Meanwhile, United States benchmark crude closed at a fresh seven-year high.
The connection would happen through an underwater cable that carries electricity across the Mediterranean sea.
Sweeping policies to make the economy less dependent on debt, monopolies and fossil fuels have hit its citizens.
Shortages of natural gas, coal from Asia to Europe are driving additional demand for oil products in power generation.
US producer prices surged 8.6 percent in September from the same period a year ago – the biggest jump on record.
The West should respond to Beijing’s pledge not to fund coal plants by pressuring its private sector to follow suit.
Spends on transition to renewable energy ‘remains far short’ of what’s needed to meet future demand sustainably: IEA.
LNG shortages have triggered blackouts in some countries and squeezed household bugets.
Renewable energy business ACWA Power International is seen as key to the country’s efforts to diversify from oil.
CEO Saad Al-Kaabi says the name change signals a new strategy focusing on energy efficiency.
Energy Minister Walid Fayad says the grid is back up and running, returning to ‘normal’.
The Asian Development Bank and the UK’s Prudential are developing a $120bn plan to buy coal plants in Asia.
Futures in New York rose as much as 2.3 percent on Friday and are poised for a seventh straight weekly gain.
Markets have been buffeted in recent weeks by worries about an energy crisis, elevated inflation and reduced stimulus.