The U.S. Senate’s top rule-keeper just threw a wrench into Republican plans to speed up fossil fuel development. Senate parliamentarian Elizabeth MacDonough has ruled that key provisions in the sweeping OBBB Act—aimed at fast-tracking oil, gas, and mining projects—can’t bypass environmental review unless they clear a 60-vote threshold. That means GOP efforts to use budget reconciliation to skirt the National Environmental Policy Act (NEPA) are dead on arrival unless they gain bipartisan support. The parliamentarian flagged…

New York is going to build the first major new US nuclear-power plant in more than 15 years, in what the Wall Street Journal described as "a big test of President Trump's promise to expedite permitting for such projects."  Governor Kathy Hochul told the outlet that she has directed the New York Power Authority, the state’s public electric utility, to add at least 1 gigawatt of new nuclear-power generation to its portfolio - enough to power approximately one million homes. “I’m going to lean into making sure that every company…

Despite lower oil prices, Canada’s oil sands production is expected to reach an annual all-time high of 3.5 million barrels per day (bpd) this year, thanks to optimization and efficiency at producing assets, S&P Global Commodity Insights said on Tuesday in its latest outlook. Output from Canada’s oil sands will continue to rise beyond this year, according to S&P Global Commodity Insights’ 10-year production outlook. This year, production is set for a record annual average of 3.5 million bpd, up by 5% compared to the 2024…

The FTSE 100 made minor gains on Tuesday but London’s blue-chip stocks rebound was held back by the falling price of oil. The UK’s flagship index nudged up 0.3 per cent in early trading to around 8,783. But significant gains were held back by a slump from oil giants BP and Shell. BP topped the fallers down over five per cent to near 366p while Shell was not far behind at four per cent. The oil majors had benefitted from a surge in oil prices as Middle Eastern conflict escalated and analysts had praised the firm’s for “keeping…

Europe is still looking for a role in the Israel-Iran conflict after it was caught by surprise following the United States’ strikes on Iran over the weekend. But it is fair to say they say there is a sense of humiliation as the American attack on various nuclear facilities in Iran came some 24 hours after the foreign ministers of the E3 (France, Germany, the United Kingdom) and the EU foreign policy chief Kaja Kallas met with their Iranian counterpart Abbas Araqhchi in Geneva on June 20. Now, those talks didn’t lead to much, not even…

Russia could use its excess natural gas to power AI data centers or crypto mining operations, Russian officials have said, as Moscow’s pipeline gas exports to Europe have collapsed and led to an oversupply at home. 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. “Previously, half a billion cubic meters per day went through the gas pipelines…

Russia could use its excess natural gas to power AI data centers or crypto mining operations, Russian officials have said, as Moscow’s pipeline gas exports to Europe have collapsed and led to an oversupply at home. 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. “Previously, half a billion cubic meters per day went through the gas pipelines…

Oil prices dropped dramatically after a surprisingly speedy ceasefire was agreed between Israel and Iran, although the peace remains fragile.- US electricity demand is expected to soar to levels not seen since the summer of 2013 as regional operator PJM warned of consumption potentially reaching 158 GW, with temperatures nearing 100°F.- Power demand in the US averaged 36.5 BCf/d over the weekend before skyrocketing to 47.5 BCf/d on 24-25 June, greatly slowing down the pace of US natural gas storage injections this week.- Henry Hub gas futures…

U.S. oil producers flocked to hedge higher prices for their output for the rest of the year and early into 2026 as international crude oil prices surged earlier this month. Early on June 13 local time, Israel attacked Iranian nuclear facilities and military leadership in coordinated strikes that sent oil prices surging amid concerns that an escalating conflict could disrupt oil flows from the Middle East. On the night of June 12 and the following morning, Texas-based Aegis Hedging Solutions – a company with a platform for oil producers’…

Oil prices continue to plunge on Monday afternoon following US President Donald Trump's announcement of a tentative ceasefire between Israel and Iran, significantly reducing geopolitical risk premiums. West Texas Intermediate (WTI) crude for August delivery fell as much as 5.1% to $65.02 per barrel during early trading in Asia, marking its lowest level since before the conflict began on June 13. The announcement of a ceasefire, described by Trump on Truth Social as "complete and total," follows intense diplomatic negotiations involving the US,…

