Oil news

China Ditches U.S. LNG as Russian Pipelines and Domestic Output Surge

Oil news - Mon, 07/28/2025 - 02:00
Over the past couple of years, China has become the world’s largest importer of Liquefied Natural Gas (LNG), surpassing Japan as the top buyer of super-chilled gas since 2021. China’s surging LNG imports have been shaping Asian energy flows, with the country accounting for more than 40% of the continent's total LNG import growth. However, China’s dominance in LNG markets now appears in jeopardy, and we are seeing a prolonged decline in imports. According to ship-tracking data by Kpler via Bloomberg, China’s LNG imports are…
Categories: Oil news

China’s Coal Capital Is Transforming Into a Clean Energy Hub

Oil news - Sun, 07/27/2025 - 22:00
China’s coal hubs are some of the biggest in the world, with the Asian country having long relied on the fossil fuel for power and industry. However, some of these regions are now being transformed into green energy hubs, as China gradually reduces its reliance on coal in favour of renewable alternatives. One such region is Shanxi in the North of China.  In 2023, China produced around 4.71 billion tonnes of coal from over 3,000 mines. Coal is China’s biggest source of carbon emissions. However, with China pledging to achieve peak…
Categories: Oil news

Are Small Modular Reactors Worthy of the Hype?

Oil news - Sun, 07/27/2025 - 20:00
Nuclear energy is experiencing a political and technical renaissance. Around the world, nuclear fission is gaining traction as a critical piece of the puzzle for maintaining energy security while also slashing greenhouse gas emissions. Much of the renewed excitement over nuclear power comes from advances in nuclear technologies, particularly small modular reactors (SMRs), which are supposed to make nuclear capacity expansion cheaper, safer, and more efficient. SMR is still a broad term, encompassing models with capacities ranging from 1 megawatt…
Categories: Oil news

How Trump Is Stalling Solar and Wind Projects

Oil news - Sun, 07/27/2025 - 18:00
United States President Donald Trump announced plans in July to tighten federal permitting to restrict solar and wind energy development. This follows the passing on Trump’s One Big Beautiful Bill Act, which seeks to expand the fossil fuel and nuclear power sectors while also halting renewable energy progress in the U.S. These moves could lead energy companies to pause investments in renewable energy projects due to the uncertain outlook for the industry, as developers face more red tape and fewer financial incentives in establishing new…
Categories: Oil news

Too Big to Merge? Exxon and Chevron Might Think So

Oil news - Sun, 07/27/2025 - 02:00
Earlier this week, Chevron completed its acquisition of Hess Corp. It was one of the largest deals in the oil and gas space in recent history, after Exxon’s takeover of Pioneer Natural Resources, finalized in 2024. With that out of the way, the question begs to be asked: could the two U.S. giants strike a deal to create a single, much bigger giant? Some argue it might only be a matter of time. Reuters’ Ron Bousso, for instance, wrote in a recent article that Exxon and Chevron are already partners in a number of projects around the world…
Categories: Oil news

Espionage Arrests Signal Shift in Ukraine-China Relations

Oil news - Sat, 07/26/2025 - 22:00
The arrest of two Chinese nationals in Ukraine on espionage charges this month has punctuated a shift in Kyiv’s tone toward Beijing, whose support for Russia’s war is becoming harder to ignore. Ukraine’s intelligence service on July 9 said a 24-year-old Chinese man – expelled from a Ukrainian technical school two years ago – tried to obtain classified information about the Neptune missile program by befriending a defense worker. Authorities say he intended to pass the information to his father, who was also arrested,…
Categories: Oil news

Why Geothermal Energy Is Garnering So Much Attention

Oil news - Sat, 07/26/2025 - 20:00
Geothermal energy holds massive potential to disrupt global energy markets and provide nearly limitless and constant clean energy. Unlike solar and wind energy, which rely on climatic factors outside of human control, the heat from the Earth’s core is a steady and constant commodity. It’s just a matter of tapping into it. And the race is heating up to determine the best technological approach to do just that. Way back in 2021, Oilprice asked, “Why is the world still ignoring geothermal energy?” In the four years since that…
Categories: Oil news

