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Open in Browser →Europe's "Less" Is Doing More Than Anyone Gives It Credit For
Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March. Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and the EIA doesn't see Middle East production back near pre-conflict levels until the second quarter of 2027. Meanwhile, the European Union imports 57 percent of the energy it consumes and spent €340 billion on…
White House Weighs Defense Production Act as U.S. Refineries Maxed Out
The White House is considering using the Defense Production Act to add U.S. refining capacity, with American refineries already running at 98% capacity and diesel prices above $6 per gallon for the first time. The proposal was discussed during President Donald Trump’s recent meeting with nearly a dozen U.S. refiners, according to Reuters. No decision has been made, and discussions are expected to continue. Refining executives told administration officials that federal money would produce more barrels faster if it were used to expand existing…
Oil Posts Biggest Weekly Gain Since July
Oil posted a strong weekly gain as Middle East conflict and mounting supply risks kept markets on edge.
Trump's Grid Battery Ban Leaves Developers Guessing
The United States is trying to build up its energy storage capacities at a rapid scale. At the same time, it is trying to wean itself off of Chinese battery tech. In many ways, these two goals are in direct opposition to each other. China dominates global supply chains for clean energy tech in general, but especially when it comes to lithium-ion batteries, which power everything from your phone to your car. Approximately 80 percent of all battery cells in the world are made in China according to figures from the International Energy Agency. What…
IEA Says Ukraine Strikes Degrade Russian Oil Refining Sector
Drones are now hitting secondary-processing units at Russia's refineries, which may require six to eight months to replace, according to IEA estimates.
UK Interest Rates Could Rise Four Times Over the Next Year
The Bank of England is expected to hike interest rates as many as four times within the next year, City figures have said, after the economy delivered surprise growth in July. The central bank is expected to be buoyed by this morning’s GDP figures, which saw the UK economy grow by 0.4 per cent in July despite forecasts that growth would grind to a halt. Andrew Bailey is widely tipped to oversee an interest rate hike in November, economists have said, though his Monetary Policy Committee (MPC) is expected to leave rates unchanged when…
U.S. Oil Rig Count Rises as Oil Tops $100
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US rising to 591, up 52 from this same time last year. The number of active oil rigs rose by 1, reaching 450 during the latest reporting period, according to the data. This is 34 above this same time last year. The number of gas rigs rose by 2 to 132, which is 14 more than this time last year. Miscellaneous rigs stayed the same at 9. The latest EIA data showed…
Drone Strikes Hit Saudi Arabia’s Vital East-West Oil Pipeline
Saudi Arabia’s critical East-West oil pipeline system was struck on Thursday, with multiple pumping stations hit in an attack that could threaten one of the kingdom’s most important crude export routes, according to CNN, citing two U.S. officials familiar with the matter. The confirmation comes after satellite data on Thursday pointed to unusual activity along the pipeline corridor. OilPrice.com reported that NASA FIRMS had detected multiple large fires near the East-West pipeline, while Sentinel-3 imagery appeared to show a massive…
Saudi Arabia’s Critical Oil Bypass Comes Under Threat
Houthi strikes threaten Saudi oil exports as Brent hits $105 and Middle Eastern crude soars to $120. Friday, September 11, 2026 Houthi strikes on Saudi Arabia’s oil infrastructure have alerted the oil markets to the possibility of seeing even less Middle Eastern supply than before, with potential damage to the East-West pipeline jeopardizing 3-4 million b/d of Saudi crude exports. Whilst the meeting of Gulf foreign ministers over the weekend has poured some cold water on runaway crude prices, ICE Brent at $105 per barrel (and available Middle…
Supertanker Rates Hit $800,000 a Day as Gulf Tensions Escalate
Supertanker rates on the Baltic Exchange's benchmark Middle East-to-China shipping route have surged to a staggering $800,000 a day. With US forces having destroyed five Iranian-linked tankers and Tehran threatening further escalation in recent days, prospects for near-term stabilization remain limited. The freight surge signals that crude oil and refined products continue to flow but are becoming increasingly costly to transport out of the Gulf region to global markets. According to Bloomberg, US Gulf-to-Asia shipments on very large crude carriers…
IEA Sees 5.7 Million Bpd Oil Supply Plunge as Gulf Recovery Slips to 2027
The IEA just took another 1.4 million barrels per day out of its 2026 global oil supply outlook, and it no longer expects normal Gulf flows to return this year, according to a new agency report released on Friday. Global oil supply is now expected to fall by 5.7 million bpd in 2026, or roughly 6%, compared with the 4.3-million-bpd decline the agency forecast just one month ago. The delayed recovery of Middle Eastern production has pushed the return of normal Gulf supplies into 2027. Global oil stocks fell at a rate of 3.1 million bpd in August,…
Shell Acquires PJM Gas Power Plant
Shell agreed to acquire a 169-megawatt natural gas-fired power plant in Pennsylvania, while selling a 609-MW combined-cycle gas power plant in New England.
