US oil production is on the path to reach record highs in 2023, according to the Energy Information Administration (EIA), while active domestic oil rigs decline this year. Yahoo Finance Live comments on the Biden administration's stance on domestic oil production as President Biden opts out of attending the COP 28 climate conference in Dubai. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
As North Macedonia prepares to present its plan on Sunday to wean itself off coal-fired power, miners at the Bitola plant are running out of coal reserves and have to mix lignite with imported higher-grade coal to keep production alive. The country of 2 million people is expected to get the backing of international lenders at the COP28 climate talks in Dubai for a 3 billion euro plan to shutdown its coal-fired power plants for cleaner energy production. "It is the biggest challenge in our history since our independence 30 years ago," country's head of energy Marko Bislimoski told Reuters from his office in Skopje.
PBR, SHEL, FTI and NOG emerge as the energy headline makers during the week.