Germany’s latest offshore wind auction without government subsidies failed to attract a single bid on Wednesday, alarming the local offshore wind sector, which is calling for a fundamental redesign of Germany’s renewable energy auctions. The Federal Network Agency’s auction for 10.1 gigawatt (GW) offshore wind farms in the German part of the North Sea ended with no investor submitting a bid for any of the two proposed sites, the Federal Association for Offshore Wind Energy, BWO, said. The auction flop signals that offshore wind…

Germany’s latest offshore wind auction without government subsidies failed to attract a single bid on Wednesday, alarming the local offshore wind sector, which is calling for a fundamental redesign of Germany’s renewable energy auctions. The Federal Network Agency’s auction for 10.1 gigawatt (GW) offshore wind farms in the German part of the North Sea ended with no investor submitting a bid for any of the two proposed sites, the Federal Association for Offshore Wind Energy, BWO, said. The auction flop signals that offshore wind…

Germany’s latest offshore wind auction without government subsidies failed to attract a single bid on Wednesday, alarming the local offshore wind sector, which is calling for a fundamental redesign of Germany’s renewable energy auctions. The Federal Network Agency’s auction for 10.1 gigawatt (GW) offshore wind farms in the German part of the North Sea ended with no investor submitting a bid for any of the two proposed sites, the Federal Association for Offshore Wind Energy, BWO, said. The auction flop signals that offshore wind…

Crude oil inventories in the United States decreased by 3.0 million barrels during the week ending August 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 423.7 million barrels according to government data, which is 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories shrank by 4.2 million barrels. Crude prices were trading…

Crude oil exports from Iraq’s semi-autonomous region of Kurdistan to a Turkish Mediterranean port will resume either on Wednesday or Thursday, the federal Iraqi Oil Minister, Hayan Abdul Ghani, told state news agency INA today.  Abdul Ghani was visiting the Kirkuk province in Kurdistan, where he confirmed to the Iraqi News Agency (INA) that the export resumption – after a two-year halt – is imminent.  The federal government in Baghdad and the regional Kurdish government in Erbil have been squabbling for more than two…

Crude oil exports from Iraq’s semi-autonomous region of Kurdistan to a Turkish Mediterranean port will resume either on Wednesday or Thursday, the federal Iraqi Oil Minister, Hayan Abdul Ghani, told state news agency INA today.  Abdul Ghani was visiting the Kirkuk province in Kurdistan, where he confirmed to the Iraqi News Agency (INA) that the export resumption – after a two-year halt – is imminent.  The federal government in Baghdad and the regional Kurdish government in Erbil have been squabbling for more than two…

Ahead of an August 8 deadline set by US President Donald Trump for the Kremlin to stop the fighting in Ukraine, Washington is looking to squeeze Moscow economically and has found a new target: Russian oil sales to China. Reining in how much oil China buys from Russia has become an unexpected sticking point in ongoing US-China trade talks in Stockholm, where both sides are looking to settle many of their differences in order to avert punishing tariffs and reach a broader trade deal. With Trump growing increasingly frustrated with Russian President…

Argentina’s energy company YPF is nearing a deal for the acquisition of shale assets in the country owned by French supermajor TotalEnergies, Bloomberg has reported, citing unnamed sources in the know. TotalEnergies has stakes in two fields that are part of the Vaca Muerta shale play but an underdeveloped part. YPF has been very active in the development of other parts of the formation and looking for growth opportunities in what many have called the second-largest shale deposit in the world. According to the Bloomberg report, the sale could…

Canadian oil heavyweight Suncor Energy reported higher-than-expected earnings for the second quarter, booking a net result of $820 million and returning over $1 billion to shareholders in the period. The company benefited from an increase in crude oil production during the second quarter that helped it compensate for lower overall energy commodity prices, accumulating some C$2.7 billion ($1.96 billion) in funds from operations, and C$1 billion ($730 million) in free cash flow. Operating profits, however, halved from the first to the second…

Oil prices were moving higher again early on Wednesday morning, recovering from oversupply fears that had driven them to five-month lows. The most recent rebound was driven by Trump’s escalating trade offensive against India over its continued imports of Russian crude. At the time of writing, Brent crude futures had risen to $68.10 per barrel and WTI had climbed to $65.59. This modest rebound highlights the uncertainty of markets over whether Trump will follow through on his threats of further tariffs and if those tariffs would have a tangible…