UAE Rethinks 5-Gigawatt AI Campus After Iran Targets US Assets in Gulf
The United Arab Emirates (UAE) is considering significant changes to its plans to build a massive 5-gigawatt AI data center in Abu Dhabi in partnership with U.S. tech giants, after Iran started targeting American air bases and U.S.-linked critical infrastructure in the Persian Gulf, multiple sources have told Reuters. The UAE, which aims to become not only a regional but also a global leader in AI development and computing, last year planned to build the 5-GW UAE-US AI Campus in Abu Dhabi. The sprawling campus was planned to include 5 GW of capacity…
USA Crude Oil Stocks Drop Week on Week
Crude oil stocks, not including the SPR, stood at 424.1 million barrels on September 4, the EIA's latest weekly petroleum status report showed.
Norway Sees 'Strong Confidence' in New Discoveries Potential
The Norwegian Energy Ministry received applications from 21 companies including international majors for the country's expanded exploration licensing round.
Debunking the Viral Claim That America Has Only 14 Days of Oil Left
Claims have been circulating on social media that the United States has only about two weeks of oil left. The calculation appears to compare the 286.6 million barrels currently held in the Strategic Petroleum Reserve with roughly 20.7 million barrels per day of U.S. petroleum demand, producing a figure of about 14 days. But that does not describe how the U.S. petroleum system works, and even the units are mismatched. The SPR holds crude oil, while the 20.7-million-barrel figure represents total petroleum products supplied, a broad proxy for consumption…
UK Business Calls For Scrapping Taxes on Electricity Bills
The large businesses in the UK have urged the government to remove taxes on electricity bills for business to make Britain more competitive and energy costs more affordable amid escalating energy prices that hurt both consumers and industry. In one of his first moves as the UK’s Prime Minister, Andy Burnham in July announced that the new Labour government would scrap the 5% value added tax (VAT) on household electricity bills to help Britons cope with rising energy costs. All suppliers are expected to pass the VAT reduction on to all customers,…
Jeff Currie Sees $5 Gasoline Before Midterms
Diesel just broke $6 a gallon nationwide for the first time in U.S. history, and Jeff Currie says $5 gasoline is likely to land before midterms. The founder and CEO of Real Macro, who spent more than a decade running Goldman Sachs’ commodities research desk, told Bloomberg Television on Friday that the odds of average U.S. gasoline hitting $5 a gallon before the November midterms are “extremely high.” AAA data released the same day put the national diesel average at $6.0556, a record that’s up 14 percent in a month…
IEA Slashes Oil Demand View
The International Energy Agency cut forecasts for oil demand this year and warned consumption may decline further in the coming months.
Houthis Advance on Bab al-Mandeb as Saudi Oil Route Comes Under Threat
Politics, Geopolitics & Conflict Yemen's Houthis captured the Red Sea port of Mocha on Thursday, taking the approach to the Bab al-Mandeb Strait, which connects the Red Sea (and the Suez Canal, beyond it) to the Gulf of Aden and the Indian Ocean. Bab al-Mandeb is 12 miles wide and carries 6.2 million barrels of oil and refined products a day (plus ~80% of the LNG shipped north to Europe). Houthi attacks made these waters unsafe for shipping in 2024, and Suez Canal revenue fell more than 60% that year, costing Egypt $7B. Houthi forces also captured…
Vostok Oil: One Tanker, Four Trillion Rubles
Every headline number behind Vostok Oil — from the tanker fleet and shipping target to the resource base and flagship well — has failed to survive contact with what Rosneft has actually drilled, built, or shipped. Four trillion rubles into the project, Rosneft has filled a single tanker. The Valentin Pikul spent 84 days moored at Bukhta Sever's single loading berth before its cargo was loaded for the run to China along the Northern Sea Route. Its sister ship, the Akademik Gubkin, is right behind it. Rosneft's own operating plan calls…
USA Diesel Hits $6 Per Gallon for First Time Ever
'It is a level diesel has never reached', GasBuddy said.
What if the Assumptions Embedded in the Oil Curve Are Wrong?
