Kazakhstan has taken the meaning of multi-vector foreign policy into a new dimension: to split atoms, Astana has decided to divide a tender, creating deals to build two nuclear power plants when only one had previously been authorized. With Kazakhstan’s two powerful  neighbors, Russia and China, both vying aggressively to secure the contract to build the planned reactor on the shores of Lake Balkhash, Astana faced a difficult choice. Not wanting to face potential blowback for offending either the Kremlin or Beijing, Kazakh officials…

The Arctic is gaining global attention as melting ice unlocks access to vast natural resources. From “ecosystem services” like climate regulation to lucrative mineral and oil reserves, this chilly region’s economic value is surprisingly large. In this graphic, Visual Capitalist's Marcus Lu breaks down the Arctic’s annual economic value based on the results of a 2017 study from Tanya O’Garra titled Economic Value of Ecosystem Services, Minerals, and Oil in a Melting Arctic. Data and Methodology The economic values of…

Brent crude spiked over 2.5% on Tuesday after Israel launched an airstrike on Iran’s underground uranium enrichment facility at Natanz, the International Atomic Energy Agency (IAEA) confirmed. The strike damaged critical centrifuge halls at the fortified Pilot Fuel Enrichment Plant, sharply escalating fears of regional conflict and potential supply disruptions. At 10:38 a.m. ET, Brent was trading at $75.55, up 3.17%, while West Texas Intermediate rose to $73.94, up 3.02%.  The direct hit on Iran's nuclear infrastructure has reignited…

Oil rallied almost 3% on Tuesday morning as tensions in the Middle East continue to escalate. Will Israel Strike Iran’s Upstream Infrastructure?- As the Israel-Iran war shows no signs of abating, market participants are speculating whether Israel could target Iran’s oil export infrastructure after its strikes on the South Pars gas field.   - Up until now, Iranian oil exports have seen no impact from the barrage of missile strikes with May exports posting a multi-year high of 1.8 million b/d and June loadings keeping the same…

PetroChina’s trading arm is looking to boost the flexibility of its LNG trading portfolio with supply from North America, a senior executive at the Chinese state-run oil and gas giant told Reuters on Tuesday. LNG supply from U.S. LNG exporters typically doesn’t have restrictions on destination, unlike volumes from Qatar, for example. The Middle Eastern LNG exporter, the second-largest in the world after the United States, prefers to sign long-term supply agreements with buyers with restriction clauses for where the LNG can be delivered.…

PetroChina’s trading arm is looking to boost the flexibility of its LNG trading portfolio with supply from North America, a senior executive at the Chinese state-run oil and gas giant told Reuters on Tuesday. LNG supply from U.S. LNG exporters typically doesn’t have restrictions on destination, unlike volumes from Qatar, for example. The Middle Eastern LNG exporter, the second-largest in the world after the United States, prefers to sign long-term supply agreements with buyers with restriction clauses for where the LNG can be delivered.…

Tesla’s enigmatic chief executive, Elon Musk, gets a lot of flak, but if there’s one area you would think he’d be untouchable, it’s innovation. Beyond falling out with the US President and colonising Mars, Elon Musk’s next favourite pastime looks set to be robotaxis, with Tesla preparing to launch its first fleet in Austin, Texas, later this month. Many view Musk’s venture into driverless taxis, an undeniably risky bet, as a signal of Tesla’s failure to keep up with cutting-edge Chinese brands in the electric…

The currencies of several major Asian oil importers are ripe for depreciation with the spike in international crude oil prices, analysts at Barclays said on Tuesday.  The surge in oil prices in recent days “implies risks for most Asian FX in the near term, especially if oil prices move even higher in the event of a potential escalation in the conflict,” Barclays’ analysts wrote in a note to clients carried by Bloomberg.  Thailand’s baht, the Taiwanese dollar, and the Korean won are the Asian currencies most at…

The currencies of several major Asian oil importers are ripe for depreciation with the spike in international crude oil prices, analysts at Barclays said on Tuesday.  The surge in oil prices in recent days “implies risks for most Asian FX in the near term, especially if oil prices move even higher in the event of a potential escalation in the conflict,” Barclays’ analysts wrote in a note to clients carried by Bloomberg.  Thailand’s baht, the Taiwanese dollar, and the Korean won are the Asian currencies most at…

