Argentina's Vaca Muerta shale play posted significant first-quarter gains in 2025, building on last year's strong performance, with oil output surging 26% and gas production rising 16% year-on-year, according to Rystad Energy estimates. This growth is shifting Argentina away from its historical dependence on gas imports, pushing the nation closer to energy self-sufficiency. Furthermore, with the help of investment incentives for infrastructure and storage projects, Argentina is looking toward the potential export and monetization of its gas reserves…

Canada could produce its first-ever liquefied natural gas (LNG) for export from the Pacific coast as early as this weekend, according to industry sources familiar with project timelines cited by Reuters. LNG Canada, a massive $40-billion project in Kitimat, British Columbia, is completing cooldown operations on Train 1, which are scheduled from June 16 to 19. If production begins as expected, it would mark a milestone for Canada’s natural gas industry: the country’s first operational LNG export terminal and the only one on North America’s…

Canada could produce its first-ever liquefied natural gas (LNG) for export from the Pacific coast as early as this weekend, according to industry sources familiar with project timelines cited by Reuters. LNG Canada, a massive $40-billion project in Kitimat, British Columbia, is completing cooldown operations on Train 1, which are scheduled from June 16 to 19. If production begins as expected, it would mark a milestone for Canada’s natural gas industry: the country’s first operational LNG export terminal and the only one on North America’s…

The Strait of Hormuz may be one of the most strategically sensitive energy corridors in the world, but the oil market isn’t blinking, yet, with Eni CEO Claudio Descalzi predicting Iran will not be able to afford this option.  Brent’s muted response at around $77 per barrel on Wednesday, signals that traders see the odds of an actual closure as remote, despite intensifying hostilities between Iran and Israel.“It would be very difficult to stop the Strait of Hormuz, because everybody would be affected, including Iran,”…

Crude oil inventories in the United States fell by 11.5 million barrels during the week ending June 13, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 420.9 million barrels, roughly 10% below the five-year average for this time of year. Crude prices were mixed ahead of the report amid broader macro signals. The American Petroleum Institute (API) on Tuesday had estimated a 10.133-million-barrel drop for the week ending June 13 after analysts had estimated…

Norwegian state-owned utility Statkraft announced plans on Wednesday to slash annual costs by 2.9 billion NOK ($292 million) by 2027, warning that staff layoffs may follow in the second half of the year. The move comes amid mounting cost pressures across Europe’s power sector and reflects deeper financial strain among major renewable-focused utilities. Europe’s largest producer of renewable energy, Statkraft said the cuts aim to “safeguard long-term value creation” as inflation, higher financing costs, and uncertain power…

FTSE 100 oil heavyweights are back in analysts favour after oil prices surged from the intensifying Middle Eastern conflict.  BP and Shell shares have jumped around three per cent in the last week and climbed further as President Donald Trump weighed in on the attacks in Israel and Iran. Russ Mould, investment director at AJ Bell, said “concerns the US might join Israel’s military effort against Iran” were driving moves in oil, which triggered gains in Shell and BP. As Trump warned the US’ patience was “wearing…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Woodside Energy, Australia’s top independent oil and gas producer, has signed a preliminary long-term deal to supply Malaysia’s state giant Petronas with LNG from its global portfolio, including from the planned Louisiana LNG project in the United States.   Woodside Energy and Petronas have signed a non-binding Heads of Agreement (HOA) for the supply of 1 million tons per annum of LNG to Malaysia from 2028 for a period of 15 years, the Australian firm said on Wednesday.   The LNG would be supplied from Woodside’s…

Woodside Energy, Australia’s top independent oil and gas producer, has signed a preliminary long-term deal to supply Malaysia’s state giant Petronas with LNG from its global portfolio, including from the planned Louisiana LNG project in the United States.   Woodside Energy and Petronas have signed a non-binding Heads of Agreement (HOA) for the supply of 1 million tons per annum of LNG to Malaysia from 2028 for a period of 15 years, the Australian firm said on Wednesday.   The LNG would be supplied from Woodside’s…

China’s trade-in subsidy program for electric vehicles has been axed in at least six provinces because the money has run out, Bloomberg reported today, citing Chinese media. The program involves offering car buyers an incentive to the tune of $2,780 for exchanging their internal combustion engine car for an electric model. It was originally planned to last until the end of the year. However, car dealers have been buying new EVs in bulk and then selling them on the second-hand car market with zero mileage, the report explained, which has put…

Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption. At the time of writing, Brent crude was trading at $76.69 per barrel, with its premium to the Dubai benchmark topping $3 per barrel—the highest since September 2023, Reuters reported. West Texas Intermediate was trading at $75.16 per barrel, after gaining another 4% on Tuesday. Prices got a push yesterday by the news of tankers on fire near the Strait…

Oil prices continued to rise on Tuesday afternoon, following a dip in Monday's trading session. Today's oil price action follows Friday’s biggest intraday surge in three years following the Israeli strikes on Iran.  The market’s worst fear—a major supply disruption in the Middle East—hasn’t materialized yet. And it may not, as was the case in the previous Israel-Iran flare-ups in recent years.   What Happened?  Oil prices spiked by 13% immediately after Israel hit Iran’s nuclear facilities…

“G7 members must fully ban imports of Russian energy – oil, coal, natural gas, uranium. Canada, with the world’s fifth-largest oil reserves and as a top-three uranium producer, can help fill the gap.” The statement was made this week by the head of the G7 research group, a University of Toronto political science professor.  But can Canada really replace Russia entirely on the global energy scene? That might be tough. Both Russia and Canada are in the top five oil producers globally. Russia is third, and Canada is fourth,…

Given that around 97% of its government revenues come from oil, it might seem obvious to all Libya’s principal factions that increasing production is a very good idea. There is plenty of scope to do so, as before the removal of long-time leader Muammar Gaddafi in 2011 it had easily been able to produce around 1.65 million bpd of predominantly high-quality light, sweet crude oil. Additionally positive back then was that production had been on a rising trend, up from about 1.4 million bpd in 2000. Further increases were on the horizon to push…