What if the assumptions embedded in the oil curve are wrong - J.P. Morgan analysts, including Natasha Kaneva, J.P. Morgan's Head of Global Commodities Strategy, ask.
Saipem Signs New Preliminary Contract for Rovuma LNG
A consortium of Belgium's Jan De Nul and Italy's Saipem signed a letter of intent with ExxonMobil for the upstream infrastructure of the planned Rovuma LNG project in Mozambique.
Gulf States Mull Hormuz Talks with Iran
Oman is aiming to get foreign ministers from the Gulf Cooperation Council and Iran together, according to a person familiar with the matter.
AI Boom to Boost Southeast Asia’s LNG Demand
Demand for liquefied natural gas (LNG) in Southeast Asia has found a new major driver apart from the years-long efforts to switch away from coal-fired power generation. The AI boom and the data center construction in Asia are set to materially change Southeast Asia’s LNG demand outlook with a significant upside, as combined-cycle gas turbines (CCGT) remain the most reliable 24/7 power provider for hyperscalers amid relatively immature renewable energy-plus-batteries across the region, analysts at Wood Mackenzie say. As a result of the higher…
Why The United States’ Belated Critical Minerals Gambit Won’t Stop China
U.S. President Donald Trump has undertaken the most aggressive federal intervention in the critical minerals and rare earth sectors ever since he returned to the Oval Office, announcing a flurry of deals as Washington desperately tries to counter China’s dominance in minerals that are powering the energy transition and AI boom. The deals included a hodgepodge of equity and debt packages with dozens of rare earths companies, with MP Materials (NYSE:MP) and U.S. Rare Earths (NASDAQ:USAR) some of the key beneficiaries. Last month, Trump unveiled…
Higher Oil Prices Let Mexico Pull Back Billions in Pemex Support
Mexico’s government is slashing financial assistance for the state energy major by as much as 70% despite Pemex’s continued struggle to pay down debt and boost production. The decision rests on expectations that the company will benefit from the oil and gas price rally spurred by the U.S. and Israeli war against Iran. Per a Bloomberg report from this week, the government of Mexico sees Pemex posting a rare cash surplus of some 95 billion pesos, or around $5.63 billion, as a result of the oil price rally. Based on those expectations,…
OPEC Sees Oil Demand Growth Explode Sixfold in 2027
OPEC now expects global oil demand growth to jump from just 380,000 barrels per day this year to 2.36 million bpd in 2027—a more than sixfold increase in the space of a year. The cartel trimmed its 2026 demand-growth forecast in its September Monthly Oil Market Report, putting total consumption this year at 105.84 million bpd. For 2027, OPEC raised its forecast, with global demand expected to reach 108.19 million bpd. The swing is especially stark in China. OPEC expects Chinese oil demand to grow by only 10,000 bpd this year, leaving consumption…
How China Became the World's First Electrostate
More Top Reads From Oilprice.com Diesel Crunch Set to Worsen as Refining Capacity Falls Short, Industry Warns Russia Strikes Moldova Border as Ukraine Hits Black Sea Port Permian Gas Has Been Worth Less Than Nothing for 118 Days This Year
Russia's Crude Output Fell in August
Russia's production of crude oil shrank in August.
Copper Stocks Sink as White House Tariff Uncertainty Spooks Traders
Copper future and related stocks plunged on Thursday morning after a Reuters report said that the White House's "copper tariff plan stalls amid affordability concerns." The Trump administration has yet to decide whether to impose tariffs on refined copper, sending copper prices around the world to record highs this summer as physical copper flooded US warehouses. The report from the outlet: The White House has not yet made a decision on refined copper tariffs as officials juggle concerns that higher prices for the red metal could…
Oil Soars as Hormuz Risks Rattle Markets
Brent surged more than 6% to $107.63 as escalating Middle East tensions heightened global supply concerns.
