U.S. supermajors ExxonMobil and Chevron, Indonesia’s state energy firm Pertamina, and other companies from the two countries are expected to sign later on Monday a memorandum of understanding for commodity purchases by Indonesia for a massive $34 billion, an Indonesian official told Reuters. Apart from energy deals and investments, the memorandum will include Indonesian pledges to buy U.S. soybeans, corn, and cotton, Pujo Setio, a senior official at Indonesia’s Ministry for Economic Affairs, told Reuters. ExxonMobil, which has more…

U.S. supermajors ExxonMobil and Chevron, Indonesia’s state energy firm Pertamina, and other companies from the two countries are expected to sign later on Monday a memorandum of understanding for commodity purchases by Indonesia for a massive $34 billion, an Indonesian official told Reuters. Apart from energy deals and investments, the memorandum will include Indonesian pledges to buy U.S. soybeans, corn, and cotton, Pujo Setio, a senior official at Indonesia’s Ministry for Economic Affairs, told Reuters. ExxonMobil, which has more…

U.S. supermajors ExxonMobil and Chevron, Indonesia’s state energy firm Pertamina, and other companies from the two countries are expected to sign later on Monday a memorandum of understanding for commodity purchases by Indonesia for a massive $34 billion, an Indonesian official told Reuters. Apart from energy deals and investments, the memorandum will include Indonesian pledges to buy U.S. soybeans, corn, and cotton, Pujo Setio, a senior official at Indonesia’s Ministry for Economic Affairs, told Reuters. ExxonMobil, which has more…

The eight OPEC+ producers withholding supply to the market are set to complete the unwinding of their 2.2 million barrels per day (bpd) production cuts from 2023 with another supersized output hike of 550,000 bpd for September, five sources with knowledge of the alliance’s discussions told Reuters on Monday. Since starting to unwind the cuts earlier this year, OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman made a small output increase of 138,000 bpd in April and then began to aggressively raise production…

The bad news for China’s refiners doesn’t seem to end—faced with weaker road transportation fuel demand, plants have churned more jet fuel to meet growing aviation demand. But the pivot to jet fuel has created an oversupply that the rising aviation fuel demand cannot absorb. As a result, Chinese oil refiners continue to see weak refining margins and look to export markets to alleviate the domestic oversupply. China’s state-controlled energy giants have started to admit that the so-called new energy vehicles – the ones…

Despite heightened tensions in the Middle East, oil prices are likely to remain capped below $70 per barrel for the rest of the year amid ample supply and uncertainties about demand.  Unless actual supply disruptions occur in and around the hotspots in the Middle East, the price of oil will be a function of supply and demand, analysts and investment banks say.     Growing supply from the OPEC+ group, although not as high as the monthly headline figure of 411,000 barrels per day (bpd) suggests, is set to create an oversupply…

As countries worldwide experience more regular extreme weather events, insurers have become more reluctant to cover properties in high-risk areas. However, without insurance, it is impossible for many people to gain access to mortgage financing. We are seeing an insurance crisis in the United States, as insurers are becoming less likely to offer coverage for homes in certain areas, particularly those that have experienced natural disasters, such as flooding and wildfire, in recent years.  Between 2018 and December 2024, over 1.9 million home…

The Trump Administration has increased pressure on the Iranian regime, just weeks after striking Tehran’s nuclear facilities. Trump’s so-called “maximum pressure” sanctions have been stepped up, with Washington announcing new designations covering more than 30 tankers, entities, and individuals. Once again, Iran’s shadow fleet is in the crosshairs of U.S. sanctions, with no relief in sight for the regime in Tehran. As indicated by Trump and his advisors, Iran must return to the negotiating table to discuss its future—otherwise,…

The race is on to decarbonise shipping, a hard-to-abate industry in which it is extremely difficult to cut emissions. Over 50,000 cargo ships are at sea at any moment, and these ships produce around 3 percent of global greenhouse gas emissions, which is even more than aviation, showing the dire need to clean up the industry. The long-term focus is on developing sustainable fuels, hydrogen fuel cells, or batteries big enough to power these giant vessels. However, one company believes it may have a short-term solution for reducing emissions as it…

In March 2024, Canada’s then resource minister, Jonathan Wilkinson, declared, “We are not interested in investing in LNG facilities.” This month, LNG Canada, the country’s first operating export terminal for the fuel, shipped its first cargo. Many believe this is the beginning of a beautiful friendship between Canada’s energy resources and world markets. The last couple of Canadian federal governments have been vocal opponents of the oil and gas industry in the country that is home to some of the world’s most…

Despite high-profile pushbacks against renewable energy and a rapidly changing policy environment, the global clean energy transition has picked up speed over the last year. While the last few years have seen slow and stuttering progress toward decarbonization goals, countries around the world are finally gaining momentum in building up cleaner and greener energy grids as 2030 benchmarks loom just around the corner.  The World Economic Forum’s annual Energy Transition Index 2025 paints a refreshingly hopeful picture for global climate…

At one point during a grueling 110-day tour in the obliterated frontline Ukrainian city of Toretsk, Dmytro, a soldier with Ukraine’s 100th Separate Mechanized Brigade, listened in to the radio traffic among Russian soldiers. “We repeatedly heard commanders’ orders to the stormtroopers: ‘Don’t take anyone alive’,” he said in an interview last month in Kramatorsk, about an hour’s drive to the northwest. He spoke on condition only his first name be used. “The fighting here was heavy, as you understand."…

For decades, researchers have been assessing the potential to develop nuclear fusion reactors, capable of producing abundant clean energy. However, despite several breakthroughs in recent years, most scientists agree that we are far from achieving the commercial rollout of this technology. Nevertheless, the barrier has not stopped widespread investment in the technology, the most recent of which came from U.S. tech giant Google. According to the International Energy Agency (IEA) definition, Nuclear fusion is the process by which two light atomic…

Ecuador’s state oil company, Petroecuador, has declared force majeure on its operations after both major crude pipelines, SOTE and OCP, halted flows due to worsening erosion in the Amazonian province of Napo. The company suspended activities this week to prevent further damage to critical infrastructure as erosion along the Coca River continues to threaten oil transport lines and the Coca Codo Sinclair hydroelectric plant, Ecuador’s largest. The suspension has already cut Ecuador’s crude output by an estimated 133,000 barrels…

OPEC+ will ramp up oil production more aggressively than anticipated in August, accelerating the rollback of its 2023 voluntary supply cuts in a bid to capture market share amid peak summer demand. At a virtual meeting Saturday, eight core members led by Saudi Arabia agreed to add 548,000 barrels per day (bpd) to global supply—exceeding earlier expectations of a 411,000 bpd hike. The move sets the bloc on track to fully unwind 2.2 million bpd of prior cuts nearly a year ahead of schedule. The decision reflects short-term bullish fundamentals:…

In late June the Energy Institute (EI) released the 2025 Statistical Review of World Energy, which was published previously for more than 70 years by BP. Here is the link to the full 2025 Statistical Review of World Energy. The Review confirmed that a troubling trend continues. Despite historic investments in renewables and net-zero pledges from nearly every major economy, global carbon emissions hit a record high in 2024. This article is the first in a series breaking down the key findings—and what they mean for the global energy sector.…

Donald Trump has launched a fresh attack on Elon Musk, declaring that Doge, Musk’s cost-cutting body, is “the monster” that “that might have to go back and eat Elon”. On Truth Social on Monday, he continued: “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. [sic]”  Trump acts like…

The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…

The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…

The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. That discount is down from $2–$2.50 in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. The reason? High demand from India and Turkey, reduced spot market availability, and falling Russian supply due to domestic…