The heightened oil market and macroeconomic uncertainties in recent weeks are baffling not only analysts. Halliburton, the oilfield services giant with the highest exposure to the U.S. fracking market, has just warned investors that its U.S. customers are re-evaluating drilling activity plans for 2025. “Looking forward, many of our customers are in the midst of evaluating their activity scenarios and plans for 2025,” Halliburton’s chairman, president, and CEO, Jeff Miller, said on the first-quarter earnings call this week. Halliburton…

  Crude burn—the direct use of crude oil in power plants and industrial facilities, primarily for electricity generation—has long been a staple in Saudi Arabia’s energy mix. The kingdom burns significant volumes of oil to meet domestic electricity demand, which hovers around 171 terawatt-hours (TWh). However, analysis from Rystad Energy shows the upcoming Jafurah shale gas field, set to start production in 2025 and the largest of its kind globally, could dramatically shift this dynamic. By tapping into unconventional gas,…

Oil prices declined on Wednesday even amid reports that the White House is contemplating significant cuts to tariffs on Chinese imports, a move that could reshape global trade dynamics and influence energy markets.On Wednesday, April 23, at 1:46 p.m. Brent crude was trading down 2.73% at $65.60, while U.S. West Texas Intermediate (WTI) crude dropped 2.0% to $68.37, collapsing to a four-year low after reaching $81 in January.  The Trump administration is reportedly considering reducing tariffs on Chinese imports from the current 145% to between…

Oil prices declined on Wednesday even amid reports that the White House is contemplating significant cuts to tariffs on Chinese imports, a move that could reshape global trade dynamics and influence energy markets.On Wednesday, April 23, at 1:46 p.m. Brent crude was trading down 2.73% at $65.60, while U.S. West Texas Intermediate (WTI) crude dropped 2.0% to $68.37, collapsing to a four-year low after reaching $81 in January.  The Trump administration is reportedly considering reducing tariffs on Chinese imports from the current 145% to between…

Although Armenia has tried to mend strained relations with Russia in recent weeks as part of a broader effort to get Azerbaijan to sign a peace treaty, Prime Minister Nikol Pashinyan’s government evidently still cannot resist an occasional poke at the Kremlin. The latest Armenian jab was Yerevan’s vote in favor of a UN resolution in early April that condemned Russian aggression against Ukraine, and highlighted Moscow’s general lack of regard for basic individual rights. Armenia along with 108 other member states voted for the…

Via Metal Miner The UK Parliament recently passed a law allowing the government to take control of British Steel, a major player in the local steel industry. The move follows Chinese owner Jingye’s plans to shut down two operating blast furnaces at its Scunthorpe site. A Bold Move Towards UK Steel Industry Preservation The House of Commons, Parliament’s lower chamber, was recalled from its Easter break on April 12 to pass a bill that would prevent the plant’s furnaces from ceasing operations. “The move will maximize the…

Blue Origin’s star-studded space flight caused more backlash than awe, but is all space tourism frivolous? Two writers hash it out in this week’s Debate Yes: A single space flight emits more carbon than 1bn individual will in their lifetime Tourism is not the harmless middle-class pastime we’ve all been brainwashed into believing, thanks to a never-ending diet of slick, over-produced adverts. No. Tourism is an insidious scavenger. While you tramp through some chapel searching for enlightenment and culture, your sweat and breath…

The latest U.S. sanctions on Iran suggest a “lack of goodwill and seriousness” from the United States in the talks with Iran over its nuclear program, according to the spokesman of the Iranian foreign ministry. After tightening the screws on Iran’s oil trade and oil flows, the Trump Administration is seeking negotiations with Iran over its nuclear program, determined to never allow Iran to obtain a nuclear weapon. The U.S. and Iran started indirect talks via mediators last week, but it isn’t clear where the dialogue…

The ongoing trade war is poised to deliver a negative shock to US growth, prompting the International Monetary Fund to slash its 2025 forecast earlier Tuesday. This gloomier outlook has sharpened our focus on the once high-flying industrial metals market—now showing signs of weakness—particularly the copper market. Goldman analyst Adam Gillard provided clients with a snapshot of current conditions in the copper market, highlighting tight physical supply in China and continued strength in domestic demand. However, Gillard cautioned that…

The world installed a record-high wind power capacity last year, but this isn’t enough to meet the goal of tripling renewable energy capacity by the end of the decade, the Global Wind Energy Council (GWEC) said in a new report on Wednesday. Globally, a total of 117 gigawatts (GW) of wind energy were installed in 2024—a record year for new capacity, the wind industry body said in its 2025 Global Wind Report. New wind capacity boomed despite policy uncertainty and instability, GWEC said. It also noted “Yet, this momentum is not…

