Maduro Says He Welcomes U.S. Investments in Venezuela’s Oil
Venezuela is ready to accept U.S. investment in its oil, Nicolas Maduro said late on Thursday, in a stark softening of the rhetoric from the embattled Venezuelan leader. Maduro suggested serious talks between Venezuela and the United States in an interview aired on Venezuelan state TV late on New Year’s Day. “If they want Venezuela's oil, Venezuela is ready to accept U.S. investments like those of Chevron, when, where and how they want to make them,” Reuters quoted Maduro as saying in the interview. …
Why a Ukraine Peace Deal Remains Elusive Despite U.S. Pressure
Since Kyiv and its European backers panned a 28-point US proposal for a deal to end Russia’s invasion of Ukraine, warning that it was skewed in Moscow’s favor, Ukraine and the United States have been trying to hash out a revised blueprint known as the 20-point plan. Following a meeting with Ukrainian President Volodymyr Zelenskyy in Florida on December 28 -- bookended by phone calls with Russian President Vladimir Putin -- US President Donald Trump said that after nearly four years of full-scale war and inconclusive Russia-Ukraine talks…
The Drone Attack That Shook Venezuela
Politics, Geopolitics & Conflict The situation in Venezuela has further escalated after a drone strike on a port facility linked to the Maduro government, an incident Trump publicly said was carried out by the United States, without details, with later reports attributing the strike to a CIA operation. Nothing has been formally confirmed. Venezuelan authorities accused U.S. intelligence of direct involvement and raised security measures following the attack. This coincides with more maritime interdiction warnings and the release of more political…
https://oilprice.com/Energy/Energy-General/The-Drone-Attack-That-Shook-Venezuela.html
Three Russian Oil Tankers Sail to Reliance Refinery
Three tankers carrying Russian Urals crude are on their way to Reliance Industries’ Jamnagar refinery, Kpler has reported, as cited by Bloomberg, despite U.S. sanctions targeting the biggest oil companies in Russia. The vessels are carrying some 2.2 million barrels, with the sellers several trading companies, including two that are under UK sanctions, one of which is the successor of Lukoil’s international trading arm, Litasco, Bloomberg noted in its report. Lukoil and Rosneft, Russia’s biggest oil producers and exporters, were…
Russia’s Sanctioned LNG Finds a Growing Market in China
Russia’s Novatek exported 21 cargoes of liquefied natural gas to China from its Arctic LNG 2 facility last year, data from Kpler cited by Reuters has shown. Arctic LNG 2 is under EU and U.S. sanctions. One more LNG cargo went to China from Gazprom’s Portovaya facility, also under Western sanctions. China’s CNPC and CNOOC are shareholders in Novatek’s Arctic LNG 2, with a 10% stake each. Russia’s total exports of liquefied natural gas to China in 2025 hit an all-time high despite the sanctions, with September flows…
Pakistan-Afghanistan Fued Freezes $3 Billion in Annual Bilateral Trade
For nearly two months, Sayed Wali, a young Afghan truck driver, has watched the sun rise, and the sun set in the fabled Khyber Pass, which connects western Pakistan to eastern Afghanistan. But he's not here for the view. He's stuck. Wali can't even leave his 10-wheel truck and its cargo unattended for fear it could be robbed or ransacked. He was taking a shipment of Afghan imports from Pakistan's southern seaport city of Karachi through some 1,800 kilometers of roads that wind from the Arabian Sea up through to the treacherous Khyber mountains…
Ukraine Accuses Russia of Fabricating Attack to Undermine Peace Talks
Russian Foreign Minister Sergei Lavrov claimed Ukraine targeted one of President Vladimir Putin's residences and said Moscow will retaliate and review its stance in negotiations seeking an end to its ongoing full-scale invasion of Ukraine. Ukrainian President Volodymyr Zelenskyy called the claim that Kyiv targeted the residence in the Novgorod region northwest of Moscow a "lie." He asserted that Russia was seeking to undermine US-Ukraine talks on the war and "preparing the ground to carry out strikes -- most likely on the [Ukrainian] capital and…
