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Puerto Rico Abandons $20 Billion LNG Deal
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Puerto Rico’s government has pulled the plug on contract talks with New Fortress Energy after the island’s federally appointed oversight board declined to approve a proposed $20-billion LNG supply deal, upending years of negotiations and raising questions about the future shape of its energy transition. According to a report by Hart Energy, the Financial Oversight and Management Board for Puerto Rico withheld support for the contract earlier this month, citing concerns about cost, duration, and long-term fuel dependency. In response,…
Starmer to Press Trump on UK Steel Tariffs in Scotland Talks
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President Trump kicks off his golfing holiday in Scotland this evening, and all eyes are on his diary as the trip looks set to become a hub for diplomacy. Sir Keir Starmer will meet the US President on Monday, with the express mission of pressing for reduced tariffs on British steel. The two leaders are set to have lunch and a bilateral meeting, though Starmer is thought to have little experience of, or interest in, golf. White House press secretary Karoline Leavitt described the trip as a “working visit that will include…
What To Expect From Monday’s OPEC+ Meeting
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OPEC+ looks set to stay the course at Monday’s Joint Ministerial Monitoring Committee meeting, with four anonymous delegates telling Reuters the group is unlikely to tinker with its output policy. A fifth source said it was too early to say. The plan on the table remains: raise production by 548,000 barrels per day in August—part of a previously announced unwinding of 2.2 million bpd in voluntary cuts by eight members. At face value, it’s a logical move to regain market share while summer demand props up prices. But before anyone…
Eni Posts 25% Drop in Second-Quarter Profit
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Italy’s Eni reported 25% lower profit for the second quarter of the year amid lower oil prices and a 2.6% decline in oil and gas production. The adjusted net result for March to June stood at 1.13 billion euro ($1.33 bln), on earnings before interest and tax of 2.68 billion euro ($3.15 bln). Among the highlights of the quarter, the company listed an oil discovery in Namibia, a gas discovery in Angola, and a new LNG project in Argentina, which is planned to export some 30 million tons of the superchilled fuel in 2030. Also during that quarter,…
Oil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export Restrictions
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Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports of Chevron's return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower. At the time of writing, West Texas Intermediate (WTI) crude was up 0.51% to $66.38 per barrel, while Brent crude gained 0.48% to $69.51 per barrel. According to diplomatic sources, trade negotiations…
Chevron Poised for Venezuela Comeback as U.S. Prepares to Soften Sanctions
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As Oilprice.com reported on Thursday, the Trump administration is preparing to grant limited new authorizations to oil companies operating in Venezuela, starting with Chevron. This development marks a significant shift from the “maximum pressure” campaign that had all but paralyzed the sanctioned nation’s energy sector. The move follows months of lobbying, geopolitical developments, and a recent high-stakes prisoner exchange that helped to thaw tensions between Washington and Caracas. According to multiple sources familiar with…
Green Hydrogen Boom Fizzles as Projects Collapse Worldwide
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Three weeks ago, U.S. President Donald Trump signed into law the “One Big Beautiful Bill Act" (OBBBA)” that pretty much sounded the death knell for the nascent green hydrogen sector. Whereas OBBBA did not outright cancel the Section 45V clean hydrogen production tax credits as earlier feared, it did accelerate the deadline for projects to begin construction to be eligible for the credit, bringing the deadline forward to December 31, 2027 from January 1, 2033 as originally envisioned in Biden’s Inflation Reduction Act (IRA) of…
Mexico's Water Crisis Could Undermine Its Clean Energy Plans
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Mexico’s new president is making a major play to reform the country’s energy industry for greater energy independence and sovereignty, as well as a cleaner energy future. While this bodes well for the Mexican economy and for global climate goals, there is a critical tradeoff for this new plan: a major shortage of freshwater in the regions where the energy industry plans to expand. A former climate scientist, President Claudia Sheinbaum is picking up the energy sovereignty torch where former president and fellow Morena party candidate…
