These projects total 167 gigawatts of new generation capacity. The total monetary value is estimated to be $33 billion. That is assuming they get built.

Ministers "put green hydrogen and low carbon hydrogen at center stage and everybody has agreed to it . . . the consensus among all the ministers was that this has formed the basis of the next COP," said the meeting's Chair and India's Power and New and Renewable Energy Minister, RK Singh.

Brent rose 63 cents to $80.27 a barrel, WTI climbed 62 cents to $76.27 a barrel.

BNEF estimates that the global annual green investments would need to almost triple to $6.9 trillion by 2030 to have any hope of getting to net zero by 2050.

Wind employs twice as many people as coal power generation. However, coal still produces 19.5% of our electricity while wind only accounts for 10.2%.

Historically, power cuts and outages were deemed a problem only for the developing world, however, we’re now seeing more of these issues in the so-called developed world, primarily driven by a lack of electricity infrastructure spend over many years.

Brent had added 5 cents, or 0.1%, to $81.41 per barrel, WTI rose 9 cents, or 0.1%, to $76.98.

According to price reporting agency Argus Media, Urals crude topped $60 a barrel on Wednesday, climbing above the cap that the Group of Seven set last year in an attempt to restrict revenue to Moscow’s war machine.

About 40% of new global LNG output will come from Qatar by 2029, said Minister of Energy Saad al-Kaabi at the LNG 2023 conference.

Brent were up 20 cents, or 0.3%, at $76.72 a barrel, WTI gained 19 cents, also 0.3%, to $71.99 a barrel.

UAE energy minister Suhail al-Mazrouei said the voluntary OPEC+ cuts would bear fruit soon and blamed the current market malaise on the disconnect between physical and paper traders.

The SMR Alliance includes 11 government and public institutions, including the Ministry of Trade, Industry & Energy (MOTIE), Korea Hydro & Nuclear Power (KHNP) and the Korea Energy Economics Institute, as well as 31 companies, including GS Energy, SK Inc, Samsung C&T, Daewoo E&C and Doosan Enerability.

Brent rose 16 cents or 0.2% to stand at $74.67, WTI gained 8 cents or 0.1% to $69.95.

At the heart of the new energy paradigm is undersea cable technology, which is benefitting from improved laying techniques and a general acceptance of the idea that high-voltage direct current connectors can function safely over very large distances for many decades.

Asian demand has also led to Saudi Aramco's optimism about the global oil market's prospects for the rest of the year, its CEO Amin H. Nasser said at the conference, adding that oil market fundamentals remain "generally sound".