US Natural Gas Market Verging on Record Growth
US natural gas production is projected to reach a record high of 111.7 billion cubic feet per day (bcfd) in 2026, up from 107.6 bcfd in 2025, according to the U.S. Energy Information Administration (EIA). By 2027, domestic supply is expected to hit 115.9 bcfd. But that’s only half the story. Over the next two years, US natural gas supply and demand will both rise to record levels, the EIA states in its Short-Term Energy Outlook. Domestic gas consumption is projected to rise from a record 91.9 bcfd in 2025 to 111.7 bcfd in 2026 and 115.9 bcfd…
EIA Raises 2027 U.S. Oil Output Forecast
The U.S. Energy Information Administration has raised its forecast for U.S. crude oil production in 2027 to 14.3 million barrels per day, up from 14.2 million bpd in August and 14.0 million bpd in July. For 2026, EIA is still calling for 13.8 million bpd, unchanged from its July and August forecasts. That would top the 13.7 million bpd record set in 2025. U.S. production averaged 13.7 million bpd during the first half of this year, up 300,000 bpd, or 2%, from the same period last year. Most of that increase came from the Permian and the U.S. part…
Russian Mobilization Rumors Ripple Across Central Asia
Kyrgyzstan and Kazakhstan are introducing new procedures for foreign visitors. Some local observers believe the moves are connected to a fresh influx of Russians amid rumors that the Kremlin may order a general military mobilization. A Kyrgyz government decree outlines plans to implement a tracking system to ensure foreigners adhere to migration rules. Those who violate length-of-stay requirements will be barred from returning for a set period, as determined by the number of days a citizen of a given country can stay in Kyrgyzstan…
U.S. Crude Inventories Fall As Brent Prices Soar
Crude oil inventories in the United States saw a decrease of 400,000 barrels during the week ending September 4, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 424.1 million barrels, according to government data, which are now on par with the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 300,000 barrels in the…
The Race to Cut Methane Emissions Is Exposing a Global Divide
Several countries worldwide have been working to reduce methane leaks, with some states making significantly more progress than others. The establishment of the Global Methane Pledge in 2021 at the COP26 climate summit has helped accelerate cleanup efforts; however, many countries are still falling behind on their methane-cutting pledges. Now, one of the world’s biggest methane polluters – Turkmenistan – is aiming to plug its mega leaks, which would help reduce global methane emissions and could encourage other countries to do…
Enbridge to Acquire Tallgrass Pipelines for $2.55B
The acquisition includes a 75 percent stake in the Pony Express Pipeline, which carries up to about 460,000 barrels per day of Rockies production to Cushing, Oklahoma.
Senegal to Offer 109 Oil and Gas Blocks to Investors
Senegal will offer to local and foreign investors as many as 109 oil and gas blocks, Energy and Petroleum Minister, El Hadji Abdourahmane Diouf, has said. Only four out of the West African country’s 113 oil and gas blocks are currently contracted, the official told a local TV channel. “The remaining 109 will be put on the market,” the minister said, as carried by Reuters. “The president’s plan is to create local leaders in the energy, oil and gas sectors,” Diouf added. [GooglePreferredSource] Several oil and…
NextEra Energy Seals $1.9B DOE Loan to Restart Iowa Nuclear Plant
The Trump administration has now financed three nuclear power plant restarts.
Permian Gas Has Been Worth Less Than Nothing for 118 Days This Year
Outside Pecos, Texas, Chevron is getting ready to build a power plant to solve a problem the Permian Basin has been stuck with for years, which is that it produces far more natural gas than anyone nearby is willing to pay for. Chevron's subsidiary, Energy Forge One, signed a 20-year agreement with Microsoft in June to build a gas-fired plant beside a data center campus, ramping up to roughly 2.67 gigawatts. The final investment decision is due by the end of this year, with power flowing in 2028. One deal in one county doesn't make a trend,…
Two Historic USA Fuel Records Fall
Two 'historic' fuel records fell recently, a blog posted on GasBuddy's website on Tuesday outlined.
IEA: Global Coal Demand Set to Hit Record High as Iran War Chokes LNG Supply
Soaring LNG prices due to the Strait of Hormuz blockage are prompting economies to shift to alternative energy sources, pushing coal demand to a another record high this year, the International Energy Agency (IEA) said in a new report on Thursday. The surge in LNG prices have pushed markets including China, India, Japan, South Korea, and even Europe, to rely more on coal-fired capacity for electricity generation, the IEA said in its new Coal Mid-Year Update 2026. The Middle East is not a major exporter of coal, so global coal shipments weren’t…
Iran, USA Brace for Long War
Iran and the U.S. are digging in for a protracted war.
Russia Strikes Moldova Border as Ukraine Hits Black Sea Port
A Russian drone attack targeted a border crossing between Ukraine and Moldova, killing two people and injuring three others, while Russian drones also struck in Kyiv, as Moscow continues its campaign of near-continuous strikes across Ukraine. The Russian attack on the Starokazache–Tudora border crossing in Ukraine's Odesa region on September 9 damaged checkpoint infrastructure, vehicles, and buildings, sparked a major fire, and forced the evacuation of 16 people, Ukraine's State Border Guard Service reported. Moldovan authorities condemned…
McDermott Wins Contract for Eni's Cronos Project offshore Cyprus
The Houston-based company received a 'substantial' contract from Eni for Cyprus' first hydrocarbon development.
