Oil news
AI Race Brings Energy Reliability Back into Spotlight
Artificial intelligence is all over the media—and so is its energy consumption, which is spurring something of a new tech race. That race, however, besides innovation, includes some simpler moves, such as a return to a kind of power generator that had been consigned to history. Single-cycle gas turbines used to be popular before combined-cycle technology emerged. It was much more efficient and a lot cleaner, Bloomberg reported this week in a story looking into the latest developments in AI and securing the energy for its continued growth.…
Categories: Oil news
Trump’s Coal Comeback Goes Global
In a move that fuses domestic revival with international strategy, the Trump administration has greenlit the expansion of Montana’s Bull Mountains coal mine—unlocking nearly 60 million tons of coal destined for key U.S. allies Japan and South Korea. The approval, announced Friday by the Department of the Interior, comes under President Trump’s national energy emergency directive, signaling a bold return to coal as a cornerstone of U.S. energy policy and foreign leverage. The mine’s expansion, led by Signal Peak Energy, is…
Categories: Oil news
Trump’s Coal Comeback Goes Global
In a move that fuses domestic revival with international strategy, the Trump administration has greenlit the expansion of Montana’s Bull Mountains coal mine—unlocking nearly 60 million tons of coal destined for key U.S. allies Japan and South Korea. The approval, announced Friday by the Department of the Interior, comes under President Trump’s national energy emergency directive, signaling a bold return to coal as a cornerstone of U.S. energy policy and foreign leverage. The mine’s expansion, led by Signal Peak Energy, is…
Categories: Oil news
Trump’s Coal Comeback Goes Global
In a move that fuses domestic revival with international strategy, the Trump administration has greenlit the expansion of Montana’s Bull Mountains coal mine—unlocking nearly 60 million tons of coal destined for key U.S. allies Japan and South Korea. The approval, announced Friday by the Department of the Interior, comes under President Trump’s national energy emergency directive, signaling a bold return to coal as a cornerstone of U.S. energy policy and foreign leverage. The mine’s expansion, led by Signal Peak Energy, is…
Categories: Oil news
Trump’s Coal Comeback Goes Global
In a move that fuses domestic revival with international strategy, the Trump administration has greenlit the expansion of Montana’s Bull Mountains coal mine—unlocking nearly 60 million tons of coal destined for key U.S. allies Japan and South Korea. The approval, announced Friday by the Department of the Interior, comes under President Trump’s national energy emergency directive, signaling a bold return to coal as a cornerstone of U.S. energy policy and foreign leverage. The mine’s expansion, led by Signal Peak Energy, is…
Categories: Oil news
US Oil Drillers See Sharp Decline in Activity
The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 3-rig decrease last week, and a 10-rig decrease the week before that. The total rig count in the US fell by 4 to 559 rigs, according to Baker Hughes, down 35 from this same time last year. The number of oil rigs fell by 9 to 442 after falling by 4 during the previous week—and down by 50 compared to this time last year. The number of gas rigs rose by 5 this week, to…
Categories: Oil news
U.S. Sanctions Hit Iranian Oil Smuggling Network in Asia
The U.S. Treasury Department has unleashed a sweeping wave of sanctions targeting a sprawling network of companies and individuals accused of facilitating Iranian oil and petrochemical exports in violation of existing sanctions. The action, announced Friday, strikes at the financial and logistical infrastructure underpinning Iran’s shadow energy trade—particularly its crude exports to Asia. At the center of the designations is Nasser Zarrin Ghalam and Partners Company, based in Tehran, which U.S. authorities say orchestrates illicit…
Categories: Oil news
U.S. Sanctions Hit Iranian Oil Smuggling Network in Asia
The U.S. Treasury Department has unleashed a sweeping wave of sanctions targeting a sprawling network of companies and individuals accused of facilitating Iranian oil and petrochemical exports in violation of existing sanctions. The action, announced Friday, strikes at the financial and logistical infrastructure underpinning Iran’s shadow energy trade—particularly its crude exports to Asia. At the center of the designations is Nasser Zarrin Ghalam and Partners Company, based in Tehran, which U.S. authorities say orchestrates illicit…
Categories: Oil news
US-China Trade Talks Lift Oil Prices
ICE Brent is poised to close the week above $66 as trade optimism lifts sentiment, while stubborn geopolitical tensions and shifting wildfire risks keep supply concerns alive. June 6th, 2025 ICE Brent futures are set to close this week above $66 per barrel, a more than 3% weekly gain after markets were buoyed by the prospect of US-China trade talks all the while derailed US-Iran and Russia-Ukraine negotiations have kept geopolitical risk premia intact. Supply risks from Canada’s wildfires seem to be subsiding after Alberta saw some rain earlier…
Categories: Oil news
Trump Administration: Biden’s Fuel Economy Rules Exceeded Authority
The fuel economy standards issued under former President Biden exceeded legal authority, the U.S. Department of Transportation said on Friday. Under the so-called Corporate Average Fuel Economy Program (CAFE), the Biden Administration included electric vehicles (EVs) in calculating fuel economy regulations. Now the Trump Administration published a ‘Resetting the Corporate Average Fuel Economy Program’ rule, in which it declared that the Biden-era rule and rule-making exceeded legal authority. Last month, Transportation Secretary Sean…