Why Christmas Is the Most Stressful Week for the Diesel Market
Santa runs on diesel. Every year, the global holiday economy depends on a short, unforgiving surge in distillate consumption that powers trucks, ports, warehouses, refrigeration, and backup generation, all under winter operating conditions. That commercially driven holiday cheer strains logistics and exposes how thin the margin has become in some already-tight diesel markets, particularly in Europe. After crude, diesel is the most economically important fuel in the system, and Christmas is when that reality asserts itself. In the U.S., distillate…
Iraq Becomes a Battleground for China and Western Oil Giants
Iraq is at a crucial tipping point in its history. The past few months especially have seen a surge in activity from Western firms looking to re-enter the country’s oil and gas sector following a prolonged hiatus that had allowed the previous build-up of influence of China and Russia to accelerate and expand. Both sides – West and East – see Iraq as a crucial part of their global strategic plans, with no room for the other in this zero-sum game. As exclusively revealed to OilPrice.com by a very high-ranking official…
Record Discounts Accelerate Chinese Teapot Purchases of Russia’s ESPO Crude
China’s independent refiners are accelerating purchases of Russia’s Far Eastern ESPO crude blend as Chinese refiners were issued new import quotas and the discount of Russian crude swelled to a record high, traders told Reuters on Tuesday. After missing out the crude purchasing windows for most of the fourth quarter, amid a lack of quotas allowing imports, the Chinese refiners, especially the so-called ‘teapots’ of the Shandong province, are back on the market hunting for bargain trades. The discount of the Russian ESPO…
U.S. Fossil-Fuel Peaker Plants Delay Retirement as AI Power Demand Soars
More than half of the power plants in the PJM market running on fossil fuels have either deferred or canceled plans to retire as soaring electricity demand from AI data centers has operators use all available capacity to ensure the flexibility and reliability of the grids. PJM Interconnection is the biggest power grid in the United States, whose area covers 13 mid-Atlantic and Midwest states and the District of Columbia. According to a Reuters analysis of company filings in the PJM region, around 60% of the power plants running on oil, natural…
Why "Cheaper" Batteries Are a Multi-Billion Dollar Bet on China
The marketing deck for the next decade of energy storage has a favorite protagonist: Lithium Iron Phosphate (LFP). It’s the "sensible" chemistry. No cobalt, no nickel, no ethical hand-wringing over mines in the DRC, and…crucially...no thermal runaway that turns an electric SUV into a roadside bonfire. This isn't just a story about a safer battery…t’s a story about the strategic surrender of the West’s "premium" battery lead to China’s industrial floor... In 2024, LFP had already captured nearly half of…
Russia Downplays Peace Prospects as Talks With U.S. and Ukraine Conclude
The Kremlin maintained its hard line on a Ukraine peace deal, rejecting undisclosed changes proposed by Kyiv and its European allies, as separate US-Russia and US-Ukraine talks wrapped up in Florida. The remarks on December 21 came on the same day that Ukraine accused Russia of abducting civilians from a village in Ukraine's Sumy region and taking about 50 of them across the border into Russia. The situation in the Sumy region remained unclear and details could not immediately be confirmed. In Florida, all sides continued to characterize the various…
U.S. Pauses Offshore Wind Leases over National Security Concerns
The U.S. Department of the Interior is pausing leases for five offshore wind projects, due to national security concerns, Secretary of the Interior, Doug Burgum, said on Monday. Due to national security concerns identified by the Department of War, the Department of the Interior “is PAUSING leases for 5 expensive, unreliable, heavily subsidized offshore wind farms!” Secretary Burgum posted on X today. “ONE natural gas pipeline supplies as much energy as these 5 projects COMBINED. @POTUS is bringing common sense back to energy…
Russia’s Pipeline Gas Exports to China Set for 25% Surge in 2025
