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petroleum

Brazil lowers benchmark rate to 14.5% in second consecutive cut

Brazil lowers benchmark rate to 14.5% in second consecutive cut

Brazil's Central Bank on Wednesday announced a second consecutive cut to its benchmark interest rate, one of the world's highest, in a boost for left-wing President Luiz Inacio Lula da Silva as he courts a fourth term. The bank lowered the key rate, known as

U.S. gas prices at 4-year high as oil exports hit new record

(The Center Square) – United States gasoline prices pushed higher for the sixth consecutive day Wednesday, reaching $4.23 a gallon, as federal data released midmorning showed domestic inventories of crude oil and motor fuels fell for the 12th week in a row while the nation’s exports hit a new

African oil producers defend need to drill at fossil fuel exit talks

African oil producers defend need to drill at fossil fuel exit talks

Oil-rich African nations at global fossil fuel phaseout talks in Colombia said Wednesday they would keep drilling to support economic growth, highlighting tensions between climate and fiscal realities for developing producers. Ministers and envoys from nearly 60 nations are meeting in Santa Marta, a city on the Caribbean coast,

Australia FM says China agrees to collaborate on jet fuel exports

Australia FM says China agrees to collaborate on jet fuel exports

Australia's foreign minister said Wednesday that China has agreed to work together to facilitate exports of jet fuel, in an attempt to ease supply disruptions caused by the war in the Middle East. The conflict and closure of the Strait of Hormuz, through which a fifth of the

TotalEnergies first-quarter profits surge amid Middle East war

TotalEnergies first-quarter profits surge amid Middle East war

French oil and gas giant TotalEnergies said Wednesday net profit had risen 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East, drawing criticism from climate groups. Growth in its oil and gas production in Brazil, Libya

France's 'roadmap' to exit fossil fuels by 2050

France's 'roadmap' to exit fossil fuels by 2050

France has released a detailed "roadmap" to wean the country from planet-heating oil, gas and coal by 2050, an important signal at a moment when nations are reassessing their reliance on fossil fuels. The plan, presented at a global climate conference, does not unveil any new pledges

Crude back above $110 on Strait stalemate as US stocks retreat

Crude back above $110 on Strait stalemate as US stocks retreat

Oil prices jumped on Tuesday to their highest level since the US-Iran ceasefire, pressuring US stocks as lack of progress on an accord to reopen the Strait of Hormuz added to inflation worries. Meanwhile, tech stocks took a hit and investors turned their attention to corporate earnings and the