EU Lowers Russian Oil Cap to $47.60
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The European Union lowered the price cap on Russian crude oil to $47.60 from $60 per barrel as it adopted on Friday the 18th sanctions package against Russia, targeting a hundred more ‘shadow fleet’ tankers, energy trade, and traders and banks enabling it. Following weeks of negotiations and Slovakia holding up the required unanimous approval of the sanctions package, the EU finally agreed on the fresh sanctions after Slovakia lifted its veto. Slovakia had tied dropping its veto with receiving sufficient energy security guarantees…
Fortescue Halts New U.S. Green Energy Projects
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Australia’s energy and metals group Fortescue is reassessing timelines and pausing green energy project developments in the United States following the latest U.S. legislation to phase out renewable energy incentives, Fortescue’s founder and executive chairman, Andrew Forrest, told the Wall Street Journal in an interview. President Trump’s tax and spending act, the One Big Beautiful Bill Act, passed earlier this month, contains punitive provisions on renewables in the U.S. The legislation includes a faster phase-out of the tax…
Slovakia Lifts Veto on New EU Energy Sanctions on Russia
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Slovakia will lift its veto with which it was holding up the required unanimous approval of the EU’s 18th sanctions package against Russia, Slovakia's Prime Minister Robert Fico says. Earlier this week, Fico said that Slovakia would drop its veto on the EU’s new sanctions against Russia if it receives an exemption to continue importing Russian pipeline gas for nearly another decade. On Monday, the EU failed to approve the package, which is set to include a floating oil price cap for Russia’s crude and a ban on the use…
Trump’s AI Action Plan Set to Expand Energy Sources for Data Centers
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The Trump Administration is expected to unveil a so-called AI Action Plan to detail policy guidelines, including expanding power sources for data centers and easing regulations, sources briefed by administration officials told Bloomberg on Friday. The AI Action Plan is expected within days, with a set of measures to accelerate the development of AI in the United States. Some of the policies in the plan will be enacted via executive orders that President Trump will sign, according to Bloomberg’s sources. In an executive order in his first…
Drone Attacks Disrupt Kurdish Output but Tariff Fears Cap Market Reaction
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Oil prices were ticking up slightly but largely flat in Asian trading Friday as supply losses from Iraqi pipeline disruptions were offset by renewed demand concerns tied to U.S. tariff threats against key Asian economies. Brent crude edged up to $69.78 and WTI was trading at $67.75 at 2.25 a.m. ET, with both benchmarks holding narrow gains despite broader market uncertainty. Multiple drone strikes near oil infrastructure in Iraqi Kurdistan this week forced the suspension of production at several fields. The attacks disrupted operations and prompted…
Washington Pressed to Act as Solar Imports From Asia Surge 400%
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U.S. solar manufacturers have filed a formal trade petition seeking new anti-dumping and countervailing duties on solar panel imports from India, Indonesia, and Laos, citing sharp price undercutting and rapid volume growth. The petition, submitted Tuesday to the U.S. International Trade Commission (ITC), alleges that imports from India and Indonesia have increased by more than 400% since 2021, often selling at prices 40% to 50% below U.S.-produced equivalents. The American Alliance for Solar Manufacturing Trade Committee, which includes leading…
Why Oil Prices Could See a Significant Upside Shift
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The 9th OPEC International Seminar was held in Vienna a week ago, wherein participants discussed energy security, investment, climate change, and energy poverty, with a particular emphasis on balancing these competing priorities. According to commodity analysts at Standard Chartered, the summit titled "Charting Pathways Together: The Future of Global Energy" featured significantly greater engagement from international oil companies and consuming country governments, with discussions converging on a more inclusive shared agenda rather than non-intersecting…
Do Upstream Mergers Really Deliver Value for Shareholders?
