Norwegian state-owned utility Statkraft announced plans on Wednesday to slash annual costs by 2.9 billion NOK ($292 million) by 2027, warning that staff layoffs may follow in the second half of the year. The move comes amid mounting cost pressures across Europe’s power sector and reflects deeper financial strain among major renewable-focused utilities. Europe’s largest producer of renewable energy, Statkraft said the cuts aim to “safeguard long-term value creation” as inflation, higher financing costs, and uncertain power…

FTSE 100 oil heavyweights are back in analysts favour after oil prices surged from the intensifying Middle Eastern conflict.  BP and Shell shares have jumped around three per cent in the last week and climbed further as President Donald Trump weighed in on the attacks in Israel and Iran. Russ Mould, investment director at AJ Bell, said “concerns the US might join Israel’s military effort against Iran” were driving moves in oil, which triggered gains in Shell and BP. As Trump warned the US’ patience was “wearing…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, is set to ship its first gasoline cargo out of the African region with a vessel heading for Asia, a source with knowledge of the plans told Reuters on Wednesday.  The cargo of 90,000 metric tons of gasoline is set to be loaded by independent oil trader Mercuria this coming weekend, according to the source.  The Dangote refinery, which began operations last year, has so far exported gasoline only to the West African region.  “We sell our products…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Iran has hiked its daily oil exports by 44% since the first Israeli attack on the Islamic Republic on Friday, as Tehran appears to aim to ship out as much crude as possible amid escalating hostilities.  Since June 13, the start of the Israeli offensive against Iranian nuclear sites and military leadership, Iran has exported on average 2.33 million barrels per day (bpd), according to data from vessel-tracking firm TankerTrackers.com cited by Bloomberg. The average since last Friday is a 44% surge in average shipments out of Iran compared to…

Woodside Energy, Australia’s top independent oil and gas producer, has signed a preliminary long-term deal to supply Malaysia’s state giant Petronas with LNG from its global portfolio, including from the planned Louisiana LNG project in the United States.   Woodside Energy and Petronas have signed a non-binding Heads of Agreement (HOA) for the supply of 1 million tons per annum of LNG to Malaysia from 2028 for a period of 15 years, the Australian firm said on Wednesday.   The LNG would be supplied from Woodside’s…

Woodside Energy, Australia’s top independent oil and gas producer, has signed a preliminary long-term deal to supply Malaysia’s state giant Petronas with LNG from its global portfolio, including from the planned Louisiana LNG project in the United States.   Woodside Energy and Petronas have signed a non-binding Heads of Agreement (HOA) for the supply of 1 million tons per annum of LNG to Malaysia from 2028 for a period of 15 years, the Australian firm said on Wednesday.   The LNG would be supplied from Woodside’s…

China’s trade-in subsidy program for electric vehicles has been axed in at least six provinces because the money has run out, Bloomberg reported today, citing Chinese media. The program involves offering car buyers an incentive to the tune of $2,780 for exchanging their internal combustion engine car for an electric model. It was originally planned to last until the end of the year. However, car dealers have been buying new EVs in bulk and then selling them on the second-hand car market with zero mileage, the report explained, which has put…

Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption. At the time of writing, Brent crude was trading at $76.69 per barrel, with its premium to the Dubai benchmark topping $3 per barrel—the highest since September 2023, Reuters reported. West Texas Intermediate was trading at $75.16 per barrel, after gaining another 4% on Tuesday. Prices got a push yesterday by the news of tankers on fire near the Strait…

Oil prices continued to rise on Tuesday afternoon, following a dip in Monday's trading session. Today's oil price action follows Friday’s biggest intraday surge in three years following the Israeli strikes on Iran.  The market’s worst fear—a major supply disruption in the Middle East—hasn’t materialized yet. And it may not, as was the case in the previous Israel-Iran flare-ups in recent years.   What Happened?  Oil prices spiked by 13% immediately after Israel hit Iran’s nuclear facilities…

“G7 members must fully ban imports of Russian energy – oil, coal, natural gas, uranium. Canada, with the world’s fifth-largest oil reserves and as a top-three uranium producer, can help fill the gap.” The statement was made this week by the head of the G7 research group, a University of Toronto political science professor.  But can Canada really replace Russia entirely on the global energy scene? That might be tough. Both Russia and Canada are in the top five oil producers globally. Russia is third, and Canada is fourth,…

Given that around 97% of its government revenues come from oil, it might seem obvious to all Libya’s principal factions that increasing production is a very good idea. There is plenty of scope to do so, as before the removal of long-time leader Muammar Gaddafi in 2011 it had easily been able to produce around 1.65 million bpd of predominantly high-quality light, sweet crude oil. Additionally positive back then was that production had been on a rising trend, up from about 1.4 million bpd in 2000. Further increases were on the horizon to push…

Oil bulls have finally found some relief as crude prices rallied to multi-month highs, driven by escalating tensions between Israel and Iran, which continue to trade attacks in one of the region's most volatile periods in recent years. As of Tuesday morning, Brent crude for August delivery had surged $9 from a week earlier to reach $75 per barrel, with WTI following suit.  Prices, which had remained under pressure much of the year due to concerns over oversupply and flagging demand, are now being buoyed by the specter of widening geopolitical…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week. So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week. So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels…

Via Metal Miner The European Commission (EC) has expressed concern about Donald Trump’s announcement of plans to double import tariffs on steel. The U.S. President proclaimed the new “Trump Tariffs” during a speech at US Steel’s Mon Valley-Irwin works in Pennsylvania on May 30. “We strongly regret the announced increase of U.S. tariffs on steel imports from 25% to 50%,” the European Union’s executive body said in a May 31 statement. “This decision adds further uncertainty to the global economy and…

Prime Minister Keir Starmer and President Donald Trump met on the sidelines of the G7 summit to agree a trade deal that will remove tariffs on the UK aerospace sector and save carmakers from facing aggressive taxes on exports.  The pair of world leaders heaped praise on one another while the UK government said the likes of Rolls Royce were set for a “huge win” while car manufacturers could “breathe a sigh of relief”.  During the brief meeting in Western Canada, Trump claimed Starmer had “done what they haven’t…