Energy & Petroleum News Today

US energy firms increased oil and gas rigs for a seventh consecutive week, marking the longest streak of additions since May 2022, indicating sector growth.

OPEC crude production in May dropped to a 37-year low due to a US blockade of Iran and Persian Gulf disruptions, significantly limiting output.

Money managers and hedge funds reduced their net-long bets on ICE Brent futures in the week to May 26, indicating a cut in speculative positions.

India's envoy pitched 'Making in Russia for India' model, focusing on fertilisers, critical minerals, and mining JVs. A 2 million-tonne urea plant is planned. This aims to propel bilateral industrial partnership towards a $100 billion trade target.

Asia-Pacific Oil in Water Analyzers market to grow 7-9% CAGR (2026-2035), driven by industrial expansion and regulations. China leads, India fastest-growing. Service segment to exceed 40% revenue by 2035, with UV fluorescence dominating technology.

Global clean energy investment is set to reach $2.2 trillion this year, nearly double the $1.2 trillion for fossil fuels. Despite significant fossil fuel subsidies ($620 billion in 2023), capital increasingly builds a more efficient, secure, and cheaper clean system.

Emmvee Group invests Rs 5,500 crore in a Bengaluru gigafactory for wafers and ingots by 2028. It will expand solar cell production to 8.9 GW and module capacity to 16.3 GW.

UAE's OPEC exit by May 2026, targeting 5M barrels/day by 2027, creates opportunities for India: increased oil supply, lower prices, deeper US$200B trade by 2032, and 30M barrels strategic oil storage.

Global heatwaves double AC use, surging electricity demand and carbon emissions. India, China, US saw significant 2024 increases, relying on coal. AC use may double by 2050, adding 0.05 C warming, necessitating green tech.

Neelkanth Mishra urges India to accelerate energy reforms and make tough policy decisions to reduce import dependence, despite vast domestic resources. He highlights issues like free power to farmers (18-20%) and high industrial electricity costs (6-15 rupees/kWh) hindering investment, calling for urgent price reform.