The government of Mozambique is ready to lift the force majeure imposed on TotalEnergy’s LNG project in the country as soon as the company applies for this, the country’s energy minister said. Noting that the security environment in the area had improved considerably, Estevao Pale said that “We, as government, are doing everything that we can to be able to resume the project,” adding that “We are working together with all partners on the project to create the security conditions favourable to restart the project.”…

Crude oil prices could rise by between 15% and 20% from pre-war levels in case of disruption of 1.1 million barrels daily in production, Citi analysts have said, putting Brent crude’s wartime price at between $75 and $78 per barrel. If the supply disruption is larger, above 3 million barrels daily, Brent crude could hit $90, the bank also said. Earlier today, Brent topped $77 per barrel, with ING the latest to say it could top $120 per barrel in the case of a supply disruption. Citi, however, does not believe supply disruption would have…

Crude oil prices were set for another weekly gain today, the third in a row, as Israel and Iran continued to bomb each other with no sign of willingness on either side to switch to diplomacy. At the time of writing, Brent crude was trading at $77.04 per barrel, with West Texas Intermediate at $75.67 per barrel as the latest war in the Middle East entered its second week. The benchmarks dipped slightly from Thursday. The hostilities have pushed tanker rates sky high, along with vessel insurance, with many shippers choosing to avoid the Strait of…

Big Oil firms expect global oil demand to stop growing at some point early next decade. But the decline will be very slow and gradual and will look more like a plateau than a downward spiral.     The world’s biggest international oil and gas companies have started to acknowledge that demand growth could slow or stop within a decade. But these firms keep pumping oil and gas more than they did earlier this decade as they expect that oil demand – regardless of a peak – isn’t going anywhere.  Big Oil’s…

One of President Trump’s top priorities when he took office was to remove generous subsidies for things like wind and solar power that, critics have argued, are a drain on federal coffers. The panic that this intention caused in transition industries suggested it would be an easy job. It’s not. A lot of the subsidy billions have gone into Republican-led states. The warnings have been coming in for months. A lot of the companies that have taken advantage of IRA funds for energy transition projects have done so in red states. Toyota,…

Kazakhstan and China have moved to deepen their strategic partnership, with the two allies set to sign 60 agreements worth up to $25 billion at the China–Central Asia Industrial and Investment Cooperation Forum in Astana. Kazakhstan has identified China National Nuclear Corporation (CNNC) as a key strategic partner for building nuclear power plants, and will sign a cooperation agreement with China on nuclear energy. This partnership also includes joint research on transboundary uranium ore belts straddling the two countries. According to…

Today, the world is filled with conflict. Part of the problem is oil limits, but there are many other issues as well: Resources such as coal, lithium, and copper are also becoming more expensive to extract. Fresh water is often inadequate for the world’s rising population. Debt levels are very high. Complexity is very high. An adequate standard of living is becoming unaffordable for many people. The increasing world population leads to a need for more food and more paved roads. These symptoms strongly suggest that the world economy is headed…

Crude prices are technically higher today, but the market mood feels anything but bullish. WTI is clinging to $75.60 (+0.61%), but that masks a sharper intraday reversal that saw prices tumble from above $77 earlier in the session. Brent is faring better at $78.85 (+2.80%), and is missing the sharp pullback seen in the US benchmark.  Much of the morning rally was driven by the drumbeat of possible U.S. military involvement in the Israel-Iran war. But once the White House clarified that President Trump hasn’t made a decision—and…

Crude prices are technically higher today, but the market mood feels anything but bullish. WTI is clinging to $75.60 (+0.61%), but that masks a sharper intraday reversal that saw prices tumble from above $77 earlier in the session. Brent is faring better at $78.85 (+2.80%), and is missing the sharp pullback seen in the US benchmark.  Much of the morning rally was driven by the drumbeat of possible U.S. military involvement in the Israel-Iran war. But once the White House clarified that President Trump hasn’t made a decision—and…

The growth in US power demand is surging to its highest rate in decades, driven first by the electrification of oil and gas production and then by the build out of data centers. While still below the 5-10% growth seen in China, the world’s first “electrostate," the US power sector is experiencing rapid structural growth. The country is delivering more than a 3.5% annual power demand growth rate for the first time in several decades, potentially positioning the US as the world’s next “electrostate,” despite the strong…

