The shift in thinking represents a major change of tack for Saudi Arabia, which has led other Opec+ members in repeatedly cutting output since November 2022 in an attempt to maintain high prices.

Brent were up 69 cents, or 0.93%, at $74.59 a barrel, WTI rose 74 cents, or 1.05%, to $71.11.

Green hydrogen, generated through water electrolysis powered by renewable energy, holds promise for nearly zero emissions. However, as interest grows in low-carbon hydrogen, the industry is moving beyond simplistic colour categorizations.

Hydrogen's low volumetric energy density poses a significant challenge. Traditional storage methods, such as high-pressure tanks, require robust and often heavy containers, which limit their practicality. Advanced solutions like cryogenic storage and novel materials are being explored to mitigate this issue.

Hydrogen, often touted as the "fuel of the future," has immense potential to decarbonize key sectors such as transportation, manufacturing, and energy storage.

AI and ML are pivotal in aiding the development of materials tailored for hydrogen use. These advanced technologies facilitate the rapid assessment and enhancement of both structural and functional materials, which are crucial for the efficiency and sustainability of hydrogen production, transport, and storage processes.

A focus of this initiative is the exploration of nuclear power, prompted by the need to bolster base load power and minimise environmental impacts.

As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy (DOE) today announced over $3 billion for 25 selected projects across 14 states to boost the domestic production of advanced batteries and battery materials nationwide.

Brent were up 99 cents, or 1.39%, at $72.05 a barrel, WTI rose $1, or 1.48%, to $68.67 a barrel.

In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024,