Global Gas Flaring Surges to 17-Year High

Oil news - Sat, 07/26/2025 - 18:00
Despite big promises by oil majors to reduce gas flaring, the practice continues to be a major issue, contributing to high levels of greenhouse gas emissions. The International Energy Agency (IEA) and several state governments are aiming to achieve a global green transition, but decarbonising certain sectors, such as the oil industry, is proving extremely difficult. If gas flaring continues to take place, it could compromise the acceleration to green. Gas flaring is the burning of the natural gas associated with oil extraction. The practice has…
Categories: Oil news

Puerto Rico Abandons $20 Billion LNG Deal

Oil news - Sat, 07/26/2025 - 02:00
Puerto Rico’s government has pulled the plug on contract talks with New Fortress Energy after the island’s federally appointed oversight board declined to approve a proposed $20-billion LNG supply deal, upending years of negotiations and raising questions about the future shape of its energy transition. According to a report by Hart Energy, the Financial Oversight and Management Board for Puerto Rico withheld support for the contract earlier this month, citing concerns about cost, duration, and long-term fuel dependency. In response,…
Categories: Oil news

Starmer to Press Trump on UK Steel Tariffs in Scotland Talks

Oil news - Fri, 07/25/2025 - 22:00
President Trump kicks off his golfing holiday in Scotland this evening, and all eyes are on his diary as the trip looks set to become a hub for diplomacy.  Sir Keir Starmer will meet the US President on Monday, with the express mission of pressing for reduced tariffs on British steel.  The two leaders are set to have lunch and a bilateral meeting, though Starmer is thought to have little experience of, or interest in, golf.  White House press secretary Karoline Leavitt described the trip as a “working visit that will include…
Categories: Oil news

Beacon Offshore Kicks Off Shenandoah Production

Oil news - Fri, 07/25/2025 - 20:30
Beacon Offshore Energy has officially started oil and gas production at its long-awaited Shenandoah field in the U.S. Gulf of Mexico, the company confirmed Friday—marking a major milestone not just for Beacon, but for the ultra-deepwater Lower Tertiary Wilcox play. Phase 1 production is expected to ramp up to 100,000 barrels per day in the third quarter. The floating production system, parked off the coast of Louisiana, has a nameplate capacity of 120,000 bpd and 140 million cubic feet of gas per day. Phase 2 is scheduled to come online by…
Categories: Oil news

Beacon Offshore Kicks Off Shenandoah Production

Oil news - Fri, 07/25/2025 - 20:30
Beacon Offshore Energy has officially started oil and gas production at its long-awaited Shenandoah field in the U.S. Gulf of Mexico, the company confirmed Friday—marking a major milestone not just for Beacon, but for the ultra-deepwater Lower Tertiary Wilcox play. Phase 1 production is expected to ramp up to 100,000 barrels per day in the third quarter. The floating production system, parked off the coast of Louisiana, has a nameplate capacity of 120,000 bpd and 140 million cubic feet of gas per day. Phase 2 is scheduled to come online by…
Categories: Oil news

Shale Stumbles Again as U.S. Rig Count Drops Further

Oil news - Fri, 07/25/2025 - 20:17
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back activity amid weak prices and cautious capital spending. The total rig count in the US fell by 2 rigs to 542, according to Baker Hughes, down 47 from this same time last year. The number of oil rigs fell by 7 to 415, down by 67 compared to this time last year. The number of gas rigs rose by 5 this week, at 122 for a gain of 21 active gas rigs from this time…
Categories: Oil news

What To Expect From Monday’s OPEC+ Meeting

Oil news - Fri, 07/25/2025 - 19:30
OPEC+ looks set to stay the course at Monday’s Joint Ministerial Monitoring Committee meeting, with four anonymous delegates telling Reuters the group is unlikely to tinker with its output policy. A fifth source said it was too early to say. The plan on the table remains: raise production by 548,000 barrels per day in August—part of a previously announced unwinding of 2.2 million bpd in voluntary cuts by eight members. At face value, it’s a logical move to regain market share while summer demand props up prices. But before anyone…
Categories: Oil news

BLM Opens New Oil Lease Sale in Eastern U.S.

