After coming into office, the administration of President Donald Trump has eliminated licenses for oil companies to operate in Venezuela, despite initial hints that it would continue them, with presidential envoy Richard Grenell’s visits to Caracas. This means that sanctions on state-owned PDVSA are fully back on. Chevron, the main U.S. corporation on the ground, is back to having only a secret license for minimum maintenance and security, as it still a shareholder in four joint ventures. In the last few months, this has sparked a question.…

Israel's strikes against Iran's nuclear complex and military leadership have sent shock waves around the globe, raising fears of escalation and a wider war in the region. But the shock-and-awe campaign also reverberated in Moscow, where Russian President Vladimir Putin has positioned himself as a powerful interlocutor with Tehran. Russia's response to the strikes was swift and unequivocal. In a lengthy statement, the Foreign Ministry expressed its "utmost concern about the dangerous escalation of tensions in the Middle East" and accused Israel…

One non-fossil fuel energy source that Trump is backing is nuclear power. The U.S. President recently announced plans to quadruple the U.S. nuclear capacity by 2050. However, several challenges must be overcome to meet this target. Firstly, building a new nuclear plant can take a decade or more, meaning that operators would have to apply for permits for new projects now to get them up and running in the coming decades. In addition, the U.S. continues to rely heavily on Russia for its Uranium, despite having introduced heavy sanctions on the country’s…

Yesterday, in "What's Behind The Recent Surge In Platinum, And Will It Continue", we not only explained in detail what is going on both at the technical and fundamental level, but also answered in the affirmative and why - yes, it the surge will continue. One day later, the surge has indeed continued, and having decisively broken $1200 earlier this week, platinum spiked another $100, touching a session high of $1285, and is now just dollars away from the post-covid high above $1300.  For some perspective on what comes next, we go to Goldman…

For years, automakers have been betting big on electric vehicles (EVs), as several governments attempt to phase out the sale of internal combustion engine (ICE) vehicles in favour of cleaner electric alternatives. As governments introduced financial incentives for EV uptake alongside emissions fees and eventual bans on ICE vehicles, automakers expected the sale of EVs to soar. However, due to a range of factors, EV sales are lower than they were expected in many parts of the world, with no sign of increasing significantly any time soon. This has…

As the global clean energy transition continues to accelerate, demand for critical minerals is heating up around the world. While the government tracks 50 of these materials that are essential to economic and national security goals, there is one clear frontrunner in the demand curve arms race: lithium. The “white gold” will see the fastest growth rate of any critical mineral, primarily driven by battery production for electric vehicles and energy storage.  In 2022, the International Renewable Energy Agency (IRENA) estimated that…

Kiggans and a nearly identical group of House Republicans wrote to their House colleagues last month seeking positive changes to the clean energy tax credit phaseout plan that came out of committee work on the reconciliation bill. Instead, the House-passed version of the bill imposes a faster phaseout timeline, including a repeal of tax credits for projects that don’t begin construction within 60 days of the bill’s enactment. The Republican lawmakers in support of IRA’s clean energy credits asked that the Senate alter that provision…

Brent crude surged more than 8% on Friday, peaking at a 13% intraday gain, after Iran launched a wave of missile strikes on Israel in retaliation for the Israeli Air Force’s targeted assault on Iranian nuclear and military infrastructure. The sudden escalation has jolted energy markets already grappling with rising geopolitical risk across the Middle East. The Iranian strike, described by Israeli officials as involving up to 150 ballistic missiles in two waves, targeted multiple sites across Israel according to the Jerusalem Post. While Israeli…

Following the disruption to the global rare earth supply chain after China’s export curbs, India is now looking at ways to keep its own rare earths at home. The government has asked state-owned minerals and metals mining enterprise IREL (India) Limited to halt a more than a decade-old supply agreement to export rare earth elements to Japan, Reuters reported on Friday, citing sources with knowledge of the development. But the idea to stop supply to Japan may not be immediately feasible because it is part of a bilateral government deal, one…

The US battery energy storage (BESS) market is booming across the country this year, coming off an already impressive growth streak in 2024. The rapid clip of expansion is partially due to falling battery manufacturing costs, with Rystad Energy predicting this trend to continue over the next five to seven years amid ongoing design improvements. While renewable energy investment faces policy headwinds as legislators weigh rolling back tax incentives for low-carbon energies, the grid-scale BESS market remains unscathed, for now. Rystad Energy estimates…

The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 4-rig decrease last week, and a 3-rig decrease the week before that. The total rig count in the US fell by 4 to 555 rigs, according to Baker Hughes, down 35 from this same time last year. The number of oil rigs fell by 3 to 439 after falling by  9 during the previous week—and down by 49 compared to this time last year. The number of gas rigs fell by 1 this week,…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Geopolitical risk rushed back into oil markets in style as Israel launched extensive strikes on Iran and boosted fears of a major regional conflict. Friday, June 13th, 2025 The geopolitical risk premium is back, with Israel’s strikes on Iran bringing ICE Brent futures to $75 per barrel in a world where OPEC+ continues to unwind its production cuts and global demand is decelerating due to Donald Trump’s tariff wars. Whilst oil infrastructure was not damaged in Israel’s strikes, the anticipation of Iran’s retaliation…

Israel’s Attack on Iran Breaks Off Oil’s Pricing Slumber - Israel’s attack on Iran, resulting in at least 80 deaths and assassinating several top-ranking IRGC commanders, have roiled the oil markets as ICE Brent futures posted their largest single-day jump since the Russian invasion of Ukraine in late February 2022. - Iranian media reported that upstream and midstream infrastructure was not damaged, including the Kharg island loading facility that oversees 90% of Iran’s crude oil exports, suggesting that Iranian supply will…

Israel has ordered the shutdown of its massive Leviathan gas field, cutting off a critical supply line to Egypt just as regional tensions with Iran erupt into open conflict. Chevron, the operator of Leviathan, confirmed the halt on Friday after Israel’s Energy Ministry issued the order, citing escalating security threats. Energean Plc also suspended output from its Israeli assets. The Leviathan shutdown is already impacting gas flows to Egypt, according to Bloomberg sources close to the pipeline network. Egypt, facing peak summer demand and…

Even before Israel attacked Iran, oil prices had been advancing this week, lifted by renewed optimism surrounding U.S.-China trade negotiations. Markets welcomed a more constructive tone between the two economic superpowers, with discussions in London reportedly progressing well. President Trump’s upbeat remarks added to the momentum, giving traders a reason to bet on improved global growth. As the U.S. and China represent the largest sources of oil demand globally, signs of easing tensions naturally encouraged buying across the energy complex.…

Politics, Geopolitics & Conflict Eastern Libya’s parliament has passed a parallel 2025 budget, a calculated move by Haftar’s bloc to assert financial sovereignty and gain leverage over Tripoli as the political stalemate drags on. Control of key oil terminals remains Haftar’s strongest card, with the clear threat of revenue disruption or supply manipulation if negotiations stall. In parallel, Turkish sources indicate Haftar is revisiting the 2019 Turkey-Libya maritime boundary agreement — a highly controversial deal that…

Following the Israel-Iran flare-up in the Middle East, the UK and Greece have cautioned their commercial shipping companies to be extra careful and log all voyages through the world’s key oil transit chokepoint, the Strait of Hormuz. Israel launched overnight a series of coordinated airstrikes on Iran, targeting nuclear facilities in what it describes as a decisive move to prevent the Islamic Republic from becoming a nuclear power. Iran has vowed retaliation and launched drones at Israel on Friday. The shipping industry fears an escalation…