U.S. refineries are producing the most gasoline and diesel since before the pandemic lockdowns, refining margins are running at record highs, but the world is still short on fuels. And it would take a while—and maybe a peace deal in the Middle East—before the situation changes. Fuel shortages are the more important oil crisis because it is fuels that the world consumes, not unrefined crude oil. Yet ever since the U.S. and Israel launched their first strikes on Iran at the end of February, it is crude oil prices that have been hogging…

The US economy grew at a far weaker than expected pace in the second quarter despite a pickup in consumer spending and solid business investment. According to the BEA, GDP (inflation adjusted) rose just 1.5% in the period, according to the first estimate issued Thursday by the Bureau of Economic Analysis. This was well below the 2.0% median estimate.  The contributors to the increase in real GDP in the second quarter were increases in consumer spending, investment, and exports that were partly offset by a decrease in government spending. A…

Russia has extended restrictions on gasoline and diesel exports through January 31, 2027, just five days after saying the diesel ban would disappear once its domestic fuel market recovered. Recovery, it seems, has been rescheduled. Moscow first banned diesel exports from July 8 through July 31 after repeated Ukrainian drone attacks knocked refineries offline, triggering fuel shortages and price spikes across Russia. Gasoline and jet fuel exports were already restricted. The new order covers gasoline, diesel, marine fuel, and gas oils. Beginning…

Russia has extended restrictions on gasoline and diesel exports through January 31, 2027, just five days after saying the diesel ban would disappear once its domestic fuel market recovered. Recovery, it seems, has been rescheduled. Moscow first banned diesel exports from July 8 through July 31 after repeated Ukrainian drone attacks knocked refineries offline, triggering fuel shortages and price spikes across Russia. Gasoline and jet fuel exports were already restricted. The new order covers gasoline, diesel, marine fuel, and gas oils. Beginning…

Iraq’s new prime minister, Ali Al-Zaidi, was first regarded as a political newcomer with no prior experience in government or political office, but he understood enough about Iraq’s interests to insist his first overseas trip be to the United States, unlike his predecessors, whose first official visits were always to Iran. Al-Zaidi recently concluded his visit to Washington, D.C., and a successful meeting with U.S. president Donald Trump. Al-Zaidi appears to have achieved significant gains, although some are still memoranda…

The share of coal in China’s electricity output fell in the first half of 2026 to below 50% for the first time on record, in a landmark achievement of the Chinese policy to boost non-fossil power sources. The share of coal averaged 49.7% of China’s total electricity output in the first half of this year, official data showed on Thursday. As the share of coal slipped, electricity generation from renewable energy rose by about 9% from a year earlier, according to the data from China’s National Energy Administration (NEA). Renewable…

The share of coal in China’s electricity output fell in the first half of 2026 to below 50% for the first time on record, in a landmark achievement of the Chinese policy to boost non-fossil power sources. The share of coal averaged 49.7% of China’s total electricity output in the first half of this year, official data showed on Thursday. As the share of coal slipped, electricity generation from renewable energy rose by about 9% from a year earlier, according to the data from China’s National Energy Administration (NEA). Renewable…

Iran fired ballistic missiles at American bases in Jordan late on July 28, in what appeared to be the first time Tehran initiated an attack on US targets since the war began in late February. The Islamic Republic has claimed it is fighting a war of resistance and framed its actions as purely defensive. But the attack on Jordan, where three American soldiers were killed this month, could mark a shift in strategy, experts say. Iran’s leadership “wants to demonstrate strength, and these military actions can be understood in that context,”…

Following a subdued start to the year, sales of electric vehicles (EVs) jumped in the second quarter after the Middle East crisis slashed crude supply and hiked oil and fuel prices, the International Energy Agency (IEA) said in a report on Thursday. Global sales of electric cars fell in the first quarter of 2026, largely reflecting lower sales in the United States and China, according to the agency’s report ‘Electric Car Markets in a Time of Uncertainty’. However, EV sales rebounded sharply in the second quarter, rising by 35%…

Shell has said it will continue its bumper share buyback programme after revealing the Iran war’s effect on oil prices and trading volumes helped it book a near-record profit. The Anglo-Dutch giant’s net profit spiked to $9.8bn between April and July, more than double the same period last year and beating analyst estimates. Shares were up two per cent on the news to 3,376.00p in early trading. The petrochemicals giant announced it would continue to return much of those profits to shareholders and continue its $3bn quarterly share buyback…

