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UK Weighs Scrapping Its Largest Untapped Oilfield With Oil Over $100

Britain is deciding whether to drill its largest untapped oilfield in the middle of an oil shock, with Brent above 100 and more than 70% of its oil already coming from abroad. Rosebank, west of Shetland, is an £8.7 billion (~11.6 billion) development that its operator says would pump about 69,000 barrels a day at peak,

Beijing Pushes Domestic Oil Production as Iranian Supply Dries Up

China needs its biggest oil and gas producers to drill more, explore more, and build strategic supply bases as the Iran war forces Beijing to confront an uncomfortable reality: even the world's largest crude stockpile cannot replace a dependable supply of oil indefinitely. China's National Energy Administration has cal

Alleged Russian Funding Prompts Executive Exodus at U.S. LNG Firm

The top executives of U.S. energy startup Polar LNG have all resigned in recent weeks, just six months after the company was launched, amid a controversy over alleged funding and control of the venture’s strategy by Russia’s biggest LNG developer and exporter, privately-held Novatek. The senior managers who left Polar

Oil Dips from 6 Month High as Officials Meet in Tehran

Oil retreated from a six-month high as senior officials from several countries flew to Tehran.

Asia Needs $1 Trillion a Year to Avoid the Next Energy Shock

Oil and gas may be flowing through the Strait of Hormuz again, but the impacts of its months-long closure will be felt for years to come. For Asia, in particular, regulating markets and shoring up energy security to avoid the next energy shock will require trillions of dollars in the coming years as energy demand proje

Iran War Pushes Trump's Average Gasoline Prices Above Biden's

The average price Americans have paid for gasoline during President Donald Trump's second term has now surpassed the average recorded during Joe Biden's presidency, marking a politically significant milestone just days before the November 3 midterm elections. According to AAA data cited by Reuters, regular gasoline has

Pentagon's Venezuelan Oil Partner Boosts Output

Venezuela's overall oil output recently reached 1.252 million barrels a day, oil minister Hector Obregon said.

Brussels Takes Aim at Chinese Imports as Europe's Industrial Crisis Deepens

Europe's political elite is belatedly confronting the electoral cost of deindustrialization, as right-wing gains in local elections expose surging voter anger over globalist policies that have crushed the industrial base. The push to curb cheap Chinese imports suggests Brussels is scrambling for political survival, as

The Iran War Just Added $39 Billion to the World's LNG Bill

The Middle East conflict has disrupted global energy flows, forcing countries to rethink supply routes and strengthen energy security. As more buyers turn to the spot market to replace disrupted volumes, Rystad Energy estimates that global LNG importers will spend at least $39 billion more on contracted and spot suppli

Egypt Votes to Defend Saudi Arabia, Risking Houthi Fire

Egypt’s parliament on Monday authorized military support to defend Saudi Arabia, the same day Yemen’s Houthis claimed unconfirmed attacks on pumping stations along the kingdom’s East-West crude pipeline and on Riyadh’s King Khalid International Airport. The Houthis had warned Cairo against the move. Yahya Al Raei, spea

Kazakhstan Faces $12 Billion Oil Setback as New Investment Plans Take Shape

Kazakhstan had reason to cheer after receiving a commitment from the International Finance Corporation to help develop infrastructure projects worth $3 billion. But that happy foreign investment news was offset by an international arbitration court’s decision to throw out $12 billion in Kazakh claims against Western oi

EQT Bets on Record U.S. Gas Demand With $50 Billion Range Takeover

EQT Corp. (NYSE:EQT) will buy Range Resources (NYSE:RRC) in an all-stock deal valued at more than $50 billion, including debt. The combined company will produce more than 9 billion cubic feet equivalent a day of Appalachian gas, and the two companies call it the largest vertically integrated natural gas producer in the

Why Saudi Just Abandoned Its Core Oil Rule

Few could argue with U.S. President Donald Trump’s key objective in launching ‘Operation Epic Fury’ against Iran on 28 February -- to prevent Iran from ever being able to develop a nuclear weapon. All members of his Cabinet fully backed this aim at the time, as they did the other three: to effect regime change, to crit

Transgaz, Kawasaki Ink Hydrogen Cooperation Agreement

Kawasaki Heavy Industries and Transgaz signed a memorandum of understanding on energy cooperation that would see the Japanese company bring its hydrogen transmission technology into Europe.