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I've been noodling around with an idea for a while now. The thing on my mind is when do investors actually gain from the big gobs of money E&P companies spend on M&A? A lot of promises are made in the early days. But as time wears on, I rarely see any effort made to reconcile results with these promises. So bear with me as I go through this little exercise. Now I am not saying that M&A isn't necessary as strong companies buy out smaller, weaker companies to get their premium assets. That part of the transaction is easily understood,…
4 Oil Market Myths That Just Won’t Die
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They've been debunked. Repeatedly. But like zombies in a horror movie, these oil market myths just won’t stay dead. From campaign slogans to cocktail party arguments, here's what the data really says. 1) The U.S. is Energy Independent Energy independence has been a key slogan in the campaigns and presidential terms of President Donald Trump. Make America Great Again and Make the US Energy Independent have often been tied into one pledge or claim. Fact: While the U.S. became a net petroleum exporter in 2020 for the…
Iran Seizes Foreign Oil Tanker in Gulf of Oman
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It remains important for energy traders to closely monitor the Strait of Hormuz and other key critical maritime chokepoints in the region (recall Red Sea events last week, given persistent geopolitical tensions involving Iran and Israel. Tehran retains a diverse toolkit—both asymmetric and conventional—for disrupting tanker traffic through the Strait of Hormuz. These methods include naval mine deployment, anti-ship missile and drone launches, fast-attack craft swarms, and the seizure of vessels transiting the critical waterway…
Africa Becomes Global Copper Battleground for Asian Powers
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Via Metal Miner Both China and India are now jostling for exploration and mining rights across the African continent. Over the last decade, China has rapidly expanded its presence in Africa’s growing copper market, securing critical mineral supplies to fuel its green energy ambitions. With copper demand surging globally due to the growth of electric vehicles, renewable energy, and digital infrastructure, Beijing has intensified its investments across Zambia, the Democratic Republic of the Congo and Botswana. Now it seems that…
India's ONGC Eyes Major New Refinery Project
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Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, is considering the construction of a new refinery with a capacity of between 200,000 barrels per day and 240,000 bpd, a source from the company told Reuters on Thursday. ONGC has undertaken a pre-feasibility study on the refinery project, which is planned to be set up at the coastal city of Jamnagar in the western Indian state Gujarat, according to the source. Jamnagar also hosts the huge refinery complex…
Why Iran Fears a Syria-Azerbaijan Axis
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Syrian interim President Ahmad al-Sharaa’s visit to Baku last weekend highlighted a dramatic shift in regional alliances, prompting a mix of concern, suspicion, and strategic recalculation across Iranian media. Official statements following Sharaa’s meeting with President Ilham Aliyev emphasized a new era in Syrian-Azerbaijani relations. Both leaders acknowledged past stagnation, directly blaming ousted President Bashar al-Assad’s “unfriendly policy” and pledged to restore and deepen cooperation. Notably, the visit…
Brazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce Prices
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Brazil’s Petrobras will discuss this week tweaking its mid-to-long-term strategic plan to potentially include a return to the retail fuel sector, amid complaints from the Brazilian president and the CEO of the state-owned oil and gas giant that wholesale fuel cuts don’t reach retail customers. This week, Petrobras’s board of directors will meet to discuss amending the 2026-2030 plan that could include a renewed presence in the Brazilian retail fuel sector, an anonymous source with knowledge of the matter told Bloomberg. Petrobras…
Sanctioned Russian Arctic LNG Project May Have Resumed Loadings
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A second sanctioned LNG vessel has arrived at Russia’s Arctic project in two months, suggesting that loadings of the superchilled fuel from the sanctioned project may have resumed. The LNG tanker Voskhod, previously called North Mountain, arrived on Wednesday at the Arctic LNG 2 site in Russia, vessel-tracking data showed. Voskhod was sanctioned by the U.S. in October last year, when the U.S. Administration stepped up sanctions against the project and vessels servicing it. The ship is Russia-flagged and has recently changed its commercial…
Exxon Resumes Mars Crude Purchases After Quality Scare
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ExxonMobil has bought Mars crude produced offshore Louisiana for August delivery, for the first time in several days after briefly halting purchases due to a quality issue with zinc contamination, Reuters reports, citing two sources. Mars crude is produced offshore Louisiana and is a staple with Gulf Coast refineries, including Exxon’s refinery in Baton Rouge, Louisiana. However, supply of the Mars crude grade to the Gulf Coast refining hub was reduced last week after Chevron said that the start-up of a new offshore well may have…
