Algerian state oil and gas firm Sonatrach has signed a $5.4-billion exploration and production agreement with Saudi Arabian firm Midad Energy, Algerian news outlet Ennahar TV reported on Monday, citing a statement from Sonatrach.  The 30-year contract in the form of a production sharing agreement is for exploration and production in the Illizi Basin in eastern Algeria. The contract can be extended by another 10 years.  The deal between Sonatrach and the Saudi firm includes an exploration period of up to seven years and total investments…

Once overwhelmingly dependent on natural gas from Russia and Iran, Turkey is undertaking a strategic overhaul of its natural gas sector that could dramatically lower its reliance on the two nations, widely considered pariahs by the West. Turkey is not only signing a flurry of multi-year LNG deals with multiple suppliers but is also looking to boost domestic production in a move that could see Russia and Iran lose one of their biggest natural gas and crude customers in a few short years. Turkey is Russia's last big market in Europe after the rest…

Earlier this month, a top Shell executive warned that the Trump administration’s animosity towards offshore wind risks complicating investment decisions for oil and gas as well. Uncertainty was the word Collette Hirstius used. Uncertainty has become the dominant sentiment in energy circles—and it’s not just because of Trump. Speaking to the Financial Times, Shell’s Hirstius said that “I think uncertainty in the regulatory environment is very damaging. However far the pendulum swings one way, it’s likely that…

There have been discussions around fracking in the U.K. for years, with the government going back and forth on whether to support new operations. Politicians have explored the potential for fracking, which has been successful for fossil fuel recovery in the United States, while environmentalists have fought against it. While many may have thought that fracking had been banned long ago in the U.K., a decisive ban on the practice had not actually taken place… until now. Hydraulic fracturing, or fracking, is a technique for recovering gas and…

One of the few renewable energy sources that the Trump administration has not yet criticised is geothermal power, as companies across the United States continue to develop innovative geothermal projects with financial support from Biden-era policies. The sweeping budget legislation that President Trump signed in July preserved most key tax credits for geothermal power. Bipartisan support has encouraged several energy companies and startups to invest heavily in research and development into advanced geothermal operations in recent years, with promising…

One of the world’s top copper producers, Peru, looks to turn around its energy and critical minerals mining industry with deals with foreign firms to boost oil production and supply and launch lithium mining projects. Peru, the South American oil producer and major copper miner, has struggled to revive its energy and mining sectors in recent years amid prolonged political instability and a security and crime crisis, which could soon bring about the end of President Dina Boluarte’s term in office. After years of missing out on the opportunities…

ExxonMobil has restarted the gasoline-producing fluid catalytic cracking unit (FCCU) at its massive Beaumont, Texas, refinery, two days after an unexpected shutdown temporarily disrupted operations, according to sources familiar with the plant. The 120,000-barrel-per-day FCCU went offline Tuesday night following a malfunction, prompting flaring visible across the refinery complex. The company notified the Texas Commission on Environmental Quality that flaring would continue for roughly 24 hours. Exxon confirmed neither the cause nor the duration…

Energy companies are exploring alternative ways to access less conventional clean energy sources in a bid to support a global green transition and accelerate the shift away from fossil fuels. One of the energy sources being explored it space solar power. Scientists have discussed the potential for beaming solar power from space for decades, but until now it seemed like a pipedream. However, thanks to technological innovations, it may soon be possible. According to a recent study, putting solar panels in space could reduce Europe’s terrestrial…

The US Office of Foreign Assets Control (OFAC) said sanctions against the Russian-owned Oil Industry of Serbia (NIS), Serbia's sole crude oil refiner, have taken force after several delays, a move that could hit the Balkan nation hard.NIS said on October 9 that a special license from the US Treasury that allows the company to operate was not extended after being delayed eight times since the company was first put on the US sanctions list in January for its "secondary risk," its Russian ownership. The sanctions are aimed, among other things, at…

Turkey has invested heavily in its renewable energy sector in recent years, and the country’s green energy capacity has increased faster than anticipated, which has strengthened its energy security and helped it rely less on energy imports. The government has invested heavily in diversifying the energy mix since the early 2000s, far ahead of several other countries in the region. It aims to achieve net zero emissions by 2053, with a strong focus on establishing energy independence to reduce reliance on other countries for its energy. …

Oil prices edged higher over the past week, after a bullish OPEC+ move while expanding strategic oil stocks in China have continued removing extra barrels from global markets, even though Thursday saw some paring of those gains on the Israel-Hamas ceasefire talks.  Previously, there was speculation that OPEC+ was considering accelerating the return of the April 2023 tranche of voluntary output cuts from 137 thousand barrels per day (kb/d), which would result in a 12-month process, to 500kb/d, which would remove the remaining tranche in just…

Luxembourg is officially joining the ranks of governments investing in Bitcoin.  The country’s Intergenerational Sovereign Wealth Fund (FSIL) will allocate 1% of its total portfolio — over €7 million — to Bitcoin and other crypto, Finance Minister Gilles Roth announced Wednesday during his 2026 budget presentation in the Chamber of Deputies. “This is really great news for crypto-assets because this is the first investment of a public fund in bitcoin in Luxembourg,” said CSV lawmaker Laurent Mosar following…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

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. The total rig count in the US fell to 547 according to Baker Hughes, down 39 from this same time last year. The number of active oil rigs fell in the week, according to the data, to 418. Year over year, this represents a 63-rig decline. The number of gas rigs rose by 2 to 120 active rigs, which is 19 over this time last year. The miscellaneous rig count stayed the same at 9. The latest EIA data…

China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned were the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned were the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

WTI crude fell below $60 per barrel as easing Middle East tensions and weak China–U.S. sentiment erased much of oil’s geopolitical risk premium.Friday, October 10, 2025The relatively successful implementation of the Israel-Gaza ceasefire deal has lowered geopolitical risk premiums in oil futures and sent front-month ICE Brent prices below $64 per barrel. The evident escalation in China-US tensions isn’t adding any bullish momentum to crude either, with all signs pointing towards a 2026 impact on global trade if the current pace…