The global tide is turning in favor of nuclear energy after decades of distrust and an adverse policy environment. This week, the sea change picked up speed as the World Bank announced that it would return to the nuclear energy space as a funder, marking a “major reversal” and “a momentous shift for international energy policy” according to the World Nuclear Association.  The World Bank credited this groundbreaking pivot to the need to meet ballooning energy demand from the developing world without compromising on climate…

SpaceX’s Starship prototype exploded over the Indian Ocean on Thursday during its fourth “hotfire” engine test, dramatically underscoring the immense energy stakes of Elon Musk’s space aspirations. The Raptor engines rely on cryogenic methane and liquid oxygen, burning through an estimated 1,000 to 1,200 tonnes of propellant per launch. This fuels more than just rockets. It powers a burgeoning $1.8 trillion space economy forecast by 2035, up from $630?billion in 2023. That explosion in valuation is driven not merely by launches,…

Via Metal Miner The Global Precious Metals MMI (Monthly Metals Index) saw a strong rally from mid-May to mid-June. Precious metals prices like gold, silver, platinum and palladium all climbed on a potent mix of safe-haven investment flows and robust industrial demand. Geopolitical tensions, notably the recent flare-up in the Middle East between Israel and Iran, have only fueled more risk aversion. This continues to drive safe-haven demand into gold and silver. Palladium Lagging in Struggles with EV Transition Palladium has improved from its spring…

Iran is maintaining crude oil supply by loading tankers one at a time and repositioning floating storage closer to Asia, two vessel tracking firms told Reuters, as the country seeks to preserve a vital revenue stream while under Israeli attack. Loadings at Kharg Island reached roughly 2.2?million barrels per day in recent days, a five-week high, while up to 8?million barrels of floating storage were shifted toward waters near China and Singapore, according to Bloomberg. The logistical changes are part of a broader strategy to insulate Iran’s…

Iran is maintaining crude oil supply by loading tankers one at a time and repositioning floating storage closer to Asia, two vessel tracking firms told Reuters, as the country seeks to preserve a vital revenue stream while under Israeli attack. Loadings at Kharg Island reached roughly 2.2?million barrels per day in recent days, a five-week high, while up to 8?million barrels of floating storage were shifted toward waters near China and Singapore, according to Bloomberg. The logistical changes are part of a broader strategy to insulate Iran’s…

The UK government has quietly admitted that renewables and other low-carbon technologies essential to the rapid drive to net zero are more expensive than using fossil fuel, City AM can reveal, which has in turn made energy bills higher for Brits up and down the country.  Labour ministers are expected to double down on expanding the use of green technologies to lower costs as the Treasury and Department for Business and Trade are set to unveil the UK’s industrial strategy next week. The blueprint for growing the economy will outline plans…

Namibia, one of the latest exploration hotspots in the world, is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production offshore the African country. Oil and gas supermajors, including Shell, TotalEnergies, and Portugal-based energy firm Galp, have already made large discoveries offshore Namibia. However, without infrastructure in place, costs are higher for production development plans. That’s why, Namibia, hoping to become the next Guyana, wants to help the…

Namibia, one of the latest exploration hotspots in the world, is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production offshore the African country. Oil and gas supermajors, including Shell, TotalEnergies, and Portugal-based energy firm Galp, have already made large discoveries offshore Namibia. However, without infrastructure in place, costs are higher for production development plans. That’s why, Namibia, hoping to become the next Guyana, wants to help the…

Namibia, one of the latest exploration hotspots in the world, is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production offshore the African country. Oil and gas supermajors, including Shell, TotalEnergies, and Portugal-based energy firm Galp, have already made large discoveries offshore Namibia. However, without infrastructure in place, costs are higher for production development plans. That’s why, Namibia, hoping to become the next Guyana, wants to help the…

Namibia, one of the latest exploration hotspots in the world, is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production offshore the African country. Oil and gas supermajors, including Shell, TotalEnergies, and Portugal-based energy firm Galp, have already made large discoveries offshore Namibia. However, without infrastructure in place, costs are higher for production development plans. That’s why, Namibia, hoping to become the next Guyana, wants to help the…