The record-high prices that were triggered by Russia’s squeeze on deliveries last year are now gone, but worsening economic conditions are hitting demand just as hard. Gas usage across Europe’s industrial landscape is projected to remain about 20% below 2021 levels.

The auction will award up to €800 million to renewable hydrogen producers in the European Economic Area (EEA). The support will take the form of a fixed premium in €/kg of renewable hydrogen produced over ten years of operation, therefore targeting the gap between the production costs and the demand’s willingness to pay.

CNNC said the recent achievement “once again broke the operation record of China's nuclear fusion devices based on magnetic confinement, overcoming many technical challenges”. It added: “This milestone holds great importance in China's nuclear fusion energy development, signifying a crucial step forward in the research of high-performance nuclear fusion plasma operation.

The Worldwide Rig Count for August was 1,788, down 32 from the 1,820 counted in July 2023, and down 37, from the 1,825 counted in August 2022.

Brent was up 17 cents, also 0.2%, at $87/bbl, WTI up 13 cents, or 0.2%, at $83.76 a barrel.

The surge in new coal plant approvals, which began after power shortages last year, is raising questions about China’s commitment to that new role,

IT has enabled power companies to improve their operational efficiency by automating processes, reducing downtime, and minimizing errors.

Brent fell 16 cents, or 0.2%, to $83.20 a barrel, WTI fell 18 cents, or 0.2%, to $78.91 a barrel.

While South Africa and Russia back the addition of new members, India is wary of the group becoming a mouthpiece for China, and Brazil is worried about alienating the West.

Saudi Arabia's crude shipment to China are averaging 1.9 million b/d in August, up from 1.3 million b/d a month earlier, while Russia inflows are at 1.38 million b/d, up on month from 1.36 million b/d, according to Kpler shipping data. Imports from Saudi Arabia were at a 12-month low of 1.33 million b/d in July, while Russian shipments dropped to 1.91 million b/d in the month, the lowest since April, China General Administration of Customs data showed.

The Brent crude oil spot price averages $85 per barrel (b) in August. The Brent price averaging $86/b in the second half of 2023 (2H23).

The benefits of EVs are economical, social, and personal. EV efficiency models show the prices of gas per mile keep rising, while the price of killoWatt hours (kWh) of batter-powered motor travel remains steady.

By focusing on EV technology, load management, infrastructure support, regulatory frameworks, customer collaboration, and impactful communications, we can accelerate the transition to cleaner and more sustainable transportation systems.

Preliminary production figures for July 2023 show an average daily production of 2 036 000 barrels of oil, NGL and condensate.

Brent fell 4 cents to $86.36 a barrel, WTI were down 2 cents at $82.80 a barrel.