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Updated: 2 hours 42 min ago

Ecuador Oil Production Plunges Due to Pipeline Shutdowns

Wed, 07/30/2025 - 23:00
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,…
Categories: Oil news

Whistleblower Reveals Colombia’s Oil Spill Coverups

Wed, 07/30/2025 - 22:00
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,…
Categories: Oil news

Barclays Warns Traders against Chasing High Oil Prices

Wed, 07/30/2025 - 21:30
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…
Categories: Oil news

Barclays Warns Traders against Chasing High Oil Prices

Wed, 07/30/2025 - 21:30
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…
Categories: Oil news

Octopus Energy Faces Backlash For Heat Pump Price Claims

Wed, 07/30/2025 - 21:00
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…
Categories: Oil news

Indian Refiners Pause Procurement After Trump Targets Russian Crude Flows

Wed, 07/30/2025 - 20:30
India’s state-run refiners have requested urgent guidance from the government in New Delhi following a social media post by U.S. President Donald Trump, reported by AP News, announcing a 25% tariff on Indian exports to the United States effective August 1, and warning of an additional penalty tied to India’s continued purchases of Russian oil. The announcement has unsettled procurement teams that had previously structured Russian crude purchases through intermediaries and non-dollar payments under the assumption they would remain outside…
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Serbia-China Joint Military Drills Spark EU Concerns

Wed, 07/30/2025 - 20:00
A Serbian military special operations brigade has completed joint training with a Chinese brigade in China despite strong objections from the European Union and the United States. The joint training ran from July 19-28 and took place in Hebei Province in northern China as Serbia, a candidate country for EU accession, tries to balance its European integration while maintaining close ties with Beijing and Moscow. "The training provided a boost to military cooperation and enhanced the interoperability of combat teams in executing missions alongside…
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$70 WTI Returns as Trump Targets India Over Russian Oil Ties

Wed, 07/30/2025 - 19:30
U.S. GDP expanded at a 3% annualized rate in the second quarter, beating most forecasts and suggesting surprising economic resilience, according to fresh data from the U.S. Department of Commerce. The news lifted oil prices modestly on Wednesday, with West Texas Intermediate (WTI) climbing 1.43% to $70.20 per barrel and Brent crude rising 1.19% to $73.37. Gasoline also rose 1.10% to $2.243, but heating oil slipped 1.51% to $2.427. Natural gas plunged over 3% to $3.03/MMBtu, driven by milder weather forecasts and softening industrial demand in key…
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Brazilian Oil May Head to Asia, Europe if Trump Enacts Tariffs

Wed, 07/30/2025 - 19:30
Brazil’s crude oil exports to the U.S. are facing an uncertain future as Washington prepares to impose sweeping 50% tariffs on Brazilian imports starting August 1—up from the current 10%. While it remains unclear whether crude oil will be included in the list, analysts and industry groups are already warning of major disruptions. The U.S. is Brazil’s third-largest oil buyer, importing around 189,000 barrels per day (bpd) in Q1 2025, or 11% of Brazil’s total oil exports, according to data from ship-tracking firm Vortexa and…
Categories: Oil news

$70 WTI Returns as Trump Targets India Over Russian Oil Ties

Wed, 07/30/2025 - 19:30
U.S. GDP expanded at a 3% annualized rate in the second quarter, beating most forecasts and suggesting surprising economic resilience, according to fresh data from the U.S. Department of Commerce. The news lifted oil prices modestly on Wednesday, with West Texas Intermediate (WTI) climbing 1.43% to $70.20 per barrel and Brent crude rising 1.19% to $73.37. Gasoline also rose 1.10% to $2.243, but heating oil slipped 1.51% to $2.427. Natural gas plunged over 3% to $3.03/MMBtu, driven by milder weather forecasts and softening industrial demand in key…
Categories: Oil news

Sakhalin LNG, Oil Terminals Stable After Russian Quake, Tsunami Alert

Wed, 07/30/2025 - 19:13
A powerful 8.8 magnitude earthquake off Russia’s Kamchatka Peninsula early Tuesday triggered tsunami alerts across the Pacific through Wednesday, leading to heightened monitoring of oil and gas infrastructure in the Russian Far East.  Russian authorities later on Wednesday lifted tsunami warnings along the Sakhalin coast, according to The Guardian, following updated seismic readings and water level normalization. While initial shoreline flooding was reported in Severo-Kurilsk and paramilitary units were deployed in readiness, there have…
Categories: Oil news

Sakhalin LNG, Oil Terminals Stable After Russian Quake, Tsunami Alert

Wed, 07/30/2025 - 19:13
A powerful 8.8 magnitude earthquake off Russia’s Kamchatka Peninsula early Tuesday triggered tsunami alerts across the Pacific through Wednesday, leading to heightened monitoring of oil and gas infrastructure in the Russian Far East.  Russian authorities later on Wednesday lifted tsunami warnings along the Sakhalin coast, according to The Guardian, following updated seismic readings and water level normalization. While initial shoreline flooding was reported in Severo-Kurilsk and paramilitary units were deployed in readiness, there have…
Categories: Oil news

What’s Fueling the Rise in Aluminum Prices?

