giant’s expected fourth-quarter write-down of up to $11 billion of assets, saying that while “business is good,” it could be better. “Good isn’t good enough,” Wirth said on CNBC’s “Squawk Box.” Chevron said on Tuesday it plans to write down the value of its assets by

Saudi Aramco, the world’s largest initial public offering (IPO), surged past expectations as it debuted on the country’s stock exchange on Wednesday morning. Shares of the state-owned oil company rose to 35.2 Saudi riyals ($9.38) from 32 riyals in early deals in Riyadh, up 10% and hitting their daily limit. The price gives it a

The bull market can find another leg to run on in the new year if natural resource sectors can rebound, CNBC’s Jim Cramer said Tuesday. “The charts, as interpreted by Dan Fitzpatrick, suggest that the metals and mining stocks and the basic materials plays are headed higher, and even the energy cohort might be ready

Exxon did not mislead shareholders over the true cost of climate change, New York Supreme Court Justice Barry Ostrager ruled on Tuesday. The $1.6 billion suit brought by New York Attorney General Letitia James, alleged that Exxon deceived investors about the true cost of climate change. The trial, which began in October and was the

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. Benjamin Lowy | Getty Images Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last

The finance minister of Saudi Arabia rejected claims that the kingdom is slowly running out of money, saying that it’s in a better financial position that many other nations across the globe. “No we are not running out of money,” Mohammed al-Jadaan told CNBC’s Hadley Gamble when asked about recent perceptions regarding its reserves. In

Artem Hvozdkov | Moment | Getty Images Companies with the highest level of carbon emissions will lose 43% of their value by 2025 as governments around the world implement climate policies, a new report has claimed. Published Monday, the report from the UN-backed Principles of Responsible Investing (PRI), Vivid Economics and Energy Transition Advisors estimated

Youth march along Pennsylvania Avenue to the U.S. Capitol Building as part of the Global Climate Strike protests on September 20, 2019 in Washington, DC. Samuel Corum | Getty Images Top issues in 2020 will include inequality and climate change, Saxo Bank’s chief economist said on Monday. “Across the board, inequality and climate will actually

Clean energy has been the focus of many sectors, from technology to transportation. Around the world, governments are tapping into renewable sources to fuel the growing demand for energy. As a result, more solar parks, wind farms and hydroelectric power plants are being built. Renewables are sources of energy that can be replenished using naturally

Energy ministers from some of the world’s largest oil producers have agreed to deepen recurring production cuts by an additional 500,000 barrels per day (b/d) through to March 2020. OPEC and non-OPEC allies, often referred to as OPEC+, decided to implement tighter oil production policy at a biannual meeting in Vienna, Austria on Friday. The

Elon Musk attends the groundbreaking ceremony of the Tesla Gigafactory in Shanghai, east China, on January 7, 2019. Ding Ting | Xinhua News Agency | Getty Images China’s industry ministry has put Tesla Model 3 cars that are built inside the country on a list of vehicles recommended for government subsidies, according to a Reuters

A melting supervisor monitors a bucket of molten steel at the Nucor Steel plant in Huger, S.C., April 17, 2017. Stephen B. Morton | The New York Times The steel industry has a massive carbon footprint, as much as 6% to 7% of the world’s greenhouse gas emissions, according to a Rocky Mountain Institute study.

The future of OPEC looks increasingly uncertain, energy analysts told CNBC Friday, citing a deepening rift among the 14-member group. OPEC and non-OPEC partners, sometimes referred to as OPEC+, have gathered in Vienna, Austria to decide the next phase of their oil production policy. Led by Saudi Arabia, the oil cartel agreed in principle on

Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019. Saudi Press Agency | Reuters Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman played down any rivalry between U.S. shale producers and more established

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told CNBC that an agreement to further trim global oil supply wasn’t intentionally timed to coincide with the initial public offering (IPO) of state-owned energy company Saudi Aramco. On Thursday, Aramco priced its IPO at 32 riyals per share ($8.53), putting it on track to raise $25.6

Oil moved higher on Friday as OPEC and its allies agreed to deepen oil production cuts to 500,000 barrels a day through to March 2020. This brings the total production cut to 1.7 million barrels a day. U.S. West Texas Intermediate crude futures gained 1.7% to trade at $59.40 a barrel. Brent $1.10, or 1.8%, to $64.51.

