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Fuels
Every regulation in the Vantage corpus tagged with fuels. Items are tagged by the enrichment cron once they land, plus any topic attribution the connector pre-populates.
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Open in Browser →Aluminium Gives Up Its War Premium, Copper Stays Elevated
LME Week 2026 kicked off in London on Monday, with industry leaders focused on the macroeconomic outlook for base metals, AI and energy transition demand, as well as critical mineral supply chain resilience. This year's discussions have come at a time when the London Metal Exchange is robustly healthy, recording a 16% year-on-year increase in average daily turnover from January through September. Standard Chartered's commodity analysts expect mixed results for base metals in the coming months. Prices will follow macroeconomic conditions (risk…
Big Oil Eyes Record Profits but Keeps Spending in Check
Oil supermajors have been raking it in since the war in the Middle East began. They are now set to report another robust quarter, even as some jurisdictions where they operate plan to slap windfall taxes on them. The question now is what Big Oil will do with these profits. The answer: it probably won’t be a spending spree. They sure have the money for a spree. If the second quarter is any indication—and it is—oil and gas majors are having a really strong year. Out of all S&P 500 sectors, Energy booked annual growth of 128.2%…
U.S. Energy Red Tape Gives China an Edge
Congress needs to pass the bipartisan bill on permitting reform to accelerate energy infrastructure buildout so that the United States can compete economically and industrially with China, say former economic policy and national security officials who have served six U.S. presidents. The Bipartisan American Affordability and Jobs Act of 2026 was introduced in the Senate at the end of September and is expected to be debated after the mid-term elections when Congress returns from the recess on November 9. The bill would reinforce statutory deadlines…
S&P Global Warns Hormuz Energy Shock Could Become a Global Food Crisis
The world’s ongoing energy crisis is quickly turning into a global food security crisis. Ongoing conflict between some of the world’s most prominent economies on two major fronts – Russia’s war in Ukraine and the United States’ and Israel’s war in Iran – is creating geopolitical shockwaves through critical global trade routes and threatening some of humanity’s most essential commodities, from oil and gas to grain and fertilizer. A "multidirectional squeeze on world agriculture" is taking form,…
As BP Leaves the North Sea, These Independents Are Buying In
Back in July, UK oil and gas major BP Plc. (NYSE:BP) announced that it was putting its entire UK North Sea oil and gas business up for sale as part of a broader $20-billion portfolio overhaul, marking the end of a 60-year era as a leading player in Europe's largest oil basin. BP's North Sea operations produced about 117,000 barrels of oil equivalent per day in 2025 (roughly 5% of BP's total global output) and employed around 1,100 people. BP is hardly alone. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) have sold their UK North Sea assets in recent…
Macron Says France to Get LNG Supplies from Qatar in Winter
President Emmanuel Macron said France will receive liquefied natural gas from Qatar during the winter months.
Oil Gains After Saudi Oil Field Attack
A deadly Saudi oil field attack and Gulf embassy concerns pushed crude prices higher.
Russia’s Northern Sea Route Workaround Supplying Asian Buyers
Asia-bound Russian crude and fuel supplies are being rerouted as the US-Israeli war on Iran and disruptions in the straits of Hormuz and Bab al-Mandab choke off traditional crude flows from the Persian Gulf. Indeed, Russia increased oil and LNG shipments via the Northern Sea Route (NSR) and utilized shadow fleets to bypass chokepoints and fulfill Asian demand. Reuters reports that Russia’s oil exports through its NSR in 2026 have already exceeded last year’s by nearly 50%, with 20 million barrels shipped to Asia from the July to mid-October…
Washington’s Central Asia Charm Offensive Yields $12 Billion in Deals
Central Asia’s two economic drivers, Kazakhstan and Uzbekistan, seem satisfied with the results of US Secretary of State Marco Rubio’s visit to the region. But Astana and Tashkent both want to see more done to “translate political agreements into concrete investments.” Rubio led a large American delegation that participated in a business forum in the Uzbek city of Samarkand on October 19. The same day he met with the foreign ministers of all five Central Asian states within the C5+1 format and held one-on-one talks with…
Saudi Crude Exports Hit Five-Month High as Production Falls to Record Low
Saudi Arabia's crude exports rose about 7.9% in August from July to 4.451 million barrels per day, the highest since March, while its oil production fell to a record low of 6.24 million bpd, the Joint Organizations Data Initiative (JODI) showed Wednesday, Reuters reported. Production was 8.135 million bpd in July and 6.560 million bpd in May. Exports were 4.125 million bpd in July. In March, they were 4.974 million bpd, JODI data showed in May. Refinery crude throughput fell by 181,000 bpd to 2.297 million bpd in August from 2.478 million bpd in…
Why Are Rare Earth Stocks Falling When Prices Keep Rising?