EU Faces Worst Gas Storage Position in Decades, WoodMac Says
Wood Mackenzie warned that Europe faces its 'weakest' winter gas storage position for nearly two decades.
TotalEnergies Makes New Discovery offshore Angola
TotalEnergies announced a discovery in Block 17 off Angola's Atlantic coast, which it expects to put into production this quarter.
Oil Closes at Highest Level in 4 Months
The Brent oil price closed at $101.21 per barrel on Wednesday.
Iran Says Ready for Escalation after Trump Warning
'The war is going to end immediately after the election because they can't hold out any longer', Trump said.
Oil Breaks $100—and This Rally Has Legs
For months, crude oil prices have been constrained by reports of improving tanker traffic in the Strait of Hormuz. Even after the June ceasefire between Iran and the United States collapsed, tankers moving in and out of Hormuz have been moving at rates higher than in the spring. This has now changed with the latest escalation in the chokepoint, sending Brent crude above $100 per barrel on Wednesday morning. For months, analysts have been warning that Brent crude could surge to over $100 per barrel and stay there for an extended period of time.…
Canadian Oil Pushes Deeper Into U.S. Gulf Coast Market
For decades, the United States has been Canada’s most important energy partner, absorbing the lion’s share of its oil and gas production. After meeting its domestic refining needs, Canada exports ~80% of its crude output, with roughly 90% going to the U.S. thanks to integrated oil infrastructure built over more than 70 years. In 2024, Canada exported crude oil, NGLs and natural gas worth $160 billion, with Canadian oil accounting for more than 60% of U.S. crude imports. In 2025, Canada exported a record 4.3 million bpd of crude, with…
The Commodity Bull Market Just Entered a Dangerous New Phase
Readers are familiar by now with the broad-based commodity rally, with energy, agricultural products and metals moving sharply higher as former Goldman Sachs commodities head Jeff Currie warned this summer of growing scarcity in the physical economy. The Bloomberg Commodity Index has climbed to levels last seen in 2012... ... while the Quantix Commodity Index has hit a new record high. Bloomberg macro strategist Simon White is out with a new note this morning warning that the commodity rally is threatening…
U.S. Crude Stocks Edge Lower as Oil Tops $100
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories,…
Negative Power Prices Are Piling Up Across Europe
Europe desperately needs to ramp up its energy storage capacity if it wants to avoid another energy crisis. In the wake of Vladimir Putin's invasion of Ukraine back in 2022, the European Union made major strides in building up its own energy production capacities in an effort to wean itself off of Russian oil and gas. Much of this buildout has been in the form of wind and solar energy, which is great news for energy independence and the bloc's climate goals, but poses key challenges in terms of energy security. As more and more of Europe's energy…
Mexico Slashes Pemex Aid by 70 Pct in Budget
Mexico plans to cut financial support for state-owned Petroleos Mexicanos by nearly 70 percent next year.
U.S. Administration Eyes Venezuela’s Critical Minerals
After signing what President Donald Trump touted as “the biggest oil deal in world history” to take majority control of 65 billion barrels of proven crude oil reserves in Venezuela, the U.S. Administration is setting its sights on the South American country’s potentially vast gold and critical minerals wealth. The Trump Administration is weighing measures to involve U.S. companies in Venezuela’s gold and critical minerals and has held initial meetings with firms to see if there is interest in engaging in the Venezuelan mining…
Oil Surges as Attacks Escalate
Brent reached $101 as Middle East disruptions, falling inventories and renewed Chinese buying tightened markets.