Belarus Shuts Down Nuclear Unit After Cooling System Alert
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Belarus disconnected the second unit of its Astravets nuclear power plant on July 17 after a control system detected a deviation in the reactor’s auxiliary cooling system. The Energy Ministry stated the alarm was triggered outside the reactor core and described the event as routine, with no threat to safety or radiation levels, according to Reuters. Russia’s Sputnik Belarus reported the incident in Russian-language coverage, citing official statements that the automated sensor triggered the shutdown and that operations would resume…
Guyana Scales Back Borrowing as Elections Test Oil Boom Stability
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Guyana’s government will reduce external borrowing for major infrastructure projects, Vice President Bharrat Jagdeo said, citing the country’s swelling oil revenues and a growing push for fiscal restraint. Speaking at a press briefing, Jagdeo said new revenue flows made it unnecessary to pursue as many external loans for transport and energy projects as previously planned, adding, “We have cash balances,” Demerara Waves reported. The Vice-President underscored that future spending would be more tightly tied to earnings from…
Oil at the Center as U.S. and Brazil Edge Toward a Trade War
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Brazil is preparing to defend its oil export sector as former U.S. President Donald Trump threatens to impose a 50% tariff on Brazilian imports starting August 1. The move has escalated tensions between the two countries, with Brazilian President Luiz Inácio Lula da Silva vowing reciprocal action: “If he charges us 50%, we’ll charge him 50%,” Lula told local media outlet Record. Oil is Brazil’s top export to the United States, and until now it had been exempt from a 10% tariff already imposed on other Brazilian goods.…
Chevron Cuts Layers, Eyes Guyana and Growth
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Cost-cutting among energy companies is all the rage today. Oil prices are stable, but memories of recent devastation are still fresh, so Big Oil is cutting costs to stay in shape. One way to do it: centralize operations, which is what Chevron is doing right now. The idea is straightforward: simplicity is cheaper than complicatedness. So Chevron is going simpler by having just one global offshore business division manage all of its offshore operations, from the Gulf to Nigeria, and just one division handling human resources, information technology…
Shale Gas Could Make Argentina Major LNG Exporter
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Huge shale gas reserves are laying the foundations of pipeline and LNG exports out of Argentina, which could make South America’s second-largest economy a major force in regional and global gas supply. Argentina has the resource base—the vast unconventional reserves in the Vaca Muerta shale basin in the Neuquen province. But it needs to build up infrastructure to ship the gas from supply centers to interstate regional pipelines and planned LNG export facilities. Argentina also needs to continue with the market reforms launched by business-friendly…
Why the Energy Sector Needs a Smarter AI Strategy
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Artificial intelligence is rapidly changing the world around us as our systems get smarter, and the resource and energy use of large language models grow ever larger. In the energy sector, artificial intelligence represents a double-edged sword: AI could help the sector overcome some of the hurdles involved in maintaining global energy security while we transition to cleaner alternatives, but it could also pose an existential threat to vulnerable power grids if used indiscriminately. Artificial intelligence requires a staggering amount of energy…
UK Rejects Zonal Energy Pricing System
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The UK government has ruled out the introduction of a zonal energy pricing system that would have seen regions closer to renewable energy sources likelier to see lower prices. Ed Miliband’s Department for Energy Security and Net Zero has opted to reform the existing system by reviewing the way transmission charges work and incentivising the private sector to invest in renewable energy in areas of higher demand. Consultation on a zonal energy pricing system lasted three years. Greg Jackson, founder and head of Octopus Energy, was…
EU Floats Dynamic Price Cap on Russian Oil Under Market Pressure
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The European Commission has proposed a major overhaul to its Russian oil price cap regime, introducing a floating benchmark tied to global crude prices in an effort to regain control over a sanctions tool that has lost impact as oil markets decline, Reuters reported on Thursday. Under the new draft plan, disclosed Thursday, the existing $60-per-barrel cap on Russian seaborne crude would be replaced by a flexible mechanism that tracks international prices, likely pegged to Brent, while staying below market rates to maintain pressure on Kremlin…
Uzbekistan's Deepening Ties with China Fuels Public Debate
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Rumors that the Uzbek government is handing over farmland to Chinese investors keep bubbling up despite repeated and categorical denials from officials, putting Tashkent in an uncomfortable spot. The latest flare up came after a video made the rounds online purporting to show a local agricultural official threatening that the government would hand unproductive farmland over to Chinese investors, local outlet Kun.uz reported in mid-June. The employee quickly walked back the comments and the Ministry of Agriculture strongly denied anything of the…