Wed, 07/30/2025 - 19:00
Via Metal Miner Recent movements in aluminum prices show the metal holding strong despite global economic shifts and region-specific challenges in extraction and refining operations. On July 25, aluminum prices on the London Metal Exchange climbed to a four-month high, ending the week at US$2,656.5 and US$2,657 per ton, an increase of $10.5 or 0.39%. According to reports, the uptick was primarily fueled by renewed optimism in Chinese demand and mounting pressure from global supply constraints. On the same day, the three-month…
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EIA Reports Surprise 7.7M Barrel Crude Build

Wed, 07/30/2025 - 17:39
Crude oil inventories in the United States increased by 7.7 million barrels during the week ending July 25, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426.7 million barrels according to government data, which is still 6% 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 grew by 1.539 million barrels. Crude prices were…
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EU Sanctions Hit Petroleum Sales of Russia-Linked Indian Refiner

Wed, 07/30/2025 - 17:30
While many analysts said that the latest EU sanctions against Russia would be moot without U.S. support, one Indian refiner partly owned by Russia’s oil giant Rosneft has been hit hard by the EU measures against Russian oil customers.  India-based Nayara Energy, which owns the country’s third-largest refinery with a capacity of 400,000 barrels per day (bpd) and which is 49% owned by Rosneft, has troubles selling the fuels it has produced.  At least three tankers that have loaded fuel from Nayara Energy’s refinery have…
Categories: Oil news

EU Sanctions Hit Petroleum Sales of Russia-Linked Indian Refiner

Wed, 07/30/2025 - 17:30
While many analysts said that the latest EU sanctions against Russia would be moot without U.S. support, one Indian refiner partly owned by Russia’s oil giant Rosneft has been hit hard by the EU measures against Russian oil customers.  India-based Nayara Energy, which owns the country’s third-largest refinery with a capacity of 400,000 barrels per day (bpd) and which is 49% owned by Rosneft, has troubles selling the fuels it has produced.  At least three tankers that have loaded fuel from Nayara Energy’s refinery have…
Categories: Oil news

$750 Billion EU-U.S. Energy Deal Faces Reality Check

Wed, 07/30/2025 - 17:00
As part of the U.S.-EU trade deal agreed over the weekend, the EU committed to purchasing a mindblowing $750 billion worth of US energy products over three years ($250 per year) including LNG, oil, and nuclear fuel (again this is very big picture: neither side has detailed what was included in the energy deal - or whether it covered items such as energy services or parts for power grids and plants). There is just one problem: this number is laughably unrealistic because it would require the redirection of most US energy exports towards Europe and…
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Microsoft Reinstates Services to Sanctioned Indian Refiner

Wed, 07/30/2025 - 16:00
Microsoft has restored its services to Indian refiner Nayara Energy, which was hit by EU sanctions earlier this month due to Russia’s oil giant Rosneft owing a large stake in the Indian company.  Two weeks ago, the EU adopted the 18th sanctions package against Russia, targeting a hundred more ‘shadow fleet’ tankers, energy trade, and traders and banks enabling it.      In a first move against customers of Russian oil, the EU sanctioned Russian and international companies managing shadow…
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Kazakhstan Eyes Increased Oil Exports via BTC Pipeline

Wed, 07/30/2025 - 15:00
Kazakhstan and Turkey discussed a potential increase of Kazakh oil exports via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline to Turkey during the visit of Kazakhstan’s President Kassym-Jomart Tokayev to Ankara.  Tokayev and his Turkish counterpart Recep Tayyip Erdogan discussed increased cooperation in the energy sector, including higher Kazakh oil exports via the BTC pipeline, the office of the Kazakh president said.  Kazakhstan raised its oil exports via BTC by 12% to about 785,000 tons, or about 34,000 barrels per day (bpd), in…
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Namibia’s Offshore Oil Dreams Are Taking Shape

Wed, 07/30/2025 - 04:25
Portugal’s Galp Energia has begun receiving offers for its massive Mopane oil discovery off Namibia’s coast, signaling that one of Africa’s most promising new hydrocarbon frontiers could be edging closer to commercial production. The company told investors earlier this month it’s in advanced talks with potential buyers and expects to announce a sale later this year. Galp controls an 80% stake in Mopane and, according to Bloomberg, is preparing for a development that could involve two floating production storage and offloading…
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