Here is a question that should be harder to answer than it is: China still controls the rare earth spigot, the latest Trump-Xi summit did nothing to loosen its grip, Japan is about to run out of yttrium, Washington has put a $110/kg floor under NdPr, and Western buyers are paying anywhere from 5x to 346x the Chinese price for heavy rare earths. So why are rare earth stocks down on the year? That is the question Canaccord's critical minerals team led by Reg Spencer asks in an overnight note titled "Rare Earths: Equity disconnect from strong…
GM to Add Hybrids as U.S. Gasoline Holds Above $4
General Motors will add hybrids in multiple segments, CEO Mary Barra told analysts Oct. 20, with US gasoline at $4.28 a gallon, up from $3.04 a year earlier. GM's US sales fell 6% in the third quarter, while Toyota's sales of electrified vehicles rose 28.5%. "We will have hybrids," Barra said on the company's third-quarter earnings call, in answer to UBS analyst Joe Spak. She said GM will give more detail closer to launch. Barra said the hybrids will come in segments where GM already competes. She said much of today's hybrid activity is in compact…
UK Greenlights Major North Sea Gas Field After Years of Legal Battles
A major gas field in the North Sea has been re-approved by the government following years of legal rows with environmental campaigners. The Jackdaw site, a large offshore natural gas field 150 miles east of Aberdeen, has received the official stamp of approval from the government and is expected to supply gas to the UK “by the end of the month”. The project was first green-lit back in 2022, but has faced successful legal challenges from activists over its climate impact. Multiple industry bodies and US President Donald Trump have urged…
India’s Top State Refiner to Reduce Middle East Term Oil Purchases
India’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply from the region, an anonymous source with knowledge of the plans told Reuters on Wednesday. IOC initially planned to procure 47% of its crude oil from the Middle East for the coming fiscal year, but it would now “slightly” reduce this share, according to Reuters’ source. Refiners in India…
EIA Says US Crude Inventories Sink Further
Crude oil inventories in the United States saw a decrease of 3.1 million barrels during the week ending October 16, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 412.5 million barrels, according to government data, which is now 3% below 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 4.93 million barrels in…
What Direction Will the Henry Hub Gas Price Take in 2026, 2027?
What direction will the U.S. Henry Hub natural gas spot price take in 2026 and 2027?
Higher Oil Availability Pressures Middle East Crude Benchmarks
Robust crude oil flows out of the Middle East in recent weeks have started to pressure the key metric of strength for physical supply out of the region. The premium of Oman crude over Dubai, the measure of Middle East’s market strength, has slumped this week to the lowest level since the end of July, to $4.22 per barrel, according to data by General Index cited by Bloomberg. The Oman-Dubai crude differential had soared to as high as $65 in March when the Strait of Hormuz was at a virtual closure and no crude cargoes were moving out of the…
Buru Files for Rafael Gas Production License
Buru Energy applied for a production license for the Rafael domestic natural gas project in Western Australia's onshore Canning Basin.
USA to Tap National Diesel Reserve
The Trump administration is tapping an emergency reserve of diesel set aside to heat homes in the Northeast.
Texas Upstream Jobs Down Month on Month
Oil and gas exploration and production employment positions in Texas fell by 500 to 196,400 jobs in September compared to August, the Texas Oil and Gas Association said.
Japan’s Trade Deficit Doubles as Hormuz Crisis Hikes Energy Import Costs
Japan booked a trade deficit of $17.8 billion (2.82 trillion Japanese yen) for April to September, almost double the deficit from a year earlier, government data showed on Wednesday, as the Middle East crisis made energy imports into the resource-poor G7 economy much more expensive. Between April and September, the period right after the Iran war began and choked oil and LNG supply at the Strait of Hormuz, the value of Japan’s exports rose by 18.4% while the value of imports jumped by 20.4%, according to the Finance Ministry’s provisional…
SAFE Workers Strike at Reach Subsea
Nearly a dozen members of the Norwegian energy workers union SAFE have gone on strike at Reach Subsea after government mediation failed to result in an agreement.
Midterms Could Swing on Diesel
America runs on gasoline but the midterms could swing on diesel, Macquarie strategists warned.
Woodside Posts Higher Quarterly Revenue
'Increased quarterly operating revenue reflected increased production and strong realized prices'.
UK Greenlights $3B Jackdaw Gas Project
UK Energy Secretary Miatta Fahnbulleh has greenlit the Jackdaw gas field.
Iran Intensifies Strikes on Ships
At least 23 incidents involving ships attacked in or near Hormuz were logged in the first two weeks of October, with at least five reporting impacts to their engine rooms.
How Bad Would It Get If China Blocks Rare Earths to America?
