Crude oil prices are crashing on reports that flows out of the Strait of Hormuz are recovering, and analysts are back to predicting oversupply, even though Iran just said it will not be meeting with the U.S. envoys to negotiate peace, and that comes after strikes on a couple of ships in Hormuz. “The Strait is reopening faster than expected, yet the ‘twin solvers’ of high US exports and low Chinese imports remain in place,” Morgan Stanley commodity analysts wrote this week in a note, as quoted by Bloomberg. “As attention…

Kuwait’s state oil firm, Kuwait Petroleum Corporation (KPC), has asked some of the asset management funds bidding for a stake in its oil pipeline network to tap other investors in their bids for the planned sale estimated at $7 billion, anonymous sources familiar with the process told Reuters on Thursday. Early this year, it emerged that KPC is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its oil pipeline network. KPC held initial talks with…

The ripple effect from a severe gas shortage in Russia caused by Ukrainian drone strikes is being felt in Central Asia, where seasonal demand is rising. Kyrgyzstan and Tajikistan are heavily dependent on Russia for energy supplies, so it is no surprise that the ongoing destruction of Russian energy infrastructure threatens to hit two Central Asian states the hardest. Gas stations across Kyrgyzstan are already reporting shortages of high-octane auto fuel, the Moscow Times has reported. State regulators have established price controls on fuels and…

Kyrgyzstan, which imports more than 90% of its gasoline supply from Russia, is concerned that the Russian fuel crisis could cripple supply to the Central Asian nation. Thus, the Energy Ministry of Kyrgyzstan has asked its neighbors, as well as Russia, to help with its fuel supplies. Currently, fuel stocks in Kyrgyzstan remain sufficient, Kyrgyzstan’s authorities have assured the public, but the crisis in Russia could soon begin to be felt in the central Asian nation. “To ensure sustainable fuel supplies, official requests have been…

Russia pummeled the Ukrainian capital in one of its largest drone-and-missile assaults this year, killing at least 17 people, highlighting Moscow's stubborn efforts to pound Kyiv into submission. The July 2 attack came amid weeks of Ukrainian drone strikes that have targeted Russian oil refineries, a campaign that caused fuel shortages nationwide and stoked discontent among Russians disconnected the Ukraine war, now in its fifth year. Russia's military said the assault was in response to “terrorist attacks” against Russian “civilian…

NNPC Limited booked lower revenues in May compared to April despite the higher crude oil and condensate production, the latest monthly figures by the Nigeria's state oil and gas firm showed. NNPC's revenues fell to $3.15 billion (4.335 trillion Nigerian naira) in May, from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen in April. Profit after tax also fell in May from the previous month, despite the fact that crude and condensate production inched up to 1.73 million barrels per day (bpd), up from…

Nvidia was the first poster child of the AI revolution. OpenAI turned ChatGPT into a global phenomenon. Google, Microsoft, and Anthropic have since dominated headlines with ever-more-powerful models. But throughout history, the biggest fortunes made during a technological revolution rarely went to the most famous names. The California Gold Rush didn't create the most wealth for gold miners. It created fortunes for the people selling picks, shovels, railroads, and infrastructure. The same dynamic is emerging in AI. The future won't be decided by…

For years, U.S. President Donald Trump has loomed large over California's energy and environmental sectors as he tries to promote fossil fuels and roll back the state’s climate initiatives, with varying degrees of success. Back in 2019, the Trump administration effectively revoked California's federal waiver under the Clean Air Act that allowed the state to set its own stringent greenhouse gas emissions standards. The president has been even more aggressive during his second term. Last year, Trump utilized federal agencies to mandate the…

The global solar energy boom is showing no signs of slowing down, with falling costs and ambitious clean energy targets continuing to drive rapid adoption. Last year, solar capacity additions surged 11% Y/Y to a record 647 GW worldwide, bringing the total cumulative solar capacity across the globe to 2.9 TW and cementing its position as the world's fastest-growing electricity source. Indeed, in April 2026, monthly global electricity generation from solar and wind surpassed gas-fired generation for the first time ever, a major milestone considering…

A team of researchers in Germany has discovered a highly efficient way to convert sunlight into hydrogen fuel, potentially solving some of the most critical challenges facing the green hydrogen sector and offering an elegant solution to clean up some of the economy’s dirtiest industries. The new prototype, which uses a kind of solar cell used in spacecraft, is a proof-of-concept for what could someday make the production of totally clean-burning fuel a commercially scalable possibility. Scientists at the Fraunhofer Institute for Solar Energy…