Russian Refiners Ramp Up Diesel Output to Supply Trump Deal

Russian refiners have raised diesel output for October after Moscow issued export quotas under the Kremlin’s supply agreement with the United States, two industry sources told Reuters on Monday. Daily production fell to about 160,000 metric tons in the first half of the month, from 175,000 tons in September. It began c

North America Adds Rigs Week on Week, BH Count Shows

North America added three rigs week on week, according to Baker Hughes' latest North America rotary rig count.

BP Gets New Settlement with Louisiana over Deepwater Horizon Disaster

BP reached an agreement with the state of Louisiana that will close lengthy litigation over the deadly Deepwater Horizon catastrophe in the Gulf of America in 2010, in exchange for an early but reduced payment of remaining claims.

Is Wall Street Getting It All Wrong About AI, Oil, and Bonds?

It seems that everywhere you look in the financial media these days, there is persistent hype about artificial intelligence (AI) and the companies developing it. Right alongside this great investment boom is doom and gloom about the future value of bonds. Oil, too, is frequently covered for two reasons: the inability o

India’s BPCL to Cut Russian Oil Imports Due to Higher Prices

Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, will reduce its purchases of crude oil from Russia in November as high freight costs and premiums for Russia’s crude undermine the attractiveness of Moscow’s oil compared to Middle Eastern offers. BPCL will buy lower volumes of

Gulf Oil Bargains Lure India Away from Russia

Indian refiners are increasingly turning to Persian Gulf crude and pulling back from their mainstay supplier Russia.

Sembcorp Gets Conditional Approval to Import 1.3GW of Power into Singapore

Singapore's government has conditionally authorized state-backed Sembcorp Utilities to import 1.3 gigawatts of renewable electricity, advancing a tripartite energy pact with Malaysia and Vietnam.

Super El Niño May Soften Winter Energy Squeeze

We extensively covered the unusually strong El Niño, its weather impacts by region, and the risks this adverse weather poses to crop production and global food inflation. UBS's energy team hosted a call Tuesday with meteorologist James Block to assess El Niño impacts for weather markets. The discussion comes amid a glo

EIA Edges 2026 USA Oil Output Forecast Closer to 14MM Bpd

The U.S. Energy Information Administration further raised its U.S. crude oil production forecast for 2026 in its latest short term energy outlook.

Saudi, Singapore Announce Oil Storage Deal

'The proposed arrangement marks a new milestone in energy cooperation between Singapore and the Kingdom of Saudi Arabia', a joint statement said.

Israeli Power Producer Launches Arbitration vs Chevron's Leviathan Partners

Dalia Energies has sought arbitration in London over a 20-year natural gas supply agreement terminated by NewMed Energy and Ratio Energies, Chevron's local partners in the offshore Leviathan field.

Saudi, Turkish Officials Travel to Iran to Cool Tensions

Top security officials from Saudi Arabia, Pakistan and Turkey are set to meet Iran's leaders in an effort to defuse tensions and breathe new life into talks aimed at preventing a broader war in the Middle East.

The Pentagon's Rare Earth Deadline Is Almost Here. Is Anyone Ready?

For years, the rare earth industry has been talking about January 1, 2027 as the date that changes everything. That date is now less than 75 days away. On January 1, new Pentagon procurement rules take effect that will restrict the use of Chinese-origin rare earth materials in American weapons systems. The restrictions

Oil Prices Rise Despite Middle East Export Recovery

Reports about recovering oil flows in the Persian Gulf and the Red Sea have dominated headlines over the past couple of weeks. Yet oil prices have only moved higher, suggesting barrel numbers alone are not enough to convince the world everything’s back to normal. It isn’t. According to the latest Kpler numbers, October

Asia Is Building the World’s Next $15 Trillion Energy Market

The global energy transition is increasingly becoming an Asian story, and Asia is unlikely to follow the path envisioned in Washington or Brussels. The region’s governments will have enormous influence over the future of coal, oil, natural gas, renewables and energy storage. What happens next in Asia will determine whe