Taiwan is the next pressure point that will test China's weaponization of rare earth metals. When Japan indicated it would not remain neutral in a Taiwan conflict, Beijing responded by sharply restricting exports of several heavy rare earth materials, including dysprosium and terbium. Japan was the test case. With U.S.-China tensions escalating, a confrontation could likely lead to an immediate blockade of Chinese rare earths to American markets, pressuring U.S. defense without firing a single shot. From a defense perspective, it would be disastrous…
Petrobras' Deepwater Push Sets Off a Race for Offshore Vessels
Recently, we reported that the Middle East conflict and subsequent closure of the Strait of Hormuz has triggered an unprecedented spike in freight and shipping rates, with Very Large Crude Carrier (VLCC) spot rates now exceeding $1 million per day. The sharp spike is now reshaping oil flows and forcing producers to cut prices in a bid to help buyers offset extra transport costs. The situation is a little different in Brazil, where the offshore sector is facing a potential vessel shortage as demand outruns supply amid the offshore oil boom, positioning…
Mexico Poised to Approve $12.5 Billion in Renewable Energy Projects
Mexico’s state power utility is today set to greenlight as many as 60 alternative energy projects, most of them solar, that should add 8.2 GW in new generation capacity to the country’s total, according to an unnamed source that spoke to Bloomberg. The total investment in these projects could reach $12.5 billion. The projects set to be approved by the Federal Electricity Commission today may end up being fewer than 60, another source told Bloomberg, also wishing to remain unnamed. However many do get approved, they will go towards reaching…
Europe’s Power Demand Returns to Growth
Despite weakening industrial activity and high energy costs, European electricity demand is bucking years of flailing power consumption. Rising electrification rates and the data center boom are the key drivers of this new trend in Europe’s power demand, which is set to gather momentum in the coming years amid the EU’s energy transition and the global AI boom. Europe’s electricity demand growth is nowhere near the pace seen in the United States and China in recent years, but it’s a marked shift nevertheless, after years…
Energy Costs Are Driving U.S. Inflation, and Wages Aren't Keeping Up
Inflation rates remain blistering high across the United States. The Bureau of Labor Statistics’s most recent Consumer Price Index, released last week, revealed numbers that were higher than most projections, indicating long-term pain for consumers and a nightmare election cycle for Donald Trump. And the reason for all of it is huge and persistent volatility in global oil and gas markets. The October 14 Consumer Price Index showed that overall, prices for goods and services across the United States have risen 3.7 percent over the last…
API: Crude, Product Inventories Continue to Draw
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.93 million barrels in the week ending October 16. In the week prior, US crude oil inventories fell by a staggering 11.12 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 56 million barrels over the last 27 weeks, but US crude inventories are still only 5 million barrels below where they were at the beginning of the year, according to API data, kept in check in part thanks to draws from the SPR. For the…
Oil Slips as Iran Talks Fuel Volatility
Oil retreated from five-month highs amid uncertain Iran negotiations and volatile trading.
The Middle East's Next Energy Boom Has Nothing to Do With Oil
A new Middle East energy system came into view at the Energy Trading Week Middle East conference in Dubai last month. The region’s world’s-lowest costs for solar energy appeared with enormous potential to transform how countries consume and export energy in low-carbon products. “Renewable power is actually very competitive now, so the spotlight for this region when it comes to energy transition is around three low carbon products," said Saravanan Manivel, Director for Low Carbon Fuels at ENGIE Global Energy Management & Sales.…
Halliburton Sees Years of Growth as Mideast Rebuilds
Halliburton Co. is predicting years of growth for oil field service work as nations replenish crude reserves and the Middle East rebuilds infrastructure damaged in the Iran war.
One Kurdish Peace Deal Could Ignite Another Middle Eastern Conflict
In October 2025, the PKK (Partiya Karkerên Kurdistanê, Kurdistan Workers' Party) announced it was withdrawing its fighters from Türkiye to northern Iraq as part of a peace effort with Ankara after four decades of hostilities. The statement said all PKK forces in Türkiye were being pulled back to northern Iraq "to avoid clashes or provocations." This followed the group's May 2025 decision to dissolve and a July ceremony where fighters burned their weapons. In late 2025 the PKK also said it had pulled out of the Zap border…
Norway's Gas Production Plunges 12.6% as Europe Heads into Winter
Norway’s oil and gas production declined sharply in September, with natural gas output falling 12.6% from August, according to preliminary figures released Tuesday by the Norwegian Offshore Directorate (NOD). Total petroleum production averaged approximately 3.77 million barrels of oil equivalent per day (boepd), down 10.4% month-on-month and 4% below the directorate’s forecast. The decline comes at a sensitive time for European energy markets, with the winter heating season approaching and Norway remaining the continent’s largest…