Qatar’s state-owned QatarEnergy has bought on the spot market as many as 33 cargoes from the United States so far this year to ship them to customers in Asia to reduce the impact of its own stranded supply due to the Iran war, Reuters reported on Thursday, quoting industry and trade sources. The buying spree on the spot market so far in 2026 vastly exceeds the only four U.S. cargoes QatarEnergy bought last year. The acquisition of the nearly three dozen U.S. spot cargoes, reportedly directly from U.S. producer and exporter Venture Global,…

Qatar’s state-owned QatarEnergy has bought on the spot market as many as 33 cargoes from the United States so far this year to ship them to customers in Asia to reduce the impact of its own stranded supply due to the Iran war, Reuters reported on Thursday, quoting industry and trade sources. The buying spree on the spot market so far in 2026 vastly exceeds the only four U.S. cargoes QatarEnergy bought last year. The acquisition of the nearly three dozen U.S. spot cargoes, reportedly directly from U.S. producer and exporter Venture Global,…

The Pentagon’s investment in MP Materials marked the biggest U.S. intervention in the rare earth industry in decades. The deal established a domestic champion for one of the world’s most strategically important supply chains and demonstrated that Washington is prepared to commit federal financial resources to critical mineral production. Mountain Pass is the only large-scale rare earth mine operating in the United States and one of the world’s largest producers of light rare earths. Its ore is rich in neodymium and praseodymium…

The Trump administration has opened another front in the global rare earths race, backing a new project in Madagascar as Washington accelerates efforts to break China’s grip on the critical minerals that power everything from advanced weapons and AI infrastructure to oil refining and electric vehicles. The U.S. International Development Finance Corporation (DFC) has committed up to $4.84 million to Harena Rare Earths’ (OTCQB: CRMNF) Ampasindava project in northern Madagascar. The funding will support pilot plant operations, metallurgical…

Tightening global supply of oil and gas is putting Europe on course for a difficult winter this year due to the continent’s significant dependence on energy imports, despite energy transition ambitions. Gas in storage is much lower than it should be, and a diesel crunch is threatening fuel oil supply security for the heating season. It could turn into a perfect storm. The first warning signs emerged as early as March, as the U.S. and Israeli war against Iran crippled Qatar’s LNG export infrastructure, forcing the Gulf state to declare…

Air conditioning has become a hot-button geopolitical issue as rising temperatures create dangerous conditions around the globe. Air-conditioning units are increasingly being considered as “essential infrastructure” as summer heat waves turn into a deadly and increasingly regular occurrence. But while air conditioning inarguably saves lives, in the short term, they are simultaneously contributing to global warming and distracting from other, more important approaches to managing greenhouse gas emissions and mitigating climate change.…

The U.S. Department of Energy has picked five states led by Republican governors to potentially host nuclear fuel waste in exchange for billions of dollars of support to advance manufacturing in the full nuclear fuel cycle. These so-called Nuclear Lifecycle Innovation Campuses are an ambitious project by the Trump Administration to store and repurpose spent nuclear fuel, support advanced reactor deployment, expand domestic manufacturing, and potentially co-host data centers. The campuses have the potential to attract up to $50 billion in capital…

BMW shares in Germany are down 36% so far this year, as the automaker's latest forecast downgrade was described by JPMorgan analyst Jose Asumendi as a "wake-up call for the auto industry." The outlook for BMW continues to deteriorate, with Bloomberg reporting that the automaker will begin a sweeping workforce restructuring in Germany this fall. Voluntary departures in Germany are expected to account for most of the roughly 8,000 positions BMW plans to eliminate globally, equivalent to about 5% of its workforce. The restructuring…

Ukraine’s attack on an Iranian commercial vessel in the Caspian Sea marks the first direct link between the wars in Ukraine and Iran. While details of the July 25 incident are murky, Ukraine’s intelligence agency the SBU said its drones hit an oil platform in the Caspian Sea along with a Russian missile boat and “cargo ships that are under international sanctions.” President Volodymyr Zelensky on Saturday announced that Ukrainian forces had achieved “very good results” in long-range strikes in the Caspian Sea,…

In a surprise development, the tiny South American nation of Guyana recently emerged as a major oil exporter. In a mere four years, the former British colony of one million went from first discovery to first oil. Guyana has cemented its place among South America’s leading oil producers, pumping nearly one million barrels per day, making it the continent’s third-largest oil producer. The rapid expansion of Guyana’s offshore oil industry will enhance energy security in the Americas at a crucial time, with heightened Middle East…