At New York Climate Week, a group of 14 financial institutions on Monday stated their recognition that global civil nuclear energy projects have an important role to play in the transition to a low-carbon economy.

Since expanding to include OPEC members Iran and UAE at the beginning of 2024, BRICS' energy footprint has increased significantly.

"There is no peak demand on the horizon," OPEC Secretary General Haitham al-Ghais said in the organization's World Oil Outlook, which sees global thirst for liquid fuels increasing from 102.2 million b/d in 2023 to 120.1 million b/d in 2050, "with the potential for it to be higher".

Energy ministry expected Russia to produce 540 million metric tons of oil in 2030 (10.8 million barrels per day), up from 531 million tons in 2023.

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.

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,

More than 20 countries at COP28 pledged to work towards tripling global nuclear power capacity to reach net-zero by 2050.

Japanese start-up Helical Fusion aims to launch the world’s first steady-state nuclear fusion reactor in 2034 and to begin commercial operations in the 2040s,

Brent rose 19 cents, or 0.26%, to $72.88, WTI were up 22 cents, or 0.32%, to $69.37.