Geothermal Just Proved It Can Compete With Solar-Plus-Storage on Price
Geothermal has long been the clean, firm power source that was always a few breakthroughs away from being cheap enough to matter. Numbers buried in a Nevada utility filing suggest that day may have arrived. Joel Edwards, co-founder and CTO of geothermal developer Zanskar, put it bluntly earlier this month: "to all the geothermal believers out there, the flippening has come." In NV Energy's 2026 resource plan, three geothermal offers came in at $105 to $107 per megawatt-hour. That's below the roughly $114/MWh capacity-weighted average for the 11…
EU Stands Firm Against Arctic Oil and Gas Drilling Despite Energy Crisis
The European Union reaffirmed its opposition to Arctic oil and gas development on Tuesday, even as the bloc prepares for another expensive winter with depleted gas storage and prices approaching levels last seen during the 2022 energy crisis. The European Commission's new Arctic strategy calls for keeping oil, coal, and gas reserves in the ground, including in Arctic regions, and preventing hydrocarbon developments that threaten the Arctic ecosystem. Brussels did make one concession. The new strategy drops a 2021 pledge to pursue an international…
Chevron Moves to Take Over Russia's Most Prized Iraqi Oil Field
Back in February, U.S. oil and gas giant Chevron signed four preliminary agreements with Iraq’s Oil Ministry, which underscored that from that point onwards, Washington was determined to regain its influence across a country that it sees as being at least as important as any other of the leading Middle Eastern states for three key reasons. One of the deals was to develop the supergiant Nasiriyah oil field, another was to develop four other exploration blocks in Dhi Qar province, and the third was to develop the Balad oil field in Salahaddin…
Russia’s Oil Export Revenue Slides as Production Declines
Russia’s seaborne crude exports fell to their lowest four-week average in a month after shipments from the Baltic port of Primorsk stopped for several days, according to tanker-tracking data compiled by Bloomberg. Exports averaged 3.59 million barrels per day in the four weeks through October 18, down 110,000 bpd from the previous period. Weekly shipments fell 390,000 bpd to 3.13 million bpd, the lowest since March. Just 31 tankers loaded 21.91 million barrels, compared with 34 vessels carrying 24.63 million barrels the previous week. Primorsk…
The Next Major Oil Supply Shock Could Come From Saudi Arabia
Houthi strikes on Saudi oil infrastructure threaten production as Brent crude hits $108 and the Brent-WTI spread widens to $5. The LNG Market Gets a New War Premium - Asian liquefied natural gas prices soared to their highest since December 2022, as repeated attacks on tankers across the Middle East and Europe’s worsening winter outlook pushed JKM above $30 per MMBtu. - Whilst China’s import giants – China and Japan – have been buying 8-10% less LNG year-on-year, seeking to maximize nuclear and renewable energy generation,…
US and China Battle for Influence in Central Asia as Rubio Seals $12 Billion in
Uzbekistan in recent days has served as an octagon of competition between the United States and China over economic influence in Central Asia. US Secretary of State Marco Rubio led an almost 300-strong American business delegation to the Uzbek city of Samarkand for a business forum, where on October 19, he held talks with the foreign ministers from all five Central Asian states. Uzbek media, citing the Uzbek Ministry of Investment, Industry and Trade, reported that the trip yielded at least 54 business deals worth $12 billion, covering…
Equinor Scales Down Troll Electrification Program
Equinor has scaled back the electrification program for Norway's biggest gas field, saying proceeding with the original plan would result in an untimely loss of production.
How Much Additional Diesel Could Reach the Market?
How much additional diesel could reach the market, and what would that mean for prices?
Lewis to Remain Uniper CEO for 5 More Years
The early reappointment 'provides continuity of leadership during a critical phase of strategic execution', the German power and gas utility said.
Citgo Raises Profit Outlook by $2B
Citgo Petroleum Corp has raised its 2026 operating profit outlook by $2 billion because of surging fuel margins, according to a document seen by Bloomberg News.
Petronas, Petrovietnam Expand Partnership across Energy Value Chain
Malaysia and Vietnam's national oil and gas companies agreed to explore more joint projects in the upstream and downstream sectors, as well as the energy transition.
Why Is the WTI Oil Price Rising More than Brent Intraday?
Why is the West Texas Intermediate oil price rising more than Brent today?
Eni Nears Production at Meleiha Phase 2 in Egypt
The Italian company launched start-up procedures at Meleiha phase 2, designed to process up to 100 million cubic feet of natural gas per day, on Egypt's side of the Sahara Desert.
Weekly road fuel prices
Road fuel price statistics providing average UK retail 'pump' prices on a weekly basis.
Ithaca Energy Looking for New CEO
'The board has commenced a process to identify a successor', Ithaca Energy announced.
EU Policy Draft Softens Language on Arctic Drilling
The wording has been a topic of intense discussions between the trade bloc and Norway, which has lobbied hard for the EU to abandon its climate-based opposition to oil and gas exploration in the high north.