Britain's Renewable Energy Boom Is Hitting a Grid Bottleneck

The United Kingdom has invested heavily in expanding its renewable energy capacity in recent years to reduce its dependence on fossil fuels and support a green transition. However, one major problem stands in the way of it achieving this goal – its unprepared transmission infrastructure. Despite several new wind and so

World Is on Track for Up to 2.8 Degrees of Warming Despite Clean Energy Boom

The United Nations says that it is now an inevitability that the world will fail to meet the legally binding goals set forth by the Paris climate accord as a result of “decades of insufficient climate action”. The Paris Agreement, ratified in 2015, targeted limiting global warming to 1.5 degrees Celsius above pre-indus

COP31 Host Urges NATO Nations to Spend More on Climate Than Defense

The host of the United Nations’ COP31 climate summit, Turkey, is encouraging wealthy countries participating in the conference to spend more on climate support than on defence. This follows Turkey’s announcement in September that it plans to invest heavily in developing its renewable energy capacity in the coming years

UK Seen More Reliant on Gas Imports This Winter

Britain is expected to rely even more heavily on natural gas imports this winter.

Iberdrola Secures New EIB Loan for Brazil Grid Upgrades

Iberdrola's Brazilian subsidiary has secured another loan from the European Investment Bank to help modernize the electricity infrastructure in the states of Sao Paulo and Mato Grosso do Sul.

Record Tanker Rates Cripple U.S. Crude Oil Flows to Asia

The Iran war has made oil tanker voyages so inefficient that vessel availability has crumbled and freight costs have soared to record-highs, all but erasing the incentive for shipping crude oil from the U.S. Gulf Coast to Asia. The cost of shipping crude oil from the U.S. Gulf Coast to China soared to as high as $80 mi

Fuel Oil Becomes Asia’s Next Cost Shock

Singapore’s shipping-fuel market is adding another layer of cost to Asian trade. Disrupted supplies from the Middle East and Russia, resilient bunker demand and prohibitive freight rates have pushed high-sulphur fuel oil above the price of the crude used to produce it. Seasonal relief from Gulf producers and additional

Syria's Energy Comeback Could Reshape Middle East Oil and Gas

Syria is undergoing countrywide reconstruction after more than a decade of conflict, which caused extensive infrastructure damage and led to millions of people being displaced. As Syrians rebuild their lives, the government has big plans for economic diversification and growth to support long-term recovery. Thanks to i

Can Undersea Volcanoes Power Cities? A Seattle Startup Just Took the First Step

A geothermal startup aiming to source energy directly from undersea volcanoes just hit a major milestone that could bring round-the-clock clean energy to cities on the northwest coast of the United States and serve as a critical proof of concept for other regions, with particular relevance for the other 14 countries si

Trump Targets $6.2 Billion Offshore Wind Project Nearing Completion

United States President Donald Trump has repeatedly targeted offshore wind since coming into office last year, as he strives to expand the country’s fossil fuel sector and shift the focus away from renewable energy. Trump has sought to halt the development of several offshore wind projects and has even resorted to payi

Germany Wants to Stop More Oil Refinery Closures

Germany said it will seek to stem the loss of oil refining capacity.

Trump's Reverse Nixon Strategy: Bring Russia In, Shut China Out

On October 9, hours after a phone call between President Trump and President Putin, the Treasury Department issued a six-month waiver allowing Russian diesel to be sold on the global market. The stated aim is to bring down fuel prices before the November 3 midterms. But I believe the deal is more consequential than tha

U.S. Dips Into Strategic Oil Reserve Again Amid Supply Disruptions

The United States is dipping into its Strategic Petroleum Reserve again, this time to keep crude flowing to a Louisiana refinery while oil prices climb above $117 per barrel. The reserve, meanwhile, is already at its lowest level since 1982. The Department of Energy on Friday authorized an emergency exchange of up to 4

Why Trump and Carney Haven’t Touched Energy in Their Tariff War

The United States and Canada are locked in an energy trade war – sort of. Although United States President Donald Trump and Canadian Prime Minister Mark Carney have lobbed plenty of blisteringly high tariffs, not to mention threats and insults, at each other over the course of their respective tenures, they have not to

Brent Tops $116 as Middle East Risks Grow

Oil prices climbed as escalating attacks on Saudi Arabia heightened fears of Middle East supply disruptions.

