There is a lot more than meets the eye to a series of meetings by U.S. and European firms recently to talk to Iraq’s leadership about opportunities in the liquefied natural gas (LNG) sector. Since Russia invaded Ukraine in 2022, LNG has become the world’s emergency energy source, as unlike pipelined gas or oil, it can be secured and shipped very quickly to wherever it is needed. Iraq does not have an LNG sector to speak of, but it is now planning to build   its first LNG import terminal at Khor Al-Zubair port, with a second…

Two drastically different trends in energy careers are taking place on either side of the Atlantic Ocean. While the Trump administration pulls back billions of dollars in clean energy funding and seeks to prop up coal careers, the United Kingdom is rolling out a plan to add 400,000 clean energy jobs to the national economy. Just this week Edward Miliband, the Secretary of State for Energy and Climate Change of the United Kingdom, announced a national plan to train hundreds of thousands of plumbers, electricians, carpenters, welders, HVAC installers,…

Oil prices jumped ~3.5% in afternoon trading, extending gains to the highest levels in nearly three weeks as traders reacted to reports that Washington is weighing new sanctions on Russian energy exports and to a surprise draw in U.S. crude inventories. Live market data show Brent crude trading around $63.40 a barrel, up 3.39%, as of Wednesday at 4:39 p.m. ET, and West Texas Intermediate (WTI) trading at $59.30, up roughly 3.60%. The late-session rally accelerated after reports that the U.S. administration is considering expanded restrictions on…

Oil prices jumped ~3.5% in afternoon trading, extending gains to the highest levels in nearly three weeks as traders reacted to reports that Washington is weighing new sanctions on Russian energy exports and to a surprise draw in U.S. crude inventories. Live market data show Brent crude trading around $63.40 a barrel, up 3.39%, as of Wednesday at 4:39 p.m. ET, and West Texas Intermediate (WTI) trading at $59.30, up roughly 3.60%. The late-session rally accelerated after reports that the U.S. administration is considering expanded restrictions on…

Mergers and acquisitions in the U.S. upstream oil and gas sector fell for a third straight quarter, marking an end to blockbuster takeovers seen in recent years amid persistently low energy prices. According to Enverus Intelligence Research, deals worth $9.7 billion were closed in the third quarter, marking a 28% drop from the second quarter and putting the current year far below the record $192 billion recorded in 2023. U.S. crude futures averaged ~ $65 a barrel during the third quarter, around the level most U.S. oil producers require to break…

The International Maritime Organization (IMO) has decided to postpone the adoption of its Net-Zero Framework (NZF) for another year. This delay, while creating additional uncertainty, warrant careful examination of the proposed mechanisms. Prior to the IMO MEPC meeting, in-depth research by Rystad Energy 's maritime decarbonization specialists revealed critical gaps in the current NZF that would to be addressed to ensure an equitable and sustainable transition for the global shipping industry. The delay will now give member states time to refine…

Mergers and acquisitions in the U.S. upstream oil and gas sector fell for a third straight quarter, marking an end to blockbuster takeovers seen in recent years amid persistently low energy prices. According to Enverus Intelligence Research, deals worth $9.7 billion were closed in the third quarter, marking a 28% drop from the second quarter and putting the current year far below the record $192 billion recorded in 2023. U.S. crude futures averaged ~ $65 a barrel during the third quarter, around the level most U.S. oil producers require to break…

We think the concept of the Small Modular Reactor (SMR) as a solution to many of our future energy needs is in the midst of a major bubble or hype cycle.  Think of the latter as an inverted “V”. In the up leg, investors feel great about prospects and profits, which are, they believe, soon on the way. In the down leg, investor disappointment sets in as earlier financial forecasts are seen as pure fiction, with reality being much worse. In a way, this is how free markets with imperfect information work. The question is: what triggers…

Major oil companies are drilling in East Texas again, but not for oil. This time, they're after lithium for batteries and other rare elements. Chevron and Halliburton announced East Texas projects this summer. Exxon has acreage across the border in Arkansas. Smackover Lithium, a joint venture of a Norwegian oil giant and a Canadian miner, announced in late September the discovery of the most lithium-rich fluids ever reported in North America, measured deep beneath its Texas claims in a massive brine deposit called the Smackover Formation. "It's…