Robot Wars – How China Has the Robotics Industry in Its Grip
Last year, China started requiring export licenses for rare earth magnets. Within weeks, Elon Musk was telling investors that production of Tesla's Optimus robot had been affected. That's because every humanoid robot needs up to 4.5 kilos of rare earth magnets to move, and China makes more than 90% of the world's supply. It's exactly the problem REalloys (NASDAQ: ALOY) has been building to help solve. The company is putting together a rare earth supply chain outside of China, from processing in Saskatchewan to metal-making in Ohio.…
UK Pays Record Sums to Balance Grid as Transmission Falls Behind
The UK is among the most ambitious states when it comes to a transition to a net-zero economy. Also, the UK is struggling with some of the highest electricity prices in Europe—and is paying significant sums to maintain grid balance, even when its wind installations are generating plenty of electricity. Normally, the cost of maintaining a balanced grid, meaning stable and secure supply of electricity, is the highest when the weather affects alternative energy sources. In winter, for instance, solar panels do not generate as much as they do…
Why Invading Iran Could Become America's Biggest Military Mistake
The ghosts of Baghdad and Kabul should be enough to silence any talk of sending American troops into Iran. Yet here we are, more than seven months into a war that began on 28 February with U.S.-Israeli strikes that killed Supreme Leader Ali Khamenei, and voices in Washington and Tel Aviv are again whispering that only boots on the ground can finish the job. Plans to seize Kharg Island, Iran’s main oil export terminal, or push inland to seize Iran’s enriched uranium have circulated since March. They are wrong. An invasion would be a…
New Oil Fields Should Have to Build the Carbon Storage Market
The debate over new oil and gas fields usually ends in a familiar deadlock. Industry argues that production will still be needed for decades, supports jobs and reduces dependence on imports. Climate campaigners respond that every new field locks in emissions incompatible with net zero. Both sides then discuss carbon capture and storage as an afterthought: either a technological excuse for continued extraction or a costly public project unrelated to the licence being approved. There is a more useful option. If a government decides that a new oil…
Oil Prices Hover Near Five-Month High
Brent remained near $110 as technical resistance limited gains despite escalating geopolitical risks.
Colombia’s Critical Minerals Could Be a Game Changer for America
Since taking office, Colombia’s far-right president, Abelardo de la Espriella, has moved aggressively to restore ties with Washington after relations frayed under Gustavo Petro. The rapprochement revives a decades-old strategic alliance that made Colombia one of Washington’s closest partners in Latin America. Early last month, the two countries agreed to deepen cooperation on critical minerals, including rare earths, tungsten and antimony. The move aligns with De la Espriella’s pledge to revive Colombia’s economically vital…
The Sulfur Crisis Threatening the World's Food Supply
Sulfur has become an indispensable element for the modern industrial system, including agriculture. Before the outbreak of the Iran war, 24 percent of the world's supply of sulfur passed through the Strait of Hormuz. I can find no reliable information on whether sulfur is being shipped through the strait now after the Iranian government claimed control. I suspect the amount is close to zero. The sulfur price at the start of the Iran conflict was approximately $500 per metric ton for sulfur originating from the Middle East. It now sits above $800.…
Qatar Offers Lebanon 2 Gas Plants and 20 Years of LNG Piped Through Syria
Qatar is offering to take over Lebanon's power supply problem at no upfront cost to Beirut. A draft program seen by Reuters has Qatar building two gas-fired power plants within three years and QatarEnergy supplying the gas under a 20-year LNG contract, with private financing in place of Lebanese public money. The document leaves payment obligations and guarantees open for negotiation, and Lebanon's state utility currently delivers only a few hours of electricity a day. The National Integrated Energy Investment Program includes two 825-megawatt…
Pakistan’s Growth Slows as Hormuz Crisis Hits Industry
The Middle East crisis is threatening Pakistan’s tentative recovery from the brink with the help of the International Monetary Fund (IMF), as soaring energy prices and the lack of regular LNG supply from Qatar dragged growth in gross domestic product (GDP) well below analyst estimates. Pakistan’s economy grew by 2.0% in the quarter ended June, which is the fourth quarter of its fiscal year 2026, official data by the Pakistan Bureau of Statistics showed on Monday. The GDP growth was more than twice as slow in April to June compared to…
Why Canadian Oil Is Lagging Even As Global Crude Soars
The oil price rally resumed its upward trajectory on Friday after the U.S. Central Command (CENTCOM) confirmed the sinking of the Singapore-flagged container ship following an Iranian Revolutionary Guard Corps (IRGC) projectile strike in the Strait of Hormuz. Brent crude for December delivery jumped 3.33% to trade at $109.50 per barrel at 2.35 pm ET, while WTI crude for November delivery was up 3.41% to change hands at $101.30/bbl, marking the first time the American benchmark has traded above $100/bbl in a month. However, Canadian crude continues…
Canada's Inflation Rises to 3.1% as Fuel Oil Prices Jump 58%
Gasoline and fuel oil pushed Canada's annual inflation rate to 3.1% in September, up from 3.0% in August, as the war in the Middle East kept fuel prices high, Statistics Canada said on Monday. Gasoline prices rose 27.8% from a year earlier, up from 22.8% in August, despite the switch to the cheaper winter blend. Fuel oil and other fuels rose 57.8%, up from 43.7%, with the heaviest burden in Atlantic Canada, where many homes are heated with oil. The overall energy index climbed 19%, up from 15.4%, and transportation costs rose 8.4%. Grocery prices…
What’s Trump’s Thinking Behind The ‘Diesel Deal’ With Russia?
