Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf. Middle Eastern fuel oil exports are set to jump by 20% from May to about 508,000 barrels per day (bpd) in June, according to ship-tracking data reviewed by Reuters. Saudi Arabia boosted fuel oil shipments from the Yanbu port on the Red Sea, and Iraq started exporting fuel oil…

Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf. Middle Eastern fuel oil exports are set to jump by 20% from May to about 508,000 barrels per day (bpd) in June, according to ship-tracking data reviewed by Reuters. Saudi Arabia boosted fuel oil shipments from the Yanbu port on the Red Sea, and Iraq started exporting fuel oil…

Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf. Middle Eastern fuel oil exports are set to jump by 20% from May to about 508,000 barrels per day (bpd) in June, according to ship-tracking data reviewed by Reuters. Saudi Arabia boosted fuel oil shipments from the Yanbu port on the Red Sea, and Iraq started exporting fuel oil…

Russia is facing its worst nationwide fuel shortages in years, with at least 17 regions imposing mandatory restrictions on gasoline and diesel sales, and dozens of others reporting shortages or restrictions by private fuel companies. The increasing scarcity of fuel has been caused mainly by a widening campaign of Ukrainian drone strikes targeting oil terminals, refineries, and pipelines. The largest fuel supplier to the Moscow region, the Kapotnya refinery, was hit twice this month; the plant will be offline until at least the end of 2026, unnamed…

ADNOC, the national oil company of Abu Dhabi, has cut the official selling price for July for its flagship Murban crude to $101.48 per barrel, down from $104.44 a barrel for June, amid weakening international and Middle Eastern benchmark oil prices. ADNOC’s recent pricing list for July, reported by Economy Middle East, reflects softening market conditions following the tentative reopening of the Strait of Hormuz. ADNOC has priced its other grades, Umm Lulu, Das, and Upper Zakum, at par with Murban at $101.48 per barrel for July. Prices of…

Natural gas markets are on course to return to balance in the third quarter of the year as the Strait of Hormuz reopens, the head of the Gas Exporting Countries Forum has said. “If we assume that the Strait (of Hormuz) is now open and will remain open, our view is actually that in the course of this next quarter we will begin to see some re-stabilization in the market,” Philip Mshelbila said at the Reuters Global Energy Forum, as quoted by the publication. The GECF groups producer countries accounting for as much as 70% of global natural…

Artificial intelligence is creating a new class of infrastructure giants virtually overnight, and one innovative Bitcoin miner that made an early leap into the global power business, feeding the voracious appetite of AI data centers, is now being rewarded for years spent securing massive amounts of low-cost electrical power around the world. Years before artificial intelligence triggered a global race for power capacity, Bitzero Holdings (NASDAQ: AIBZ) was using cash flow from Bitcoin mining operations to secure large amounts of low-cost electrical…

The United States and Qatar have once again warned the European Union against doubling down on climate policies seeking to penalize the LNG industry, saying that if it continues on this course, the EU will face a gas crunch and higher prices. “There is no viable path to compliance with the regulation”, the top energy officials of the U.S. and Qatar, Chris Wright and Saad al-Kaabi, wrote in a letter quoted by the Financial Times. “Because legal compliance remains paramount, exporters and importers alike are unwilling to enter into…

Global battery storage installations are booming, and so is Tesla’s utility-scale battery business. Tesla has just signed a multi-year supply and execution agreement with clean energy infrastructure provider NatPower for more than 25 gigawatt-hours (GWh) of battery energy storage systems (BESS) in Europe, as the continent is accelerating battery deployment to make the most of its domestic renewable energy resources. Europe’s battery storage and renewables-plus-storage installations are booming and set to further accelerate in the coming…

A team of researchers at the Korea Institute of Geoscience and Mineral Resources (KIGAM) have just found a way to make biochar production faster and cheaper. The new method solves a major challenge in standard biochar production processes and potentially unlocks a recycling stream that can divert millions of tons of waste away from landfill annually and turn it into a productive energy source at a time when new energy alternatives are needed more urgently than ever before. Biochar is essentially charcoal that is made by heating up organic waste…