Hungary will begin negotiations to purchase nuclear fuel from the United States as it looks to diversify its supplies, the country’s foreign Minister Peter Szijjarto told the country’s MI state news channel on Wednesday, noting that Budapest needs extra nuclear fuel to meet surging energy demand, and adding that the country would nonetheless continue buying Russian fuel. Currently, Hungary's Paks nuclear plant has four Russian-built VVER 440 reactors supplying a combined 2,000 megawatts, but could more than double that capacity with…

Hungary will begin negotiations to purchase nuclear fuel from the United States as it looks to diversify its supplies, the country’s foreign Minister Peter Szijjarto told the country’s MI state news channel on Wednesday, noting that Budapest needs extra nuclear fuel to meet surging energy demand, and adding that the country would nonetheless continue buying Russian fuel. Currently, Hungary's Paks nuclear plant has four Russian-built VVER 440 reactors supplying a combined 2,000 megawatts, but could more than double that capacity with…

The European Union's latest package of sanctions against Russia will list four companies, including a Chinese trading firm and two independent Chinese oil refineries, involved in oil trade that have continued to circumvent Western restrictions.  According to EU sanctions envoy David O'Sullivan, China still insists that it does “normal trade” with Russia, contrary to the view by the West that it plays a central role in helping Russia circumvent sanctions. The EU's 19th sanctions package is expected to be the most economically significant.…

The European Union's latest package of sanctions against Russia will list four companies, including a Chinese trading firm and two independent Chinese oil refineries, involved in oil trade that have continued to circumvent Western restrictions.  According to EU sanctions envoy David O'Sullivan, China still insists that it does “normal trade” with Russia, contrary to the view by the West that it plays a central role in helping Russia circumvent sanctions. The EU's 19th sanctions package is expected to be the most economically significant.…

In Afghanistan, to monitor a pipeline construction project, Turkmenistan’s paramount leader, Gurbanguly Berdymukhamedov, hailed improving bilateral relations with the Taliban government in Kabul, while giving a shout-out to the United States for fostering regional trade. “Relations between the Turkmen and Afghan peoples, which date back to ancient times, are significantly strengthened,” Berdymukhamedov said in an October 20 speech in the western Afghan city of Herat. He insisted that the pipeline project – dubbed TAPI, enabling…

The Global Precious Metals MMI (Monthly Metals Index) saw a sharp rise in price action, jumping by 14.44%. This comes as all four major precious metals prices spiked in early October. Gold recently notched all-time highs again, while silver briefly hit $54/oz before a steep pullback. Meanwhile, platinum and palladium are also near multi-year highs. The rush in precious metals prices has been fueled by several factors, including the government shutdown, trade-tariff worries and a slowing labor market, which is boosting safe?haven buying. What Drove…

China’s total oil product demand jumped by 416,000 barrels per day (bpd) in August from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.   The data compiled from reports submitted by the individual countries also showed that the increase in China’s crude oil imports was higher than the rise in reported total product demand, suggesting that the world’s top crude oil importer continued to send some of the imported crude volumes into strategic or commercial storage.  China’s…

China’s total oil product demand jumped by 416,000 barrels per day (bpd) in August from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.   The data compiled from reports submitted by the individual countries also showed that the increase in China’s crude oil imports was higher than the rise in reported total product demand, suggesting that the world’s top crude oil importer continued to send some of the imported crude volumes into strategic or commercial storage.  China’s…

Crude oil inventories in the United States decreased by 1 million barrels during the week ending October 17, after gaining 3.5 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 422.8 million barrels according to government data, which is still 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories…

Saudi Arabia’s crude oil exports surged by 413,000 barrels per day (bpd) in August, to the highest level in six months, as the world’s top crude exporter and the OPEC+ group accelerated the reversal of the production cuts.  Saudi Arabia’s crude oil production also soared in August, by 521,000 bpd from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.  Refinery runs in Saudi Arabia fell by 76,000 bpd month-on-month in August, freeing even more barrels for exports.  To meet…

EU leaders will task the European Commission on October 23 with drawing up a legal proposal to leverage 176 billion euros ($204 billion) of frozen Russian state assets for a loan to Ukraine -- a move that could cover most of Kyiv’s financial needs for the next three years. European diplomats who spoke with RFE/RL believe there is a chance the whole scheme can be agreed upon by the end of this year and that it would help fill the shortfall expected if the United States is no longer willing to finance Kyiv to the same extent as before. The…