While it is very trendily woke to attack U.S. President Donald Trump whenever possible, the truth is rarely trendy or woke -- it is usually tough, pragmatic, and increasingly unpopular in today’s world. Precisely where his recent decision to import Russian diesel into the U.S. fits into this matrix remains to be seen, but there is a lot more to it than initially meets the eye. So, what is that exactly? On the face of it, there seems little sense to the deal struck between Washington and Moscow that will see Russia release 300,000 tonnes --…
Iraq's October Oil Exports Top 3.4 Million Bpd, Nearing Pre-War Levels
Iraq's oil exports have averaged more than 3.4 million barrels per day so far in October, Oil Minister Bassem Mohammed Khudair told the state news agency INA on Monday. That puts them close to the 3.3-3.5 million bpd Iraq shipped before the war with Iran choked traffic through the Strait of Hormuz. The October figure is a jump of about 750,000 bpd from September, when exports averaged 2.65 million bpd according to the oil ministry. Of that, 250,000 bpd moved through the Iraq-Turkey pipeline to Ceyhan. Khudair said Iraq is now exporting through…
Wright Says Gas Prices Peaked As Brent Holds Above $108
Brent crude futures briefly tagged $109.99 a barrel in overnight trading before retreating from five-month highs during the Asian session and into European trading, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and critical maritime shipping lanes. US Energy Secretary Chris Wright reinforced expectations of easing fuel prices at the pump, with ABC News quoting him on Sunday as saying gasoline and diesel prices had "peaked." "Both gasoline and diesel prices peaked a few weeks ago," Wright said, adding…
Mozambique Pitches Sasol and ROMPCO on $250 Million Gas Project
Mozambique is in discussions with South African energy firm Sasol and pipeline company ROMPCO to potentially invest in a new $250 million gas project offshore Mozambique that could send more gas to South Africa. Mozambique plans to have floating storage and regasification units (FSRUs) at the new project at the coastal town of Inhassoro and the port of Beira, as the country aims to become a “power hub” for the region, Rudêncio Morais, CEO and chairman of Mozambique’s national oil and gas company, Empresa Nacional de Hidrocarbonetos…
Iran's Main Oil Terminals Remain Empty
Iran's main oil-loading terminals have remained empty for weeks.
North America Breaks Rig Count Addition Streak, BH Shows
North America dropped five rigs week on week, according to Baker Hughes' latest North America rotary rig count.
Trump Defends Russia Sanctions Waiver as Rift With Ukraine Deepens
President Donald Trump defended his decision to waive sweeping sanctions planned against Russia as an effort to keep Moscow at the negotiating table amid strong criticism from Kyiv and some US lawmakers that it sends the wrong message to the Kremlin. Trump signed an executive order late on October 16 that waives new sanctions mandated by legislation named for the late US senator Lindsey Graham, an ardent supporter of Ukraine, days after giving temporary relief on Russian diesel sanctions. Trump signed last month at the urging of lawmakers who want…
Philippines, USA Looking to Expand Cooperation on Energy Security
The Philippines and the U.S. are exploring an expansion of collaboration on energy security, according to Manila's energy department.
EIA Sees Smaller Oil Crunch in 2026
The U.S. Energy Information Administration tightened its oil crunch prediction for 2026 in its latest short term energy outlook.
Trump Says Diesel Deal Aims to Keep Russia Talks Going
President Donald Trump said he cut a diesel export deal with Russia and delayed imposing further sanctions because he doesn't want to drive Vladimir Putin away from peace talks.
Venezuela Sees Nearly $76B Oil Investment Over 5 Years
Venezuela expects almost $76 billion of investment in its oil and gas sector over the next five years, Acting President Delcy Rodriguez said Saturday.
What Will Happen to the Oil Price Over the Next Few Quarters?
What will happen to the Brent oil price over the next few quarters?
