While distributed energy resources do not outright negate the need for expensive grid upgrades, introducing greater load management opportunities decreases the frequency of necessary upgrades, buying time for utilities to strategize their budgets.

Brent rose 29 cents, or 0.4%, to $73.20 a barrel, WTI were at $69.2 a barrel, up 26 cents, or 0.38%.

The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.

The investment bank still sees Brent averaging $76 per barrel in 2025, but edged down its 2026 forecast to $71 per barrel on a 0.9 mb/d surplus.

Reaching global decarbonization targets by 2050 will require a significant expansion of nuclear power.

The five projects represent a total investment of SAR35bn (US$9.3bn) and align with Saudi Vision 2030 goals to achieve a balanced energy mix with 50% renewables and 50% gas.

The US$4bn Terra Solar project will also feature a 4.5 GWh battery energy storage system (BESS). The project is developed by Terra Solar, a subsidiary of Solar Philippines New Energy Corporation (SPNEC).

Brent rose 16 cents, or 0.2%, to $72.97, WTI rose 16 cents, or 0.23%, to $68.91.

Climate remains one of a few topics where it is still able to find common ground with the western countries, which imposed sanctions on its economy. Russia has among the biggest delegation at COP this year, with 900 people registered.

Southeast Asia remains highly dependent on imported fossil fuels, with such energy sources – especially coal – making up nearly 80% of the region's rising energy demand since 2010

Brent rose 15 cents, or 0.2%, to $73.45 a barrel, WTI were at $69.31 a barrel, up 15 cents, or 0.2%.

The global oil demand growth forecast for 2024 is revised down slightly by 107 tb/d from the previous month’s assessment to 1.8 mb/d, y-o-y.

Over the longer term, the Government had proposed to the relevant authorities to restart nuclear power projects and robust development of offshore wind energy.

“Since the decision has been made by the National Energy Council and endorsed by the Cabinet, nuclear energy is likely to be included in the 13th Malaysia Plan (RMK-13) as one of the country’s official energy sources,” Rafizi told reporters after the National OGSE (Oil & Gas, Services & Equipment) Blueprint Forum 2024 in Kuala Lumpur.

Natural gas is not only a cleaner alternative to coal but also a reliable energy source that can support various sectors, including manufacturing, agriculture, and transportation.