Saudi Arabia’s crude oil exports jumped by nearly 500,000 barrels per day (bpd) in February compared to January, the latest data from the Joint Organizations Data Initiative (JODI) showed on Tuesday. Crude exports from the world’s biggest crude exporter averaged 6.547 million bpd in February, up from 6.073 million bpd in January, according to the JODI database, which compiles self-reported figures from individual countries. Saudi crude oil production averaged 8.947 million bpd in February, essentially flat compared to the 8.917 million…

Chinese scientists have achieved a significant milestone in clean energy tech after successfully adding fresh fuel to an operational thorium molten salt reactor, Chinese state media has reported. According to Guangming Daily, the 2-megawatt experimental reactor is located in the Gobi Desert, and the latest milestone puts China at the forefront in the race to build a practical thorium reactor–long considered a more abundant and safer alternative to uranium.  More significantly, China has relied heavily on long-abandoned American research…

Amid heightened uncertainty about trade and economies, gold prices have hit multiple record highs this year, while oil prices have slipped to four-year lows as concerns about global oil demand spiked with all the trade and tariff chaos. Gold hit another record high on Monday as the U.S.-China trade war escalated and the U.S. dollar weakened amid persistent fears of a recession. Gold, the safe-haven asset, has benefited from the market chaos, while riskier commodity assets, such as crude oil, have suffered amid deteriorating oil demand outlooks.…

That energy commodities will be the first to suffer from the trade spat between the United States and China was only to be expected. As tension—and tariff rates—rise, energy commodity trade has plummeted. And it has spread to one major U.S. export segment: petrochemical feedstock. Last year, propane exports from the United States hit a record high since records began back in 1973. These exports had been rising for 17 years straight, the Energy Information Administration reported last month, as natural gas production boomed—and…

Just one day after U.S. negotiators met their Iranian counterparts in Oman to discuss drawing up a new nuclear deal (the Joint Comprehensive Plan of Action), Energy Secretary Chris Wright flew into Saudi Arabia to talk about a nuclear deal with the Kingdom as well. Such a deal with Riyadh would place enormous pressure on its historical religious, political and military enemy Tehran to reach an agreement on its own nuclear energy programme with the U.S. sooner rather than later. It would also be pivotal in reversing the decade-long drift of Saudi…

Crude oil prices fell sharply on Monday, with Brent and West Texas Intermediate (WTI) futures declining nearly 3% as markets reacted to perceived progress in U.S.-Iran nuclear negotiations and mounting concerns over global demand.? Brent crude was trading down 2.2% at $66.59, and the U.S. crude benchmark, West Texas Intermediate (WTI), was down 1.92% at $63.44, unsure of how to weigh the impact of a fast-evolving tariff war theater against what analysts are interpreting as a positive progress towards shifting away from military threats.  Earlier…

Crude oil prices fell sharply on Monday, with Brent and West Texas Intermediate (WTI) futures declining nearly 3% as markets reacted to perceived progress in U.S.-Iran nuclear negotiations and mounting concerns over global demand.? Brent crude was trading down 2.2% at $66.59, and the U.S. crude benchmark, West Texas Intermediate (WTI), was down 1.92% at $63.44, unsure of how to weigh the impact of a fast-evolving tariff war theater against what analysts are interpreting as a positive progress towards shifting away from military threats.  Earlier…

Libya's dinar has plunged to record lows, driven by a sharp decline in oil revenues and escalating political unrest. The Central Bank of Libya (CBL) devalued the currency by 13.3% on April 6, setting the official rate at 5.5677 dinars per U.S. dollar—the first such move since 2020. However, the black-market rate has soared to over 7.20 dinars per dollar, reflecting deepening economic instability.? In a modest sign of recovery, Harouge Oil resumed production at its Amal Fields B-102 well, pumping 1,500 barrels per day. While this development…

The Trump administration’s tariff regime, intended to boost US manufacturing and inflict punitive damage on Chinese manufacturing, has disrupted multiple industrial supply chains into the US with cascading effects across other regions. For the Middle East and North Africa (MENA) region’s oilfield services (OFS) sector, the effects are indirect but may be significant if unmitigated by national oil companies (NOCs) and OFS suppliers. With the US turning more inward, these companies can pivot sourcing to take advantage of foreign sources…

Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) saw a significant bullish action month-over-month, rising by a total of 8%. The U.S. precious metals market (and precious metals prices in general) saw dramatic swings over the past five weeks amid a backdrop of stubborn inflation, evolving interest rate expectations, new tariffs and geopolitical tensions. All of these factors have all come together to pull the index in different directions. Meanwhile, manufacturing buyers continue to feel whiplash from rapid price movements.…

Kazakhstan is adopting a non-confrontational stance as it finesses trade relations with the United States, seeking engagement rather than retaliation over the imposition of US tariffs. Deputy Trade Minister Zhanel Kushukova told journalists on April 17 that the government intended to send a delegation to Washington to hold talks on a variety of trade issues, including tariffs. The Trump administration initially hit Kazakh goods with a 27-percent tariff rate, but subsequently scaled the rate back provisionally to 10 percent. In addition, the Trump…

Ukrainian authorities reported dozens of Russian missile and drone attacks on April 21, just hours after US President Donald Trump voiced hope that an agreement would be reached between the two countries this week. Strikes were reported in Kyiv and other Ukrainian towns and cities. A man was reportedly injured by shelling in Kherson. A Ukrainian drone strike was reported in Russia’s Belgorod region. Russian state media cited the Defense Ministry in Moscow as saying that the country’s forces had “resumed” fighting in Ukraine…

Chevron and TotalEnergies just flipped the switch on oil production from the Ballymore project in the deepwater Gulf of Mexico, with the project expected to pump around 75,000 barrels of oil per day at its peak.  The field, discovered back in 2018, sits about 160 miles southeast of New Orleans and is now officially flowing oil through a tieback to Chevron’s existing Blind Faith platform, cutting down costs and time in a significant victory for Big Oil in this volatile oil price landscape.  Chevron leads the project with a 60% stake,…

Chevron and TotalEnergies just flipped the switch on oil production from the Ballymore project in the deepwater Gulf of Mexico, with the project expected to pump around 75,000 barrels of oil per day at its peak.  The field, discovered back in 2018, sits about 160 miles southeast of New Orleans and is now officially flowing oil through a tieback to Chevron’s existing Blind Faith platform, cutting down costs and time in a significant victory for Big Oil in this volatile oil price landscape.  Chevron leads the project with a 60% stake,…

It is sometimes difficult in the multi-dimensional world of Middle Eastern geopolitics to see the bigger picture, and this has certainly been true for many looking at the ongoing conflict between the south and the north of Iraq. The most notable superficial manifestation of this in recent times has centred on the continued embargo of independent oil sales from the semi-autonomous Kurdistan Region of Iraq (KRI) in the north by the Federal Government of Iraq (FGI) in the south. However, this dispute has never fundamentally been about oil. It is instead…

When the going gets tough, the EU buys American gas. Or at least that’s the emerging strategy as Brussels preps a shiny new road map to wean itself off Russian fossil fuels—while simultaneously dangling a $350 billion olive branch in front of President Trump in hopes he’ll holster the tariff threats. European Council President Antonio Costa has told Bloomberg this week that the May 6 plan—to be imminently released—will send a clear political signal to energy companies: start sourcing more LNG from the good ol’…

When the going gets tough, the EU buys American gas. Or at least that’s the emerging strategy as Brussels preps a shiny new road map to wean itself off Russian fossil fuels—while simultaneously dangling a $350 billion olive branch in front of President Trump in hopes he’ll holster the tariff threats. European Council President Antonio Costa has told Bloomberg this week that the May 6 plan—to be imminently released—will send a clear political signal to energy companies: start sourcing more LNG from the good ol’…

Tesla has set its Q1 2025 earnings call for Tuesday, April 22, at 4:30 p.m. CT / 5:30 p.m. ET. As usual, the event will be livestreamed, with a recording available later on Tesla’s website. The Q1 Update Letter will be released after markets close that same day. This quarter, as multiple Tesla blogs like Teslarati have pointed out, Tesla is also adding a new element: a “Company Update.” For the first time, the term appeared in both its vehicle delivery report and on the company’s official X account. “In addition to…

U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. However, Elliott is also pursuing an acquisition of Citgo, the U.S.-based refiner…

U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. However, Elliott is also pursuing an acquisition of Citgo, the U.S.-based refiner…