The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 5.267 million barrels in the week ending October 30. In the week prior, US crude oil inventories fell by a staggering 2.031 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 64 million barrels over the last 29 weeks, and 12 million over this year, according to API data, which has been kept in check in part thanks to draws from the SPR. For the week ending October 30, 400,000 barrels of crude oil left the…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 5.267 million barrels in the week ending October 30. In the week prior, US crude oil inventories fell by a staggering 2.031 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 64 million barrels over the last 29 weeks, and 12 million over this year, according to API data, which has been kept in check in part thanks to draws from the SPR. For the week ending October 30, 400,000 barrels of crude oil left the…

Africa needs $200 billion in annual energy investment, according to the Independent Petroleum Producers Group (IPPG). Around 600 million people across Africa lack access to electricity, a problem that could quickly intensify as sub-Saharan Africa rapidly grows, develops, and industrializes. The region’s energy demand is expected to increase threefold over the next decade, as emerging economies develop and the population continues to boom. But Western investors are pulling out of the continent right when funding is most needed. To fill this…

Canada’s proposed associate membership with the European Union is a first-of-its-kind political and economic partnership announced by Prime Minister Mark Carney and EU leaders during the October 2026 Canada-EU Summit in Montreal. The arrangement creates a multi-layered tie that goes well beyond a standard free-trade agreement (like CETA), while stopping short of full EU membership. The push is driven largely by a need to reduce economic and strategic reliance on the United States amid ongoing trade tensions, tariff disputes, and political…

Fresh reporting in Middle East regional outlets suggests a major escalation in Houthi attacks on Saudi Arabia. While drones and missiles have been launched on Saudi territory almost daily since September, a new report says that Houthi militants are actually conducting ground force incursions. In a development that's been largely unreported, "The Houthis have launched multiple cross-border raids into Saudi Arabia in recent months, in an expansion of the conflict beyond Yemen, a Western and Arab official with direct knowledge of the raids told Middle…

The world’s largest listed oil company, Saudi Aramco, is again in the spotlight. The company’s results, released on 3 November, clearly offer an uncomfortable lesson in wartime economics. Yes, an oil company can post higher profits even as its physical operating position deteriorates. Higher prices can counter lost production; exceptional accounting gains can lift headline earnings. Still, none of these proves the underlying business is secure. Aramco reported third-quarter net income of $36.25 billion, up 34.5% year-on-year. However,…

Oilfield services companies are paying as much as three times their usual logistics costs in the Middle East, with fuel expenses doubling and labor costs climbing by as much as 40%, as the Iran war continues to disrupt equipment deliveries and project operations. Executives speaking Tuesday at the ADIPEC energy conference in Abu Dhabi described mounting financial pressure from the nine-month conflict, which has damaged infrastructure, forced employee evacuations, and made moving equipment through the Strait of Hormuz increasingly difficult. Alessandro…

Oilfield services companies are paying as much as three times their usual logistics costs in the Middle East, with fuel expenses doubling and labor costs climbing by as much as 40%, as the Iran war continues to disrupt equipment deliveries and project operations. Executives speaking Tuesday at the ADIPEC energy conference in Abu Dhabi described mounting financial pressure from the nine-month conflict, which has damaged infrastructure, forced employee evacuations, and made moving equipment through the Strait of Hormuz increasingly difficult. Alessandro…

Oilfield services companies are paying as much as three times their usual logistics costs in the Middle East, with fuel expenses doubling and labor costs climbing by as much as 40%, as the Iran war continues to disrupt equipment deliveries and project operations. Executives speaking Tuesday at the ADIPEC energy conference in Abu Dhabi described mounting financial pressure from the nine-month conflict, which has damaged infrastructure, forced employee evacuations, and made moving equipment through the Strait of Hormuz increasingly difficult. Alessandro…

With the election settled, the presidency continuing for four more years and a newly elected Congress taking office in February, Brazil’s data center policy now hinges on execution, requiring tight coordination between parliament and the executive branch. Most clean tech policies can advance through decrees and agency rules, but data centers are an exception: Unlocking hyperscale investment requires Congress and the executive branch to align statutory tax incentive deadlines with regulatory definitions that are still to be written.At the…

The United States and Iran could reach some form of a limited agreement by the middle of 2027, which would allow oil flows from the Strait of Hormuz to continue to gradually recover, but fundamental differences will remain, and the Middle East situation will remain far from normal next year, according to Rystad Energy. “Achieving a comprehensive settlement would require addressing issues related to Iran’s nuclear program, sanctions, Tehran-backed armed groups in the region, and the security of maritime shipping, while also taking into…