Categories: Oil news
Oil Traders Brace for 2026 Squeeze
Wary of the ‘Hockey Stick’, Oil Traders Hedge Their 2025 Exposure - Open interest in WTI calendar spread options - contracts that see market participants bid on the future value of crude oil futures across different delivery months – has reached an all-time high as traders expect this year’s assumed oversupply to only materialize in 2026. - The prompt spread between July and August was trading around $0.90 per barrel for most of this week, whilst the difference between December 2025 and December 2026 was a mere $0.50 per…
Categories: Oil news
HSBC Sees OPEC+ Output Hikes Weighing on Oil Prices in Late 2025
HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends. “Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd of voluntary cuts fully unwound by the end of 2025,” the bank said in a note on Friday carried by Reuters. OPEC+ producers have just said they would boost July production by another 411,000 barrels per day (bpd), citing…
Categories: Oil news
Venezuela Replaces U.S. Oil Giants with Chinese and Argentine Firms
Venezuela hasn’t waited long to replace Western service providers in its oil industry after the U.S. sanctions, and has signed at least nine agreements with foreign firms, including from China, sources with knowledge of the deals told Bloomberg. Under the U.S. sanctions, Western oil producers were given time until May to wrap up their operations in Venezuela, home to the world’s biggest crude oil reserves. U.S. licenses for the biggest oilfield service providers – Schlumberger, Halliburton, Baker Hughes, and Weatherford International…
Categories: Oil news
Russia Strikes Kyiv Following Operation Spiderweb
Politics, Geopolitics & Conflict On June 1, Ukraine executed Operation Spiderweb, a meticulously planned drone offensive targeting five Russian airbases, including facilities in Siberia. The operation reportedly damaged or destroyed approximately 34% of Russia's strategic bomber fleet, including nuclear-capable aircraft, marking a significant escalation in Ukraine's military capabilities. In retaliation, Russia launched a massive missile and drone assault across Ukraine on June 6, with Kyiv experiencing one of the deadliest attacks since April.…
Categories: Oil news
Erdogan’s Political Crackdown Escalates Ahead of 2028 Election
Turkey is back in the spotlight this week, and Erdogan is at it again. This time, he’s gotten rid of five more opponents as he rather brazenly and publicly picks off his rivals one by one (or in this case, five by five). On Thursday, Erdogan fired five district mayors from the opposition Republican People’s Party (CHP), allegedly for corruption. That move is intended to shore up his previous move in March to arrest Istanbul’s Mayor, Ekrem ?mamo?lu, his most dangerous political rival, on alleged financial crimes charges. That single…
Categories: Oil news
Long-Term Potential Makes This the One Fuel Cell Stock Worth Buying
On the surface, this is not a good time to be investing in alternative energy in the US. The current White House administration is not just pro-fossil fuel but often seems to be actively opposed to alternative and “green” energy. However, as the recent support for nuclear power, or at least the small modular reactor version of it, shows, that really isn’t the case. Donald Trump may have a curious hatred of wind turbines but other than that, this administration does understand that the energy demands of a modern industrialized…
Categories: Oil news
Oil Holds Strong on Supply Disruptions and Geopolitical Tensions
Light crude oil futures rallied this week, closing Thursday at $63.37 per barrel—up approximately 4.2%—as the market digested a cocktail of bullish catalysts. Traders responded to unplanned supply disruptions in Canada, measured output policies from OPEC+, and escalating geopolitical tensions, while contending with uncertain demand signals and trade-related optimism. OPEC+ Holds Course as Saudi Arabia Defends Market Share OPEC+ stuck to its plan of a 411,000 barrel per day increase for July, reassuring traders who feared a steeper hike…
Categories: Oil news
Spain Halts Oil Imports From Venezuela as U.S. Sanctions Come Into Effect
Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024. Spain’s energy major Repsol was one of several foreign companies, which also included U.S. Chevron and Italy’s Eni, allowed by the Biden Administration to operate in Venezuela and…
Categories: Oil news
Spain Halts Oil Imports From Venezuela as U.S. Sanctions Come Into Effect
Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024. Spain’s energy major Repsol was one of several foreign companies, which also included U.S. Chevron and Italy’s Eni, allowed by the Biden Administration to operate in Venezuela and…
Categories: Oil news
Africa’s Biggest Refinery Boosts U.S. Crude Oil Purchases
The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, has been buying increasing volumes of U.S. crude WTI despite the fact that Nigeria is the biggest crude oil producer in Africa. But Africa’s top OPEC member has been struggling to materially boost domestic crude output, so the 650,000-barrels-per-day refinery has been sourcing more WTI crude as the facility is ramping up to capacity. So far this year, U.S. crude has accounted for a third of the purchases of the Dangote refinery, according to vessel-tracking…
Categories: Oil news