Russian crude oil production stayed just below the country’s quota in the OPEC+ agreement in May, unidentified sources with knowledge of the data told Bloomberg on Thursday. Russia classified its oil and gas production data in early 2022, shortly after the invasion of Ukraine. Therefore, the market relies on ship-monitoring data to track exports, anonymous sources familiar with the actual numbers, and calculations based on observed exports and domestic refining. According to Bloomberg’s sources, Russia’s oil production averaged…

Iraq’s federal government holds the Kurdistan Regional Government (KRG) legally responsible for continued oil smuggling operations from Kurdistan outside Iraq, the Iraqi Oil Ministry said on Thursday. The ministry “reserves the right to continue to take all legal actions in this regard,” it added in a press release, in which it called on the Kurdistan Region Government once again to comply with the Iraqi Constitution, the Decisions of the Federal Court and the other relevant laws, including the General Budget Law. All these laws…

Energy investments this year are set to hit $3.3 trillion on the back of a strong increase in spending on things such as wind and solar, the International Energy Agency has forecast. In its latest World Energy Investment report, the agency also said that China will cement its position as the top energy investor globally this year. The IEA noted that the surge in energy investments will materialize despite significant challenges such as muted economic growth and uncertainty related to geopolitics and trade policies. What’s more, the IEA believes…

Crude oil prices reversed their trajectory from earlier this week, trending lower today after the American Petroleum Institute reported an estimated inventory rise in both gasoline and middle distillates, and Saudi Arabia cut its oil prices for Asian buyers to an almost four-year low. Brent crude was trading at $64.76 per barrel at the time of writing, with West Texas Intermediate at $62.59 per barrel, both down from Wednesday’s close, after Saudi Arabia lowered its oil prices for July for the second month in a row and the API reported a…

A week ago, the 39th OPEC and non-OPEC Ministerial Meeting was held via videoconference, chaired by Prince Abdulaziz bin Salman Al-Saud, Saudi Arabia’s Minister of Energy. According to a press release, the group pledged to “develop a mechanism to assess the maximum sustainable production capacity (MSC) of member countries that will be used as reference for 2027 production baselines”. Whereas the long-term nature of the undertaking elicited little response from oil markets, commodity analysts at Standard Chartered have noted that…

It has been over two years since the Baghdad-based Federal Government of Iraq (FGI) placed an embargo on independent oil exports from the Erbil-based Kurdistan Region of Iraq (KRI). The legal basis for the halting of these essential flows to the finances of the semi-autonomous region of Kurdistan was the International Chamber of Commerce’s (ICC) order that they would not be resumed until Turkey paid the FGI the US$1.5 billion in damages for these allegedly unauthorised oil exports over many previous years. That said, the real reason why the…

India is advancing efforts to boost renewable energy use even as the world’s third-largest crude oil importer is leading global oil demand growth. Indian Oil Corporation, the country’s top refiner, plans to replace fossil fuel-made hydrogen with green hydrogen – made from electrolysis – at one of its refineries. Indian Oil has recently finalized the cost for its green hydrogen plant in the Panipat Refinery & Petrochemical Complex, which will be India’s biggest renewable hydrogen production facility when it is commissioned,…

Tariff whiplash under the Trump administration has raised a lot of concerns about the United States’ relationship with its first- and second-largest trading partners, Canada and Mexico. This is especially true for energy trade, which all members of the United States-Mexico-Canada Agreement (USMCA) depend on to keep their economies healthy. Experts contend that recognizing the vital role of energy trade for all parties, and strengthening those relationships, is critical in these volatile times. While this is true for all of North America,…

With crude oil prices dropping into the low $60s per barrel, profitability in the oil and gas industry is under pressure, squeezing cash flows and forcing companies to reassess their capital allocation. As a result, upstream investments are expected to decline. Early signals from the peer group of majors support this trend, as they indicate plans to prioritize shareholder returns—particularly dividends and buybacks—over new investments. While it is still too early to quantify the full impact of current market volatility on oil prices,…

Via Metal Miner   During a rally at U.S. Steel’s Mon Valley Works–Irvin Plant near Pittsburgh last Friday, U.S. President Trump announced plans to raise tariffs on steel and aluminum imports from 25% to 50%. These new “Trump Tariffs” are set to take effect on June 4, 2025, and will not only apply to primary and semi-finished steel and aluminum but also to derivative products, items that contain these metals, such as automotive parts, machinery components and other manufactured goods. Trump claimed the tariff hike would…

