Angola has made a major natural gas discovery, marking a breakthrough in the country’s efforts to diversify its fossil fuel production. Azule Energy, a joint venture between BP Plc (NYSE:BP), Eni S.p.A. (NYSE:E) and a group of Angolan companies successfully drilled the country's first dedicated gas exploration well in the Lower Congo Basin, with preliminary estimates suggesting the reserve holds more than 1 trillion cubic feet of natural gas and up to 100 million barrels of condensates. This is the first natural gas exploration by the former…

As Russia remains preoccupied with its war in Ukraine, its influence is weakening along its southern border, particularly in Armenia and Azerbaijan. This power shift is opening the door for other players, including Turkey, the European Union, and the United States, to expand their presence in the region, analysts told RFE/RL. On July 10, Armenian Prime Minister Nikol Pashinian and Azerbaijani President Ilham Aliyev met in Abu Dhabi to discuss a potential peace deal, notably without any mediators -- including Russia. Although no breakthrough was…

U.S. shale drillers are scaling back as crude prices drift into the red zone for profitability, according to Quantum Capital Group’s Dwight Scott. With West Texas Intermediate (WTI) hovering near $65, private operators are seeing diminishing returns on new drilling activity. “In the mid-$60s, you get dangerously close to where oil prices don’t really drive appropriate returns for new drilling,” Scott said in a Bloomberg TV interview on Wednesday. WTI has dropped 8% since the start of the year and sat at $65.82 on Wednesday.…

U.S. shale drillers are scaling back as crude prices drift into the red zone for profitability, according to Quantum Capital Group’s Dwight Scott. With West Texas Intermediate (WTI) hovering near $65, private operators are seeing diminishing returns on new drilling activity. “In the mid-$60s, you get dangerously close to where oil prices don’t really drive appropriate returns for new drilling,” Scott said in a Bloomberg TV interview on Wednesday. WTI has dropped 8% since the start of the year and sat at $65.82 on Wednesday.…

Publicly, Beijing has presented itself as a neutral party in the war sparked by Russia's full-scale invasion of Ukraine, claiming it respects the territorial integrity of Ukraine while also highlighting the need to address Russia's security concerns. But behind the scenes, that may be changing. According to EU officials speaking to RFE/RL on condition of anonymity, Chinese Foreign Minister Wang Yi told EU foreign policy chief Kaja Kallas last week that Beijing couldn't accept Russia's defeat in the war as it would free up Washington to focus on…

The International Monetary Fund is upbeat on Uzbekistan’s economic liberalization drive but cautions that much remains to be reformed before Tashkent can realize its goal of qualifying for World Trade Organization membership. Since Shavkat Mirziyoyev assumed the presidency in 2016, Uzbekistan has averaged 5.7 percent GDP growth annually, while achieving year-on-year employment growth of about 3.6 percent, the IMF states in its latest country report for Uzbekistan. The growth rate is projected to hover around 6 percent over the next few years.…

For years, Mexico has been exploiting its vast oil reserves to meet its energy needs and boost its export revenues. During this time, several governments largely overlooked the country’s renewable energy potential. Many regions of Mexico experience abundant sunlight throughout the year, while the north of the country has high levels of wind. However, to date, its renewable energy sector is somewhat underdeveloped. Despite having expanded its renewable energy capacity in recent years, Mexico still relies heavily on fossil fuels. However, greater…

India’s romance with cheap Russian oil is cooling—just a touch. Russian crude imports into India crept up 1% in the first half of 2025, totaling about 1.75 million barrels per day. That’s hardly a surge, considering the price allure that first pulled India deeper into Moscow’s oil orbit after the 2022 Ukraine invasion. And while Russia still holds the top supplier spot—accounting for 35% of India’s crude inflows—the real story isn’t the volumes. It’s the shrinking advantage. The discount on…

Via Metal Miner The Aluminum Monthly Metals Index (MMI) remained sideways with an upside bias. Overall, the index rose 1.99% from June to July as aluminum prices slowed their ascent. Track other MetalMiner monthly indexes here, and compare how the overall industrial metal market is performing. Midwest Premium Returns to the Upside Stabilization proved temporary for aluminum’s Midwest Premium. After finding a peak in early June followed by a modest decline, the premium returned to the upside. By early July, it managed to surpass its previous…

Researchers from three respectable universities (Durham, Oxford, and Toronto) just issued a paper that lays out a guide to exploring for underground hydrogen deposits and also claims that the planet’s reserves, theoretically, could supply all energy needs for so many years that you would write off the number as delusional hyperbole if we repeated it. (See Ballentine, et. al.“Natural hydrogen resource accumulation in the continental crust”, Nature Reviews Earth & Environment). We don’t know if the professors are right,…

