China posts first import growth since pandemic, exports also up

BEIJING (Reuters) - China’s imports in June rose for the first time since the coronavirus crisis paralysed the economy this year, as demand for commodities surged on the back of government stimulus, while exports...

Norwegian Petroleum Giant Equinor to Build World’s Largest Offshore Floating Wind Farm

The giant 800 MW floating offshore wind farm Firefly project will be located 80 kilometres off the coast of South Korea and is designed to supply electricity to the South Korean mainland. The Norwegian oil...

Tesla Jostles with US Heavyweights in Market Value Amid Massive Stock Rally

Tesla Inc.’s stocks have been on a blistering rally amid the economic recession triggered by the coronavirus pandemic, with the Silicon Valley car maker’s shares quadrupling in price this year and volumes nearly tripling,...

Tesla’s Million-Mile Battery Will Fuel A New Green Energy Boom

By Tsvetana Paraskova The million-mile battery for electric vehicles (EVs) could hit the market very soon, giving a boost not only to zero-emission vehicle ownership but also to renewable energy generation.    While the million-mile battery will...

Tighter Oil Market Could Trigger Supply Surge

By Yousef Alshammari Despite a reported rise in oil inventories last week, bullish trading returned to oil markets with Brent closing at $43.24, up by 10.02 percent w/w, while WTI closed at $40.55, down by 0.25 percent w/w.  Crude oil prices...

Is This The End Of The American Pipeline Boom?

By David Messler The Dakota Access Pipeline, (DAPL) was built to transport Bakken crude oil from its point of origin in far North Dakota to a terminus in Patoka, Illinois. Patoka is the second largest crude...

Why The Hydrogen Boom Is Good News For Natural Gas

By Alex Kimani After decades of stagnation and multiple false dawns, the hydrogen economy is finally taking off, with some experts predicting that hydrogen could become a globally-traded energy source, just like oil and gas. A growing...

Extending Production Cuts Would Be ‘Suicidal’ For OPEC

By Nick Cunningham OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary...

Shale CEO: U.S. Has Passed Peak Oil

By Julianne Geiger - Jul 13, 2020, 4:30 PM CDT Crude oil production has already peaked in the United States, according to a leading independent oil producer in the U.S. shale patch. Chief executive of Parsley Energy Matt...

Turkish auto production shrank 5.4 percent in June: report

Turkish automotive output shrank 5.4 percent year-on-year in June to 103,273 vehicles, Automotive Industry Association (OSD) data showed, marking a recovery from the sharp losses in previous months due to the coronavirus, according to...

Turkey nearing post-Brexit trade deal with UK: report

Turkish Foreign Minister Mevlüt Çavuşoğlu has said Turkey is close to finalizing a trade agreement with the UK, with only technical issues remaining to be resolved, the SeeNews website reported. Some 95 percent of the...

G7 finance ministers call for full implementation of G20 debt freeze

By Andrea Shalal -  Japan  Today WASHINGTON Group of Seven finance ministers on Monday called for full implementation of a G20 freeze in debt service payments by all official bilateral creditors and adherence to debt data...

Turkey’s industrial output contracts 19.9 pct in May due to pandemic

Turkish industrial production shrank a less-than-expected 19.9 percent year-on-year in May, data showed on Monday, as measures to curb the spread of the coronavirus continued to drive a sharp economic downturn, Reuters reported. Many factories...

Haftar forces say they will maintain Libya oil blockade: report

A blockade of Libya’s oil production will continue, forces loyal to strongman Khalifa Haftar have warned, despite the country’s National Oil Corporation (NOC) announcing this week the resumption of production, AFP reported. Libya, which sits...

Blue Stream gas pipeline between Russia, Turkey idle since May: report

The Blue Stream pipeline delivering Russian gas to Turkey, due to be re-launched after maintenance in May, remains idle, three sources told Reuters on Friday, as Ankara is increasing purchases of super-cooled gas to...

Turkey’s auto industry produces over 518,700 vehicles in H1

Automakers in Turkey produced 518,727 vehicles, including automobiles, light commercial vehicles, and tractors, in the first half of 2020, according to a sectoral report. Driven by the COVID-19 pandemic, auto production slipped 29% year-on-year in January-June, the...

Turkish economy sees total turnover up 12.5% in May

The Turkish economy's total turnover saw a monthly increase of 12.5% in May, the nation's statistical institute reported on July 13. The total turnover index included industry, construction, trade, and services sectors. "At the detail of the total turnover...

Current account balance sees $3.76 bln gap in May

Turkey's current account balance saw a $3.76 billion deficit in May, the country's Central Bank revealed on July 13. The figure deteriorated from a $1.07 billion surplus in the same month last year, according to the bank's report on...

US budget deficit hits all-time high of $864 billion in June

For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record for that period. Source: Associated Press This Sept. 18, 2019, file photo shows the view...

IMF: Mideast loses $270B oil income amid virus, recession

The IMF had projected in April that Saudi Arabia’s economy would contract by about 2.3% this year. Source: Associated Press In this Sept. 20, 2019 file photo, workers stand on a platform at a Saudi Aramco...