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Global energy and electricity provider Iberdrola announced that it has raised €750 million in a new green bond offering, its first – and the first by any Spanish company – to be issued under the new European Green Bond (EuGB) standard. Iberdrola noted that the bond was also the first ever to comply with both the EuGB standard and the Green Bond Principles of the International Capital Market Association (ICMA). Iberdrola noted particularly strong demand for the green bond, which was 5x oversubscribed, drawing an order book of more than 3.7 billion euros – the company’s largest book for a…

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by two million barrels from the week ending April 25 to the week ending May 2, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That EIA report was released on May 7 and included data for the week ending May 2. It showed that crude oil stocks, not including the SPR, stood at 438.4 million barrels on May 2, 440.4 million barrels on April 25, and 459.5 million barrels on May 3, 2024. Crude oil in the SPR stood at…

The advisory comes amid fears of supply disruption following cross-border hostilities.As tensions between India and Pakistan escalate, the Indian Oil Corporation Limited (IOCL) on Friday issued a public advisory urging citizens to avoid panic buying of fuel and LPG, assuring that stocks are ample and supply lines are fully functional.“There is no need for panic buying—fuel and LPG is readily available at all our outlets,” IOCL said in a post on X (formerly Twitter). It added, “Help us serve you better by staying calm and avoiding unnecessary rush. This will keep our supply lines running seamlessly and ensure uninterrupted fuel…

More than 60% of the EU’s agricultural soils are degraded due to intensive agriculture, with similar damage to about 40% of British soils, a report has found.Experts from the Save Soil initiative said nourishing and restoring agricultural soils could reduce the impact of the climate crisis and provide protection against the worsening extremes of weather, as well as the food shortages and price rises likely to accompany them.This degradation of soil is changing the land’s water cycle and exacerbating the impact of the climate crisis in a vicious circle. Impoverished soils, lacking their natural structure, are incapable of holding water…

WASHINGTON (AP) — President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war.Top U.S. officials are set to meet with a high-level Chinese delegation in Switzerland in the first major talks between the two nations since Trump sparked a trade war with stiff tariffs on imports.“80% Tariff on China seems right! Up to Scott B,” Trump wrote on his social media account on Friday morning, referring to Scott Bessent, his Treasury chief, who has been a…

Solar panels for sale near Nyeri, Kenya, in 2024. (Photo by James Wakibia)SOPA Images/LightRocket via Getty Images When Rose Mutiso was growing up in Nairobi in the 1990s, her family kept candles and paraffin lamps at the ready. Power outages were common. Without electricity, her family couldn’t watch TV or do much of anything; there was a lot of sitting in the dark. She felt like she was living in a disaster zone. But by the time Mutiso was in high school in the 2000s, this had ceased to be a worry. Blackouts were rare. She could take it for…

Oceaneering International Inc.’s Offshore Projects Group (OPG) has secured a multi-year deal from BP Mauritania Investments Ltd. Oceaneering said in a media release that the contract includes the provision of subsea inspection, maintenance, and repair (IMR) services and remotely operated vehicle (ROV) services in the Greater Tortue Ahmeyim (GTA) field. Oceaneering will provide support for this contract using a multi-purpose vessel equipped with two of its work-class ROVs. The project will also involve management, engineering, and integration services delivered by Oceaneering’s local and international teams. Engineering and pre-mobilization activities have started, and field operations are anticipated to begin in the…

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At least two independent Chinese refiners have made a rare foray into the broader international crude market, snapping up cargoes of Middle Eastern oil for delivery next month. Fuhai Group Co. and Shaanxi Yanchang Petroleum Group each purchased around 1 million barrels of Abu Dhabi’s Murban crude, according to people familiar with the matter who asked not to be identified because the information is private. The trades were handled by international and Chinese firms, they added. The current trading cycle is for crude loaded in July, and any cargoes bought now for June is considered prompt. Traders were mixed on…

HAWESVILLE, KY – May 10 Plant workers drive along an aluminum potline at Century Aluminum Company’s Hawesville plant in Hawesville, Ky. on Wednesday, May 10, 2017. (Photo by Luke Sharrett /For The Washington Post via Getty Images) AluminumThe Washington Post | The Washington Post | Getty ImagesSweeping tariffs on imported aluminum imposed by U.S. President Donald Trump are succeeding in reshaping global trade flows and inflating costs for American consumers, but are falling short of their primary goal: to revive domestic aluminum production.Instead, rising costs, particularly skyrocketing electricity prices in the U.S. relative to global competitors, are leading to smelter…