Amid an escalating Israeli air campaign against Iran, calls are mounting in Tehran to withdraw from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and close the Strait of Hormuz, one of the world’s most critical oil routes. The archenemies have been trading fire since June 13 after Israel launched an unprecedented attack on Iran’s nuclear sites, military bases, and residential areas in a bid to hinder Tehran’s program and eliminate top military leadership. Several high-profile Islamic Revolutionary Guards Corps (IRGC)…

A peak in global oil demand is still on the horizon, the International Energy Agency (IEA) said on Tuesday, doubling down on its forecast that demand will plateau by the end of the decade.  China’s oil demand, which increased by a cumulative 6 million barrels per day (bpd) in the decade to 2024, is set to peak earlier than previously expected, the agency said in its annual Oil 2025 report for the medium term.  While China – the world’s top crude oil importer – accounted for 60% of the global increase in oil consumption…

The European Union should be open to re-evaluating the ban on Russian gas imports it is currently seeking to enforce if a peace deal is brokered between Russia and Ukraine, a top Austrian official has said.  As the EU seeks to end its dependency on Russian energy, the European Commission is set to propose this week a ban on new contracts for natural gas supply with Russia on the basis of trade law. This would need a majority vote approval instead of a unanimous EU call.     The phase-out of Russian energy imports is part…

The European Union should be open to re-evaluating the ban on Russian gas imports it is currently seeking to enforce if a peace deal is brokered between Russia and Ukraine, a top Austrian official has said.  As the EU seeks to end its dependency on Russian energy, the European Commission is set to propose this week a ban on new contracts for natural gas supply with Russia on the basis of trade law. This would need a majority vote approval instead of a unanimous EU call.     The phase-out of Russian energy imports is part…

The European Union should be open to re-evaluating the ban on Russian gas imports it is currently seeking to enforce if a peace deal is brokered between Russia and Ukraine, a top Austrian official has said.  As the EU seeks to end its dependency on Russian energy, the European Commission is set to propose this week a ban on new contracts for natural gas supply with Russia on the basis of trade law. This would need a majority vote approval instead of a unanimous EU call.     The phase-out of Russian energy imports is part…

The world’s biggest banks raised their combined financing for fossil fuels by more than one-fifth last year, bucking a falling trend since 2021 amid a backlash against net-zero policies, especially in the United States.  The world’s top 65 banks increased fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, according to the 16th annual Banking on Climate Chaos (BOCC) report released by climate campaign organizations on Tuesday.   Last year, loans were the top form of financing, rising to $467 billion…

Mitsubishi Corp. is about to acquire the shale and pipeline assets of Aethon Energy Management and is ready to pay up to $8 billion for them, Reuters has reported, citing unnamed sources. The deal would give Mitsubishi a solid presence in shale gas, the publication said, adding the assets were conveniently located close to the Gulf Coast and all the LNG plants already operating and getting built there. The negotiations on the deal are still ongoing and the acquisition may yet fall through, the Reuters sources said. Aethon Energy Management has…

Three tankers are reportedly on fire in the Gulf of Oman, according to social media posts, as cited by the Hindustan Times. Kpler energy analyst Amena Bakr said on X that a British maritime security provider had reported it was aware of an unspecified incident in the area. An outlet for shipping news published a YouTube video saying two tankers had collided in the Gulf of Oman. An X account named OSINTDefender reported that “It appears that the fires seen off the coast of Iran in the Gulf of Oman may have been caused by the collision of two…

Global tanker operators and shipping authorities have taken decisive action, even without an official closure of the Strait of Hormuz, amid escalating tension between Israel and Iran. Their public statements, route shifts, and risk assessments are reshaping freight scheduling, insurance premiums, and–most significantly–energy market sentiment in real time. Oil shippers may have walked back some of their panic expressed during the weekend, which led oil to jump 7%, but this isn’t over, and the volatility will be high.  …

Canada’s new Prime Minister Mark Carney faces his first real challenge to Canadian unity amid a soured relationship with the long-time trade partner and ally, the United States. A movement to secede from Canada is growing in the oil-rich province of Alberta, which contributes a large part to Canadian economy and budget and has the highest gross domestic product (GDP) per capita among Canadian provinces.  Alberta could hold a referendum to leave Canada next year if a citizen-led petition gathers the requisite number of signatures requesting…

In the last 25 years, China has gone from providing less than 2 percent of Latin America’s exports to being the second largest trade partner for the region and the single biggest trade partner of South America. This skyrocketing trade relation comes on the back of China’s ambitious Belt and Road global infrastructure initiative, and gives Beijing enormous influence in critical emerging markets.  In addition to trading goods, China is also a key lender in Latin America, particularly in the context of providing funding for energy…