Britain Can Save £500 by Scrapping Net Zero, If It Ignores Most of the Bill
A new British report offers households an attractive deal: abandon net zero and save more than £500 a year. At a time of painfully high energy bills, that claim deserves attention. A transition households cannot finance will eventually lose political support. But the £500 promise is not really a household-cost calculation. It models a cheaper-looking electricity system, excludes costs outside it, assumes fewer cars and homes electrify, and translates the total into a household-sized headline. The report identifies genuine weaknesses…
Belarus Refineries Post Decade-High Profits Amid Russia's Fuel Crisis
Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July. Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the…
U.S. Moves to Isolate Iran’s Aviation Sector From the Global Economy
The United States has imposed sanctions on all of Iran's remaining active airlines, sharply escalating pressure on Tehran's aviation sector as part of a broader campaign aimed at cutting the Islamic Republic off from international trade and finance. The US Treasury Department on September 8 sanctioned 36 targets, including 27 Iranian airlines, as well as foreign companies and an individual accused of helping Iran's sanctioned aviation networks procure aircraft, aircraft parts, and other technology. The action marks the first time Washington has…
Uganda Launches New Crude Grade as First Oil Exports Near
Uganda is approaching its entry into the oil export market, but getting its new Pearl Sweet grade to buyers will be harder than its low sulphur content might suggest. The country’s two projects are expected to produce 230,000 b/d at plateau, opening a yet untapped revenue stream for the landlocked economy. Yet the crude’s high wax content requires heating from the production facilities through to its destination, adding costs and narrowing the pool of buyers. With production deadlines slipping and the export pipeline still incomplete,…
Google Bets €13 Billion on Finland to Power AI Boom With Nuclear Energy
Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…
Bank of England Warns Iran War Could Push UK Inflation Above 4%
Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues. Speaking to MPs on Tuesday, the Bank chief said inflation risks were “to the upside” and energy prices “could be higher still” due to the conflict, which has triggered a surge in oil prices and stoked inflation fears globally. “The conflict is still going on and it is also causing a high level of energy prices and quite a bit of…
ExxonMobil, ANPG Notch 20th Discovery in Angola's Block 15
Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and its Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday, the deepwater block's 20th find since production began. Some 370 kilometers (230 miles) northwest of Luanda, the well was drilled to 940 meters, encountering 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement, as reported by CNBC. Block 15 has produced more than 2.7 billion barrels over 30 years. In a joint statement, ExxonMobil Angola chief executive…
Korea Picks $22B Gas Project as First in USA Trade Deal
South Korea has identified a gas-fired power project in Texas as the first U.S. investment under a trade deal agreed last year, local media reported.
Copper Hits Record Highs While Smelters Lose Money on Every Ton
Copper is trading at record prices, and the people who turn raw ore into usable metal can't make money doing it. That's the copper market right now, and it says more about who actually controls the world's most important industrial metal than any single price headline does. Three-month copper on the London Metal Exchange hit an all-time high of $14,779 a ton on Tuesday, its fourth straight session of gains, before easing back toward $14,630 Wednesday morning. The metal is up close to 18% this year. COMEX copper in the US is trading near $6.75 a…
USA Oil, Gas Workforce Figures Buck Trend
The number of employees in the oil and gas extraction industry rose month on month, bucking a trend, data on the U.S. Bureau of Labor Statistics website showed.
ONE Nuclear Progressing Plans for 1GW Louisiana SMR Project
The pre-revenue startup said it has made 'substantive' progress in pre-development work for a proposed advanced nuclear power plant with a capacity of one gigawatt in Louisiana.
Ukraine Targets Russia's Key Black Sea Oil Port
Ukraine hit with drones overnight on Wednesday infrastructure in Novorossiysk, which is Russia’s key oil terminal in the Black Sea, in attacks that killed four people and reportedly sparked a fire at a fuel oil terminal at the port. Ukrainian drones hit buildings in and near Novorossiysk early on Wednesday, the city’s mayor Andrey Kravchenko said on his Telegram channel, adding that four civilians were killed and civil infrastructure was damaged. Ukraine’s Robert "Magyar" Brovdi, Commander of the country’s Unmanned Systems…
Sapphire Expands Southwest Presence into LNG Production
Sapphire acquired a small-scale liquefied natural gas production facility in Ehrenberg, Arizona, part of its efforts to establish a leading vertically integrated merchant LNG platform in the U.S.
PowerTransitions Acquires 1.24GW Roseton Gas Power Plant in NY
Roseton's 'scale and existing grid infrastructure make it an ideal candidate for co-location development into a robust energy campus, including new energy storage systems', PowerTransitions said.
HSBC Analysts Significantly Raise Oil Price Forecasts
Analysts at HSBC, including Senior Global Oil and Gas Analyst Kim Fustier, revealed that they had raised their 2026 oil price forecast by $10 per barrel and their 2027 oil price forecast by $20 per barrel.
Belgian Utility Gets Over $1B EIB Loan for Artificial North Sea Energy Isle
Elia Transmission Belgium signed a record EUR 1 billion (around $1.16 billion) credit facility with the European Investment Bank for an artificial energy island project in the North Sea.
Brent Oil Price Breaks $100 Per Barrel
The Brent oil price rose above $100 per barrel for the first time since July.
Iraq Asks OPEC to Raise Quota
Iraq is seeking a significant increase in the country's oil production quota as OPEC and its allies conduct a review of members' capacities aimed at determining how much they can pump next year, according to people familiar with the matter.