America Needs 48,000 Tons of Rare Earth Magnets. It Only Makes 300
Last year, America needed roughly 48,000 metric tons of the most common rare earth magnet, and domestic sources supplied just 300 tons. The rest had to come from somewhere else, and China makes more than 90% of the world's supply. To make matters worse, in January, that supply gets cut from both directions. On January 1, the Pentagon's ban on Chinese magnets in its supply chain takes effect, and just nine days later, China's toughest rare earth rules could snap right back into place. That’s exactly the problem REalloys (NASDAQ: ALOY)…
Record Shipping Costs Force Oil Producers to Slash Prices
Freight is reshaping global oil trade and the prices producers can command for their crude. Soaring shipping costs are pushing delivered prices beyond what refiners are willing to pay, forcing sellers to cut differentials or find buyers closer to home. With Chinese refiners inclined to wait for transport costs to ease, some producers are committing barrels for future loading at prices that leave little room for today’s freight bill. Their returns increasingly depend on shipping becoming cheaper before those cargoes sail. The pressure is most…
Hormuz Is Turning Shipping’s Fuel Bill Into a Supply Crisis
The Hormuz crisis is not only hitting crude oil and gas, but also container shipping. It is also tightening its grip on global shipping through the fuel tanks of vessels carrying world trade. Disrupted exports, constrained refinery supplies, and increasingly unreliable deliveries are clearly at present pushing the bunker market into a dangerous position. Fuel remains available internationally, but securing the right grade at the right port within a commercially workable window is becoming harder. The consequences will be severe, especially for…
The Nuclear Power Shortcut That Could Add Gigawatts to the U.S. Grid
The process of increasing the maximum power level at which a commercial nuclear power plant may operate is called a power uprate. Several nuclear plants are now considering applying for permission to uprate operations to produce more power in the mid-term to bridge the gap while more nuclear capacity is being developed. The United States Nuclear Regulatory Commission (NRC) regulates the maximum power level at which a commercial nuclear power plant may operate. The permitted power level is stated in the license and technical specifications for the…
Iran Faces Rising Threat From Within as Baluch Insurgency Escalates
Iran's vast and restive southeastern province of Sistan-Baluchistan, located along the border with Afghanistan and Pakistan, has witnessed a deadly flare-up of violence in recent weeks. Armed groups and Iranian security forces have clashed almost daily across the impoverished province, the site of a decades-long, low-level insurgency. Separatist groups and Islamist militants in Sistan-Baluchistan, home to Iran's marginalized ethnic Baluch minority, are increasingly coordinating their efforts to challenge the Iranian state, experts say. The intensifying…
Electric Supercars Are Getting Faster, Smarter, and Harder to Ignore
Electric vehicle (EV) and hybrid sales continue to rise, particularly in regions such as Europe and Asia, as people shift away from internal combustion engine (ICE) vehicles toward cleaner alternatives. However, there has long been a stigma surrounding high-end EVs and electric supercars, with most consumers sticking to the ICE versions. Now, several well-known automakers are offering hybrid and electric versions of their sports or high-end cars with impressive range and speeds, which are catching the eyes of a growing number of consumers. Automakers…
OE Says India May Raise Fuel Prices in November
India may raise fuel prices moderately in November, a brief window to do so before crucial state elections early next year, Oxford Economics said.
Oil Prices Stay High as War Keeps Supply Tight Into 2027
During the first three months or so of the U.S. and Israeli war with Iran, the dominant mood on oil markets was that the conflict would end any day now. The brief June ceasefire reinforced that optimism, so it took a while longer for facts to be faced: the war would not end any day now. It might even extend into next year—and this means higher prices for a longer time. The ICE Brent crude futures contract for January 2027 is trading at $102.59 per barrel. The June 2027 contract is only slightly lower, at $92.71 per barrel, and the December…
Middle East Chemicals Keep Their Cost Edge Despite Hormuz Crisis
Despite the Iran war and the Hormuz crisis, the Middle East’s low-cost chemicals production is set to retain its long-term advantage over other regions. Near-term shifts in the sourcing of polymers are taking place due to the current constraints in the Persian Gulf’s industrial base, benefiting U.S. chemicals companies. But in the long run, the Middle East is likely to retain its buyers’ base because it still has the two levers to be competitive on the global market—an extensive production base and, most of all, low-cost…
Texas Researchers Say Permian Wastewater Could Cool AI Data Centers
The artificial intelligence boom is placing a dangerous strain on the world’s water and energy resources. As hyperscalers build up resource-hungry data centers at a breakneck pace, demand projections for these finite resources are skyrocketing faster than policymakers can keep pace. But a new study from researchers at the University of Texas at Austin suggests that there may be a way to sustainably source water for data centers by using wastewater from the oil and gas industry. The water and energy use of AI data centers is enormous…
Europe Braces for a Winter Energy Crisis as Gas Reserves Run Low
After months of elevated energy prices, Europe can expect fuel costs to continue rising through the winter months as demand grows. Ongoing energy trade constraints and threats to energy infrastructure across the Middle East are expected to limit global energy supplies and continue to drive up prices, hitting consumers hard unless governments intervene. The European Union (EU) is thought to have paid an additional €100 billion on oil and gas so far this year, prompting EU ministers to seek ways to manage the impact of high fuel prices. Since…
Bolivia’s Energy Crisis Deepens as Natural Gas Reserves Run Dry
Years of underinvestment in Bolivia’s gas industry have left the South American country facing a severe fuel shortage, as energy prices rise ever higher owing to the ongoing war in Iran. The energy shortages and economic crisis follow years of poor decision-making by the government. In 2006, then-president Evo Morales took control of Bolivia’s fossil fuel industry, renegotiating contracts with international oil and gas companies and benefiting from the revenue. Much of the country’s newfound wealth was invested in public spending…
OPEC's Smallest Member Rewrites Oil Law
African oil producer Equatorial Guinea will next week pass a new package of favorable terms for oil explorers.
