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A failure to fully acknowledge the extent of Europe’s energy insecurities could lead to national security vulnerabilities, according to former United States Secretary of State John Kerry. NATO’s summit in Ankara, Türkiye this month displayed a recommitment to cohesion and cooperation against the backdrop of ongoing conflicts in Ukraine and Iran, but contained almost no mention of the energy crises that these conflicts have wrought, and the huge impact that the ensuing energy insecurity has on the continents’ ability to defend…
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This is where China’s rare earth magnet monopoly ends. REalloys (NASDAQ: ALOY) has signed a strategic agreement with permanent magnet manufacturer JS Link to develop one of the first fully integrated non-Chinese rare earth magnet platforms, bringing together feedstock, separation, metallization, and permanent magnet manufacturing under a single North American industrial strategy. Permanent magnets power guided missiles, fighter aircraft, submarines, industrial robots, electric vehicles, AI infrastructure, and wind turbines. China manufactures…
Five months of mostly closed Strait of Hormuz have not sent oil prices spiking to $150 or $200 per barrel, as many analysts had warned in March. Even as more than 10% of global crude oil supply suddenly disappeared from the market, oil didn’t hit record high levels. Crude oil prices haven’t even stayed permanently above $100 per barrel. Three key drivers have kept oil prices from surging to never-before-seen highs. First, governments started tapping strategic reserves, including as part of the IEA-coordinated 400-million-barrel stocks…
Wood Mackenzie now estimates that the global upstream oil and gas sector could generate $495 billion in free cash flow in 2026 if crude averages $90 per barrel, more than doubling its previous forecast based on a $60 oil price assumption. The revision follows the sharp jump in crude prices triggered by the Middle East conflict, turning what had been expected to be another year of disciplined cash generation into one of the industry’s most lucrative windfalls in recent years. Yet the gains will be concentrated among the world’s largest…
Oil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued.
Saudi Arabia’s quarterly budget deficit shrank by nearly three-quarters in the second quarter, courtesy of the same war that hammered its oil industry and sent the economy into its steepest contraction since the pandemic. The Kingdom posted a 34.3-billion-riyal—or $9.1-billion—shortfall for the three months through June, down from 125.7 billion riyals in the first quarter, according to the finance ministry. Oil revenue rose 28% from the previous quarter as crude prices jumped. As for spending, it fell 3.5%. War, as it turns out,…