Iran’s Oil Exports Collapse as Hormuz Standoff Drags On
More than six months after the U.S.-Iran war began, shipping traffic at the Strait of Hormuz remains disrupted, and oil prices are once again closing in on the $100 per barrel mark. The U.S. and Iran remain deadlocked at the start of the seventh month of the conflict. But the U.S. economic pressure on Iran has intensified, while oil flows out from the other Persian Gulf producers are estimated to have rebounded to about two-thirds of pre-war levels with mostly dark transits and shuttle-shipping for ship-to-ship (STS) transfers outside the Strait…
Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shortage, and traders have gone bullish. They are especially bullish on fuels in the United States, it seems. The world’s biggest crude oil consumer and the biggest exporter of crude and fuels has not managed to avoid a supply squeeze at…
Why The U.S. Is Racing To Lock Down Iraq’s Most Explosive Geopolitical Gas Prize
Sharing its eastern border with Iran, its northern border with Turkey, its western border with Syria and Jordan, and its southern border with Saudi Arabia, Iraq is arguably the single most geopolitically important country to the U.S., China, and Russia in the entire Middle East. In turn, the lawless western desert province of Anbar is perhaps the most geopolitically vital area in Iraq, and the most strategically important asset in Anbar is the huge Akkas gas field. With the new Iraqi Prime Minister, Ali al-Zaidi, having taken office on 16 May and…
Copper Surges Above $14,500 as Supply Squeeze Deepens
Copper futures in London reached a record high on Tuesday as expectations of US tariffs drew record volumes from the seaborne market into US warehouses, tightening availability elsewhere despite subdued demand. As we highlighted on Monday, deteriorating conditions across global mining operations are adding to supply woes. Benchmark three-month futures on the LME gained nearly 1% to reach $14,533 a ton, exceeding January's peak before trimming some of those gains. Dr. Copper is breaking out...but this isn’t mainly…
Brent Nears $100 on Mideast Strikes
Oil rose as fresh Middle East strikes heightened concerns about global supply disruptions.
Labor Day Gasoline Just Hit a Record. Here’s What Comes Next
Beyond its historical roots as a day to honor the achievements and contributions of workers, Labor Day has emerged as one of the largest retail sales weekends of the year in the U.S., second only to Black Friday. People usually travel in large numbers, too, with the Transportation Security Administration (TSA) expected to screen more than 17 million passengers over the holiday. However, motorists were feeling plenty of pain at the pump this time around: the national average cost of unleaded gasoline clocked in at $4.15 per gallon on Monday, 30%…
Venezuelans Split on Trump Oil Deal
Venezuelans are deeply divided over the Trump administration's oil deal with the country's interim authorities.
China Adds 650,000 Ounces of Gold in Biggest Monthly Buy Since 2023
China's central bank bought more gold in August than in any single month since 2023, and the metal still can't hold above $4,400 an ounce. The People's Bank of China added 650,000 troy ounces, roughly 20 tonnes, to its reserves last month, according to data the central bank released Monday. That tops July's 640,000-ounce purchase and extends the PBOC's buying streak to 22 consecutive months, the longest run since China began disclosing monthly figures. Total holdings now stand at 76.73 million troy ounces, up from 76.08 million in July. The reported…
D.C. Gas Ban Gets Favorable Hearing in Federal Appeals Court
A federal appeals panel appeared inclined Tuesday to let Washington, D.C.’s restrictions on natural gas in certain new buildings stand. The case turns on the Energy Policy and Conservation Act, or EPCA, which gives the Department of Energy authority to set efficiency and energy-use standards for appliances including furnaces, water heaters, dryers and stoves. Industry groups argue that D.C. cannot accomplish through a building code what federal law prevents it from doing directly to an appliance. The challengers include the National Association…
How the U.S. Is Targeting Iran's Oil Money
The United States has imposed sanctions on a Turkish investment bank and two subsidiaries, accusing them of helping Iran move oil revenue and providing access to the international financial system as Washington intensifies its campaign to squeeze Tehran. The US Treasury Department on September 4 designated Istanbul-based Golden Global Yatirim Bankasi Anonim Sirketi, along with Golden Global Portfoy Yonetimi and Golden Global Varlik Kiralama, under its Iran sanctions authorities. The three entities were added to the Treasury's Specially Designated…
A Forgotten Soviet Waterway Could Give China a New Arctic Trade Route
