U.S. crude oil production surged to an all-time high of 13.24 million barrels per day (bpd) in April, according to newly released data from the Energy Information Administration. The increase of 0.4% over March volumes reinforces America’s standing as the world’s top oil producer and follows months of steady gains driven by improved drilling efficiencies and  stronger prices. Texas led the charge with an output of 5.7 million bpd, up 1.6% from March, while New Mexico, the second-largest producing state, posted a 0.7% increase to…

Last week the Energy Institute (EI) released the 2025 Statistical Review of World Energy, which was published previously for more than 70 years by BP. The full report and all data can be found at this link. The Statistical Review is instrumental in providing comprehensive data on global oil, gas, and coal production and consumption, as well as on carbon dioxide emissions and renewable energy statistics. Over the next month, I will delve into the various categories from the report. But today, I want to highlight a foundational change in how global…

Turkmenistan has attracted lots of diplomatic attention this week from both the United States and Russia. The flurry of activity suggests geopolitical jostling is intensifying over the Central Asian state, apparently catalyzed by the recent Iranian-Israeli conflict.  Turkmen Foreign Minister Rashid Meredov capped a hectic week with a June 26 phone call with Iranian Foreign Minister Abbas Araghchi, the Trend news agency reported, adding that the topic of Iran’s clash with Israel came up during the discussion. The two had also met in person…

An abundance of high-quality iron ore and the recent discovery of a 55 billion metric ton reserve have pushed Western Australia into the top spot as the world’s leading iron ore supplier. Now, many are wondering what effects this might have on the country’s export markets as well as global iron ore prices. Iron Ore Prices: A $6 Trillion Discovery The newly identified reserve in the Hamersley region is valued at around US $6 trillion and has significantly shaken up the global sector. Experts now expect a surge in investment from major…

The City minister has reaffirmed the government’s ambition for a green transition across the financial services sector, despite the industry pivoting on climate priorities. Speaking at City Week on Monday, Emma Reynolds said: “The UK has a world leading financial and related professional services ecosystem and the research that is needed to integrate sustainable finance.” Reynolds said the Treasury’s upcoming Financial Services Growth and Competitiveness Strategy – a key pillar in the government’s economic agenda…

Senate Republicans stunned clean energy developers early Monday by inserting sweeping revisions to President Donald Trump’s $1.2-trillion “One Big, Beautiful Bill” just ahead of floor debate. The last-minute amendments slash wind and solar tax incentives, introduce excise taxes on imported Chinese energy components, and move eligibility criteria from start-date to in-service date, upending financing models across the renewable sector. At stake is nearly $360 billion in clean energy tax credits passed under the Inflation Reduction…

Senate Republicans stunned clean energy developers early Monday by inserting sweeping revisions to President Donald Trump’s $1.2-trillion “One Big, Beautiful Bill” just ahead of floor debate. The last-minute amendments slash wind and solar tax incentives, introduce excise taxes on imported Chinese energy components, and move eligibility criteria from start-date to in-service date, upending financing models across the renewable sector. At stake is nearly $360 billion in clean energy tax credits passed under the Inflation Reduction…

It is widely agreed that a large part of decarbonization will occur through market-based solutions that put a price on carbon. A growing part of the world’s carbon emissions are covered by mandatory carbon markets – regional or national – the so-called compliance markets. But market watchers see an ongoing need for voluntary markets, in which companies and organizations purchase carbon credits to offset their carbon emissions. In fact, a convergence of voluntary and compliance markets is beginning to appear, potentially opening…

U.S. gas prices have dropped to their lowest Independence Day level in four years, with the national average now at $3.14 per gallon, according to GasBuddy. The dip is driven by a retreat in Middle East tensions and consistent supply from both U.S. shale producers and OPEC+ exporters. Brent crude futures have fallen steadily over the past two weeks, dropping from over $75 per barrel to just under $68 as of Monday. The de-escalation between Israel and Iran has eased fears of shipping disruptions through the Strait of Hormuz, through which about…

Russia’s government is weighing the possibility of some tax relief for the giant gas firm Gazprom, which would be paid for by potentially higher taxes on other Russian natural gas producers, a source in the Russian government told Reuters on Monday.     Gazprom has been bleeding cash since it cut off most of its pipeline gas deliveries to Europe in the wake of the Russian invasion of Ukraine. While the giant is looking east to offset lost revenues from sales in Europe, it has been struggling to convince China to sign up…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Iran could resume producing enriched uranium within months despite significant damage inflicted on its nuclear facilities by recent US and Israeli air strikes, the head of the UN's nuclear watchdog said. “The capacities they have are there. They can have, you know, in a matter of months, I would say, a few cascades of centrifuges spinning and producing enriched uranium, or less than that,” Rafael Grossi told CBS News in an interview broadcast June 29. US and Israeli attacks on sites in Fordow, Natanz, and Isfahan had set back Iran’s…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

Rising demand for natural gas in the United States and a supportive administration are prompting U.S. natural gas producers and pipeline giants to begin to actively consider proposing new pipelines to bring more gas supply from America’s top gas-producing region, Appalachia, to consumers. “We are actively evaluating opportunities to expand infrastructure,” Amy Rogers, a spokeswoman for one of the top U.S. natural gas producers, EQT, told Reuters. “Enhancing pipeline capacity is essential to unlocking Appalachian supply,”…

The east coast of Australia is facing natural gas shortages earlier than previously expected, the country’s competition watchdog has warned, noting the market could swing into a deficit as early as the fourth quarter of this year. The government reacted to the report by saying it would consider setting up a „gas reservation” for the vulnerable states. “The east coast gas supply outlook for 2025 and 2026 has deteriorated despite an easing in gas prices in the second half of 2024,” the Australian Competition and Consumer…

Crude oil prices began trading with a loss this week as traders anticipated another OPEC+ supply boost next month at a rate of 411,000 barrels per day, taking the cumulative increase this year to 1.78 million barrels daily, according to preliminary reports. At the time of writing, Brent crude was trading at $67.63 per barrel, with West Texas Intermediate at $65.23 per barrel, following Reuters reporting over the weekend that OPEC+ was going to extend its production additions in August. The disappearance of the wartime premium following the Israel-Iran…