Following the disruption to the global rare earth supply chain after China’s export curbs, India is now looking at ways to keep its own rare earths at home. The government has asked state-owned minerals and metals mining enterprise IREL (India) Limited to halt a more than a decade-old supply agreement to export rare earth elements to Japan, Reuters reported on Friday, citing sources with knowledge of the development. But the idea to stop supply to Japan may not be immediately feasible because it is part of a bilateral government deal, one…

Following the disruption to the global rare earth supply chain after China’s export curbs, India is now looking at ways to keep its own rare earths at home. The government has asked state-owned minerals and metals mining enterprise IREL (India) Limited to halt a more than a decade-old supply agreement to export rare earth elements to Japan, Reuters reported on Friday, citing sources with knowledge of the development. But the idea to stop supply to Japan may not be immediately feasible because it is part of a bilateral government deal, one…

The US battery energy storage (BESS) market is booming across the country this year, coming off an already impressive growth streak in 2024. The rapid clip of expansion is partially due to falling battery manufacturing costs, with Rystad Energy predicting this trend to continue over the next five to seven years amid ongoing design improvements. While renewable energy investment faces policy headwinds as legislators weigh rolling back tax incentives for low-carbon energies, the grid-scale BESS market remains unscathed, for now. Rystad Energy estimates…

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 4-rig decrease last week, and a 3-rig decrease the week before that. The total rig count in the US fell by 4 to 555 rigs, according to Baker Hughes, down 35 from this same time last year. The number of oil rigs fell by 3 to 439 after falling by  9 during the previous week—and down by 49 compared to this time last year. The number of gas rigs fell by 1 this week,…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Pakistan’s state-owned Oil & Gas Development Company Limited (OGDCL) has hit a new reservoir of oil and gas at its Faakir-1 wildcat well—an onshore discovery in Sindh province that could help reverse the country’s deepening energy crisis. Drilled to a depth of 4,185 meters, the well tested at 6.4 million cubic feet per day of gas and 55 barrels per day of condensate from the Lower Goru formation. It’s not a gusher by global standards, but it’s a critical domestic win. OGDCL called the find a “significant…

Geopolitical risk rushed back into oil markets in style as Israel launched extensive strikes on Iran and boosted fears of a major regional conflict. Friday, June 13th, 2025 The geopolitical risk premium is back, with Israel’s strikes on Iran bringing ICE Brent futures to $75 per barrel in a world where OPEC+ continues to unwind its production cuts and global demand is decelerating due to Donald Trump’s tariff wars. Whilst oil infrastructure was not damaged in Israel’s strikes, the anticipation of Iran’s retaliation…

Israel’s Attack on Iran Breaks Off Oil’s Pricing Slumber - Israel’s attack on Iran, resulting in at least 80 deaths and assassinating several top-ranking IRGC commanders, have roiled the oil markets as ICE Brent futures posted their largest single-day jump since the Russian invasion of Ukraine in late February 2022. - Iranian media reported that upstream and midstream infrastructure was not damaged, including the Kharg island loading facility that oversees 90% of Iran’s crude oil exports, suggesting that Iranian supply will…

Israel has ordered the shutdown of its massive Leviathan gas field, cutting off a critical supply line to Egypt just as regional tensions with Iran erupt into open conflict. Chevron, the operator of Leviathan, confirmed the halt on Friday after Israel’s Energy Ministry issued the order, citing escalating security threats. Energean Plc also suspended output from its Israeli assets. The Leviathan shutdown is already impacting gas flows to Egypt, according to Bloomberg sources close to the pipeline network. Egypt, facing peak summer demand and…

Even before Israel attacked Iran, oil prices had been advancing this week, lifted by renewed optimism surrounding U.S.-China trade negotiations. Markets welcomed a more constructive tone between the two economic superpowers, with discussions in London reportedly progressing well. President Trump’s upbeat remarks added to the momentum, giving traders a reason to bet on improved global growth. As the U.S. and China represent the largest sources of oil demand globally, signs of easing tensions naturally encouraged buying across the energy complex.…

