The world needs $18.2 trillion in new oil and gas investments in the period until 2050 in order to secure a sufficient supply. This is what OPEC warned in the 2025 edition of its World Oil Outlook. Yet the International Energy Agency continues to believe oil demand growth is going to peak before 2030, suggesting there is no such need for investments. Are both talking up their respective book? According to OPEC, global oil demand will reach 123 million barrels daily in 2050. That would be up from a projected 105 million barrels daily this year,…

Combined with existing tariffs, the 93.5% preliminary anti-dumping tariffs the U.S. Commerce Department announced this week on anode-grade graphite imported from China, targeting nearly $350 million in goods, promises to deal a major blow to battery producers. It would bring the tariffs to 160% on the notion that Chinese graphite is being sold in the U.S. below fair market value.   And it gets worse than that for some Chinese producers. China’s Huzhou Kaijin New Energy Technology and Shanghai Shaosheng Knitted Sweat, specifically,…

This month, Finland switched on the world’s biggest sand battery, which will “enable residents to eliminate oil from their district heating network, thereby cutting emissions by nearly 70 percent,” according to Euro News. And if it keeps running as cheaply and efficiently as it appears to be doing now, don’t be surprised if sand batteries start popping up around the world – even in your neck of the woods.  The battery, built by Finnish company Polar Night Energy, employs a form of thermal energy storage by using…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, noting that inventories declined by 577,000 barrels in the week ending July 18. So far this year, crude oil inventories are up 11 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) saw another rare drop this week, dropping another 200,000 barrels to 402.5 million barrels in the week ending July…

Mexico’s Finance Ministry announced Tuesday it will launch a new financial operation to support the country’s embattled state oil company, Pemex—the most indebted energy firm in the world. The operation involves issuing “Pre-Capitalized Notes,” a form of financing designed to strengthen Pemex’s balance sheet without a direct government guarantee. The plan—part of an ongoing effort to prop up a company mired in debt, production decline, and operational dysfunction—is noticeably short on specifics.…

Mexico’s Finance Ministry announced Tuesday it will launch a new financial operation to support the country’s embattled state oil company, Pemex—the most indebted energy firm in the world. The operation involves issuing “Pre-Capitalized Notes,” a form of financing designed to strengthen Pemex’s balance sheet without a direct government guarantee. The plan—part of an ongoing effort to prop up a company mired in debt, production decline, and operational dysfunction—is noticeably short on specifics.…

One of the glaring omissions to many dedicated energy market observers in the past few years has been the U.S.’s avoidance of meaningfully punishing countries who support rogue states. This can be either through offering logistical support that enables such a state to continue to export whatever it wants or by buying these exports, which effectively bankrolls these states to pursue their illegal activities. A full arsenal of primary or secondary sanctions have been available to Washington to do so, but they have never been used in full force…

The ongoing push by EU countries to target Russia’s primary revenue source—oil and gas exports—has received a significant boost. With its 18th sanctions package, the EU has agreed not only to hit Moscow’s energy sector harder but also to impose a significantly lower price cap on Russia’s oil exports. The package faced internal resistance, particularly from Slovakia, which had been blocking the deal over the past week. Slovakia’s current government holds a more pro-Russian stance and is concerned about the EU’s…

Despite posting second-quarter earnings in line with expectations, Halliburton Company (NYSE: HAL) warned on Tuesday that the oilfield services market will be softer in the short to medium term than previously expected.   Halliburton reported today a net income of $472 million, or $0.55 per share, for the second quarter of 2025. That’s up from the net income of $204 million, or $0.24 per share, for the first quarter of 2025. The Q2 per-share earnings met the analyst consensus estimate of $0.55 compiled by The Wall Street Journal. North…

Chevron is approaching a production plateau in the Permian Basin—America’s top oil field—and expects this shift to generate billions in free cash flow, according to Bloomberg. The company is cutting back on drill rigs and frack crews as it nears its long-term target of 1 million barrels of oil equivalent per day, which it expects to sustain through 2040. “We’re going from growth to cash generation,” said Bruce Niemeyer, president of Chevron’s shale business. “We’re already in the earliest phases…

Via Metal Miner Sources tell MetalMiner that lower seasonal demand has continued to push hot-rolled coil prices down in northern Europe since late June. In terms of steel prices, this means that mills are now quoting €540–550 ($625–640) per metric ton ex-works for August rolling and September delivery, down from €570 ($660) reported on June 23. It is also important to note that cold-rolled coil typically carries a premium of about €100 ($115) per metric ton. Meanwhile, import prices have already dropped below €500…