A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. Getty Images Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Ahmed Jadallah | Reuters DUBAI — Saudi Arabian Oil Company, or Saudi Aramco, has priced its shares at the top of its indicative range for its initial public offering (IPO), Reuters reported Thursday citing

OPEC Secretary General Mohammed Sanusi Barkindo (L) and Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (R) attend an Opec-JMMC meeting in the UAE capital Abu Dhabi on September 12, 2019. KARIM SAHIB | AFP | Getty Images OPEC kingpin Saudi Arabia has denied pursuing a deeper round of production cuts, one senior oil official

Journalists interview oil Ministers on the sidelines of the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC) conference and the 6th meeting of the OPEC and non-OPEC countries on July 1, 2019 in Vienna, Austria. JOE KLAMAR | AFP | Getty Images Global oil-producing group OPEC and its allies are meeting in

OPEC’s meetings appear to be in disarray even before they begin this week, but analysts see a growing chance the fractured group may ultimately agree to deeper production cuts. Members of the Organization of the Petroleum Exporting Countries meet Thursday in Vienna, and they will be joined by Russia and other non OPEC producers Friday. That

An upcoming meeting between OPEC and non-OPEC allies could see the group deepen oil production curbs, energy analysts told CNBC, although an extension of existing cuts and an emphasis on stricter compliance is still seen as the more likely outcome. OPEC members will host a meeting in Vienna, Austria on Thursday to discuss the next

Azeri oil workers operate a large field of drilling rigs on October 12, 2003 outside the capital city of Baku, Azerbaijan. Oleg Nikishin | Getty Images Oil prices rose on Wednesday ahead of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market, while industry data showing

Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019. Saudi Press Agency | Reuters Many analysts expect OPEC and its partners to extend their current production agreement by three months when they meet

This photo shows the Amazon logo at the 855,000-square-foot Amazon fulfillment center in Staten Island, one of the five boroughs of New York City, on February 5, 2019. – Inside a huge warehouse on Staten Island thousands of robots are busy distributing thousands of items sold by the giant of online sales, Amazon. (Photo by

The oil tanker ‘Devon’ prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018. Ali Mohammadi | Bloomberg | Getty Images Oil prices rose on Tuesday, as OPEC and its allies discuss whether to deepen a supply cut pact ahead of meetings this week,

Mark II Unitorque electric pumping unit at a crude oil well site outside South Heart, North Dakota. Daniel Acker | Bloomberg | Getty Images Pretty much every trade has worked on Wall Street this year except one: natural gas. Futures prices fell to a one-month low on Friday after plunging more than 12% for the

Eduardo Parra | Europa Press | Getty Images The COP25 climate summit got underway Monday, with the UN secretary general warning that “the point of no-return is no longer over the horizon.” The summit, which will end on December 13, is taking place in Madrid, Spain. It was originally due to be held in Santiago,

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. Benjamin Lowy | Getty Images Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this

The Mini electric car is unveiled at the BMW group plant in Cowley, near Oxford on July 9, 2019. Tolga Akmen | AFP | Getty Images The BMW Group, together with China’s Great Wall Motor, is to construct a plant that will produce future fully-electric models of the famous Mini car brand. The facility’s construction

A burgeoning economic, political and military power, China is also aiming to lay down a marker on the renewable energy sector. Take offshore wind energy. According to the International Energy Agency (IEA), China added 1.6 gigawatts (GW) of capacity in 2018. To put things in perspective, the U.K., Belgium, Germany, Denmark and the Netherlands combined

A photo taken August 19, 2013 shows a worker checking oil tanks at an oil well near Tioga, North Dakota. Karen Bleier | AFP | Getty Images Oil prices were steady on Friday in quiet trade with the U.S. Thanksgiving holiday underway, while investors awaited a meeting of OPEC and its allies next week that

Ikea flags are seen in Krakow, Poland on 6 June, 2017. (Photo by Beata Zawrzel/NurPhoto via Getty Images) Beata Zawrzel | NurPhoto | Getty Images The Inter Ikea Group has said it will invest 200 million euros ($220 million) to accelerate its transition into what it describes as a “climate positive business.” In an announcement