Oil news - Fri, 07/25/2025 - 19:30
The Bureau of Land Management is preparing to auction off oil and gas leases in Louisiana, Michigan, and Mississippi this September—marking yet another step in the Trump administration’s accelerated push to revive U.S. energy dominance. Announced Friday, the BLM will offer five parcels totaling 2,090 acres for lease on September 23. The lands, which span three states not typically at the center of federal lease activity, are being positioned as part of a broader “all-of-the-above” strategy to unlock domestic energy—even…
Categories: Oil news

Oil Slips as Market Eyes Potential Venezuela Supply Boost

Oil news - Fri, 07/25/2025 - 19:00
Oil traded slightly lower on Friday as traders weighed trade talk optimism and the potential of more oil supply from Venezuela.Friday, July 25th, 2025 ICE Brent futures remained rangebound as market participants weighed the impact of Venezuela’s potential return to the US markets, happening against the background of global macroeconomic worries subsiding a little, on the back of a US-Japan trade deal lauded by Donald Trump. OPEC+ could project another bullish narrative when its ministerial committee meets this Monday, making…
Categories: Oil news

PetroChina Greenlights $9.6 Billion Refinery in Dalian Revamp

Oil news - Fri, 07/25/2025 - 18:30
PetroChina has quietly approved a multi-billion-dollar refinery and petrochemical complex in northeast China’s Dalian, marking a strategic shift amid declining fuel demand and growing petrochemical appetite. The final investment decision has been made, according to multiple sources, but it has not yet been formally announced. The new facility, to be built on Changxing Island, will feature a 200,000 bpd crude refinery and a 1.4 million ton-per-year ethylene unit, alongside polyethylene, polypropylene, and polyolefin elastomer production. Total…
Categories: Oil news

U.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green Light

Oil news - Fri, 07/25/2025 - 17:30
U.S. refiners are reassessing Latin American crude sourcing strategies after President Donald Trump’s administration granted Chevron the authority to resume and expand operations in Venezuela, signaling a shift in sanctions enforcement that could revive heavy crude flows to Gulf Coast plants. The change follows more than a year of tightened restrictions, during which Gulf refiners diversified rapidly to alternative suppliers including Brazil, Colombia, and Guyana crude. U.S., importing an average of 95,000 barrels per day from Guyana in the…
Categories: Oil news

U.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green Light

Oil news - Fri, 07/25/2025 - 17:30
U.S. refiners are reassessing Latin American crude sourcing strategies after President Donald Trump’s administration granted Chevron the authority to resume and expand operations in Venezuela, signaling a shift in sanctions enforcement that could revive heavy crude flows to Gulf Coast plants. The change follows more than a year of tightened restrictions, during which Gulf refiners diversified rapidly to alternative suppliers including Brazil, Colombia, and Guyana crude. U.S., importing an average of 95,000 barrels per day from Guyana in the…
Categories: Oil news

U.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green Light

Oil news - Fri, 07/25/2025 - 17:30
U.S. refiners are reassessing Latin American crude sourcing strategies after President Donald Trump’s administration granted Chevron the authority to resume and expand operations in Venezuela, signaling a shift in sanctions enforcement that could revive heavy crude flows to Gulf Coast plants. The change follows more than a year of tightened restrictions, during which Gulf refiners diversified rapidly to alternative suppliers including Brazil, Colombia, and Guyana crude. U.S., importing an average of 95,000 barrels per day from Guyana in the…
Categories: Oil news

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