The agreement signed last week between the Syrian Petroleum Company (SPC), the U.S.’s ConocoPhillips and Great Britain’s Novaterra ConocoPhillips — covering the development of new gas fields and the expansion of output at existing sites — is the latest move in Washington’s and London’s long?game for shaping Syria’s post?Assad landscape. Rather than repeat the overt, Western?fronted reconstruction model used in Iraq, both countries have opted for a subtler architecture: powerful Arab states, led by Saudi…

Gold and oil spent five months moving like they were tied to the same rope. Both caught a bid from fear that war between the United States and Iran would spiral into something markets couldn’t quite price, and both are unwinding that trade in the same quarter.  Look closer, though, and the two collapses have stopped sharing a cause. Gold fell for a third straight session Wednesday, dropping to $3,983.07 an ounce and touching its lowest level since November. The metal sank roughly 14% in the second quarter, its steepest quarterly decline…

The signs are multiplying that Vladimir Putin’s powers of coercion are rapidly fading, and his chief instruments of regional leverage are dissolving. Not only have Ukrainian drones put Russian forces on their heels in the two countries’ long-running conflict, but they are also threatening to tear apart the Collective Security Treaty Organization (CSTO), Moscow’s version of NATO. Meanwhile, the Kremlin’s failure to prevent the reelection of Putin’s nemesis in Armenia, Prime Minister Nikol Pashinyan, is helping to expose…

Global investment firm KKR has agreed to acquire EDF Power Solutions North America in a landmark $4.2-billion deal, marking the largest single renewable energy investment in the company’s history. The purchase gives KKR immediate control of one of North America’s largest clean power portfolios, adding more than 5.6 gigawatts of operating wind, solar, and battery storage assets as investors race to secure electricity generation for AI data centers and other fast-growing sources of power demand. The acquisition instantly makes KKR one…

Global investment firm KKR has agreed to acquire EDF Power Solutions North America in a landmark $4.2-billion deal, marking the largest single renewable energy investment in the company’s history. The purchase gives KKR immediate control of one of North America’s largest clean power portfolios, adding more than 5.6 gigawatts of operating wind, solar, and battery storage assets as investors race to secure electricity generation for AI data centers and other fast-growing sources of power demand. The acquisition instantly makes KKR one…

Russia has confirmed its government is currently in negotiations with other countries to purchase gasoline while desperately seeking to stabilize its domestic market after months drone mayhem out of Ukraine. "Discussions are actively being held," Kremlin spokesman Dmitry Peskov said at a press briefing Tuesday, though without specifying which countries. "If agreements can be reached at acceptable price points, then [imports] will move forward," he added. The development is surprising given that Russia remains the world's second-largest crude oil…

Russia has started importing refined fuel from India by sea in a bid to mitigate critical domestic fuel shortages triggered by sustained Ukrainian drone attacks on its energy infrastructure. In an exclusive Reuters report, industry sources revealed that an initial shipment of at least 60,000 metric tons (510,000 barrels) of gasoline has been dispatched from India via two tankers destined for Russian ports.  Ukrainian drone strikes have knocked offline roughly 30% of Russia’s oil refining capacity, pushing domestic refining throughput…

Russia has started importing refined fuel from India by sea in a bid to mitigate critical domestic fuel shortages triggered by sustained Ukrainian drone attacks on its energy infrastructure. In an exclusive Reuters report, industry sources revealed that an initial shipment of at least 60,000 metric tons (510,000 barrels) of gasoline has been dispatched from India via two tankers destined for Russian ports.  Ukrainian drone strikes have knocked offline roughly 30% of Russia’s oil refining capacity, pushing domestic refining throughput…

Russia has started importing refined fuel from India by sea in a bid to mitigate critical domestic fuel shortages triggered by sustained Ukrainian drone attacks on its energy infrastructure. In an exclusive Reuters report, industry sources revealed that an initial shipment of at least 60,000 metric tons (510,000 barrels) of gasoline has been dispatched from India via two tankers destined for Russian ports.  Ukrainian drone strikes have knocked offline roughly 30% of Russia’s oil refining capacity, pushing domestic refining throughput…

Saudi Arabia and Algeria have officially cut selling prices for liquefied petroleum ‌gas (LPG) for the month of July amid increased global market supply. Saudi Aramco, Saudi Arabia’s national oil company, has lowered its official selling prices (OSPs) for a metric ton of propane by $180 to $580 per ton and by $220 to $600 per ton for butane while Sonatrach, Algeria’s state-owned oil producer, has lowered July OSPs for propane by $57/ton to $518 and and for butane by $10/ton to $600, according to Reuters reporting on Wednesday.…