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The once peaceful South American nation of Ecuador is being rocked by cocaine related violence. Since the 2020 pandemic, the tiny country’s murder rate has spiraled higher, hitting an all-time high of nearly 51 murders per 100,000 people during 2025. The tiny impoverished country of less than 20 million is regularly affected by extreme bloodshed, conflict, and lawlessness despite frequent security crackdowns. The rapid rise of cocaine trafficking and related brutality is sharply impacting government finances and Ecuador’s broken oil…
Trump faces a simple but difficult choice: Iran’s enriched uranium still needs to be secured, and airstrikes haven’t accomplished that. The only clear way to control it would likely require U.S. troops on the ground—an option that risks widening the conflict and raising the stakes significantly. That uncertainty has been pouring over into global energy markets. Oil prices have pulled back from recent highs but remain elevated as the Middle East conflict shows no signs of abating. Europe remains largely non-committal towards using…
The first lease sale in the National Petroleum Reserve-Alaska in seven years became the most successful auction in the area ever, as oil majors bid on hundreds of tracts, signaling they haven’t given up on Alaska’s petroleum resources despite development and court challenges. This week’s oil and gas lease sale for the National Petroleum Reserve in Alaska, one of five mandated in the next decade under the Trump Administration’s One Big Beautiful Bill Act (OBBBA), drew a record high of $163.7 million in high bids and resulted…
Thermal batteries are the hottest new thing in energy storage tech. As energy storage heats up to be “clean energy’s next trillion-dollar business,” the private sector is throwing its full weight behind developing the technology that will unlock scalable long-term energy storage. As of 2022, the energy storage market was valued at nearly $198.8 billion, on track to reach $329.1 billion by 2032, and showing no sign of slowing from there. The race to corner that market is a contentious one, and thermal batteries are rapidly emerging…
Oil and gas prices are hogging headlines, but while the world watches the Middle East, U.S. officials have been busy elsewhere. Chile, the world’s biggest supplier of one particular critical mineral, is in talks with the U.S. on a supply agreement for rhenium—an element seen as vital for national security. Rhenium is a genuinely rare element that has an extremely high melting point of around 3,180 degrees Celsius, which makes it extra resistant to both heat and wear, according to the USGS. This, in turn, makes rhenium highly prized…
China could come out on top – or at the very least vindicated – as a result of the United States’ and Israel’s war in Iran. As the world reels from skyrocketing oil prices and general energy market volatility, China is reaping the rewards of the huge energy stockpiles that it has been hoarding for years in case of just such a crisis. China’s ‘supergrid’ could not only buffer the world’s second-largest economy from energy market fallout, it could make China a major economic winner at the end of the…
While energy prices stayed steady in February, the numbers show that they were already on the rise even before the United States waged war on Iran. As the Strait of Hormuz begins its third week of closure to its myriad political adversaries, extending what was already the single largest disruption to global oil trade in history, we can expect to see skyrocketing energy prices over the coming weeks and months. And that means that we can expect political disruptions that last a whole lot longer. As the United States and Israel continue a bombardment…
In just over two weeks since the US-Israeli strikes on Iran triggered the closure of the Strait of Hormuz, more than 12 million barrels of oil equivalent per day (boepd) of Middle East oil and gas production has been taken offline, including 7 million barrels per day (bpd) of crude supply – equivalent to roughly 7 % of total global liquids demand. Iraq has been hit hardest, with over 60% of its pre-conflict volume curtailed. Still, the more alarming reality is that the worst is likely yet to come. Rystad Energy analysis shows that in a worst-case…
Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG—or was, until this month. With the shutdown of Qatar’s Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain. QatarEnergy announced a complete halt to LNG production after Iranian drone strikes hit facilities at Ras Laffan Industrial City and Mesaieed Industrial City on March 2. A force majeure declaration followed on QatarEnergy exports. The move started a…
The United States and Iran are fighting not just because of their differences, but also because of their similarities. Both countries see themselves as exceptional civilizations shaped by religion and sustained by a sense of victimhood. Each believes it has been repeatedly wronged by the other and is therefore acting defensively. This mutual narrative has become one of the most powerful forces shaping U.S.–Iran relations. Both nations interpret the relationship through different historical starting points. Because their memories of the conflict…
2026 is shaping up to be a ‘hot year for lithium.’ The metal, which is sometimes referred to as ‘white gold’ due to skyrocketing demand for the stuff, is integral in the production of all kinds of technology and clean energy manufacturing. You probably have at least one lithium-ion battery within arms reach at this very moment inside of your phone or smartwatch or any number of other rechargeable devices. And while lithium prices have been volatile for years as producers struggle to match production with demand growth,…
The Middle East war and the mother of all oil shocks—the de facto closure of the Strait of Hormuz—have exposed the global dependence on oil and gas as buyers scramble for cargoes and consumers once again bear the brunt of spiking energy prices. Before the war, the world had just overcome the energy system disruption from the Russian invasion of Ukraine and the embargoes on Russian energy in most of the developed economies. Some thought this was the biggest energy shock this decade, and most governments placed energy security ahead of…