The United States and Iran could reach some form of a limited agreement by the middle of 2027, which would allow oil flows from the Strait of Hormuz to continue to gradually recover, but fundamental differences will remain, and the Middle East situation will remain far from normal next year, according to Rystad Energy. “Achieving a comprehensive settlement would require addressing issues related to Iran’s nuclear program, sanctions, Tehran-backed armed groups in the region, and the security of maritime shipping, while also taking into…

Energy company Drax has unveiled plans to build a new data centre at the site of its North Yorkshire power plant, which uses wood as fuel. The FTSE 250 firm’s biomass plant is predominantly powered by wood pellets, but also uses straw and sunflower pellets. The company said it intends to use surplus energy capacity at the plant to power the new facility, in a new partnership with AI infrastructure business Radiant. Drax said it hoped the total capacity of the data centre would exceed one gigawatt, with the first phase to deliver up to 100…

Brent slipped below $105 this morning following a flurry of headlines suggesting growing momentum in U.S.-Iran peace talks, only for Tehran to subsequently dismiss the reports. US Midterms Give Oil Markets a Brief Diplomatic Reprieve - The steep backwardation seen across global crude oil benchmarks has started to flatten as markets sought to digest news of Qatar-mediated talks between the US and Iran, with Dubai M1-M3 structure nearing zero this week.     - As the Dubai cash-to-futures spread is routinely used to set Middle Eastern…

The global gas market could remain tight well into next year as Europe enters the heating season with the lowest levels of gas in storage in over a decade, the International Energy Agency (IEA) said in a new report on Tuesday.  Despite the strengthened interconnectivity of the various regional gas markets in recent years, thanks to expanded spot trading and a higher number of destination-flexible LNG cargoes, the Strait of Hormuz crisis has seriously affected gas markets in Europe and Asia, according to the IEA’s Global Gas Security…

The global gas market could remain tight well into next year as Europe enters the heating season with the lowest levels of gas in storage in over a decade, the International Energy Agency (IEA) said in a new report on Tuesday.  Despite the strengthened interconnectivity of the various regional gas markets in recent years, thanks to expanded spot trading and a higher number of destination-flexible LNG cargoes, the Strait of Hormuz crisis has seriously affected gas markets in Europe and Asia, according to the IEA’s Global Gas Security…

Brent crude plunged more than $6 per barrel Tuesday morning, falling from $107.24 to $100.80 before recovering to around $104 shortly after 10 a.m. Eastern, as traders reacted to a succession of conflicting reports about U.S.-Iran peace negotiations. The selloff followed Monday's 7.6% decline, which left Brent at $104.77. Prices initially rebounded overnight after reports of U.S. strikes on Iran's Qeshm Island, near the Strait of Hormuz, before reversing sharply Tuesday morning. The first abrupt decline began moments before a Bloomberg-attributed…

Brent crude plunged more than $6 per barrel Tuesday morning, falling from $107.24 to $100.80 before recovering to around $104 shortly after 10 a.m. Eastern, as traders reacted to a succession of conflicting reports about U.S.-Iran peace negotiations. The selloff followed Monday's 7.6% decline, which left Brent at $104.77. Prices initially rebounded overnight after reports of U.S. strikes on Iran's Qeshm Island, near the Strait of Hormuz, before reversing sharply Tuesday morning. The first abrupt decline began moments before a Bloomberg-attributed…

The United States struck Iran's strategic Qeshm Island on November 2, US officials confirmed, in the latest in a series of previously undisclosed military operations against Iran that have continued even as President Donald Trump plays down the prospect of renewed large-scale fighting. The strikes come just hours before the November 3 US midterm elections and follow a shift in Trump’s public rhetoric. After weeks of warning that Washington could resume a major military campaign against Tehran after the vote, the president ruled out an immediate…

“The biggest oil deal in world history” between the Trump Administration and North American Blue Energy Partners may not live up to the hype as the privately held and previously little-known company could face steep challenges in developing Venezuela’s huge oil resources, Reuters reported, citing more than a dozen oil workers, contractors, and experts from the industry. Following the capture of Nicolas Maduro by U.S. forces in January, the U.S.-backed interim Venezuelan government has made changes to the legal, regulatory, and…