No previous U.S. government nor its now second-term President Donald Trump are known for their forgiving natures of supposed past betrayals. This is particularly true when the transgressor has been an entity on which both have been forced to rely for any length of time. Saudi Arabia as one of the world’s leading oil suppliers and the de facto leader of oil cartel OPEC for decades has been regarded with deep distrust by Washington since it catalysed the 1973/74 Oil Crisis at a time when the U.S. and its allies were still dependent on it for…

The world’s biggest oil and gas firms are set to see their earnings drop this year amid the decline in oil prices and lackluster trading business. Europe’s Big Oil firms have already flagged weaker first-quarter profits, which they will report in the next two weeks. Earnings for the second quarter are expected to further decline compared to both Q1 and the same quarter of 2024, as oil prices have crashed by about $10 per barrel since U.S. President Donald Trump launched the tariff offensive against the rest of the world on April 2,…

Drilling in the U.S. shale patch is starting to slow down amid weaker oil prices and cost uncertainty stemming from the tariff war. Smaller producers are suspending new drilling in anticipation of a turnaround. Perhaps larger producers will follow. The question now is how long until that turnaround. A month ago, Citigroup said that if U.S. oil prices fall below $60 drillers will start drilling less, which is what happens every time oil prices take a dip. At $65 per barrel of West Texas Intermediate, the bank’s analysts said, shale producers…

After ExxonMobil’s swathe of world-class discoveries in Guyana’s offshore Stabroek Block, the Guyana-Suriname Basin emerged as the world’s hottest drilling location. While Guyana’s economy is booming, becoming an oil superpower, neighboring Suriname has yet to benefit from the basin’s immense hydrocarbon potential, despite world-class oil discoveries in offshore Block 58. Suriname, a small country with a population of less than 700,000, which is among South America’s poorest, is believed to possess petroleum…

Take two nuclear-armed rivals. Mix in a history of war and a disputed region that's been the site of a decadeslong rebellion. Now add a deadly militant attack against civilians that risks boiling those tensions over. That's where things stand between India and Pakistan after an April 22 attack that killed mostly Indian nationals in Jammu and Kashmir sent tensions between the two countries skyrocketing. India has accused Pakistan of supporting cross-border terrorism, but the Pakistani government denies it was behind the attack that killed 26 civilians.…

Oil prices were trading down 2% intraday, driven by ongoing demand fears combined with perceived progress on Iran nuclear talks and tariff whiplash, which continues to unsettle markets.On Monday, April 28, at 2:57 p.m. ET, Brent crude was paring its 2% daily losses slightly, trading down 1.60% at $65.80, and West Texas Intermediate (WTI) was trading down 1.59% at $62.02.  Oil prices are responding most heavily to the impact of the trade war on demand. On Monday, Beijing lashed out at Washington’s negotiating tactics, with Zhao Chenxin,…

Copper was touted as the hottest commodity of 2025, as covered in MetalMiner’s weekly newsletter. Capped by April’s tariff-driven turbulence, the last quarter only reinforced that view. Now it seems copper prices are poised to lead other metals in the short term. Many experts believe copper has reached an inflection point. As such, they expect its coming price moves to ripple through other raw commodity futures and even stock and financial markets. Copper Prices Were Tumultuous for Most of Q1 Since February, global copper prices have…

Economic activity across the South Caucasus and Central Asia is projected to stagnate over the next two years, as uncertainty envelops global markets, according to World Bank experts. The bank’s latest Europe and Central Asia Economic Update identifies the most serious challenges facing policymakers in the regions as weaker-than-expected trade, unpredictable policy shifts and decreasing prices for commodities. The report also cautions that inflationary pressure may continue to arise from rising food costs, tight labor markets and “potential…