Russia is expected to deliver 25% higher volumes of natural gas via pipeline to China this year, compared to 2024, an anonymous source with knowledge of the flows told Reuters on Monday. Russia has been boosting both its pipeline and liquefied natural gas (LNG) exports to China this year, as its sales are being shunned in Europe, Moscow’s previous top export market. The EU, earlier this month, even managed to reach an agreement on how to phase out imports of Russian gas. As a result of lost markets in Europe, Russia is pivoting to China and…
China Condemns U.S. Seizing Venezuela Oil Tankers
China on Monday slammed the intensifying U.S. pressure on Venezuela and the seizure of Venezuela-linked oil tankers, saying that the unilateral U.S. moves violate international law. “The US practice of arbitrarily seizing other countries’ vessels grossly violates international law,” Chinese Foreign Ministry spokesman Lin Jian said at a regular press briefing on Monday, as carried by Bloomberg. China opposes any move that “infringes upon other countries’ sovereignty and security, and all acts of unilateralism…
BP CEO Shake-Up Reopens Talk of a Shell Megadeal
The appointment of Meg O’Neill as BP's chief executive officer, replacing Murray Auchincloss, is a momentous milestone in the oil industry. When O’Neill takes over on April 1, 2026, she will become the first woman ever to lead a Big Oil company. But O’Neill’s arrival at BP could turn out to be even more momentous for the industry, as it could lead to the biggest merger deal in decades. Hours after BP announced that Auchincloss is stepping down effective immediately and O’Neill of Woodside Energy would become BP’s…
https://oilprice.com/Energy/Energy-General/BP-CEO-Shake-Up-Reopens-Talk-of-a-Shell-Megadeal.html
Energy Transfer Cancels LNG Project
Energy Transfer has dropped plans to build an LNG plant in Louisiana to focus on natural gas pipelines, which are a more lucrative business. The decision follows reports that Energy Transfer was planning to make the final investment decision on the Lake Charles LNG project by the end of this year. Lake Charles LNG was fully permitted, it was going to use existing infrastructure, and was expected to benefit from an abundant natural gas supply through existing connections to the Henry Hub and connectivity to Energy Transfer’s vast network of…
https://oilprice.com/Latest-Energy-News/World-News/Energy-Transfer-Cancels-LNG-Project.html
Top Exporters Boosted Natural Gas Supply in October
Norway ramped up its pipeline gas exports, Qatar raised its LNG supply, and the United States saw LNG exports hit a record high in October, just as demand in the northern hemisphere started to grow with the fall in temperatures. Global gas demand jumped by 12 bcm in October compared to September, according to the latest data by the Joint Organizations Data Initiative (JODI) out on Thursday. Compared to October last year, gas demand in the 55 countries self-reporting data to JODI rose by 5.1 bcm. Combined gas demand in the EU and the…
China and India Keep Global Coal Demand Rising
Bloomberg Opinion columnist and chief energy correspondent Javier Blas posted a chart on X from the International Energy Agency's new global coal report showing that coal demand jumped to an all-time high this year, despite years of efforts by the green-industrial complex to end its very existence. "Global coal demand rose to an all-time high in 2025, up 0.5% y-on-y to 8,845 million tons (also, @IEA revised up 2024)," Blas wrote on X, adding, "Now, IEA says 2025 will mark a peak, with consumption dropping over the next 5 years. Time…
https://oilprice.com/Energy/Coal/China-and-India-Keep-Global-Coal-Demand-Rising.html
Kurdistan’s Oil Exports Top 200,000 Bpd amid Fragile New Deal
Crude oil exports from Iraq’s semi-autonomous region of Kurdistan have reached 205,000 barrels per day (bpd), but the oil flows via a pipeline to the Turkish point of Ceyhan could be under threat again. Oil exports from Iraq’s northern region of Kurdistan via the Iraq-Türkiye Pipeline to Ceyhan resumed on September 27, after two and a half years of halt over disagreements between the federal Iraqi government and the Kurdistan Regional Government (KRG) over how export revenues should be distributed. Crude from Kurdistan is now steadily…
