China National Offshore Oil Corporation (CNOOC) has fully launched the second phase of its Deep-Sea No. 1 natural gas project in the South China Sea, boosting domestic output by 4.5 billion cubic meters (bcm) per year. The project, China’s largest deepwater gas development to date, officially reached full capacity on June 26, according to CNOOC officials cited by China Daily. With total geological reserves exceeding 150 bcm, Deep-Sea No. 1 is seen as a cornerstone of China’s efforts to strengthen energy security and reduce reliance…

It is too early to say whether an uneasy ceasefire between Iran and Israel will hold, granting Armenia a reprieve from the ominous strategic implications of the conflict. With the prospect of continued war hanging over Tehran, Armenia may find itself cut off from a crucial trade outlet, as well as have a weakened ability to resist Russian and Azerbaijani diplomatic pressure on issues with significant implications for Armenian sovereignty. Prior to the start of the Iranian-Israeli conflict on June 13, Iran could be considered Armenia’s sole…

BP shares jumped nearly 7% Wednesday before paring the bulk of those gains after The Wall Street Journal reported that Shell is in early-stage discussions to acquire its British rival. If confirmed, the deal would represent one of the largest energy mergers in recent history and signal a dramatic consolidation of European oil and gas majors. Shell, in the meantime, denied that takeover talks are taking place. A Shell spokesperson told the FT that “This is further market speculation. No talks are taking place,”who added that the company…

Tariffs on imported goods can have a wide ripple effect on prices, especially in the auto industry where supply chains are global, complex, and highly sensitive to cost changes. In this graphic, Visual Capitalist's Marcus Lu reveals how tariffs will impact U.S. car prices, assuming a flat 25% tariff is applied onto vehicles imported from outside North America. Data & Discussion The data for this visualization comes from Insurify, which projected price increases for various car brands based on their exposure to overseas manufacturing and parts.…

Constellation Energy announced Tuesday it is accelerating plans to restart Unit 1 of the Three Mile Island nuclear plant by 2027, as mounting power demand and evolving energy policy breathe new life into the once-retired facility. The proposal could make Three Mile Island the first U.S. nuclear plant to resume operations after decommissioning, a powerful symbol amid renewed bipartisan support for nuclear power. Speaking to reporters and regulators, Constellation CEO Joseph Dominguez emphasized the grid’s growing need for clean baseload electricity,…

Constellation Energy announced Tuesday it is accelerating plans to restart Unit 1 of the Three Mile Island nuclear plant by 2027, as mounting power demand and evolving energy policy breathe new life into the once-retired facility. The proposal could make Three Mile Island the first U.S. nuclear plant to resume operations after decommissioning, a powerful symbol amid renewed bipartisan support for nuclear power. Speaking to reporters and regulators, Constellation CEO Joseph Dominguez emphasized the grid’s growing need for clean baseload electricity,…

The U.S. is investing heavily in a future in nuclear power, through the development of new conventional reactors and power plants, as well as small modular reactors (SMRs). While several states with nuclear plants plan to expand operations in the coming decades, to help deliver more clean power, one area that has big plans for new nuclear power projects is New York. This month, New York’s Governor Kathy Hochul announced plans to develop an advanced nuclear plant to provide reliable, clean electricity.  The U.S. has developed a strong…

Russia is set to raise the shipments of the ESPO Blend crude from its Far East port of Kozmino in July, after lower exports this month due to maintenance, trading sources told Reuters on Wednesday. ESPO loadings from Kozmino are expected at 4 million tons, or about 970,000 barrels per day (bpd) in July, up from 3.6 million tons in June. According to Reuters calculations, daily exports of ESPO from Russia’s Far East, predominantly to Chin,a are set to rise by 7.5% in July compared to June, which is a day shorter. Going forward, ESPO crude…

Crude oil inventories in the United States fell by 5.8 million barrels during the week ending June 20, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 415.1 million barrels, roughly 11% 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 4.277-million-barrel drop for the week ending June 20 after analysts had estimated a much smaller 600,000-barrel…

The world has made progress in increasing access to basic electricity, but developing nations need much more financial support to reach 666 million people in vulnerable and rural areas who lack access to energy, the International Energy Agency (IEA) said in a report on Wednesday. The report tracks the progress toward achieving the UN’s Sustainable Development Goal 7 to “ensure access to affordable, reliable, sustainable and modern energy for all” by 2030. The report, in which the IEA collaborated with the International Renewable…