Politics, Geopolitics & Conflict Eastern Libya’s parliament has passed a parallel 2025 budget, a calculated move by Haftar’s bloc to assert financial sovereignty and gain leverage over Tripoli as the political stalemate drags on. Control of key oil terminals remains Haftar’s strongest card, with the clear threat of revenue disruption or supply manipulation if negotiations stall. In parallel, Turkish sources indicate Haftar is revisiting the 2019 Turkey-Libya maritime boundary agreement — a highly controversial deal that…

Following the Israel-Iran flare-up in the Middle East, the UK and Greece have cautioned their commercial shipping companies to be extra careful and log all voyages through the world’s key oil transit chokepoint, the Strait of Hormuz. Israel launched overnight a series of coordinated airstrikes on Iran, targeting nuclear facilities in what it describes as a decisive move to prevent the Islamic Republic from becoming a nuclear power. Iran has vowed retaliation and launched drones at Israel on Friday. The shipping industry fears an escalation…

Following the Israel-Iran flare-up in the Middle East, the UK and Greece have cautioned their commercial shipping companies to be extra careful and log all voyages through the world’s key oil transit chokepoint, the Strait of Hormuz. Israel launched overnight a series of coordinated airstrikes on Iran, targeting nuclear facilities in what it describes as a decisive move to prevent the Islamic Republic from becoming a nuclear power. Iran has vowed retaliation and launched drones at Israel on Friday. The shipping industry fears an escalation…

It may seem strange to say that Friday’s reaction in crude oil to the escalation in the conflict between Israel and Iran is an overreaction, but if you can step back from the fact that Israel launched what looks like a successful bombing raid from their perspective, and Iran is retaliating with drones, the market move probably is way overdone. I have said before that traders are, in some ways, similar to talk radio hosts. They follow the news so intently that in their minds, the impact of everything gets exaggerated. When you have been waiting…

In a stunning and unprecedented pre-emptive military operation, Israel has launched a coordinated strike on Iran’s nuclear infrastructure and senior military leadership under the codename Operation Rising Lions. With surgical precision, the Israeli Air Force reportedly hit over 100 high-value targets across Iran, including uranium enrichment facilities, ballistic missile sites, and command-and-control centers. The operation, authorized by Prime Minister Benjamin Netanyahu and greenlit days in advance, represents the most audacious use of…

As part of the European Union’s efforts to halt imports of Russian natural gas by 2027, the bloc will require EU companies to disclose details of their contracts to buy Russian gas, according to an internal European Commission document seen by Reuters. In May, the EU unveiled a roadmap to end dependency on Russian energy. The roadmap calls for the EU to stop all imports of Russian gas by the end of 2027 by improving the transparency, monitoring, and traceability of Russian gas across the EU markets. New contracts with suppliers…

As part of the European Union’s efforts to halt imports of Russian natural gas by 2027, the bloc will require EU companies to disclose details of their contracts to buy Russian gas, according to an internal European Commission document seen by Reuters. In May, the EU unveiled a roadmap to end dependency on Russian energy. The roadmap calls for the EU to stop all imports of Russian gas by the end of 2027 by improving the transparency, monitoring, and traceability of Russian gas across the EU markets. New contracts with suppliers…

As part of the European Union’s efforts to halt imports of Russian natural gas by 2027, the bloc will require EU companies to disclose details of their contracts to buy Russian gas, according to an internal European Commission document seen by Reuters. In May, the EU unveiled a roadmap to end dependency on Russian energy. The roadmap calls for the EU to stop all imports of Russian gas by the end of 2027 by improving the transparency, monitoring, and traceability of Russian gas across the EU markets. New contracts with suppliers…

Israel conducted large-scale military strikes targeting Iran's nuclear and military sites, causing a sharp increase in global oil prices. Fears of disruptions to Middle East oil supplies and potential retaliatory actions from Iran led to market volatility and a drop in stock markets. While the IAEA confirmed the impact on Iran's Natanz facility, it also stated that radiation levels remained stable, and international calls for diplomacy increased. 1m ago 9:03am CST Turkey and Saudi Arabia Condemn Israel’s Strikes on Iran Turkey’s President…