They've been debunked. Repeatedly. But like zombies in a horror movie, these oil market myths just won’t stay dead. From campaign slogans to cocktail party arguments, here's what the data really says. 1) The U.S. is Energy Independent  Energy independence has been a key slogan in the campaigns and presidential terms of President Donald Trump. Make America Great Again and Make the US Energy Independent have often been tied into one pledge or claim.    Fact: While the U.S. became a net petroleum exporter in 2020 for the…

It remains important for energy traders to closely monitor the Strait of Hormuz and other key critical maritime chokepoints in the region (recall Red Sea events last week, given persistent geopolitical tensions involving Iran and Israel.  Tehran retains a diverse toolkit—both asymmetric and conventional—for disrupting tanker traffic through the Strait of Hormuz. These methods include naval mine deployment, anti-ship missile and drone launches, fast-attack craft swarms, and the seizure of vessels transiting the critical waterway…

Via Metal Miner   Both China and India are now jostling for exploration and mining rights across the African continent. Over the last decade, China has rapidly expanded its presence in Africa’s growing copper market, securing critical mineral supplies to fuel its green energy ambitions. With copper demand surging globally due to the growth of electric vehicles, renewable energy, and digital infrastructure, Beijing has intensified its investments across Zambia, the Democratic Republic of the Congo and Botswana.  Now it seems that…

Chevron has effectively reached its long-term production goal of 1 million barrels of oil equivalent per day (boe/d) in the Permian Basin—and from here, it’s shifting gears. According to Bruce Niemeyer, president of Chevron’s shale business, the company now plans to hold production steady through 2040 while cutting rigs and frack crews—locking in $5 billion in annual free cash flow by 2027. That number isn’t just aspirational. Chevron has already reduced its rig count from 13 to 9 and cut frack crews from 4 to 3 this…

Chevron has effectively reached its long-term production goal of 1 million barrels of oil equivalent per day (boe/d) in the Permian Basin—and from here, it’s shifting gears. According to Bruce Niemeyer, president of Chevron’s shale business, the company now plans to hold production steady through 2040 while cutting rigs and frack crews—locking in $5 billion in annual free cash flow by 2027. That number isn’t just aspirational. Chevron has already reduced its rig count from 13 to 9 and cut frack crews from 4 to 3 this…

Chevron has effectively reached its long-term production goal of 1 million barrels of oil equivalent per day (boe/d) in the Permian Basin—and from here, it’s shifting gears. According to Bruce Niemeyer, president of Chevron’s shale business, the company now plans to hold production steady through 2040 while cutting rigs and frack crews—locking in $5 billion in annual free cash flow by 2027. That number isn’t just aspirational. Chevron has already reduced its rig count from 13 to 9 and cut frack crews from 4 to 3 this…

A long-anticipated deal just became a market signal: BlackRock’s Global Infrastructure Partners is preparing to buy 49.99% of Eni’s carbon capture arm at a valuation of around €1 billion ($1.2 billion), according to sources familiar with the negotiations. That figure, revealed for the first time this week, isn’t just a price tag—it’s a fresh marker for how the world’s largest asset manager sees the future of decarbonization infrastructure. In a sector still viewed with skepticism over costs and scalability,…

A long-anticipated deal just became a market signal: BlackRock’s Global Infrastructure Partners is preparing to buy 49.99% of Eni’s carbon capture arm at a valuation of around €1 billion ($1.2 billion), according to sources familiar with the negotiations. That figure, revealed for the first time this week, isn’t just a price tag—it’s a fresh marker for how the world’s largest asset manager sees the future of decarbonization infrastructure. In a sector still viewed with skepticism over costs and scalability,…

The European Commission has put forward its vision for the next long-term (2028-2034) European Union budget -- a record-high 2-trillion-euro ($2.3 trillion) framework, with a doubling of funds for both Ukraine and EU foreign policy in general, and a fivefold increase in defense-related investment. It is worth remembering that the July 16 proposal is just the opening shot in a battle that will consume Brussels for the next two years. All 27 EU member states, which provide the vast majority of the cash through national contributions linked to their…

Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, is considering the construction of a new refinery with a capacity of between 200,000 barrels per day and 240,000 bpd, a source from the company told Reuters on Thursday.  ONGC has undertaken a pre-feasibility study on the refinery project, which is planned to be set up at the coastal city of Jamnagar in the western Indian state Gujarat, according to the source.  Jamnagar also hosts the huge refinery complex…

Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, is considering the construction of a new refinery with a capacity of between 200,000 barrels per day and 240,000 bpd, a source from the company told Reuters on Thursday.  ONGC has undertaken a pre-feasibility study on the refinery project, which is planned to be set up at the coastal city of Jamnagar in the western Indian state Gujarat, according to the source.  Jamnagar also hosts the huge refinery complex…

After the recent attacks by Israel and the United States, Iran will likely upgrade its conventional defensive and offensive capabilities with China’s help. Despite the well-publicized Iran–China 25-year Comprehensive Strategic Partnership, Chinese officials, including Foreign Minister Wang Yi, temporized by criticizing Israel’s actions and expressing concern over regional instability; President Xi Jinping urged both sides to cease hostilities and proposed a four-point peace framework, avoiding direct blame on Israel. China maintained…

Under the Biden administration, the United States made strides in its green transition, supported by policies such as the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law (BIL). The U.S. renewable energy capacity increased significantly, and a long-term shift away from coal was in the works. However, since President Trump came into office, his administration has begun to undo much of the green progress made over the last four years and is once again looking to coal to meet the domestic power demand. Coal is widely considered…

India is not concerned about President Trump’s threat to crack down on Russia’s oil exports and slap secondary sanctions or tariffs on buyers of Russian crude if no peace deal on Ukraine is reached in 50 days.  “I'm not worried at all. If something happens, we'll deal with it,” India’s Petroleum and Natural Gas Minister, Hardeep Singh Puri, said at an industry event in New Delhi on Thursday.   Since the Russian invasion of Ukraine and the bans on Russian oil in the West, India has become a key buyer…

It’s a quintessentially Canadian story. As other countries build infrastructure to support their burgeoning economies and the transition to clean energy, Canada’s push to “go big” on major energy and mining projects is being held up by local First Nations who claim that Bill C-5 violates their constitutional rights.  Also known as the “one Canadian economy act” because it aims to reduce interprovincial trade barriers, C-5 was recently passed by the House of Commons and the Senate. It became law on June 26th. …

The years of very rapid growth in U.S. crude oil production are behind us, in large part due to the maturing of the biggest growth engine, the Permian, according to Goldman Sachs.  The investment bank expects declines in America’s crude oil output for this year and next because of the lower oil prices, Daan Struyven, oil research head at Goldman Sachs, told Bloomberg TV in an interview on Thursday.   U.S. shale producers are the most reactive to oil price changes and they are typically quick to follow the price trends. Lower…

Syrian interim President Ahmad al-Sharaa’s visit to Baku last weekend highlighted a dramatic shift in regional alliances, prompting a mix of concern, suspicion, and strategic recalculation across Iranian media. Official statements following Sharaa’s meeting with President Ilham Aliyev emphasized a new era in Syrian-Azerbaijani relations. Both leaders acknowledged past stagnation, directly blaming ousted President Bashar al-Assad’s “unfriendly policy” and pledged to restore and deepen cooperation. Notably, the visit…

Oil prices rose early on Thursday amid signs that inventories are low in the peak summer demand season and resurfacing geopolitical concerns in the Middle East. As of 8:33 a.m. EDT on Thursday, the U.S. benchmark, WTI Crude, was up by 0.98% at $67.01 per barrel. The international benchmark, Brent Crude, was trading at $68.88, up by 0.53% on the day. Tight markets and falling U.S. crude oil inventories supported oil prices early on Thursday, despite the volatility caused by the uncertainty about the U.S. tariffs and trade deals and the pace of global…

From pioneering technologies that shattered geological limits to building empires that outmuscled governments, these oil titans didn’t follow the energy industry — they dragged it behind them. Some were wildcatters with nothing but a hunch and a homemade rig. Others were empire-builders who transformed family fortunes into multinational juggernauts. All of them left the oil patch a very different place than they found it. Here’s a look at the people who didn’t just strike it rich — they struck history.   1. The…

China’s oil demand growth is not what it used to be. Over the past year, consumption of the road transportation fuels – gasoline and diesel – has been trailing the levels from just two years ago, when China was emerging from nearly three years of Covid-related lockdowns. That’s not only because of the pent-up demand back in 2023. A large part of the lower gasoline and diesel demand is due to the soaring sales of electric passenger cars and trucks and LNG-fueled heavy-duty vehicles. Despite the apparent peak in China’s…