International oil prices dipped in early August trading as investors eyed slowing Chinese economy and the envisaged rise in world production. A survey showed that the factory activity in China has slipped sharply. The country is the world's second biggest oil consumer, Reuters elaborated. Still the oil producers from OPEC are enforcing their vows to rise output.

Electricity demand in the European Union has returned to pre-pandemic levels without a corresponding rise in emissions, according to a report published Wednesday by the energy think tank Ember.

Iran Thursday began exporting its new $2 billion exports terminal by loading 300,000 barrels on an oil tanker off the Sea of Oman, enabling the sanction-hit country to bypass the Strait of Hormuz for oil exports.

The oil cartel OPEC and its partner countries, collectively called OPEC+, have agreed on a significant increase in oil production in view of the recovery of the global economy, news wires reported. Starting in August, the oil alliance will increase its daily production by 400,000 barrels per month, the members announced on Sunday after an online ministerial meeting.

China launched the world's largest carbon emissions trading system on Friday as part of the country's efforts to combat the climate crisis, news wires reported. The scheme initially involves 2,000 companies in the energy sector that are collectively responsible for around 4 billion tons of CO2 emissions per year. Other branches of industry are to be added later.

The planet’s demand for electricity is set for a strong rebound this year and next after dropping by approximately 1% in 2020, according to a new publication from the International Energy Agency.

The United Arab Emirates on Sunday pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, news wires reported.  The Emirati Ministry of Energy called the proposal to extend the agreement for the entirety of 2022 without raising its production quota “unfair to the UAE,” according to state-run WAM news agency.

US imposed a ban on imports from China of key components for making solar panels, Reuters reported. The deals with Chinese-based Hoshine Silicon Industry Co were halted over forced labor allegations. The US Commerce Department separately restricted all exports to Hoshine, three other Chinese companies and the paramilitary Xinjiang Production and Construction Corps, with arguments that they were involved with the forced labor of Uyghurs and other Muslim minority groups in Xinjiang.

Oil prices surged on international markets as tourist season reopened and pushed higher demand for fuels, Reuters reported. The robust climbing of prices easily topped one-month highs with potential to go further. Air and car transport in Europe and North America were the main factors behind the rising demand. Fast vaccination roll-outs in industrial countries further boosted the demand fro energy sources.

OPEC oil cartel plus the allied producing countries announced plans to increase output to 2.1 million barrels per day of crude production, AP reported. The decision offsets the fears that Covid-19 cases increase in some countries will shrink demand against surging energy needs in recovering economies. Energy ministers agreed the decision during an online meeting.