India bought more Russian ESPO Blend oil in April than any month since August 2024, stepping in to scoop up what weakening Chinese demand for the blend has left behind, Reuters reported on Monday, citing LSEG data.  In April, the Reuters report shows Indian ports taking in around 400,000 metric tons of Russian ESPO, up from only 100,000 metric tons the month prior. Another 200,000 metric tons is set to ship to India in May, according to LSEG data.  Chinese demand for Russian ESPO dipped due to sanctions on Russian companies that led Chinese…

India bought more Russian ESPO Blend oil in April than any month since August 2024, stepping in to scoop up what weakening Chinese demand for the blend has left behind, Reuters reported on Monday, citing LSEG data.  In April, the Reuters report shows Indian ports taking in around 400,000 metric tons of Russian ESPO, up from only 100,000 metric tons the month prior. Another 200,000 metric tons is set to ship to India in May, according to LSEG data.  Chinese demand for Russian ESPO dipped due to sanctions on Russian companies that led Chinese…

India bought more Russian ESPO Blend oil in April than any month since August 2024, stepping in to scoop up what weakening Chinese demand for the blend has left behind, Reuters reported on Monday, citing LSEG data.  In April, the Reuters report shows Indian ports taking in around 400,000 metric tons of Russian ESPO, up from only 100,000 metric tons the month prior. Another 200,000 metric tons is set to ship to India in May, according to LSEG data.  Chinese demand for Russian ESPO dipped due to sanctions on Russian companies that led Chinese…

Labour’s push for EVs and heat pumps fail to account for a crucial detail – reality, says Matthew Bowles British Prime Minister Keir Starmer has reinstated the 2030 ban on the sale of all new petrol and diesel cars, after the previous government relaxed it to 2035. This follows a government review of the current Zero-Emission Vehicle (ZEV) mandate. The ZEV mandate is a policy tool requiring car manufacturers to sell a certain percentage of electric vehicles yearly to avoid fines. Initially, this was a yearly target, with the percentage…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

A sunny weekend in northwest Europe plunged power prices in the region to hundreds of euros below zero on Sunday afternoon as solar generation soared. Spot power prices in Belgium sank to as low as -$302 (-266 euros) per megawatt-hour (MWh) between 1 p.m. and 2 p.m. on Sunday, according to data from Epex Spot SE cited by Bloomberg. During the same hour, power prices in Netherlands plunged to -$215.60 (-189.90 euros), while prices in Germany dropped to -$147.40 (-129.81) per MWh. Negative power prices, while beneficial for some consumers in some…

Germany remains committed to a single power market in its area and doesn’t like the recommendation from a new report to split the market into five separate bidding zones. Entso-e, the association of EU transmission system operators, released a report on Monday evaluating bidding zone configurations with the purpose of establishing "optimal bidding zone configurations in Europe to maximize economic efficiency and cross-zonal trading opportunities, while maintaining security of supply.” For the Central Europe region, which includes the…

Germany remains committed to a single power market in its area and doesn’t like the recommendation from a new report to split the market into five separate bidding zones. Entso-e, the association of EU transmission system operators, released a report on Monday evaluating bidding zone configurations with the purpose of establishing "optimal bidding zone configurations in Europe to maximize economic efficiency and cross-zonal trading opportunities, while maintaining security of supply.” For the Central Europe region, which includes the…

US President Donald Trump said he wants Russian leader Vladimir Putin to "stop shooting" and agree to a peace deal to end the war in Ukraine, a day after his face-to-face meeting with Ukraine's Volodymyr Zelenskyy on the sidelines of Pope Francis’s funeral. "Well, I want him to stop shooting, sit down, and sign a deal," Trump told reporters on April 27 in response to a question on what actions he was seeking from Putin. Trump also said his meeting with Zelenskyy on April 26 had gone well, but he added that he thinks Zelenskyy is ready to…

Crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude. Reuters’ Clyde Russell reported that 1.74 million barrels daily went into storage last month in China, citing official data from Beijing and noting that this is the highest rate of storage inflows since June 2023. Run rates at Chinese refineries during the same month averaged…