China has ramped up coal output since the 2021 power crisis in order to avoid a repeat, with this year’s annual production set to notch another record. Demand growth has also been relatively subdued amid China’s bumpy economic recovery.

India, the world's third biggest oil importer and consumer, ships over 80% of its oil needs from overseas and wants to cut its crude import bill.

However, there are growing signs of a thaw in relations between the Biden administration and Caracas, with the sides holding talks to explore temporarily lifting sanctions to encourage Venezuela to hold competitive presidential elections next year.

"Together with Norwegian gas, American LNG has proven to be a reliable and steady source of supply for Europe and will contribute to Europe's energy supply security," Aasland said.

Over the next five years North America’s liquefied natural gas (LNG) export capacity to expand by 12.9 billion cubic feet per day (Bcf/d) as Mexico and Canada place into service their first LNG export terminals and the United States adds to its 11.4 Bcf/d of existing LNG capacity.

In the United States last year, according to the Energy Information Administration, natural gas accounted for 39.9 percent of electricity production; coal, 19.7 percent; nuclear, 18.2 percent; and renewables, the rest, although these are coming on fast.

The reactor complex will allow Bolivia to conduct fundamental and applied scientific research, which will support development of a number of economic sectors, including the lithium industry.

Funding and support are abundantly available for clean energy projects in America. The federal government has allocated billions in funding to incentivize Americans to move to clean energy.

Brent rose $1.16, or 1.3%, to $89.09 a barrel. WTI climbed $1.08, also 1.3%, to $84.29 a barrel.

Prince Abdulaziz said that the energy transition will require hydrocarbons including petrochemicals.