This illustration depicts how the Orbital O2 turbine will look when in the water.  Orbital Marine Power Ltd  The blades for what is being described as the “world’s most powerful tidal turbine” will be manufactured by a firm based in the south of England, according to a contract announcement Thursday. AC Marine & Composites, which

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. Benjamin Lowy | Getty Images Oil prices fell on Thursday, extending losses from the previous session after official data showed U.S. crude and gasoline stocks rose against expectations and production hit a record. Brent crude futures were down

Russia’s President Vladimir Putin waves to the media prior to a meeting of leaders of the BRICS emerging economies at the Itamaraty palace in Brasilia, Brazil, Thursday, November 14, 2019. Pavel Golovkin | Pool via Reuters OPEC and Russia are likely to extend their oil production deal at least through midyear, but if they were

Tesla co-founder and CEO Elon Musk stands in front of the shattered windows of the newly unveiled all-electric battery-powered Tesla’s Cybertruck at Tesla Design Center in Hawthorne, California on November 21, 2019. FREDERIC J. BROWN | AFP | Getty Images Tesla CEO Elon Musk suggested late Tuesday that his company had now received 250,000 pre-orders for

The Tullow Oil Plc Prof. John Evans Atta Mills Floating Production Storage and Offloading vessel sits docked in Singapore on Jan. 21, 2016. Nicky Loh | Bloomberg | Getty Images Oil fell on Wednesday after an industry report showed an unexpected build in U.S. crude inventories, but optimism around the signing of the first phase

Greenhouse gas emissions surged to a record high in 2018 and countries, including the United States, are falling short of their stated emission reduction targets, a new report from the United Nations Environment Programme found. The report, published on Tuesday, measures the emissions gap, or the difference between what needs to be done to curb

Workers cross walkways between zones aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran, on Jan. 5. 2017. Ali Mohammadi | Bloomberg | Getty Images Oil prices were steady on Tuesday, holding onto gains from the previous session, after positive comments from the United States and China kept

Xuanyu Han | Moment | Getty Images Levels of greenhouse gases in the atmosphere have again hit a fresh record high, the World Meteorological Organization (WMO) said Monday. According to its latest Greenhouse Gas Bulletin, globally averaged concentrations of carbon dioxide (CO2) hit 407.8 parts per million (ppm) last year, compared to 405.5 ppm in

A general view of the Novokuibyshev Refinery owned by Rosneft oil company on March 15, 2012 in Novokuibyshevsk, Samara region, Russia. Sasha Mordovets | Getty Images Oil prices began the week on a brighter note on Monday, posting early gains as positive noises from Washington over the weekend rekindled optimism in global markets that the

The Block Island Wind Farm, located off the coast of Block Island, RI, is pictured on Jun. 13, 2017. David L. Ryan | Boston Globe | Getty Images The Governor of New Jersey has signed an executive order to increase the state’s target for “offshore wind-generated electricity.”  The order, which was signed by Phil Murphy

Chris Martin of Coldplay performs live at San Siro Stadium, Milan, Italy, in July 2017. Mairo Cinquetti | NurPhoto | Getty Images Coldplay is one of the biggest bands in the world, racking up millions of record sales and packing out stadiums with adoring fans wherever they play. With a new record due for release

A man walks next to the Volkswagen Group China office in Beijing on March 29, 2017. Fred Dufour | AFP | Getty Images Volkswagen Group said Thursday that, together with its Chinese partners, it will invest around 4 billion euros ($4.43 billion) in China next year, with almost half of the cash to be spent

Labour leader Jeremy Corbyn attends the launch of the party’s election manifesto at Birmingham City University on November 21, 2019 in Birmingham, England. Christopher Furlong | Getty Images News | Getty Images The Labour Party will introduce a windfall tax on oil businesses if it wins the U.K.’s upcoming general election, it said Thursday. The

Tesla unveiled its futuristic pickup truck at a promotional event in Los Angeles, but when it came to showing off the vehicle’s durability, things didn’t quite go as planned. CEO Elon Musk claimed the car was “bulletproof” against a 9mm handgun. But when he got Tesla’s chief designer to throw a metal ball at one