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US oil industry urges Trump to ditch Biden climate policies

The U.S. oil and gas industry called on President-elect Donald Trump to scrap many of President Joe Biden's policies aimed at fighting climate change, saying the measures threaten jobs, consumer choice and energy security. The American Petroleum Institute (API), the nation's top oil and gas trade group, urged Trump's incoming administration to do away with vehicle emissions standards meant to move the auto industry to produce more electric vehicles, lift a pause on export permits for liquefied natural gas facilities and work with Congress to repeal a fee on methane emissions from drilling oper..

Oil trims losses on tight near-term supply

Oil prices edged up on signs of near-term supply tightness but remained near their lowest in two weeks a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.Brent futures rose 13 cents or 0.18% to $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.19 % , to $68.25. "Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buyers in the physical market have been particularly active, with any available cargoes being snapped up quickly," ANZ analysts said in a note. B..

Only 8 nations raise renewable targets after COP28

A year after over 130 countries pledged to triple global renewable energy capacity by 2030 at COP28, a report by energy think tank Ember reveals that national targets have barely shifted, only adding up to a doubling of capacity by 2030. The report 'In 12 months the renewables market has moved but governments have not', states that while renewables markets are progressing, governmental targets lag, with just eight countries revising their renewable goals since the pledge. Ember's report finds that the combined 2030 national renewable energy targets of these countries total 7,242 GW—2.1 times..