China, Russia and Kazakhstan are mulling the development of a new northern trade route which would use the Irtysh and Ob rivers to open access for the export of Chinese goods from Russian Arctic ports at the base of the Yamal Peninsula. Trade along the Ob-Irtysh system reached an estimated peak of 9 million tons annually in the 1970s before crashing following the Soviet Union’s collapse in 1991. Kazakhstan and Russia in recent years have floated the idea of reviving the route, but the concept gained momentum only recently,…
Chevron to Double Venezuela Rig Count in $7 Billion Oil Push
Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production. CFO Eimear Bonner said Tuesday that Chevron will add rigs under new contract terms signed with Venezuela last week. Those terms also give Chevron access to international arbitration, a particularly useful provision in a country with a long history of oil nationalizations and contract disputes. Chevron’s three Venezuelan joint ventures plan to invest more than $7 billion through…
U.S.-Saudi Nuclear Deal Clears Vienna Hurdle As Congress Review Continues
A planned nuclear cooperation deal between the United States and Saudi Arabia won't include the toughest inspection regime the U.N.'s atomic watchdog has to offer, but it's going to come close on the activities that matter most. That's the picture International Atomic Energy Agency chief Rafael Grossi laid out Monday in Vienna, speaking to reporters during the agency's September Board of Governors meeting. Riyadh isn't signing the IAEA's Additional Protocol, the tool that lets inspectors show up unannounced at sites a country hasn't even declared.…
Canada’s Oil Pivot to Asia Is Starting to Materialize
Canada’s Trans Mountain pipeline hit full capacity for the first time in June, and the company running it already has another 300,000 barrels per day of capacity planned. Most of those new barrels are expected to head across the Pacific. Trans Mountain currently moves 890,000 bpd from Alberta to British Columbia. The operator plans to add 90,000 bpd in the fourth quarter, followed by another 210,000 bpd by the end of 2028, taking total capacity to roughly 1.19 million bpd. About two-thirds of tankers leaving the Westridge Marine Terminal…
Uganda Set to Become World's Newest Oil Exporter in Early 2027
The global list of crude oil exporters will expand with Uganda early next year as the African country is moving closer to first oil from a project whose crude will flow through a new pipeline to Tanzania's coast. Landlocked Uganda, where France's supermajor TotalEnergies and China's CNOOC have been developing the Tilenga and Kingfisher oil fields, will become a crude oil exporter in early 2027, the country's officials say. Uganda National Oil Company (UNOC) has just appointed global energy trader Vitol to market Uganda's Pearl Sweet crude oil ahead…
Oil Prices Are Once Again on the Brink of $100
Oil prices surge toward $100 as Houthi attacks, U.S. strikes on Iranian tankers and renewed Middle East tensions rattle markets. Europe’s Gas Prices Surge as Storage Fears Return - European natural gas prices have jumped to €75 per MWh ($25.5 per MMBtu), the highest since 2022 and more than double their level a year ago, as the continent’s low inventories spark fears of winter supply shocks. - Since the Al Nuaman LNG carrier delivered its cargo to Rovigo, Italy, in early April, the EU has not imported any Qatari LNG, equivalent…
Tamboran Starts Supplying Beetaloo Gas to Northern Territory
Tamboran and Formentera Partners began initial gas sales from the Shenandoah South Pilot Project, introducing the Beetaloo Basin as a supplier for Australia's Northern Territory.
North America Loses Rigs for 3 Straight Weeks
North America dropped seven rigs week on week, according to Baker Hughes' latest North America rotary rig count.
Dutch TTF Gas Jumps 2% as Winter Storage Race Heats Up
Europe’s benchmark natural gas prices jumped on Tuesday morning in Amsterdam as the Middle East crisis remains a major supply shock amid the European race against time to stock up for the winter. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, rose by 2% as of 8.40 a.m. Amsterdam time, to hit the highest level since the 2022-2023 crisis. At $86.90 (74.820 euros) per megawatt-hour (MWh), the price now exceeds the January 2023 levels, when Europe faced the first winter without…
Saudi Arabia Halts Energy Sites
Saudi Arabia halted several energy facilities in the south.
TotalEnergies, Galp Complete Swap Involving Mopane, Venus Discoveries
'This transaction positions TotalEnergies as the operator of Namibia's two largest oil discoveries and strengthens its position in the Orange Basin, supporting the long-term value creation from prolific licenses'.
Oil Prices Hit 3-Month Highs
Oil prices rose for another session on Tuesday, reaching three-month highs, Paolo Broccardo, CEO at BankPro, highlighted.
OEUK Says Market Needs Firm Date for North Sea Tax Plan
Industry body Offshore Energies UK said the industry urgently needs a firm date for HM Treasury's North Sea tax plan.