The UK government will offer an annual £1.08 billion support budget for new offshore wind projects under its next renewable electricity auction, with £900 million dedicated to fixed-bottom developments and another £180 million for floating offshore wind farms to be delivered from 2028, the Independent reported.  The government said the expanded budget aims to spur investment in clean power capacity as part of its wider ambition to decarbonize the UK’s electricity grid by 2030, cut household bills, and strengthen energy…

The UK government will offer an annual £1.08 billion support budget for new offshore wind projects under its next renewable electricity auction, with £900 million dedicated to fixed-bottom developments and another £180 million for floating offshore wind farms to be delivered from 2028, the Independent reported.  The government said the expanded budget aims to spur investment in clean power capacity as part of its wider ambition to decarbonize the UK’s electricity grid by 2030, cut household bills, and strengthen energy…

The UK government will offer an annual £1.08 billion support budget for new offshore wind projects under its next renewable electricity auction, with £900 million dedicated to fixed-bottom developments and another £180 million for floating offshore wind farms to be delivered from 2028, the Independent reported.  The government said the expanded budget aims to spur investment in clean power capacity as part of its wider ambition to decarbonize the UK’s electricity grid by 2030, cut household bills, and strengthen energy…

Central Asian leaders are scrambling to prepare for a snap summit with President Trump in Washington. While critical minerals will undoubtedly dominate discussions, Central Asian officials will also be seeking US help in addressing an array of other pressing issues, including technology transfers, expanded cultural and educational exchanges, and water-resource management, according to a source familiar with the preparations.  The Washington summit, organized under the C5+1 framework, is scheduled for November 6, according to a statement released…

Previously, we reported that the national average price of gasoline in the United States has dropped below $3 a gallon for the first time in years, in large part due to OPEC+ returning more barrels to the market as well as weak global demand. Average national gas prices clocked in at $2.969 per gallon on Monday, 16 cents lower than a year ago, with popular fuel savings platform GasBuddy predicting that they could go even lower in the coming weeks.  Warnings on Friday that U.S. motorists may not enjoy sub-$3 prices for long became reality by…

China has increased its underground gas storage capacity by the most of any country since 2022, the International Gas Union (IGU) said in a new report on Monday. As of 2025, there are 699 underground natural gas storage facilities in operation worldwide, with a total working gas volume of 424 billion cubic metres (bcm), the IGU report found. That’s an increase of 10 bcm compared to 2022. “Of note is the fact that China added 6 bcm to its storage capacity, now ranking 6th globally,” the IGU said. The top five countries with the…

China has increased its underground gas storage capacity by the most of any country since 2022, the International Gas Union (IGU) said in a new report on Monday. As of 2025, there are 699 underground natural gas storage facilities in operation worldwide, with a total working gas volume of 424 billion cubic metres (bcm), the IGU report found. That’s an increase of 10 bcm compared to 2022. “Of note is the fact that China added 6 bcm to its storage capacity, now ranking 6th globally,” the IGU said. The top five countries with the…

The noticeable upward tilt in graphs of the U.S. natural gas price since April 2024 is likely a hint of things to come for U.S. consumers of energy. That's because record amounts of U.S. natural gas are now being sent abroad in the form of liquefied natural gas (LNG). And much more export capacity is planned. The U.S. Energy Information Administration forecasts that U.S. LNG export capacity will double by 2029. That's all gas that cannot be delivered to American users. I have written about these trends (see here, here, here and here)…

Next month’s global climate summit could debate and potentially adopt targets for sustainable biofuel production and use, Francesco La Camera, Director-General at the International Renewable Energy Agency (IRENA), said on Monday. The COP30 climate summit will be held between November 10 and 21 in Belem, Brazil, which is a global leader in biofuels production and use. “I think there will be more focus on the social aspect of the transition and also on the sustainable use of biomass,” La Camera said at an energy conference in Singapore…

TotalEnergies and its partners are close to restarting construction and engineering work on the huge $20-billion LNG export facility in Mozambique after the companies lifted the four-year-long force majeure on the project.  The French supermajor and its joint venture partners lifted the force majeure in a notice sent to the government of Mozambique on Friday, a press officer for TotalEnergies has told Reuters. The restart of the project hinges on Mozambican government approval and an updated budget and schedule.   “Before fully…

TotalEnergies and its partners are close to restarting construction and engineering work on the huge $20-billion LNG export facility in Mozambique after the companies lifted the four-year-long force majeure on the project.  The French supermajor and its joint venture partners lifted the force majeure in a notice sent to the government of Mozambique on Friday, a press officer for TotalEnergies has told Reuters. The restart of the project hinges on Mozambican government approval and an updated budget and schedule.   “Before fully…

US President Donald Trump said he is not going "to be wasting my time” by meeting with Russian President Vladimir Putin if the Kremlin leader is not ready to make a deal to end his war on Ukraine. "You have to know that we're going to make a deal. I'm not going to be wasting my time," Trump told reporters on Air Force One during a stop in Doha en route to Malaysia, where he kicks off an Asia trip on October 26. "I've always had a great relationship with Vladimir Putin, but this has been very disappointing. I thought this would have gotten…

The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says.   Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S. is giving Hungary a pass to continue importing Russian oil.   “Hungary, unlike many of their neighbors, has not made any plans or made any active steps,”…

The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says.   Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S. is giving Hungary a pass to continue importing Russian oil.   “Hungary, unlike many of their neighbors, has not made any plans or made any active steps,”…

After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract.   Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and gas, renewables, and power supply industries.  When appointed, administrators will work alongside Executive Management to preserve value, operational…

After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract.   Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and gas, renewables, and power supply industries.  When appointed, administrators will work alongside Executive Management to preserve value, operational…

Oil prices gave up earlier gains to turn 1% lower on Monday amid profit-taking following last week’s rally.  As of 7:13 a.m. ET, the U.S. benchmark, WTI Crude, traded 0.81% lower at $60.98. The international benchmark, Brent Crude, was down by 0.83% on the day at $65.41.   Oil rallied by nearly 8% last week after the Trump Administration imposed sanctions on Russia’s two biggest oil producers and refiners, Rosneft and Lukoil, “as a result of Russia’s lack of serious commitment to a peace process to end the…

Iraq is in discussions with OPEC to review its oil production quota as output capacity rises, Hayan Abdul Ghani, the Oil Minister of OPEC’s second largest producer, said on Monday.   Iraq is in talks with OPEC to reassess its production quota within the country’s available production capacity of 5.5 million barrels per day (bpd), Reuters quoted Abdul Ghani as saying at an oil conference today. Iraq has a current quota of 4.4 million bpd and is committed to sticking to it despite its larger production capacity, the minister said.…

U.S. oil and gas producers seek efficiencies and cost reductions amid lower oil prices this year compared to 2024 levels. Fresh off multi-billion-dollar mergers and acquisitions in the 2023-2024 period, many major producers in the U.S. shale patch are restructuring businesses and operations. The result so far has been a series of announcements and reports of workforce reductions across geographies and basins. The latest such report came this week, by Reuters, which reported a memo it had seen regarding layoffs at the Canadian business of U.S. oil…

The U.S. federal government this week declared sanctions on two of the largest Russian crude oil exporters, Rosneft and Lukoil, which together account for about half of the country’s total outflows. Oil prices jumped, traders got excited—then prices fell. But the supply security of some major importers just got problematic. Russia exports around 4 million barrels of crude oil daily. Some of the major producers have already been sanctioned earlier – Gazprom Neft, for example, and Surgutneftegaz. Rosneft and Lukoil are also the…