With the announcement that it intends to build the world’s largest solar power plant, China is rapidly evolving into the world’s largest market for solar energy. And with heavy government backing, Chinese solar companies are quickly becoming global leaders.

The Organization of the Petroleum Exporting Countries (OPEC) said yesterday (Thursday) that it would keep production quotas at 24.845 million bpd and urge members to adhere to targets, as global demand has yet to return in full.

U.S. crude oil fell over 3 percent to below $70 a barrel on Friday as U.S. equities struggled for traction and raised fears about the economy and a recovery in energy demand.

BP PLC (NYSE ADR: BP) yesterday (Wednesday) announced a “giant” oil discovery in the Gulf of Mexico that may contain more than 3 billion barrels of oil. The find is evidence of the Gulf’s resurrection as a major oil producer, as well as the great lengths – or depths – to which major oil companies must go to find vibrant wells.

Oil prices steadied on Thursday as economic optimism from data showing that the U.S. service sector and retail sales improved was tempered by disappointing news from the labor market.

Oil prices fell below $69 a barrel on Tuesday as economic concerns sent investors into safer havens, outweighing positive U.S. manufacturing and home sales data.

Each year, generally in May, the Energy Information Administration publishes a less-than-eagerly-anticipated tome called the International Energy Outlook, 250+ pages of mind-numbing text, charts, graphs, and tables.

Oil prices fell nearly 4 percent to below $70 a barrel on Monday as fear of a curb in Chinese bank lending dented optimism about the pace of economic recovery and a potential rebound in global energy demand.

Oil prices slipped below $72 on Friday as losses on Wall Street and gains in the U.S. dollar dragged on commodities markets.