As detailed back on 11 November by OilPrice.com, one of the three key measures then-President Elect Donald Trump would take in his early days as President would be “giving the nod to Israel to do whatever it wants with Iran”. After all, following then-President Joe Biden’s flat ‘no’ on Israel striking Iran’s nuclear sites in retaliation for earlier Iranian missile attacks on Israel in early October, Trump stated: “That’s the craziest thing I’ve ever heard. That’s the biggest risk we have.…

Amid the escalating conflict in the Middle East, Italian energy major Eni has reduced the number of staff at the Zubair oil and gas field in Iraq as a precautionary measure, an Eni spokesperson told Reuters on Monday. The Israel-Iran conflict that began earlier this month took a major turn this weekend after the U.S. bombed three Iranian nuclear sites – at Fordow, Natanz, and Isfahan – and warned the Islamic Republic that retaliation against U.S. troops in the region or any other retaliation would be the worst mistake it will make.…

Amid the escalating conflict in the Middle East, Italian energy major Eni has reduced the number of staff at the Zubair oil and gas field in Iraq as a precautionary measure, an Eni spokesperson told Reuters on Monday. The Israel-Iran conflict that began earlier this month took a major turn this weekend after the U.S. bombed three Iranian nuclear sites – at Fordow, Natanz, and Isfahan – and warned the Islamic Republic that retaliation against U.S. troops in the region or any other retaliation would be the worst mistake it will make.…

For over a decade, since production peaked in 2013, Colombia’s economically crucial oil industry has been in decline. This, since controversial leftist President Gustavo Petro took office in August 2022, has only accelerated. Petro, himself a former leftwing guerilla organizer, entered office opposed to Colombia’s hydrocarbon sector with plans to wean the country off its economic addiction to oil and natural gas. While there are signs the Petro administration’s disapproval of Colombia’s oil industry is easing, there are…

It should come as no surprise that the two major conflicts raging in the world today involve large energy producers and exporters, namely, Iran and Russia. Energy resources, especially fossil fuels, attract conflicts because they are so unevenly distributed in the world and because despite this, everyone needs those resources. The simple fact is that nothing gets done without energy and fossil fuels are still the dominate fuels in the world. But it's not just energy, of course, which invites conflict. Water resources are becoming increasingly a…

The government plans to slash industrial energy prices for British manufacturers, enabling them to better compete with key European rivals. Ministers will unveil a multibillion pound package of taxpayer-funded support for the UK’s most energy intensive industries, as part of the government’s industrial strategy on Monday, according to reports. Proposals to make energy prices more competitive have been central to final discussions between the Department for Business and Trade and the Treasury Industries such as steel, ceramics and chemicals…

Just hours after the U.S. launched attacks on Iran’s uranium enrichment facilities, the Iranian parliament expressed support for shutting down the Strait of Hormuz—one of the world’s most critical routes for fossil fuel transportation, particularly oil and LNG. The Middle East conflict, which began on June 13, 2025, following Israeli airstrikes targeting Iranian military bases and commanders, has now entered its tenth day. The situation escalated dramatically with the U.S. joining Israel in directly bombing Iran’s nuclear…

Qatar’s liquefied natural gas (LNG) production remains steady despite growing geopolitical concerns in the Gulf following U.S. airstrikes on Iranian nuclear sites and Tehran’s retaliation, according to shipping data released by Independent Commodity Intelligence Services (ICIS).  According to ICIS, 43 LNG vessels have departed Ras Laffan over the past 15 days, a volume that mirrors the same period last year, indicating zero disruption. Despite this, analysts are seeing signs of hesitation among buyers. A noticeable uptick in ballast…

Via Metal Miner According to the World Steel Association (worldsteel), one of the leading providers of steel market information, the China Baowu Group was the largest steelmaker group in 2024, with production remaining stable on the year. In its June 5 report, titled “2025 World Steel in Figures,” worldsteel stated that the  Shanghai-headquartered company poured just over 130 million metric tons in 2024, compared with almost 131 million tons in 2023. The report focused specifically on companies producing over 3 million metric tons…

Qatar’s liquefied natural gas (LNG) production remains steady despite growing geopolitical concerns in the Gulf following U.S. airstrikes on Iranian nuclear sites and Tehran’s retaliation, according to shipping data released by Independent Commodity Intelligence Services (ICIS).  According to ICIS, 43 LNG vessels have departed Ras Laffan over the past 15 days, a volume that mirrors the same period last year, indicating zero disruption. Despite this, analysts are seeing signs of hesitation among buyers. A noticeable uptick in ballast…