Global Energy Import Dependence Set to Peak by 2034, Rystad Says
Rystad Energy’s fifth edition of its flagship annual report, Global Energy Scenarios (GES) 2026, finds that global reliance on imported energy is projected to peak by 2034 as energy security concerns accelerate the shift towards electrification. Against the backdrop of two major energy crises in five years, the report highlights how a broader range of rapidly deployable technologies is helping the energy system withstand major disruptions to energy flows. It explores how energy import dependency could evolve under three possible future scenarios,…
Brent Oil Hits $110 as Supply Risks Mount
Oil prices surged as traders weighed rising Middle East tensions and supply risks.
Norway's Untapped Oil and Gas Frontier Is Drawing Renewed Interest
More than three decades after Norway opened parts of the Norwegian Sea to petroleum exploration, potentially significant oil and gas resources remain hidden beneath thick layers of volcanic rock. Now, advances in exploration technology and renewed industry interest could bring one of Europe's least explored offshore frontiers back into focus. Norway may still hold substantial undiscovered oil and gas resources in areas that have remained virtually untouched by exploration drilling for more than 30 years. According to the Norwegian Offshore Directorate,…
U.S. Offers Another 17 Million SPR Barrels as Fuel Crisis Deepens
The United States is putting another 17 million barrels of crude from the Strategic Petroleum Reserve on offer, one day after the IEA accelerated emergency stock releases as governments scramble to get more oil and fuel into a tight market. The Department of Energy issued a request for proposals Friday for an exchange of up to 17 million barrels, part of the 172 million barrels Washington committed to make available under the IEA’s 400-million-barrel emergency action announced in March. The SPR currently holds about 283 million barrels. If…
U.S. Offers Another 17 Million SPR Barrels as Fuel Crisis Deepens
The United States is putting another 17 million barrels of crude from the Strategic Petroleum Reserve on offer, one day after the IEA accelerated emergency stock releases as governments scramble to get more oil and fuel into a tight market. The Department of Energy issued a request for proposals Friday for an exchange of up to 17 million barrels, part of the 172 million barrels Washington committed to make available under the IEA’s 400-million-barrel emergency action announced in March. The SPR currently holds about 283 million barrels. If…
Wind Farm Approved in Victoria, Australia Would Be Largest in Southern Hemispher
A massive wind farm in the state of Victoria, Australia, has been approved by state authorities, paving the way for the project to go to the federal environment minister for final checks. ABC News reports Planning Minister Sonya Kilkenny this week signed off on the Warracknabeal Energy Park, five months after its environmental impact report was approved. WestWind Energy plans to build 219 turbines and install two 300-megawatt battery energy storage systems across 26,000 hectares of farmland in the heart of Victoria’s wheat belt. The site…
U.S. Oil Drillers Back Off Even As Prices Soar
The total number of active drilling rigs for oil and gas in the United States remained unchanged this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 55 from this same time last year. The number of active oil rigs fell by 3, to 459 during the latest reporting period, according to the data. This is 41 above this same time last year. The number of gas rigs rose by 1 to 133, which is 12 more than this time last year. Miscellaneous rigs rose by 2 to 11. The latest EIA data showed…
Equatorial Guinea Rewrites Oil Law After Production Collapses 85%
Equatorial Guinea will approve a new hydrocarbon law on Monday after crude production collapsed to just 20,000 barrels per day in September, down from roughly 140,000 bpd in 2020. The 120,000-bpd loss has reduced OPEC’s smallest producer to a fraction of its former output and contributed to an economy the International Monetary Fund expects to shrink 1.7% this year. Hydrocarbons Minister Antonio Oburu Ondo said the new law will make contractual terms more flexible and offer oil companies a wider range of structures based on their appetite…
Oil Prices Are Stuck at $105 as Geopolitical Risks Mount
Brent holds near $105 as Iranian tanker attacks and multiple geopolitical conflicts keep oil markets on edge. October 16, 2026 Oil prices have been relatively rangebound this week as the current modus operandi of frequent Hormuz transits and frequent Iranian drone attacks found an equilibrium point around $105 per barrel for ICE Brent. Production shut-ins triggered by Hurricane Isaias no longer provide bullish support as total offline capacity in the US Gulf of Mexico dipped to 200,000 b/d by Friday, with offshore production returned to its pre-Isaias…
IMF Sounds Alarm Over AI’s Threat to Government Tax Bases
The head of the International Monetary Fund has warned financial ministers that widespread AI adoption could erode tax bases across the world as incomes are squeezed by the technology. Kristalina Georgieva, the managing director of the IMF, said governments may be ill-prepared for a potential slump in tax revenue brought on by AI’s impact on the labour market. At the fund’s summit in Bangkok, Georgieva has issued a series of warnings on the impact of AI, calling the technology a “slow-moving tsunami” that could affect…
German Power Supply Startups Exit Market as Wholesale Prices Soar
Two startup electricity retailers in Germany have recently announced they would cease operations as spiking wholesale prices amid the gas price surge are pressuring the industry again, and this time the pressure is compounded by plans for renewable policy changes. Renewable electricity provider Grüüün, part of Münch Energie Group, early this month said it would discontinue servicing about 200,000 residential customers as of October 31, 2026, and these will now have to switch to other providers. Grüüün, which launched…