Disaster Looms As French Uranium Mine in Niger Faces Bankruptcy
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French nuclear fuel giant Orano’s uranium mining subsidiary in northern Niger is on the verge of bankruptcy, raising alarms over future nuclear fuel supply chains amid deepening tensions with the ruling junta, Reuters reported on Wednesday. The company cited a breakdown in talks with Niamey and the blocking of essential equipment at the border as the primary drivers of the crisis. The COMINAK mine in the Arlit region once supplied up to 30% of France’s uranium needs. Although the mine ceased production in 2021, Orano remains responsible…
Oil Falls as U.S. Crude, Gasoline Inventories Rise
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Crude oil inventories in the United States increased by 3.8 million barrels during the week ending June 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 419 million barrels, roughly 9% below the five-year average for this time of year. Crude prices were trading up ahead of the report. The American Petroleum Institute (API) on Tuesday had estimated a 680,000-barrel build for the week ending June 27 after analysts had estimated a much smaller 2.26-million-barrel…
Russia’s Natural Gas Supply to Europe Drops
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Russia’s natural gas exports to Europe via pipeline and LNG cargoes declined in the first half of 2025 from a year earlier as flows via Ukraine stopped and some buyers shunned Russian LNG. Total gas exports from Russia to Europe nearly halved to 8.33 billion cubic meters in the period January to June 2025, down from 15.5 billion cubic meters for the same period of 2024, when Russian gas was still flowing via a pipeline route through Ukraine, according to data compiled by Reuters. Russian gas supply via pipelines to Europe has slumped since…
Northeast Asia’s Jet Fuel Flows to Europe Surge
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High European jet fuel prices amid fears of Middle East supply disruptions prompted oil traders to ship in June the highest volumes in a year of jet fuel from South Korea and China to Europe. These flows from Northeast Asia to Europe were estimated at a total of about 3 million barrels last month, according to trade sources and vessel-tracking firms who shared their data and insights with Reuters. For most of last month, amid elevated concerns about supply flows due to the 12-day Israel-Iran war, the price of physical jet fuel in Northwest Europe…
China Continues to Buy a Lot of Iranian Crude Oil
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Chinese refiners continue to buy high volumes of crude oil from Iran, with first-half imports at the major port clusters estimated at nearly 1.4 million barrels per day (bpd), according to oil flow tracking data from Kpler cited by Bloomberg. Ports near industrial clusters Qingdao, Dalian, and Zhoushan are importing crude from Iran in several legs from the Persian Gulf via Malaysia with ship-to-ship (STS) transfers using shadow fleet vessels and tankers blacklisted by the United States. Officially, China’s customs data show there haven’t…
Oil Prices Take a Breather Ahead of OPEC+ Boost
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Crude oil prices stabilized today as traders anticipate yet another 411,000-bpd boost in OPEC+ supply to be announced at the end of this week when the group meets, with downward pressure coming from the latest weekly U.S. inventory report. The American Petroleum Institute estimated a build of 680,000 barrels for the last full week of June, breaking a five-week string of draws totaling over 22 million barrels. The unexpected build pressured oil prices despite the cumulative build from the previous month. At the time of writing, Brent crude was trading…
Maintenance Pushes U.S. LNG Exports Down in June
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Maintenance at some LNG export facilities last month drove U.S. exports of the commodity lower—to the second-lowest monthly, according to data from LSEG cited by Reuters. The June total stood at 8.4 million tons of liquefied gas last month, which was down from 8.9 million tons in May and from 9.3 million tons for April. The April total was an all-time high. June saw regularly scheduled maintenance at Cheniere’s two LNG export facilities, in Sabine Pass and Corpus Christi, which have a combined daily capacity of 6.9 billion cu ft of…
Behind Syria’s Oil Restart Lies a Bigger Geopolitical Game
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Until the U.S.- and U.K.-orchestrated removal of longtime Syrian President Bashar al-Assad from office in December, the Shia Crescent of Power held an extraordinary sway over the political, economic, and security trajectories of the Middle East. With Iran at its ideological centre, the Crescent comprised key strategic assets in Iraq, Syria, Lebanon, and Yemen, with inroads being made in Azerbaijan (75% Shia and a Former Soviet Union state), Turkey (25% Shia and furious at not being accepted fully into the European Union), Bahrain (75% Shia), and…
Australia's Commodity Exports Face Headwinds
