Energy

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France’s May Inflation Falls More Than Expected as Energy and Service Prices Slow

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Inflation in France experienced a greater-than-anticipated decline in May, with energy and service prices contributing to the slowdown. However, the overall inflation level still surpasses the European Central Bank’s (ECB) target. Data released by France’s National Statistical Office (Insee) reveals that the country’s consumer price index (CPI) increased by 5.1 percent in May, compared to …

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IEA Expects Fossil Fuel Investment to Surpass $1 Trillion This Year, Raising Concerns About Pollution Reduction Targets

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In a recent report, the International Energy Agency (IEA) has projected that global energy investment will reach an impressive $2.8 trillion by 2023. However, the allocation of these funds is raising concerns among advocates of a sustainable future. While clean energy technologies such as electric vehicles (EVs), renewable energy, and energy storage are set to …

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Britain Imposes New Sanctions on Russia, Focusing on Energy Sector and Grain Theft

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In a concerted effort to respond to Russia’s actions and support Ukraine, Britain has announced a fresh wave of sanctions targeting specific sectors and individuals. The sanctions were unveiled during the G7 summit held in Japan over the weekend, with the United States and other G7 members joining forces to impose measures including export controls. …

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China’s Coal Production Declines in April Due to Bad Weather and Sluggish Demand

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China’s coal production saw a decline in April, according to the National Bureau of Statistics (NBS). The drop in output was due to a combination of factors, including bad weather and declining demand. The NBS reported that China produced 381.45 million tonnes of coal in April, up 4.5% year-on-year but down 8.6% month-on-month. The average …

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US to Purchase 3 Million Barrels of Crude Oil to Replenish Strategic Reserves in August

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The US Department of Energy announced that it plans to purchase three million barrels of crude oil to replenish the country’s Strategic Petroleum Reserve (SPR) in August. This move comes after the ministry has drained the SPR stockpile in 2022 during a sharp oil price rally, causing the stockpile to fall to its lowest level …

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Chinese Company Eve Energy to Invest $1.18 Billion in EV Battery Factory in Hungary

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Hungary’s Minister of Foreign Affairs and Trade has announced that Chinese company Eve Energy plans to build an electric vehicle (EV) battery factory in Hungary. The factory will be located in the city and is expected to create over 1,000 jobs. Eve Energy, which is the ninth-largest battery production company in the world, will invest …

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India Plans to Build LNG Reserves to Prevent Future Shortages

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In response to last year’s energy crisis, India is considering building strategic liquefied natural gas (LNG) reserves to avoid potential future shortages or rising prices. According to a senior executive from India’s largest LNG importer, the Indian government is exploring the possibility of creating such reserves. The finance director of Picronet LNG stated in an …

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