Oil news
Europe's Energy Future Hinges on Global Powers
The European Union’s drive to replace Russian energy imports within two years, boost renewable energy rollout, and meet net-zero goals has put it in a position to become even more dependent on the two antagonistic global powers, the United States and China. The EU trade deal with the U.S. and the EU's reliance on China-made solar PV panels, wafers, and critical battery metals are likely to keep shaping the pace of energy transition in the European Union, which remains firmly committed to decarbonizing economies and becoming a…
Categories: Oil news
Trump’s Seabed Mining Plan Sparks Backlash
United States President Donald Trump aims to develop the country’s seabed mining industry to access a supply of critical minerals, which are vitally needed across several industries, to reduce reliance on China. However, as seabed mining is an international issue, with strong regulations and norms on operations, Trump’s plan has attracted widespread criticism from international organisations and environmentalists worldwide. The International Seabed Authority (ISA) is an autonomous organisation that was established in 1982 under…
Categories: Oil news
Russia's Nuclear Ambitions Face Funding Crisis
Russian energy entities are experiencing financing woes, raising questions about whether Rosatom, Russia’s nuclear energy agency, will be able to fulfill its obligations to build Kazakhstan’s first atomic power plant. Already, financing troubles have caused another Russian state-controlled firm, Inter RAO, to lose out on constructing three thermal power plants in Kazakhstan. During a July 30 appearance before the Russian State Commission on Energy, Andrei Petrov, a top Rosatom official, openly acknowledged that Rosatom was seeking…
Categories: Oil news
The Hidden Signals in Oil Markets
I’ve been following the oil market closely this year—daily, even hourly at times—and if there’s one thing I can say with confidence, it’s that the surface-level calm belies several meaningful shifts that are underway. To fully grasp those shifts, and the long-term direction of oil prices and markets, one needs to look at some of the big-picture changes taking place. From Asia’s resilient demand to a quiet transformation in the supplier landscape, and now the growing tension between physical tightness and projected…
Categories: Oil news
The Race for Long-Term Energy Storage Is Heating Up
As the world becomes more reliant on variable renewable energies, energy storage is becoming an increasingly essential pillar of energy security. Currently, energy storage is dominated by lithium-ion batteries, but these hold energy for a matter of hours, when maintaining grid stability in a 100% renewable scenario will require energy storage technologies that can hold onto energy for a matter of months, if not longer. Wind and solar energy, which are the fastest-growing energy sources in the world, are both variable forms of energy – meaning…
Categories: Oil news
Can Europe Block Russian Diesel Without Fueling a Supply Crunch?
Efforts to cut Europe’s energy ties with Moscow have already changed the flow of crude oil. Now, attention is turning to refined products, particularly diesel refined from Russian crude outside of the bloc. The goal is clear: reduce the Kremlin’s revenues. But cutting off diesel imports into the bloc in this manner is no simple matter. Keeping track of the origin of each single molecule of diesel around the world is a near-impossible task. Since the war began, refiners in India, Turkey, and the Gulf have taken in Russian crude, processed…
Categories: Oil news
New Tariffs Threaten American Battery Production
Trump-era clean energy policies are slamming the breaks on the United States’ battery war with China. While lithium-ion batteries were invented in the United States, China has been outpacing the nation in terms of both battery manufacturing and technological innovations. But while U.S. companies have been scrambling to keep up, gutted clean energy incentives and tariffs on critical materials have made a U.S. victory all but impossible. The domestic battery industry had been gaining considerable ground under the Biden administration…
Categories: Oil news
Inside the Lavish Lifestyles of Putin's Inner Circle
Private beachfronts, million-dollar bathtubs, evenings of wine, whiskey, cigars, and karaoke – or performances by Russian pop stars whose fame stretches back to the 1990s. Those are some of the trappings of an “ultraluxe” villa complex in Dubai where Sergei Chemezov – the Western-sanctioned head of the massive Russian state defense conglomerate Rostec and a close ally of President Vladimir Putin since they were KGB officers in communist East Germany – spends time with family, friends, and associates. While they are…
Categories: Oil news
EU Probe Puts ADNOC’s $14B Covestro Takeover at Risk
The takeover of German chemicals giant Covestro by Abu Dhabi’s national oil company ADNOC is facing significant hurdles, as the EU is at present assessing the possible competition distortion in European markets. While the German chemical company reported today that it has missed its Q2 2025 sales expectation, primarily due to US trade policies, the management remains confident that the ADNOC takeover deadline is being met. Covestro indicated that it is satisfied that the EU probe is not going to materialize in a blockade of the deal. …
Categories: Oil news
Oil Majors Beat Back $4.2 Billion Fine in Kazakhstan