The war in Iran is sending shockwaves through global energy markets that will be felt for years to come. The conflict is causing the single biggest oil supply disruption in history, as the closure of the Strait of Hormuz has caused a nine-day disruption of 20 percent of the world’s oil transports, more-than doubling the previous record set during the Suez crisis of 1956. But the war and its energy market impacts represent much more than just economic chaos – they are also the harbingers of serious and lasting human and environmental…
In China’s new five-year plan, released Thursday, the world’s second-largest economy declared its aim to “lead global climate governance.” However, the targets laid out in the nation’s 15th five-year plan mark a cautious turn in China’s approach to energy strategy, reflecting the global cool-off on climate-related policy and a general sense of unease in energy markets. China is set to continue full-speed ahead in its renewable energy additions, but is fundamentally changing the way that it tracks progress on…
Brent crude and WTI are once again above $100 and likely to stay there longer than those involved in the planning of the latest war in the Middle East may have expected. With that, energy-thirsty economies are beginning to feel the pinch, and not everyone is optimistic that it will be a short pinch. Brent crude, the global benchmark, surged past $116 per barrel earlier today, with West Texas Intermediate also reaching that level in a rare parity between the two. Murban crude, meanwhile, has hit $120 and sped past it, reflecting the continued freeze…
The European Union’s gas in storage levels are below 30%, benchmark gas prices are the highest in over a year, and QatarEnergy just shut down the world’s single biggest LNG production facility. The situation looks like a recipe for disaster, and the chances of a painless solution are slim. EU’s benchmark natural gas price has gained as much as 60% since the United States and Israel started bombing Iran on Saturday, and while some of these gains were erased this week, significant upside potential remains. Not only has QatarEnergy…
Argentina has become a major mining hotspot in recent years, as energy firms eye the South American country’s vast critical mineral reserves and build upon its strong mining reputation. In addition to lithium and copper, companies are showing interest in Argentina’s uranium reserves, particularly as several governments worldwide look to rapidly develop their nuclear energy capacity. However, many Argentinians are less enthusiastic about the prospect of uranium mining. Argentina’s uranium resources total roughly 10,500 tonnes…
Following the United States intervention in Venezuela on 3rd January, which brought an end to President Nicolás Maduro’s 13-year dictatorship, all eyes have been on the South American country’s oil industry. Once one of the world’s biggest oil producers, output has waned in recent years. However, with U.S. President Trump setting his sights on Venezuelan crude, many are speculating just how quickly its resources can be tapped. While the focus is on Venezuela’s potential as an oil power, others think that more immediate…
Colombia’s state-controlled oil giant Ecopetrol may increase spending and boost output if elevated oil prices persist amid the escalating Middle East conflict, the company’s chief executive said Thursday. Benchmark Brent crude has surged to its highest level in more than a year following U.S.-Israel strikes on Iran and disruptions to exports from the Persian Gulf. Brent climbed to more than $85 per barrel this week, up from roughly $70 before the conflict erupted on February 28. Ecopetrol CEO Ricardo Roa told analysts during the company’s…
Military strikes in the Middle East and the effective closure of the Strait of Hormuz have triggered one of the sharpest moves in European gas markets over the past year, with the Title Transfer Facility (TTF) benchmark surging on disrupted liquefied natural gas (LNG) flows. The shock is transmitting directly into European power markets, with price reactions varying according to national gas exposure. Beyond the immediate volatility, the market reaction underscores the structural linkage between global LNG supply, European electricity pricing and…
The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian firms from key energy projects in Iraq is a key turning point in the West’s resurgence in the Middle East, a senior U.S. Treasury source told OilPrice.com last week. “Iraq is the heartland of the Middle East, a major Iranian ally, vital to Russian and Chinese interests, and it’s allowing a major U.S. force into the centre of its economy,” he underlined. So, what does this mean for Iraq’s energy…
Last month’s announcement that Devon Energy and Coterra Energy are merging to create a $58-billion giant is the latest mega-deal in the U.S. shale patch, signaling smaller public companies are seeking multi-basin, multi-year increases in drilling opportunities. In early February, Devon Energy and Coterra Energy announced a definitive agreement to merge and create a premier shale operator in an all-stock transaction, implying a combined enterprise value of about $58 billion. The deal creates a company with a significantly increased position…
Several Middle Eastern states have introduced overarching national strategies with aims to diversify their energy mix to reduce their reliance on fossil fuels, as they also seek to expand their economies beyond a dependence on oil and gas revenue. This has led countries, such as the United Arab Emirates (UAE), Saudi Arabia, and Qatar, to invest heavily in the expansion of their renewable energy and cleantech industries. Oil and gas production has provided several Middle Eastern countries with significant revenue for many decades, allowing…
The world’s largest pumped hydro energy storage facility is nearing completion in China. The megaproject will bring China one step closer to its goal of being the world’s first and preeminent electrostate, and will advance the nascent but rapidly growing long-duration energy storage sector. The storage project being built at the Lianghekou Dam in Western Sichuan plateau will have four units of 300 megawatts (MW) each when completed, making it the largest facility of its kind. The project will house a conventional hydropower plant in…
