The Trump administration on Monday finalized new lower vehicle fuel economy standards, in the latest effort to make it easier for automakers to sell gas-powered vehicles and to reverse a push by the Biden administration to force automakers to build more fuel-efficient vehicles. The new standards will cut the cost of new vehicles but increase fuel consumption and carbon dioxide emissions for decades, according to the department's own ​estimates. US drivers have been grappling with sharply [Read more]

The European Commission plans to postpone the European Union's landmark law to reduce methane emissions, a spokesperson said on Monday, following calls from governments including France and the United States to pause or roll back the policy. "The Commission plans to propose a postponement of the entry into force of the methane regulation," a European Commission spokesperson said, without specifying the length of the postponement. EU Energy Commissioner Dan Jorgensen said Brussels is [Read more]

Goldman Sachs said on Saturday that a US diesel export ban would initially put moderate downward pressure on diesel prices, and that restrictions on exports, including quotas, were a plausible outcome. Here are a few details: * US President Donald Trump on Tuesday backed the idea of banning US diesel exports, with the US being the world's largest exporter of the fuel. * However, US Energy Secretary Chris Wright said on Wednesday that such a ban would not work and could instead raise [Read more]

Oil prices rebounded more than 1% on Monday after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz, keeping tensions in the Middle East elevated. Brent crude futures rose $1.32, or 1.27%, to $105.64 a barrel by 0036 GMT while US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%. Iran announced a peace proposal last week at the UN General Assembly in New York, saying it had been transmitted to the [Read more]

Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports. The rebound came following a recovery in exports via the Strait of Hormuz, which were set to hit about 7.4 million bpd this month, as Saudi Arabia diverted oil exports from the Red Sea port of Yanbu following attacks that [Read more]

(Adds background on Saturday attack blamed on Houthis in final paragraph) * Trump rejects Iran's proposal for reopening Hormuz * Iran says reopening Hormuz hinges on conditions being met and negotiated solution * Senior Iranian official says Tehran shows no flexibility on nuclear program By Trevor Hunnicutt, Yomna Ehab and Menna Alaa El-Din WASHINGTON/UNITED NATIONS/CAIRO, Sept 27 (Reuters) - I ran on Sunday insisted that only diplomacy can solve its conflict with the United States and [Read more]

President Donald Trump predicted on Saturday that the US and Cuba will reach an agreement and that he does not think military action will be necessary. "I would say that Cuba and us will make a deal. I don't think we'll need the military," Trump told reporters at the White House. The Trump administration has openly stated that its goal is to change Cuba's government. A US-imposed oil blockade implemented earlier this year has put the country under severe strain as it contends with fuel [Read more]

Venezuela's interim President Delcy Rodriguez arrived in New York this week for the UN General Assembly seeking business deals on debt, energy and mining, to demonstrate the once sanctioned country was open for business again after US forces removed her predecessor in January. She pledged in her speech before the UN that the South American OPEC member would hold elections as part of a transition to "full democracy." She left with photographs of herself alongside US President Donald Trump, but [Read more]