On July 31 and August 1, hundreds of officials and politicians will gather in Finland to celebrate the 50th anniversary of the Helsinki Final Act. That agreement was something of a high-water mark of the Cold War detente, with 35 countries -- including the Soviet Union and United States -- agreeing on numerous principles after two years of talks known as the Conference on Security and Cooperation in Europe (CSCE). This would shape the geopolitical architecture of the wider European continent and laid the foundation for what became the Organization…

Low oil prices may be squeezing U.S. shale producers, but Interior Secretary Doug Burgum isn’t worried. In a new interview with The National’s Hadley Gamble, Burgum predicted that skyrocketing demand from the tech sector—particularly AI data centers—will be the next great engine of growth for the American energy industry. “The tech guys are becoming the biggest customers in the world for energy,” Burgum told Gamble during On the Record. “And it will only get bigger.” As chairman of President Trump’s…

The state refiners in India have not purchased any crude from Russia this week after U.S. President Donald Trump threatened secondary tariffs on the buyers of Russian oil and as discounts of Moscow’s crudes narrowed to alternatives, industry sources with knowledge of the procurement plans told Reuters on Thursday.  Indian Oil Corporation Limited (IndianOil), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Mangalore Refinery and Petrochemicals Limited (MRPL) have not attempted to buy crude…

New Zealand reopens for oil and gas exploration after the country’s Parliament on Thursday voted to repeal a 2018 ban on offshore resource drilling.  Back in 2018, the center-left government of former Prime Minister Jacinda Ardern banned offshore oil and gas exploration to protect New Zealand from the effects of climate change and help it reach its net-zero goals.  The current coalition government has pushed for reversing the ban in a bid to strengthen New Zealand’s energy security and alleviate the cost of living crisis. …

New Zealand reopens for oil and gas exploration after the country’s Parliament on Thursday voted to repeal a 2018 ban on offshore resource drilling.  Back in 2018, the center-left government of former Prime Minister Jacinda Ardern banned offshore oil and gas exploration to protect New Zealand from the effects of climate change and help it reach its net-zero goals.  The current coalition government has pushed for reversing the ban in a bid to strengthen New Zealand’s energy security and alleviate the cost of living crisis. …

Keith Kellogg, Trump's special envoy to Russia and Ukraine, has freshly warned in newly published comments that oil sanctions will have a serious and hard-hitting economic impact if properly enforced - though they haven't been up till now, he suggested. His prediction comes after President Trump's announcement early this week that he would shorten Russia’s deadline to negotiate an end to the war in Ukraine down to ten days from the previous 50. "We haven’t really applied full pressure on the oil sector yet," Kellogg said on The Record…

Rising prices of Middle Eastern crudes have opened the arbitrage window for West Texas Intermediate (WTI) to flow to Asia, which is set to buy higher volumes of the U.S. crude grade in the coming weeks, trade sources have told Reuters.    Key grades from the Middle East, such as Dubai and Murban, have seen their prices rise in recent weeks on the back of strong demand for high-sulfur crude in Asia and reduced shipments of Murban. Moreover, the prices for Middle Eastern crudes going to Asia have jumped this week amid concerns that…

Rising prices of Middle Eastern crudes have opened the arbitrage window for West Texas Intermediate (WTI) to flow to Asia, which is set to buy higher volumes of the U.S. crude grade in the coming weeks, trade sources have told Reuters.    Key grades from the Middle East, such as Dubai and Murban, have seen their prices rise in recent weeks on the back of strong demand for high-sulfur crude in Asia and reduced shipments of Murban. Moreover, the prices for Middle Eastern crudes going to Asia have jumped this week amid concerns that…

Shell (NYSE: SHEL) posted better-than-expected earnings for the second quarter, as reduced expenses and higher marketing margins partly offset lower oil and gas prices and weaker trading results. Shell on Thursday reported adjusted earnings of $4.26 billion for the second quarter, down by 24% from the first quarter and down 32% from a year earlier. Still, the earnings beat the analyst consensus estimate of about $3.7 billion.   Following the results release, Shell’s shares popped 3% at the start of trade in London on Thursday. …

Oil prices traded flat on Thursday in Asian markets, holding on to gains from earlier in the week as traders continued to weigh intensifying geopolitical risks and new tariff deals that could reshape global crude flows. As of Thursday morning in Asia, WTI crude had dipped to $69.99 per barrel and Brent crude was trading at $73.10 per barrel. Though slightly lower on the day, both benchmarks have risen approximately 7% this week, underpinned by rising concern over supply constraints stemming from new U.S. sanctions and trade policies. This…