The world has made progress in increasing access to basic electricity, but developing nations need much more financial support to reach 666 million people in vulnerable and rural areas who lack access to energy, the International Energy Agency (IEA) said in a report on Wednesday. The report tracks the progress toward achieving the UN’s Sustainable Development Goal 7 to “ensure access to affordable, reliable, sustainable and modern energy for all” by 2030. The report, in which the IEA collaborated with the International Renewable…

The world has made progress in increasing access to basic electricity, but developing nations need much more financial support to reach 666 million people in vulnerable and rural areas who lack access to energy, the International Energy Agency (IEA) said in a report on Wednesday. The report tracks the progress toward achieving the UN’s Sustainable Development Goal 7 to “ensure access to affordable, reliable, sustainable and modern energy for all” by 2030. The report, in which the IEA collaborated with the International Renewable…

Iranian lawmakers have overwhelmingly voted to suspend Tehran’s cooperation with the International Atomic Energy Agency (IAEA) after the country’s nuclear sites were bombed over the weekend in the 12-day conflict with Israel. The bill, which state media reported on June 25 as passing by a 221-0 vote, will need to be approved by the constitutional watchdog, the Guardian Council. The decision to implement it ultimately lies with the Supreme National Security Council (SNSC). The SNSC is technically led by the president, but like all key…

A federal judge in Seattle has blocked the Trump Administration’s decision to withhold $5 billion in funds that the Biden administration had approved for expanding the EV charging infrastructure in the U.S. Shortly after taking office, President Donald Trump froze the Department of Energy’s (DOE) $50 billion budget and withheld $5 billion in funding approved by bipartisan majorities in Congress for electric vehicle (EV) charging infrastructure. California co-led a coalition of 17 attorneys general who in May sued the Trump Administration…

The U.S. shale industry faces a structural shift in production and productivity while it has been grappling with a shortage of skilled workforce for years. Booming U.S. oil production may be nearing its peak, according to industry executives and forecasters, and it isn’t just because oil prices are dangerously close to breakevens. The perennial talent crunch is weighing on the US oil sector. Rising labor costs and a shrinking talent pool add to the concerns in the industry that is strongly supported by the Trump Administration to “drill,…

Even before the latest potentially game-changing developments began involving its longtime financial, political, and military ally Iran, it was clear that Iraq needed to focus more on the independent development of its own resources -- most notably in energy -- for its future. In the weeks leading up to the Western-backed Israeli attacks on Iran, the U.S. removed the longstanding waivers that allowed Iraq to keep importing electricity and gas from its neighbour to power 40% of its grid and rolled out new sanctions aimed at cutting Baghdad’s…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again, this time by 4.277 million barrels in the week ending June 20 after analysts had estimated a much more conservative 600,000-barrel draw. The draw adds to last week’s shockingly massive 10.133 million barrel inventory decrease. So far this year, crude oil inventories are up 3.3 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the…

A new offshore oil auction in the Amazon, a major investment in refinery expansion, and an attempt to extract $6.2 billion from the energy industry—this may not sound very appropriate for a government that has made some big net-zero promises. Yet it is exactly what the Lula da Silva government in Brazil is doing. South America’s biggest country produces around 3.5 million barrels of crude daily. It also recently auctioned 19 blocks in the Foz do Amazonas basin, part of the Equatorial Basin and a highly sensitive ecosystem, according…

President Trump’s tariffs are hitting car buyers hard, with prices expected to rise nearly $2,000 per vehicle, according to consulting firm AlixPartners. The firm estimates that automakers will pass on 80% of the $30 billion tariff cost, adding about $1,760 per car, according to Bloomberg. “These tariffs bring a big wall of cost,” said Mark Wakefield, AlixPartners’ global auto lead. “We see consumers taking the majority of the hit.” General Motors and Ford have already projected tariff-related hits of $5 billion…

A day after the NATO summit in The Hague ends, EU leaders will take the short journey south to Brussels for their regular summer European Council. Kicking off on the morning of June 26, this summit may continue into the next day as there are plenty of items on the agenda -- most notably Iran, where the EU is struggling to stay relevant. According to the Brussels diplomats I have spoken with, however, the bloc still aims to act as a conduit for potential direct talks between the United States and Tehran. That said, there are also several key political…