A tiny remaining bastion of France’s former colonial empire, French Guiana in northeastern South America, was once thought to possess tremendous petroleum potential which could spark a Guyana-sized petroleum boom. Not only do French Guiana’s territorial waters include part of the prodigious Guyana-Suriname Basin but its offshore ocean floor is thought to share geological characteristics with the West African Atlantic margin where the giant Jubilee oil discovery was made by Tullow Oil. Any major hydrocarbon discovery could be a tremendous…

While China turns to local brands of EV over Tesla, Indonesia’s natural resources show great potential for its battery manufacturing industry. Asia is starting to look like it may overtake the U.S. and Europe in the electric vehicle market as the effects of the global pandemic are steadily improving.  Consumer research carried out by CNBC suggests that Chinese consumers are primarily concerned about price and driving range when considering EVs. In 2020, despite the fall in demand in the auto market, sales by local EV manufacturers, such…

Late last year, in a shockingly ambitious pledge, Chinese president Xi Jinping announced that his country would reach peak domestic greenhouse gas emissions by the end of the decade and that China would bring its carbon footprint all the way down to net zero by just 2060. The targets are as timely as they are ambitious; according to the Intergovernmental Panel on Climate Change (the world’s premier authority on the issue) we have just a decade left to change our emissions outputs drastically enough to avoid the worst effects of climate change.…

The Iranian Oil Ministry has stated plans to work with universities and research centres to develop 42 major oil projects.  According to Saeed Mohammadi, Deputy Oil Minister for engineering, research and technology affairs, the projects will cover various parts of the oil sector including upstream, downstream, and oil-related industries. This week, Mohammadi told the Tehran Times, “The purpose of these projects and research cooperation is for the universities and research institutes to work alongside the oil industry on a long-term basis.”. …

Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by deciding to keep oil production flat in April. The cuts from the OPEC+ group were already hurting the oil tanker market at the start of this year amid reduced availability of seaborne shipments from the world’s top oil exporter, Saudi Arabia, and a rising number of oil tankers available on the market after months of serving as floating storage. As early as in…

Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by deciding to keep oil production flat in April. The cuts from the OPEC+ group were already hurting the oil tanker market at the start of this year amid reduced availability of seaborne shipments from the world’s top oil exporter, Saudi Arabia, and a rising number of oil tankers available on the market after months of serving as floating storage. As early as in…

CNBC's Dominic Chu looks ahead to what are likely to be next week's top business and financial stories.

Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online.In this week’s Global Energy Alert, our trading team delves into how an inflationary environment will impact oil stocks. Sign up today to get breaking news, expert analysis, and trading tips.Friday, March 5th, 2021Oil skyrocketed on Thursday after OPEC+ decided to hold off on easing production cuts for another month, surprising the oil market. WTI and Brent shot up more than 4%. During early trading on Friday, Brent surpassed…

Ron Insana, Schroders North America senior advisor, and Jamie Cox, Harris Financial Group managing partner, join 'Power Lunch' to discuss the reopening trade in the energy sector and the state of the U.S. economy.

CNBC's Brian Sullivan discusses U.S. crude production with Charif Souki, co-founder and executive chairman of Tellurian.