A Kazakh appellate court has sided with the international oil majors operating the Kashagan oilfield, overturning a massive $4.2 billion environmental fine over sulfur storage practices. The North Caspian Operating Company (NCOC)—a consortium that includes Eni, Shell, ExxonMobil, and TotalEnergies—hailed the decision as confirmation that their sulfur handling meets both Kazakh legal requirements and global industry standards. The dispute stemmed from Kazakhstan’s claim that NCOC had improperly stored sulfur byproducts at the $55…
Categories: Oil news
Oil Rig Count Falls Again as Frac Crews Vanish
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back. The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year. The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year.…
Categories: Oil news
OPEC+ Nears Decision Point on Next Oil Output Hike
OPEC+ is inching toward a pivotal decision this weekend: whether to greenlight another 548,000 bpd in production hikes for September, effectively fast-tracking the return of 2.2 million bpd in voluntary cuts a year ahead of schedule. The Joint Ministerial Monitoring Committee (JMMC) already met last week and stopped…
Categories: Oil news
Oil Falls Below $70 as Sentiment Sours
A poor U.S. jobs report led to a broader sell-off on Friday, with leading stock indices falling from record highs.Friday, August 1st, 2025 Buoyed by Trump’s Russia threats and news of Indian state refiners curbing purchases of Russian crude, crude oil futures have been trending above $70 per barrel throughout the week, settling on Friday slightly below the $71 mark. Towards the end of the week, sentiment has been sapped by expectations of yet another OPEC+ production hike, potentially even as high as 548,000 b/d, as the eight output-cutting…
Categories: Oil news
Enbridge Books Record Core Earnings on Power and Gas Demand
Enbridge posted record core earnings, or EBITDA, for the second quarter of the year on the back of strong liquids flows through its pipelines and soaring demand for power generation and feedgas for LNG in North America. The Canadian pipeline giant on Friday reported record adjusted EBITDA of U$3.36 billion (C$4.6 billion) for the second quarter, up by 7% from a year earlier. The company expects to finish the year in the upper end of its adjusted EBITDA guidance range, president and CEO Greg Ebel said. Enbridge’s adjusted…
Categories: Oil news
Enbridge Books Record Core Earnings on Power and Gas Demand
Enbridge posted record core earnings, or EBITDA, for the second quarter of the year on the back of strong liquids flows through its pipelines and soaring demand for power generation and feedgas for LNG in North America. The Canadian pipeline giant on Friday reported record adjusted EBITDA of U$3.36 billion (C$4.6 billion) for the second quarter, up by 7% from a year earlier. The company expects to finish the year in the upper end of its adjusted EBITDA guidance range, president and CEO Greg Ebel said. Enbridge’s adjusted…
Categories: Oil news
Indian Refiners Halt Russian Oil Purchases To Mull Options
Numbers Report – August 01, 2025 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. OPEC+ to Finish the Unwinding Job with September Superhike Following the joint ministerial monitoring committee meeting last week, eight leading members of OPEC+ will be meeting on Sunday (August 3) to decide…
Categories: Oil news
Russian Gas Exports to Europe Surged in July
The end of maintenance works boosted Russia’s natural gas exports via pipeline to Europe by 37% in July compared to June, data calculated by Reuters showed on Friday. Russian gas supply via pipelines to Europe has slumped since 2022, after Russia cut off many EU customers from its gas deliveries, and Nord Stream stopped supplying gas to Germany, after Russia reduced flows and after a sabotage in September 2022. Russian pipeline gas supply via Ukraine stopped on January 1, 2025, after Ukraine refused to negotiate an extension to…
Categories: Oil news
Record Permian Output Boosts Exxon's Q2 Results
Despite the slide in oil prices in the second quarter, ExxonMobil (NYSE: XOM) reported on Friday earnings that exceeded analyst estimates on the back of increased oil and gas production in the U.S. Permian shale basin and offshore Guyana. Exxon’s earnings stood at $7.1 billion for the second quarter, or $1.64 per share, as the company achieved its highest second-quarter upstream production since the merger of Exxon and Mobil more than 25 years ago. The Q2 earnings per share beat the analyst consensus of $1.57 EPS in the Wall Street…
Categories: Oil news
Trump Administration Expands Rare Earth Price Support Policy
Shares of USA Rare Earth are rocketed higher yesterday afternoon after it was reported that the Trump administration is moving to extend price support mechanisms for U.S. rare earth projects to other companies, broadening a policy that previously focused on MP Materials to include other mining, refining, and magnet production firms. USA Rare Earth is the obvious #2 name in the U.S. that such an expansion may have an impact on. scale, government stake, and strategic timing. Shares quickly popped 15% on the news: This expansion will provide guaranteed…
Categories: Oil news
Chevron Tops Profit Estimates on Record-High Oil and Gas Output
Chevron Corporation (NYSE: CVX) beat Wall Street estimates of its second-quarter profit as Permian production surged and U.S. and worldwide oil and gas output jumped to record highs. Chevron reported on Friday adjusted earnings of $3.1 billion, or $1.77 per share, for the second quarter of 2025, compared to adjusted earnings of $4.7 billion, or $2.55 per share, for the same period last year. The decline was the result of lower realizations due to lower crude oil prices, lower income from upstream and downstream equity affiliates,…
Categories: Oil news