TotalEnergies expects lower earnings in its upstream and LNG divisions for the second quarter amid a drop in oil, natural gas, and LNG prices compared to early this year and the same time last year.   In an update note ahead of the Q2 results due out on July 24, the French supermajor said that its exploration and production earnings are expected to reflect the $7 per barrel decline in oil prices in the second quarter compared to the first quarter.  Brent Crude prices averaged $67.90 per barrel in Q2, down from an average of $75.70…

TotalEnergies expects lower earnings in its upstream and LNG divisions for the second quarter amid a drop in oil, natural gas, and LNG prices compared to early this year and the same time last year.   In an update note ahead of the Q2 results due out on July 24, the French supermajor said that its exploration and production earnings are expected to reflect the $7 per barrel decline in oil prices in the second quarter compared to the first quarter.  Brent Crude prices averaged $67.90 per barrel in Q2, down from an average of $75.70…

Crude oil inventories in the United States decreased by 3.9 million barrels during the week ending July 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 422.2 million barrels according to government data, which is still 8% below the five-year average for this time of year. The EIA’s data release follows a rocky Tuesday after conflicting API inventory data shook oil bulls to their core, with initial reports on X suggesting that crude oil inventories…

The UK government has reintroduced grants for electric vehicles (EVs) in a bid to boost lagging consumer demand, but industry insiders warn that most buyers may be left behind. Unveiled late last week, the new electric car grant will offer up to £3,750 off the price of a new EV, targeting models priced under £37,000 and meeting strict environmental production standards. Backed by £650m in public funding, the grant aims to accelerate the adoption of electric vehicles ahead of key net-zero deadlines and regulatory targets facing…

The UK government has reintroduced grants for electric vehicles (EVs) in a bid to boost lagging consumer demand, but industry insiders warn that most buyers may be left behind. Unveiled late last week, the new electric car grant will offer up to £3,750 off the price of a new EV, targeting models priced under £37,000 and meeting strict environmental production standards. Backed by £650m in public funding, the grant aims to accelerate the adoption of electric vehicles ahead of key net-zero deadlines and regulatory targets facing…

The UK government has reintroduced grants for electric vehicles (EVs) in a bid to boost lagging consumer demand, but industry insiders warn that most buyers may be left behind. Unveiled late last week, the new electric car grant will offer up to £3,750 off the price of a new EV, targeting models priced under £37,000 and meeting strict environmental production standards. Backed by £650m in public funding, the grant aims to accelerate the adoption of electric vehicles ahead of key net-zero deadlines and regulatory targets facing…

The UK government has reintroduced grants for electric vehicles (EVs) in a bid to boost lagging consumer demand, but industry insiders warn that most buyers may be left behind. Unveiled late last week, the new electric car grant will offer up to £3,750 off the price of a new EV, targeting models priced under £37,000 and meeting strict environmental production standards. Backed by £650m in public funding, the grant aims to accelerate the adoption of electric vehicles ahead of key net-zero deadlines and regulatory targets facing…

The United States could abandon the International Energy Agency (IEA) if the organization, created in the aftermath of the 1970s Arab oil embargo, doesn’t return to forecasting energy demand without strongly promoting green energy. “We will do one of two things: we will reform the way the IEA operates or we will withdraw,” U.S. Energy Secretary Chris Wright has told Bloomberg in an interview. “My strong preference is to reform it,” Secretary Wright added. The official echoes voices in the U.S. Republican party that…

Slovakia would drop its veto on the EU’s new sanctions against Russia if it receives an exemption to continue importing Russian pipeline gas for nearly another decade, Slovakia’s Prime Minister Robert Fico says, as the European Union is struggling to reach a unanimous vote on the 18th sanctions package against Russia. Earlier this week, the EU failed to approve the package, which is set to include a floating oil price cap for Russia’s crude and a ban on the use of Nord Stream infrastructure, due to Slovakia’s veto. The ball…

Amid heated debates about how quickly and at what cost the world could reach net-zero emissions during constant geopolitical shifts and market turbulence, several oil-producing nations are doubling down on oil and their role in global crude supply. From the Middle East to Africa, South America, and even Europe, these are seven large or aspiring producers who are looking to boost their production in the coming years, with some also working on raising their oil production capacities. The UAE The United Arab Emirates (UAE), one of OPEC’s top…