The U.S. Interior Department has introduced changes to pressure difference requirements in offshore drilling in a bid to stimulate greater production from the Gulf. According to the department, the changes could add 10% to offshore U.S. oil production over the next decade, equal to some 100,000 barrels daily, by allowing greater pressure differences between reservoirs. “Results from a University of Texas study on commingling show that commingled production maximizes per-well oil production compared to sequential schemes. Over 30 years, it…

Crude oil prices were about to end the week with another loss following a report that OPEC+ may be considering another larger than initially planned output boost in June. A renewed hope for peace in the Ukraine contributed to the bearish mood among traders. Benchmarks were both up at the time of writing, with Brent crude at $66.98 per barrel and West Texas Intermediate at $63.21 per barrel. The weekly trend is downward but it will be a slim decline. Earlier this week, Reuters reported OPEC+ could add more barrels to production after its June meeting…

In 2020, British Columbia approved LNG Canada, the first megaproject of its kind to get the green light in this Canadian province. LNG Canada consists of an export plant that cools the natural gas to a liquid using a combination of hydroelectricity and natural gas, states LNG Canada — a consortium of Shell, Mitsubishi Corporation, Petronas, PetroChina and Korea Gas Corp. The accompanying pipeline, called Coastal GasLink, is a partnership owned by affiliates of TC Energy, Alberta Investment Management Corporation (AIMCo), and US private…

Russia is boosting its crude oil exports, with shipments to China and India rebounding as traders and buyers have reshuffled tanker supply chains following the U.S. sanctions on Russia’s oil trade and shadow tanker fleet from early this year. The Biden Administration’s farewell sanctions on Russian oil trade from January 10 were the most aggressive yet. Many of the vessels, specialized tankers, and shuttle tankers transporting Russia’s oil from the Arctic and Far East Pacific fields and production clusters to Asia have…

Just a few years ago, China’s energy-storage industry was riding high on a sugar rush of subsidies, soaring demand, and sky-is-the-limit optimism. But this is 2025, and China is waking up with a tariff-sized headache and a hangover from its own price war. At the heart of the drama is the battery energy storage sector (BESS)—those magical boxes that soak up solar and wind energy and spit it back out when the grid needs it. In theory, BESS are the unsung heroes of the clean energy revolution. In practice, they’re now ground zero…

Guyana’s oil output took a dip in March, sliding to 627,000 barrels per day (bpd) from February’s 648,000 bpd, a new report from Reuters shows. That puts first-quarter production at a still-robust 631,000 bpd on average, according to the country’s energy ministry. A blip? Sure. A bust? Not even close. Let’s not forget: just five years ago, Guyana didn’t even have a spot on the global oil map. Thanks mostly to ExxonMobil and its tag-team partners Hess and CNOOC, the offshore Stabroek Block has turned into one of the…

Iraq is moving to achieve energy security by diversifying its energy sources and reducing reliance on imports of Iranian electricity and natural gas. A warning that expeditious action is needed was the removal of the U.S. sanctions waiver that allowed Iraq to import electricity from Iran. While Iranian electricity is only about 2% of Iraq’s demand, Iranian natural gas is over 40%, making diversification crucial. Washington uses Iraq as a platform for its campaign against Iran, going back to its support for Saddam Hussein after he attacked…

Guyana’s oil output took a dip in March, sliding to 627,000 barrels per day (bpd) from February’s 648,000 bpd, a new report from Reuters shows. That puts first-quarter production at a still-robust 631,000 bpd on average, according to the country’s energy ministry. A blip? Sure. A bust? Not even close. Let’s not forget: just five years ago, Guyana didn’t even have a spot on the global oil map. Thanks mostly to ExxonMobil and its tag-team partners Hess and CNOOC, the offshore Stabroek Block has turned into one of the…

Over the past three years, Western OEMs have retrenched to core markets, aiming to restore profitability after years of margin pressure. Input costs declined in 2024, but turbine prices continued to rise, helping Western OEMs improve their earnings. Still, CAPEX remains a central concern for developers, especially as interest rates stay elevated. In China, manufacturers responded to the phase-out of feed-in tariffs by introducing larger turbine models to keep costs down. This intensified domestic competition and led to falling turbine prices -…

Financial hubs are ditching green finance, fresh research shows, after President Donald Trump’s return to the White House triggered a global retreat.  Centres across the world had their green finance rating reduced in the 15th edition of Z/Yen Global Green Finance Index (GFFI). Despite topping the index, London’s rating reduced 36 points to 598.  Zurich and Singapore scored second and third at 597 and 592 respectively.  Professor Michael Mainelli, former Lord Mayor and chairman of the Z/Yen Group, said: “US influence,…

