Oil Prices Renew Their Highs since November 2014

The procedures for registering the Green Energy Corridor Power Company (GECO Power Company) have been completed in Bucharest, Romania. The company will manage the Black Sea underwater energy cable project, which aims to supply green energy from Azerbaijan to Georgia and onward to Europe, the Ministry of Economy and Sustainable Development of Georgia reported. The company, created by the system operators of Georgia, Azerbaijan, Romania, and Hungary, will oversee the creation of the green corridor.

Yesterday, the U.S. Senate approved the nomination of Chris Wright as Secretary of Energy, CNN reported. Wright was born on January 15, 1965, in the U.S. state of Colorado. He studied mechanical engineering and later electrical engineering at one of the most prestigious American institutions, the Massachusetts Institute of Technology (MIT).

China is introducing tariffs on U.S. imports of coal, liquefied natural gas (LNG), oil, agricultural machinery, and certain vehicles, according to the Ministry of Finance of the People's Republic of China. Coal and gas will be subject to a 15% tariff, while oil, agricultural machinery, and vehicles will face a 10% tariff.

The OPEC+ monitoring committee has approved the exclusion of data from the EIA and Rystad Energy, which were previously considered when determining production levels by the countries in the agreement. According to OPEC, EIA and Rystad Energy underestimate oil production volumes.