China saw a robust increase in its peak power demand in 2021-2022 due to an increase in the prevalence of air conditioners amid exceptionally intense heat waves. This prompted an enhancement of more coal-based power generation capacity as a "costly and suboptimal solution,"

The government on Wednesday slashed its growth forecast for this year to 0.2% from 1.3%, after a contraction in 2023.

Brent rose 30 cents or 0.36% to $82.64 a barrel, WTI were up 26 cents or 0.34% at $77.30.

While the outlook is weak, the bank said it expects no major deterioration in the labour market, which has insulated the economy so far, and Germany was not facing a broad-based, prolonged recession.

The year 2024 is projected to be a potential turning point for the power industry, as it could witness a significant shift towards renewable energy.

In 2024, Energy consumers have more questions about the state of the Energy Industry's current initiatives than answers. Some areas to focus on include decarbonization, technology implementation, energy storage, and emergency responses.

Atomic power would need to account for 40% to 45% of electricity supply, from about 30% now, for Korea to zero out its emissions by mid-century,

For 2023 as a whole, Indonesian exports scaled a new high of 504.6 million tons, so if the blistering pace of exports seen so far this year is sustained, 2024 will mark a new high for Indonesian exports of the power fuel.

Brent ticked down 11 cents to $83.45 a barrel, WTI rose 36 cents to $79.55 a barrel.

The International Working Group on Russian Sanctions aims to provide expertise and experience to governments and companies around the world by assisting with the formulation of sanctions proposals that will increase the cost to Russia of invading Ukraine

India's natural gas consumption in 2024 will likely grow 5%-6% corresponding to an estimated economic growth of 6%-7%,

Demand for natural gas globally will then peak after 2040, although appetite for LNG will continue growing as China and developing Asian nations switch from dirtier coal to the comparatively cleaner fuel.

"Compared to the larger, conventional nuclear power plants, SMRs have several advantages — such as shorter construction time schedules, enhanced safety features and a sounder appeal to private investors thanks to their lower initial costs and shorter development timelines," the commission added.

Brent were down 9 cents, or 0.1%, to $82.77 a barrel, WTI rose 4 cent to $78.07 a barrel.

The global oil demand growth forecast for 2024 remains unchanged from last month’s assessment at 2.2 mb/d.