In the space of ten days, U.S. Energy Secretary Chris Wright has gone from full-throttle shale hype-man to waving the red flag on oil prices. Today’s bombshell? “$50 oil is not sustainable for producers,” Wright said, according to Bloomberg’s Stephen Stapczynski. US ENERGY SEC. WRIGHT: $50 OIL IS NOT SUSTAINABLE FOR PRODUCERS TODAY — Stephen Stapczynski (@SStapczynski) April 24, 2025 Because earlier this month—ten days ago—Wright told the Financial Times that shale could boost production even at $50 oil,…

A somewhat cryptic social media post by the US Embassy in Armenia indicates the United States is maneuvering to build the Caucasus state’s next nuclear reactor. The awkwardly phrased information snippet appearing on the embassy’s official Facebook and Twitter (X) pages April 22 states Ambassador Kristina Kvien “met Westinghouse to discuss Armenia’s nuclear energy sector,” adding only that “U.S. companies have deep expertise and innovative technology that will benefit both Armenia and the United States.”…

China's halt on a wide range of critical minerals and magnet exports in retaliation for U.S. tariffs has disrupted some of Elon Musk's plans to build humanoid robots. The very act of Beijing choking off supplies of critical components highlights the urgent need to friendshore or reshore rare earths mining and refining, as well as advanced technology supply chains, if the U.S. hopes to maintain its dominance into the 2030s.  On Tuesday, Musk revealed during Tesla's earnings call that plans to build humanoid robots had hit a snag due to Beijing's…

Washington is eying the possible creation of an American sovereign wealth fund (SWF) to compete with China’s state-controlled extractive industries by directly investing in miners, both domestic and foreign, as the administration scrambles to collect new critical minerals allies.  The plan, revealed Thursday by Interior Secretary Doug Burgum, who is advising the campaign on energy and national security, would mark a dramatic shift in how Washington supports resource development. “We should be buying equity in these companies,”…

Russia is expected to see its oil and gas revenues for April slump by 22% from a year ago, amid lower oil prices and a stronger local currency, according to Reuters calculations. Russia’s revenues from hydrocarbons are set to be about $11.6 billion (960 billion Russian rubles) in April, also due to lower profit-based taxes compared to the previous month, per the estimates by Reuters published on Thursday. Official data from Russia’s finance ministry is expected on May 7. In March, Russian revenues from oil and gas plunged by 17% from…

An Easter truce that wasn’t. The United States threatening to walk away from peace talks. Washington considering recognizing Russian control over Ukraine’s Crimea. Russia and Ukraine ramping up new spring offensives. The Kremlin signaling no let-up in its 38-month-old invasion of its neighbor. Talks scheduled for April 23 in London to try and resolve Russia's 38-month war on Ukraine were already facing serious headwinds. Now the most senior officials scheduled to attend -- US Secretary of State Marco Rubio, reportedly British Foreign…

Oil prices rose early on Thursday, recouping some of Wednesday’s losses, after signs emerged that there could be some tariff and trade talks between the United States and China.   As of 9:28 a.m. EDT on Thursday, the U.S. benchmark, WTI Crude, was up by 0.95% on the day and traded at $62.86. The international benchmark, Brent Crude, traded 0.7%% higher at $66.58.   Much of the market movement in recent hours was due to remarks from Washington and Beijing, hinting at possible de-escalation in the trade war and a potential…

Oil prices rose early on Thursday, recouping some of Wednesday’s losses, after signs emerged that there could be some tariff and trade talks between the United States and China.   As of 9:28 a.m. EDT on Thursday, the U.S. benchmark, WTI Crude, was up by 0.95% on the day and traded at $62.86. The international benchmark, Brent Crude, traded 0.7%% higher at $66.58.   Much of the market movement in recent hours was due to remarks from Washington and Beijing, hinting at possible de-escalation in the trade war and a potential…

Amid the oil price crash and macro headwinds, Eni SpA (NYSE: E) on Thursday reduced its capital expenditure plans for 2025 and vowed to cut more costs as it maintained the planned shareholder distributions such as dividend and buybacks.  The Italian energy major reported an adjusted net profit of $1.6 billion (1.41 billion euros) for the first quarter of the year, down by 11% from the same period of 2024. The earnings beat a company-provided consensus forecast of $1.3 billion (1.15 billion euros).  Analysts are watching how oil majors…

Amid the oil price crash and macro headwinds, Eni SpA (NYSE: E) on Thursday reduced its capital expenditure plans for 2025 and vowed to cut more costs as it maintained the planned shareholder distributions such as dividend and buybacks.  The Italian energy major reported an adjusted net profit of $1.6 billion (1.41 billion euros) for the first quarter of the year, down by 11% from the same period of 2024. The earnings beat a company-provided consensus forecast of $1.3 billion (1.15 billion euros).  Analysts are watching how oil majors…