The United States and Pakistan have finalized a trade and energy pact that could reshape both nations’ approach to energy cooperation and strategic alignment. Announced on Wednesday by President Donald Trump, the agreement includes U.S. participation in developing Pakistan’s oil reserves and a substantial reduction in tariffs on Pakistani exports to the U.S. The new deal lowers the U.S. tariff rate on Pakistani goods from 29% to 19%, offering critical relief to one of the world’s largest textile exporters. According to the Pakistan…

Lithium prices are not reflecting real-world demand trends for the battery metals, which may at some point lead to a dramatic correction. Challenges remain, however, with EV adoption and with battery storage deployment, despite recent healthy growth in both. They are still not as affordable as they need to be for mass adoption. Last year, it looked like the world was firmly in oversupply territory when it came to lithium. Even though China kept breaking records in EV sales that supported local lithium prices, globally, the situation was one of…

OPEC+ will complete the unwinding of its largest production cut next month after agreeing this weekend to boost output by 547,000 barrels per day (bpd) in September in a move that was widely expected by the market and oil industry analysts. What’s next for the OPEC+ oil production policy and the last remaining layer of production cuts of 1.66 million bpd is anyone’s guess. The group of OPEC and non-OPEC producers, led by Saudi Arabia and Russia, left the door wide open to any further production adjustment – in either direction…

In recent years, many optimistic narratives have overstated the impact of renewables on fossil fuel consumption. The reality is more sobering: renewables are not displacing fossil fuels—especially in non-OECD countries and energy-intensive sectors. They’re growing fast, but they’re still playing catch-up with rising global energy demand. That is a key takeaway from the 2025 Statistical Review of World Energy. Yes, renewable energy posted impressive gains in 2024. But it still wasn’t enough to bend the curve on global fossil…

Oil prices remain jittery today as the market digests yet another sanctions-threat targeting Russia. President Trump is said to be mulling new sanctions on Russia’s so-called "shadow fleet" of oil tankers if Moscow doesn't commit to a peace agreement with Ukraine by Friday. Despite many threats, the Trump White House has yet to impose new sanctions on Russia since he took office. Already the Russian economy is incredibly isolated in the West's eyes, while a growing Kremlin reliance on leading BRICS countries such as China and…

The Trump administration is reportedly considering new sanctions targeting Russia’s so-called “shadow fleet” of oil tankers if President Vladimir Putin fails to agree to a ceasefire in Ukraine by Friday, according to a report by the Financial Times on Tuesday. The move would mark a significant escalation in the U.S. effort to restrict Russia’s oil export revenues, which remain a critical source of funding for the Kremlin’s military operations. Russia’s so-called “shadow fleet” is a loose collection…

The board of the world’s most valuable carmaker has approved the award of shares to chief executive Elon Musk worth a staggering $29bn (£21.7bn) in efforts to prevent the billionaire from leaving the firm. The new award by Tesla, which amounts to 96 million new shares, comes as part of a new pay deal, after Musk threatened to leave the electric vehicle maker if he was not given more stock. It should also boost Musk’s voting power on Tesla’s board. Tesla’s board wrote on X, which is owned by Musk that “It is imperative…

The Trump administration is reportedly considering new sanctions targeting Russia’s so-called “shadow fleet” of oil tankers if President Vladimir Putin fails to agree to a ceasefire in Ukraine by Friday, according to a report by the Financial Times on Tuesday. The move would mark a significant escalation in the U.S. effort to restrict Russia’s oil export revenues, which remain a critical source of funding for the Kremlin’s military operations. Russia’s so-called “shadow fleet” is a loose collection…

In 2023, Raytheon CEO Greg Hayes warned that Beijing effectively has the US military's supply chain by the balls, thanks to America's reliance on rare earths and other materials which either come from, or are processed in, China.  According to Hayes, Raytheon has "several thousand suppliers in China," because of which "decoupling ... is impossible." "We can de-risk but not decouple," he told the Financial Times, adding that he thinks this is the case "for everybody." "Think about the $500bn of trade that goes from China to the US every year.…

U.S. President Donald Trump said Tuesday that a further drop in energy prices could force Russian President Vladimir Putin to end the war in Ukraine. “If energy goes down enough, Putin is going to stop killing people,” Trump told CNBC. “If you get energy down, another $10 a barrel, he’s going to have no choice because his economy stinks.” Crude prices slid again on Tuesday. As of early afternoon, WTI was down $0.94 (-1.42%) at $65.35, while Brent crude fell $0.85 (-1.24%) to $67.91. Trump’s comments follow last…