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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…
Over the past decade, scores of Big Oil companies have set up separate trading divisions that frequently rake in billions in profits that help pad their bottom lines whenever oil and gas prices fall. In fact, the oil majors typically handle more barrels than leading commodity traders such as Vitol, Trafigura, Glencore and Mercuria, according to Bloomberg. These companies usually view high volatility in the markets as a blessing, allowing them to make big bets and generate outsized profits. To wit, giant commodity traders generated record…
Oil prices slipped in early Asian trading on Monday as OPEC+ confirmed another substantial production increase for September, continuing its rapid unwinding of voluntary output cuts despite tepid demand growth in Asia. Brent crude futures fell 0.46% to $69.35 a barrel, while U.S. West Texas Intermediate declined 0.45% to $67.03. Both benchmarks had already lost roughly $2 per barrel in the previous session. The decline followed OPEC+’s announcement that it would boost production by 547,000 barrels per day (bpd) in September. This follows…
The European Union’s drive to replace Russian energy imports within two years, boost renewable energy rollout, and meet net-zero goals has put it in a position to become even more dependent on the two antagonistic global powers, the United States and China. The EU trade deal with the U.S. and the EU's reliance on China-made solar PV panels, wafers, and critical battery metals are likely to keep shaping the pace of energy transition in the European Union, which remains firmly committed to decarbonizing economies and becoming a…
Russian energy entities are experiencing financing woes, raising questions about whether Rosatom, Russia’s nuclear energy agency, will be able to fulfill its obligations to build Kazakhstan’s first atomic power plant. Already, financing troubles have caused another Russian state-controlled firm, Inter RAO, to lose out on constructing three thermal power plants in Kazakhstan. During a July 30 appearance before the Russian State Commission on Energy, Andrei Petrov, a top Rosatom official, openly acknowledged that Rosatom was seeking…
