US witnessing biggest oil boom in 40 years

HOUSTON: The United States' average daily oil production is on track to surge by 1 million barrels per day this year, the biggest one-year jump in the nation's history, according to latest official figures.

Crude Rises Above $100 as U.S. Supplies Fall

West Texas Intermediate crude rose above $100 a barrel for the first time in two months after a government report showed U.S. supplies fell to the lowest level since September. Prices capped a second weekly gain.

UK power firm boosts compensation for Christmas blackouts

LONDON: One of Britain's biggest power distributors pledged on Saturday to almost triple compensation to households left without power over Christmas after the first of two fierce winter storms battered the country.

Japan Eyes Smart Meters, Fuel Cells to Tackle Climate Change

TOKYO -- Japan plans smart meters in every residence and factory by the early 2020s and 5.3 million fuel cells in homes by 2030 to tackle climate change, according to a report to be submitted to the United Nations.

WTI Crude Rises to 2-Month High on U.S. Jobless Claims

West Texas Intermediate crude rose to a two-month high on a report showing that fewer Americans than projected filed applications for unemployment benefits.

Hinkley Point C nuclear subsidy plan queried by European commission

The European commission has started an investigation into UK plans to subsidise the construction and operation of Hinkley Point C nuclear power station in Somerset, in a challenge to the government's plans to overhaul Britain's creaking energy infrastructure.

Exclusive: China commits $6.5 billion for Pakistani nuclear project

(Reuters) - China has committed $6.5 billion to finance the construction of a major nuclear power project in Pakistan's port city of Karachi as it seeks to strengthen ties with its strategic partner, Pakistani officials said.

2013 Draws to a Close: Clean Energy Scorecard

Global private capital renewable energy investments are still above $250 billion for 2013.

World powers and Iran pause nuclear talks for Christmas

(Reuters) - Six world powers and Iran have suspended their expert-level talks on implementing a landmark nuclear deal until after Christmas, a spokeswoman for European Union foreign policy chief Catherine Ashton said on Sunday.

Morgan Stanley sells oil trading business to Russia's Rosneft

LONDON/MOSCOW (Reuters) - Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft , becoming the latest Wall Street firm to dispose of a major part of its commodity business.

U.S. Fuel Consumption Advanced in November, API Says

U.S. fuel consumption increased in November to the highest level for the month in six years as the economy grew, the American Petroleum Institute said.

Fracking companies entitled to licences on more than 60% of British land

Two-thirds of the UK's land will be available for fracking companies to license, a government map published on Tuesday shows, with new areas opened up in the Midlands, Cumbria and Wales.

Energy Efficiency Is Long Overdue

On a global scale, we humans are becoming more energy efficient with each passing year. Even so, we’re exploiting only a fraction of the technological opportunities to use energy more cost-effectively.

Petrobras scrambles diesel armada from India after refinery fire

HOUSTON/NEW DELHI: Brazil's state-run Petrobras has booked extra cargoes of fuel from India, most of it diesel, market sources said on Friday, after a fire two weeks ago shut down its fifth-largest refinery.

European Lawmakers Support Carbon Trading System

The European Parliament on Tuesday approved a rescue plan for the European Union’s system for trading carbon-emission credits.

Experts Eye Oil and Gas Industry as Quakes Shake Oklahoma

OKLAHOMA CITY — Mary Catherine Sexton has been rattled enough.This fall her neighborhood in the northeastern part of this city has been shaken by dozens of minor earthquakes.

Mexico moves to open oil resources to foreigners

Mexico's Senate has approved a measure to open the state-run oil fields to foreign investment for the first time in 75 years.

Fracking support from government climate change adviser

Britain should push ahead with fracking, the chairman of the government's advisory body on climate change has said.

European development bank cuts funding for coal power

The European Bank for Reconstruction and Development (EBRD) will focus on energy efficiency and renewable energy investments over the next five years and slash its funding for coal projects, a managing director at the bank told Reuters.

Brent Falls on German Data as WTI Discount Narrows

Brent crude dropped after German industrial output unexpectedly fell, signaling an uneven recovery in Europe’s largest economy.

Labour's energy price cap unwise, says OECD chief

Labour's plan to freeze energy bills after the election has been branded unwise by the head of the Organisation for Economic Co-operation and Development.

Shell Opts Not to Build Plant on Gulf Coast, Citing Costs

Royal Dutch Shell said on Thursday that it would not build an immense gas-to-liquids plant on the Gulf Coast because of concerns over its cost.

Mexican authorities find stolen truck containing radioactive material

Mexican police have found a truck containing radioactive material that was stolen as it was being transported from a hospital near Mexico City.

Canadian Natural Upgrader Cost Increases by Almost 50%

Canadian Natural Resources Ltd. (CNQ) said a 50,000-barrel-a-day oil-sands plant backed by the Alberta government will cost C$8.5 billion ($8 billion), almost 50 percent more than estimated previously, and be delayed.

Renewables industry welcomes reduced subsidies for onshore windfarms

Reduced subsidies for onshore windfarms and solar power announced on Wednesday are "good news", according to a leading renewable energy trade body, because it shows the costs of the technologies are coming down.

BP wins US court reprieve over Gulf spill payments

BP has won a partial victory in its court battle over compensation to those affected by the Gulf of Mexico oil spill, which could save the oil giant millions in payouts.

US shale gas plan to make Grangemouth profitable

Britain is to see its first deliveries of US shale-derived gas in 2016 when Ineos completes a £300m investment programme at its Grangemouth plant in Scotland.

Petrobras Gets Fuel Price Increases to Ease Import Losses

Petroleo Brasileiro SA (PETR4) is increasing fuel prices as the world’s most indebted oil producer seeks to eliminate the gap between local and global values to help bolster profit.

David Cameron to argue in favour of green jobs in new year

David Cameron has reached out to modernising Tories by saying in private that he will argue in favour of the economic benefits of renewable energy in the New Year after George Osborne has "cauterised" public angst over green levies in his autumn statement.