Central Asian states are demonstrating an increasing willingness to cooperate in managing water resources.  Officials from Kazakhstan, Tajikistan and Uzbekistan have signed an agreement covering allocations from the Bahri Tochik reservoir during the summer crop-growing season, the Tajik Ministry of Energy & Water Resources announced in a May 30 Telegram post. Under the agreement, which runs from June through the end of August, Kazakhstan is allotted 491 million cubic meters of water for crop irrigation, the official Kazinform news agency…

In a contentiously pivotal move toward energy independence, Ukraine on Wednesday confirmed the launch of natural gas imports via the Trans-Balkan pipeline, bypassing Russian supply and allowing Ukraine to draw gas from European sources, including liquefied natural gas (LNG) imported through Greece and Azerbaijani gas from the Trans Adriatic Pipeline. The Trans-Balkan pipeline, which historically carried Russian gas southward, has now been reversed to bring non-Russian gas northward into Ukraine.  Source: TSOUA A Ukrainian energy ministry source…

In a contentiously pivotal move toward energy independence, Ukraine on Wednesday confirmed the launch of natural gas imports via the Trans-Balkan pipeline, bypassing Russian supply and allowing Ukraine to draw gas from European sources, including liquefied natural gas (LNG) imported through Greece and Azerbaijani gas from the Trans Adriatic Pipeline. The Trans-Balkan pipeline, which historically carried Russian gas southward, has now been reversed to bring non-Russian gas northward into Ukraine.  Source: TSOUA A Ukrainian energy ministry source…

In a contentiously pivotal move toward energy independence, Ukraine on Wednesday confirmed the launch of natural gas imports via the Trans-Balkan pipeline, bypassing Russian supply and allowing Ukraine to draw gas from European sources, including liquefied natural gas (LNG) imported through Greece and Azerbaijani gas from the Trans Adriatic Pipeline. The Trans-Balkan pipeline, which historically carried Russian gas southward, has now been reversed to bring non-Russian gas northward into Ukraine.  Source: TSOUA A Ukrainian energy ministry source…

In today’s high-stakes energy landscape, pipelines are more than conduits—they are critical geopolitical tripwires. These steel lifelines carry the hydrocarbons that power global economies, and many run through the most politically volatile regions on Earth. As energy markets tighten and global rivalries sharpen, the vulnerability of these routes transforms them into strategic flashpoints. From the Russian steppe to the Sahel, from Kurdish oil routes to frozen Nordic seafloors, infrastructure once seen as fixed and dependable is now…

WTI oil prices are set to average $58.30 per barrel this year, amid rising OPEC+ and U.S. production and relatively stable global oil demand, a survey of banks by law firm Haynes Boone showed on Wednesday. A total of 28 banks – a record high number – participated in Haynes Boone’s Spring 2025 Energy Bank Price Deck Survey, now in its 12th year. The banks on average expect WTI Crude prices to average $58.30 per barrel in 2025, down from $61.89 a barrel expected in Haynes Boone’s Fall 2024 survey. The banks’ reduction…

WTI oil prices are set to average $58.30 per barrel this year, amid rising OPEC+ and U.S. production and relatively stable global oil demand, a survey of banks by law firm Haynes Boone showed on Wednesday. A total of 28 banks – a record high number – participated in Haynes Boone’s Spring 2025 Energy Bank Price Deck Survey, now in its 12th year. The banks on average expect WTI Crude prices to average $58.30 per barrel in 2025, down from $61.89 a barrel expected in Haynes Boone’s Fall 2024 survey. The banks’ reduction…

The head of the International Atomic Energy Agency (IAEA) has warned about the ongoing risk of a nuclear accident in Ukraine, saying the "dangers to nuclear safety continue to be very real and ever-present." The presence of IAEA officials at nuclear facilities in Ukraine remains essential to help prevent a nuclear incident, Raphael Grossi said on June 3 after his 12th visit to Kyiv since the start of Russia's full-scale invasion in February 2022. The IAEA has played a role in safeguarding the condition of Ukraine's nuclear power plants since then.…

In a bid to wean the U.S. critical minerals supply chain off China, U.S. President Donald Trump plans to use emergency powers under the Defense Production Act to bolster domestic production and processing of these metals vital for the energy and defense industries, Reuters reports, citing a document to be published on Wednesday. The Defense Production Act is a U.S. law that grants the President powers to ensure the nation’s defense by expanding and expediting the supply of materials and services from the domestic industrial base. The White…

In a bid to wean the U.S. critical minerals supply chain off China, U.S. President Donald Trump plans to use emergency powers under the Defense Production Act to bolster domestic production and processing of these metals vital for the energy and defense industries, Reuters reports, citing a document to be published on Wednesday. The Defense Production Act is a U.S. law that grants the President powers to ensure the nation’s defense by expanding and expediting the supply of materials and services from the domestic industrial base. The White…