The world installed a record-high wind power capacity last year, but this isn’t enough to meet the goal of tripling renewable energy capacity by the end of the decade, the Global Wind Energy Council (GWEC) said in a new report on Wednesday. Globally, a total of 117 gigawatts (GW) of wind energy were installed in 2024—a record year for new capacity, the wind industry body said in its 2025 Global Wind Report. New wind capacity boomed despite policy uncertainty and instability, GWEC said. It also noted “Yet, this momentum is not…

Top-level Ukraine peace talks that were set to take place in London have been abruptly postponed, Britain's Foreign Office said, after several top diplomats pulled out at the last minute. The announcement was made just hours before the April 23 meetings, which were to include Ukraine's foreign minister, had been scheduled to begin. "This is to confirm that the Ukraine Peace Talks meeting with Foreign Ministers today is being postponed," the Foreign Office said in a statement to RFE/RL. "Official level talks will continue but these are closed to…

Chinese state-controlled refining giant Sinopec has returned to buying Russian crude oil after halting purchases last month due to concerns about the U.S. sanctions on Russia’s oil trade and shadow tanker fleet imposed in January, trade sources told Reuters on Wednesday.  Sinopec, the biggest refiner in Asia by processing capacity, has bought its first ESPO blend from Russia for May loading since the February loading plans, after refraining from buying the grade for loading in March and April until it assesses the risk from the U.S.…

Kazakhstan has sparked fresh tensions within OPEC+ by asserting that its oil production strategy will be governed by national interests rather than group quotas, raising questions about future compliance and cohesion within the cartel. Kazakh Energy Minister Erlan Akkenzhenov told Reuters on Wednesday that the Central Asian producer, which pumps around 2% of the world’s oil, cannot reduce output at key projects led by foreign majors such as Chevron and ExxonMobil. Megaprojects such as Tengiz, Kashagan, and Karachaganak make up 70% of Kazakhstan's…

Kazakhstan has sparked fresh tensions within OPEC+ by asserting that its oil production strategy will be governed by national interests rather than group quotas, raising questions about future compliance and cohesion within the cartel. Kazakh Energy Minister Erlan Akkenzhenov told Reuters on Wednesday that the Central Asian producer, which pumps around 2% of the world’s oil, cannot reduce output at key projects led by foreign majors such as Chevron and ExxonMobil. Megaprojects such as Tengiz, Kashagan, and Karachaganak make up 70% of Kazakhstan's…

Kazakhstan has sparked fresh tensions within OPEC+ by asserting that its oil production strategy will be governed by national interests rather than group quotas, raising questions about future compliance and cohesion within the cartel. Kazakh Energy Minister Erlan Akkenzhenov told Reuters on Wednesday that the Central Asian producer, which pumps around 2% of the world’s oil, cannot reduce output at key projects led by foreign majors such as Chevron and ExxonMobil. Megaprojects such as Tengiz, Kashagan, and Karachaganak make up 70% of Kazakhstan's…

Crude oil inventories in the United States saw an increase of 200,000 barrels during the week ending April 18, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading down prior to the crude data release by the U.S. Energy Information Administration, continuing the price slide that began when the Liberation Day tariffs were announced. On Tuesday, the American Petroleum Institute (API) reported a different story: one that showed a large draw of 4.565 million barrels in U.S. crude…

Oil prices experienced a slight dip as Kazakhstan's high output and oversupply concerns overshadowed positive factors like US sanctions on Iranian oil. US stocks saw a significant rally, driven by optimism surrounding trade talks and despite the fluctuations in the oil market. Uncertainty regarding global demand and the impact of tariffs continue to be key factors influencing both oil prices and market sentiment. 1m ago 9:00am CST Canada’s Election Spotlights Energy Sovereignty Push Ahead of Canada’s April 28 election, Liberal PM Mark Carney…

Mexico’s new refinery, Olmeca, exported in early April the first cargo of ultra-low sulfur diesel (ULSD) as the refinery is slowly starting up processing of fuels, a source with knowledge of Olmeca’s operations has told Reuters. Olmeca processed unfinished high-sulfur diesel received from the Madero refinery, the source told Reuters. Olmeca continues to see marginal production of fuels, while the ULSD cargo was likely Mexico’s first such export from the Dos Bocas site, according to tanker tracking data compiled by Reuters. …

Turkey is currently in talks to explore for oil and gas in Bulgaria, with similar plans for exploration in Iraq and Libya, Turkish Energy Minister Alparslan Bayraktar has revealed. According to the minister, state-owned energy company Turkiye Petrolleri AO (TPAO) will sign an agreement with an unnamed foreign partner within the next month to conduct exploration in Bulgaria’s section of the Black Sea.  Turkey not only wants to boost domestic oil and gas production, but also harbors ambitions to become a regional energy hub. Turkish President…