The European Union needs to boost construction of public charging points for electric vehicles in a bid to encourage the switch to new technologies from fossil fuel based cars, Reuters reported quoting a joint letter from consumer and sustainable transport groups. The European Automobile Manufacturers’ Association (ACEA) told Brussels that firm targets would also help carmakers and power grid operators plan ahead.

The oil giant Royal Dutch Shell announced financial results which are the worst in more than 20 years, Reuters reported. The company attributed the negative results to the Covid-19 driven global slowdown in world economy, transport and travel restriction due to lockdowns and low oil prices. Shell however vowed to raise its dividends.

The oil giant Exxon announced a large annual loss for 2020 driven by low fuel demand amid pandemic related travel and transport restrictions, BBC reported. Exxon’s losses totaled some $22,4bn. The drastic fall forced the firm to make massive cuts of employees and investment plans.

Low fuel demand, due to pandemic related transport and travel restrictions, lead the giant BP to a first in a decade loss, Reuters reported. The company saw its profits shrink as outstanding debts kept piling up.

US President Joe Biden slammed the long disputed Keystone XL oil pipeline in his first day in office. The project was intended to link US and Canada. With one of his first orders Biden revoked the pipeline’s permit, Reuters reported.

US president-elect Joe Biden vowed to revoke the permit for Keystone XL pipeline multi-billion project, AP reported. The project was one of the pearls in the crown of the outgoing president Donald Trump.

Saudi Arabia has officially declared plans to reduce pumping of crude oil by some one million barrels per day to support the level of international prices, AP reported. Thus Saudi companies will take extra burden amid on-going plans to boost OPEC output by 500,000.

An Iranian government spokesman on Tuesday rejected allegations that Iran’s seizure of a South Korean vessel amounted to hostage-taking, and said was it was South Korea that was holding $7bn of Iran’s funds “hostage”.

Crude prices were under pressure as oil demand fell amid further lockdowns emerged across the globe. Top consumers shun the market as crude inventories stayed at record highs.

The OPEC organization plus allied countries including Russia have agreed to raise oil production by 500,000 barrels per day effective from from January and further noted they would hold monthly meetings to clarify further raise of output levels, gently adding more crude to a global economy still suffering from the Covid-19 pandemic.