Gasoline prices in the U.S. are flirting with a milestone not seen since 2021: a national average below $3 per gallon. The combination of tepid summer demand, surging imports, and a bearish oil market has put downward pressure on prices—even during what’s typically peak driving season. In the runup to the July 4th holiday, the national average fell to $3.14 per gallon, according to GasBuddy. This is the lowest summer level in four years, according to AAA. Finished motor gasoline product supplied (a proxy for demand) during the July…

Gasoline prices in the U.S. are flirting with a milestone not seen since 2021: a national average below $3 per gallon. The combination of tepid summer demand, surging imports, and a bearish oil market has put downward pressure on prices—even during what’s typically peak driving season. In the runup to the July 4th holiday, the national average fell to $3.14 per gallon, according to GasBuddy. This is the lowest summer level in four years, according to AAA. Finished motor gasoline product supplied (a proxy for demand) during the July…

Gasoline prices in the U.S. are flirting with a milestone not seen since 2021: a national average below $3 per gallon. The combination of tepid summer demand, surging imports, and a bearish oil market has put downward pressure on prices—even during what’s typically peak driving season. In the runup to the July 4th holiday, the national average fell to $3.14 per gallon, according to GasBuddy. This is the lowest summer level in four years, according to AAA. Finished motor gasoline product supplied (a proxy for demand) during the July…

Brent crude remains stuck below $70 per barrel as top EU officials doubt the probability of a trade deal being concluded. Diesel’s Bullish Run Continues as Gasoline Summer Boom Totters - Proving most of industry watchers wrong, diesel continues to strengthen in July, contradicting usual commodity cycles that should place the premium on more seasonal products such as gasoline and defying expectations that Donald Trump’s tariff warfare would primarily weaken middle distillates. - US diesel stocks have been below the 5-year range since…

CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has launched production of heavy crude from its Kenli 10-2 Oilfields Development Project, which is the largest shallow lithological oilfield offshore China, the company has said.  The project in the southern Bohai Sea will see 79 development wells commissioned, including 33 cold recovery wells, 24 thermal recovery wells, 21 water injection wells, and 1 water source well.   CNOOC expects the project to achieve peak production of about 19,400 barrels of oil equivalent…

Ukrainian President Volodymyr Zelenskyy said a fresh round of peace talks with Moscow is set for July 23 in Turkey as the West steps up pressure on the Kremlin to agree to a cease-fire, even while Russian forces continue to launch deadly air strikes on Kyiv and other Ukrainian cities. "Today, I discussed with Rustem Umerov the preparation for a prisoner exchange and another meeting with the Russian side in Turkey," Zelenskyy said in his nightly video address on July 21, referring to the new head of Ukraine’s National Security and Defense…

Indonesia prepares to sign an $8-billion contract with U.S. engineering company KBR Inc to help it build 17 modular refineries, as part of the U.S.-Indonesia trade deal, Reuters reported on Tuesday, citing sources with knowledge of the plans and a government presentation it has seen.  Last week, Indonesia and the United States reached a trade deal, under which the U.S. tariffs on Indonesian products will be lowered to 19% from an initial levy of 32%.   Indonesia was slapped with one of the highest tariffs - 32% - in the “liberation…

Indonesia prepares to sign an $8-billion contract with U.S. engineering company KBR Inc to help it build 17 modular refineries, as part of the U.S.-Indonesia trade deal, Reuters reported on Tuesday, citing sources with knowledge of the plans and a government presentation it has seen.  Last week, Indonesia and the United States reached a trade deal, under which the U.S. tariffs on Indonesian products will be lowered to 19% from an initial levy of 32%.   Indonesia was slapped with one of the highest tariffs - 32% - in the “liberation…

The UK government signed on Tuesday the final investment decision to build the $51-billion Sizewell C nuclear power plant, which will help Britain generate more low-carbon electricity.  The final investment decision was made possible after new investors joined the government and French energy giant EDF. The UK will have an initial 44.9% stake to become the single biggest equity shareholder in the project. The other shareholders include La Caisse with 20%, UK energy group Centrica with 15%, and Amber Infrastructure with an initial 7.6%. EDF…