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Australia has been out of luck lately. The country’s consumer watchdog just this week warned the east coast could face a gas shortage as soon as this year. Smelters and miners are complaining about high energy costs and asking for government help. And now the industry department is warning that commodity exports are about to weaken on trade headwinds. In a new report, the Australian Department of Industry, Science and Resources said it expected commodity exports to keep rising over this year and next, but income from them is set to weaken—because…
Bismuth: The Next Critical Metal Supply Squeeze
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Unless you are a hobbyist or technician who solders things on a regular basis, your only acquaintance with the metallic element bismuth is probably through Pepto Bismol, the main ingredient of which is bismuth subsalicylate, a pinkish substance sold, not surprisingly, under the name of pink bismuth. The fact that you can ingest pink bismuth and it will soothe your stomach should tell you something about its toxicity; it's quite low. And, that's why bismuth is favored over lead for soldering. It is now widely used for soldering of circuit…
Surprise Crude Oil Inventory Build Ends 5-Week Draw Streak
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The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, this time by 680,000 barrels in the week ending June 27 after analysts had estimated a 2.26-million-barrel draw. The build ends a series of API-reported draws over the last five weeks that total more than 22 million barrels—an unprecedented drop in US inventories not seen in recent history. Yet so far this year, crude oil inventories are up 4 million barrels, according to Oilprice calculations of API data. Earlier this week, the…
Coal Ash Holds Unexpected Wealth in Rare Earth Elements
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Millions of tons of coal ash are currently sitting in ponds and landfills across the United States. The U.S. alone produces around 110 million tons of this coal mining byproduct each and every year. The ponds that house this ash pose a major threat to the environments that host them, but they might also hold the secret to homeshoring vital supply chains for critical minerals. Last year, scientists at the University of Texas (UT) at Austin analyzed coal ash samples collected from power plants across the United States and found that domestic coal…
Why BP Became Target of Biggest Potential Oil Deal in Decades
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Reports and rumors have intensified this year that BP is in the crosshairs of rivals, especially Shell, for a potential takeover that would be the largest deal in the oil industry since the Exxon and Mobil merger in 1999. Five years of U-turns in strategy and the abrupt departure of the architect of the ‘greener’ BP, Bernard Looney, have left investors unconvinced in the direction the UK supermajor is taking and whether it could – at some point, finally – convince shareholders and the market that it is a stock worth holding.…
Ofgem Unveils £24 Billion Grid Modernization Plan
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The UK’s energy regulator has approved a £24bn investment to upgrade the UK’s energy infrastructure as a part of its green transition. The Office of Gas and Electricity Markets (Ofgem) move comes as the government renews its push for cleaner energy, despite backlash around the impact on prices. Over £15bn is set to be deployed into the UK’s gas transmissions and distribution systems to ensure a “safe and secure” supply of gas to households and businesses. Meanwhile, £8.9bn will be spent on expanding…
Russia’s Oil Exports Stagnate as Prices Sink and Sanctions Bite
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Russia’s seaborne crude oil shipments barely budged in late June, holding near two-month lows despite a modest uptick from major ports. In the four weeks to June 29, crude exports averaged 3.21 million barrels per day (bpd)—up just 1% from the previous four-week period, according to Bloomberg tracking data. Weekly volumes sat around 3 million bpd, also little changed. While key terminals like Primorsk and Kozmino saw higher flows, declines from smaller ports—including Novorossiysk and Murmansk—nearly canceled out the gains.…
Sustainable Investment Stumbles on Uncertain Pace of Energy Transition
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The sustainable investment bubble has burst, once again this century. This time it was the realization that the energy transition will be a slow gradual process of coal being replaced by natural gas and renewables gaining more share of electricity generation. This realization coincided with massive recent withdrawals from sustainable funds, due to the backlash against calls for blacklisting funding for fossil fuels, especially in Trump’s America. The most recent decline in green energy investment isn’t the first one of the 21st century.…
Indonesia Wants Drilling Partners to Revive Oil Output from Old Wells
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Indonesia’s new energy strategy entails attracting oilfield services providers with the latest technology to help the Southeast Asian country revive and increase production from ageing or idle wells. With a reform enacted, oil and gas block operators in Indonesia will be allowed to partner with drilling and service technology providers to raise production from old wells or oilfields, the country’s deputy energy minister Yuliot Tanjung said on Tuesday, as carried by Reuters. Currently, Indonesia produces about 600,000 barrels per day…