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Bloomberg Russia sees oil prices averaging $50 to $55 a barrel in 2021 as the development of Covid-19 vaccines spurs an economic recovery, said Energy Minister Alexander Novak. That would be an improvement from this year and enough to cover Russia’s budget, but still well below pre-pandemic levels and too low for many of Moscow’s OPEC+ allies. “Globally, big work …

Bloomberg China’s record haul of crude is poised to end as state-issued allowances for imports dwindle, potentially taking the wind out of the uneven recovery across global oil markets. The world’s biggest importer will ship in much less crude in September and October than it did in May and June, with private refiners seeing purchases drop as much as 40%, …

Bloomberg The Trump administration is relaxing Obama-era requirements stemming toxic heavy metal pollution from coal-fired power plants. Under the Environmental Protection Agency (EPA) rule, electricity companies would have more time and flexibility to treat power plant wastewater that contains mercury, arsenic and other toxic heavy metals. Older coal power plants that are shutting down or switching to natural gas by …

Bloomberg India must stop building coal infrastructure and focus on renewable power generation to aid the global fight against climate change and lift its citizens out of poverty, United Nations Secretary-General Antonio Guterres said. The nation, the biggest coal consumer after China, must invest in a “clean, green transition” as it recovers from the Covid-19 pandemic, Guterres said at an …

Bloomberg Hydrogen made from renewable power will be competing on price with producing the gas from fossil fuels within two decades, according to analysis by research firm Wood Mackenzie Ltd. The cost of green hydrogen will drop 64% by 2040, the researchers said. Hydrogen is seen as key to cutting global greenhouse gases as it could eliminate the use of …

Bloomberg Octopus Energy Ltd, the clean energy provider, plans to add millions of new customers this decade on a pace that could soon make it the UK’s largest energy supplier. Octopus Energy hopes to reach about 5 million households in the UK by 2025, according to Chief Executive Officer Greg Jackson, up from about 1.6 million today. The British energy …

Bloomberg Royal Dutch Shell Plc said it’s considering a sale of a Norwegian natural gas supplier, as the energy major continues to selectively dispose of assets. The company is exploring a disposal of its Gasnor unit, a spokesperson confirmed in response to Bloomberg queries. Shell has approached infrastructure funds and private equity firms about a deal, people with knowledge of …

Bloomberg US oil exports to China are set to reach a record next month in a sign that Beijing is stepping up purchases to meet its commitments under a landmark trade deal. About 19 tankers have signed provisional bookings to load American crude for China in September, according to shipping fixtures, which are subject to change. If all of them …

Bloomberg A giant wind farm being developed off the coast of the UK will sell some of its power to energy trader Danske Commodities A/S. Under the 15-year deal, the subsidiary of Equinor ASA will trade and balance power from 480 megawatts of the Dogger Bank wind farm, about 13% of its capacity. It’s a key step as the developers …

Bloomberg Tongwei Co halted output at a polysilicon factory in southwest China because of flooding, the latest blow to the solar supply chain that has seen rare cost increases this summer due to disruptions. Tongwei, the world’s No. 3 polysilicon producer last year, said it isn’t clear when the Sichuan province plant will restart, and didn’t say whether it sustained …