Oil prices remain headline-driven, taking direction from escalation and de-escalation in the U.S-Iran conflict in the near term. The first round of talks between the United States and Iran in Switzerland has concluded with positive comments from both sides, and an agreement to push for a final agreement within 60 days. However, there's considerable scepticism about whether more complex issues around nuclear technology and transit through the Strait of Hormuz can be fully resolved in the short timeframe. After all, the Joint Comprehensive Plan of…

Norwegian petroleum production eased in May after April's exceptionally strong performance, but the country's offshore sector continued to outperform expectations. Crude oil production came in 7.2% above official forecasts even as both oil and gas output declined from the previous month, reinforcing Norway's position as one of Europe's most reliable energy suppliers. Norway produced an average of 1.722 million barrels of crude oil per day in May, according to preliminary figures from the Norwegian Offshore Directorate. While that was down from…

Azerbaijan is working hard to coax Turkmenistan out of its shell and integrate Ashgabat into trans-Caspian trade routes. Azerbaijani leader Ilham Aliyev exchanged a variety of trade-related agreements with Turkmenistan’s titular head of state, Serdar Berdymukhamedov, during a June 22 ceremony in Baku. A joint statement issued after the ceremony highlighted an agreement to streamline “technical specifications” concerning the movement of goods and vehicles between the two countries, and another to harmonize “customs statistics…

Construction has begun on the Western world’s first grid-scale Small Modular Reactor (SMR), though small is not what comes to mind, considering that the machine will fit on two soccer fields. According to AutoNotion, a 953-tonne slab of steel and concrete was lowered into a 35-meter shaft at Ontario’s Darlington New Nuclear Project site, “ending a decade of talk” about the new nuclear technology and ushering in a period of action. The slab is the base mat of the first BWRX-300 modular plant designed by GE Vernova —…

Russia should require its oil companies to refine at least 30% of their crude domestically to ease the fuel supply crunch, according to Igor Sechin, chief executive of Russia’s state-controlled firm Rosneft, which is the biggest oil producer in the country. Sechin sent a letter to Russian President Vladimir Putin at the end of May, outlining potential measures to alleviate the fuel crisis, Russian daily Kommersant reported on Wednesday. In the letter, Sechin proposes firms to process at least 30% of their crude oil production, as well as…

With hyperscalers set to spend roughly $800 billion on data-center capex this year alone, alongside reshoring and broader grid electrification, baseload power demand is poised to surge. We have made the case that intermittent solar and wind are no match for the scale and reliability requirements of the modern economy, and that nuclear power is emerging as the clean, always-on power source needed to power the AI era. The Wall Street Journal reports Tuesday morning that the Trump administration plans to supercharge the deployment of nuclear power…

The Moscow Oil Refinery is highly unlikely to resume production before 2027 after suffering extensive structural damage from multiple strikes by Ukraine’s long-range drones, dealing a further blow to a country grappling with severe fuel shortages, Reuters reports. Operated by Gazprom Neft, the facility in southeast Moscow is likely to remain offline for at least six months due to the severity of the damage it sustained after being struck twice within a single week in mid-June. According to industry sources cited by Reuters, the strikes compromised…

The Moscow Oil Refinery is highly unlikely to resume production before 2027 after suffering extensive structural damage from multiple strikes by Ukraine’s long-range drones, dealing a further blow to a country grappling with severe fuel shortages, Reuters reports. Operated by Gazprom Neft, the facility in southeast Moscow is likely to remain offline for at least six months due to the severity of the damage it sustained after being struck twice within a single week in mid-June. According to industry sources cited by Reuters, the strikes compromised…

The Moscow Oil Refinery is highly unlikely to resume production before 2027 after suffering extensive structural damage from multiple strikes by Ukraine’s long-range drones, dealing a further blow to a country grappling with severe fuel shortages, Reuters reports. Operated by Gazprom Neft, the facility in southeast Moscow is likely to remain offline for at least six months due to the severity of the damage it sustained after being struck twice within a single week in mid-June. According to industry sources cited by Reuters, the strikes compromised…

The Moscow Oil Refinery is highly unlikely to resume production before 2027 after suffering extensive structural damage from multiple strikes by Ukraine’s long-range drones, dealing a further blow to a country grappling with severe fuel shortages, Reuters reports. Operated by Gazprom Neft, the facility in southeast Moscow is likely to remain offline for at least six months due to the severity of the damage it sustained after being struck twice within a single week in mid-June. According to industry sources cited by Reuters, the strikes compromised…