President Trump announced a deal that imposes a 15% tariff on imports from South Korea, a move that averts a steeper 25% levy originally threatened by Washington. The agreement, unveiled two days before the August 1 deadline for countries to strike bilateral deals, is similar to those accepted by the EU and Japan. Most significantly for energy markets, South Korea committed to purchasing $100 billion worth of U.S. liquefied natural gas and other energy exports, a move hailed by Trump as a win for American workers and energy producers. Speaking…

Crude oil futures have jumped to the highest levels in six weeks after U.S. President Donald Trump ratcheted up threats to slap Russia with extra sanctions and tariffs unless it agrees to a ceasefire with Ukraine. Brent crude for September delivery gained 1.2% to trade at $73.34/barrel in Wednesday’s morning session, while WTI crude was up 1.5% to $70.24. Trump told reporters that he would give Russia 10 more days to negotiate a truce with Ukraine, extending his earlier deadline to August 3 from July 14. Trump says he is not concerned about…

China’s undisputed leadership in electric vehicle sales and renewable energy expansion has come at a cost for numerous companies that have been running a race to the bottom in recent years. The surge in EVs and solar and wind power installations has resulted in excessive manufacturing capacity in these key clean energy industries, igniting price wars that have hurt most companies in the cleantech sector, including the biggest solar panel manufacturers.   Chinese authorities realized last year that cutthroat competition, overcapacity,…

In recent years, growing alarm has surrounded the narrative of Europe’s alleged deindustrialization. Headlines speak of factory closures, declining production in key sectors, and a continent losing its industrial edge. Germany, once the bastion of manufacturing prowess, has seen a net loss of hundreds of thousands of industrial jobs. Energy-intensive sectors such as steel, chemicals, and basic materials appear to be in retreat, squeezed by rising costs and global competition. Yet, a deeper look into the data and expert analysis reveals a…

As data centers place more and more demand on global power grids, policy and economic priorities are shifting from creating more clean energy to creating more energy, period. Projected clean energy additions are simply not enough to meet the runaway demand of the global tech sector, meaning that climate goals could be at risk.  The proliferation of artificial intelligence is causing massive increases in energy demand from data centers, and the areas that host them are struggling to keep up. A 2024 study from scientists at Cornell University…

Ecuador’s oil production has plunged to multi-year lows after heavy rains and erosion caused the shutdown of the two largest crude pipelines, potentially costing the country as much as $300 million in lost revenue. On 2 July, Ecuador’s national oil company EP Petroecuador declared force majeure on the operations of the Sistema de Oleoducto Transecuatoriano (SOTE) and the Oleoducto de Crudos Pesados (OCP) pipelines, in an effort to safeguard critical infrastructure. The SOTE pipeline was shut down the same day due to heavy rainfall,…

For decades, Colombia’s national government ignored transgressions involving the strife-torn country’s oil industry. A drill-at-all-costs mentality saw successive administrations, from the late-1980s, aggressively drive exploitation of Colombia’s hydrocarbon resources to boost the war-ravaged economy regardless of the fallout. This saw Bogota ignore a multitude of human rights abuses, severe environmental damage, and violent incidents which rocked the strife-torn nation. Even Colombia’s first leftist President Gustavo Petro,…

Traders shouldn’t bet too much on rallying oil prices despite President Trump’s shortened deadline for Russia to reach peace with Ukraine or face sanctions, Barclays says. “President Trump’s patience with Russia seems to be wearing thin, and oil markets have reacted somewhat to the prospect of a potential supply disruption,” the UK-based investment bank wrote in a note on Wednesday, as carried by Investing.com. However, the upside is likely to be limited due to several considerations, including President Trump’s…

Traders shouldn’t bet too much on rallying oil prices despite President Trump’s shortened deadline for Russia to reach peace with Ukraine or face sanctions, Barclays says. “President Trump’s patience with Russia seems to be wearing thin, and oil markets have reacted somewhat to the prospect of a potential supply disruption,” the UK-based investment bank wrote in a note on Wednesday, as carried by Investing.com. However, the upside is likely to be limited due to several considerations, including President Trump’s…

A war of words has erupted between energy providers after an Octopus Energy advert was banned for claiming that households could have a heat pump installed for as little as £500. The Advertising Standards Authority (ASA) upheld a complaint against the Greg Jackson-run energy giant, ruling that not enough customers were eligible for the £500 offer for Octopus to be able to promote the price. Under Competition and Markets Authority guidance, advertisements containing ‘from’ offers should reflect the price that “a significant…