NASA's Freeze-Resistant Moon Battery Could Eventually Reach EVs

The United States’ National Aeronautics and Space Administration (NASA) has developed a revolutionary new battery that could power the country’s return to the moon while potentially also revolutionizing the way that we power electric vehicles here on Earth. The new technology can function at extremely cold temperatures

Physical Oil Prices Drop in Mideast

The physical prices of some Middle East crudes sold outside the Persian Gulf have dropped.

6 Million Barrels in Two Minutes Draws CFTC Scrutiny

Oil traders sold futures equivalent to at least 6 million barrels of crude in just two minutes on March 23, shortly before President Donald Trump backed away from threats to strike Iranian power plants. Now, the federal regulator overseeing those trades says it has been looking into the activity. Commodity Futures Trad

U.S. Rig Count Holds Steady as Oil Prices Surge

The total number of active drilling rigs for oil and gas in the United States remained unchanged for the second week in a row this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 53 from this same time last year. The number of active oil rigs rose

$120 Oil Is Almost Here, and Trump Has Few Good Options

Brent crude nears $120 as escalating Saudi-Houthi tensions fuel another weekly oil price rally, putting fresh pressure on Trump. Friday, October 23, 2026 The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change i

Space War Fears Rise as Russian Satellite Makes Dangerous Maneuver

US officials publicly accused Russia of threatening a Finnish-operated commercial satellite that provides imagery and intelligence to Ukraine and other nations, calling the move "deliberately reckless." In response to the accusations, made during a United Nations debate on October 21, Russia broadly described US claims

Middle East Physical Crude Slides While Brent Hits Five-Month High

In contrast with the international benchmark futures prices, the prices of physical crudes from the Middle East have softened this week, as oil continues to flow out of the Persian Gulf in ship-to-ship transfers offshore Oman and producers offer competitive prices to Asian buyers. Some crude grades from Iraq and Oman h

EU Diesel, Jet Fuel Supplies Remain Tight

However, the European Commission assured there was 'currently no physical shortage of these products in Europe'.

SLB Sees Growth Driven by ME Oil Field Recovery

SLB, formerly known as Schlumberger, is seen as a bellwether for oil and gas companies.

Norway Gas Production Hits Lowest Level This Year

Norway produced over 10.5 billion cubic feet per day of natural gas in September, its lowest monthly figure this year, according to preliminary official data.

DOE Advancing Constitution Pipeline to 'Strengthen Security'

'The Trump administration is advancing the long-delayed natural gas pipeline to strengthen America's energy security', the DOE said.

Oil India Strikes Natural Gas in Shallow Offshore Basin

State explorer Oil India Limited (OIL) has found natural gas in a previously unexplored formation in the shallow Krishna-Godavari Basin, the Indian company said on Friday. OIL has made the discovery at the Godavari-1 appraisal well in the Matsyapuri formation in the Krishna-Godavari Basin off India’s east coast, record

The Hidden $40-Per-Barrel Cost Driving Oil Prices Higher

When Americans think about the price of oil, they usually focus on the number quoted every day in financial markets. If Brent crude is trading above $100 a barrel or West Texas Intermediate is near $100, those numbers become shorthand for whether oil is expensive or cheap. But that market price is only part of what ult

Eni Further Boosts Shareholder Returns

The payout bump-up is underpinned by a strong cash flow outlook as production and prices increased year-on-year.

U.S. Diesel at $6.30 a Gallon as First Russian Cargo Sets Sail for New York

The first tanker shipping diesel out of Russia to the U.S. departed from the Russian Baltic Sea port of Primorsk early on Friday local time and is en route to New York where it is expected to arrive on November 7, shipping data show. The medium-sized oil tanker Agioi Fanendes, flying the flag of Malta, loaded about 40,

Global Crude Freight Rate Surges

The global average crude freight rate surged above $20 per barrel, from $3 per barrel a year ago, analysts at Goldman Sachs said.