Oil Prices Sink as Tanker Traffic Highlights Supply Surge
The volumes of oil in transit at sea continue to increase to multi-year highs as supply grows from both OPEC+ and non-OPEC+ exporters, and more long-haul voyages from the Atlantic to the Pacific basin are being made due to favorable arbitrage economics. This massive supply buildup has helped push prices down, with WTI crude falling to $56.84 (-1.22%) and Brent crude dropping to $60.55 (-1.26%). As many as 1.24 billion barrels of crude and condensate were in transit on tankers in the week to October 17, per data from energy flows analytics firm…
https://oilprice.com/Energy/Crude-Oil/Over-12-Billion-Barrels-of-Oil-Move-As-Supply-Grows.html
Heat Pumps Face Their Toughest Test Yet
For years, I’ve watched heat pumps emerge as a cornerstone technology for decarbonizing heating. The growth figures have been impressive, government backing strong, and the momentum seemingly unstoppable. Yet, as with many technologies that capture both political and public enthusiasm, there comes a time when promises must be proven in practice. For heat pumps, that time has arrived. After several years of double-digit growth, the global market is showing signs of fatigue. Sales have dropped sharply in some of the key European markets, with…
https://oilprice.com/Energy/Energy-General/Heat-Pumps-Face-Their-Toughest-Test-Yet.html
Venezuela Revives Coal as Oil Remains Off Limits
Venezuela is betting on coal to jumpstart its resource economy and exports amid increasing sanctions on its oil industry with few exemptions in the form of waivers. At the end of 2024, a Venezuelan-Turkish joint venture restarted coal production at two mines in northwestern Venezuela – Paso Diablo and Mina Norte – after years of no coal output there at all, multiple sources from the Venezuelan company told Reuters. The two mines are operated by the Carboturven joint venture, which is a partnership between Venezuela’s…
Can India Go Green Without Sacrificing Growth?
India has clearly stated its intention to 'go green' by decreasing its reliance on fossil fuels in the coming years and significantly increasing its non-fossil fuel energy capacity. The government has invested heavily in a range of clean energy sources in recent years, as well as encouraged foreign investors to develop energy projects in India. However, it continues to rely heavily on coal for manufacturing, which contributes significantly to the country’s economic growth. In addition, a lack of comprehensive planning means that much of India’s…
https://oilprice.com/Energy/Energy-General/Can-India-Go-Green-Without-Sacrificing-Growth.html
Alberta Seeks Federal Backing for New Oil Pipeline
Alberta Premier Danielle Smith is negotiating with the federal government and Prime Minister Mark Carney on the newly proposed oil pipeline from the oil-producing province to the West Coast. Smith and Carney met in Ottawa on Monday as the Alberta Premier was arriving in the capital for meetings while the federal PM was departing for talks with U.S. President Donald Trump in Washington D.C. Smith and Carney discussed energy opportunities and Carney said that Alberta and the federal government have a lot to talk about how they could cooperate to…
Iran Defies UN Sanctions, Vows Continued Oil Exports to China
Iran appears unfazed by the prospect of UN snapback sanctions coming into effect this weekend, saying that it will continue to sell its oil to its biggest and nearly only buyer, China. The biggest European powers which are party to the so-called Iranian nuclear agreement of 2015, or the Joint Comprehensive Plan of Action (JCPOA) as it is officially known, launched in late August a 30-day process that would reinstate UN sanctions on Iran on September 27, if no deal is reached in the meantime. The 2015 JCPOA agreement contained a provision—known…
Judge Blocks Trump Order Halting Offshore Wind Construction
Danish offshore wind developer Ørsted has been cleared to restart work on its nearly complete Revolution Wind project after a federal judge blocked the Trump administration’s order to halt construction. The ruling represents a major victory for Ørsted and a blow to President Donald Trump’s efforts to curtail the offshore wind industry. The U.S. Interior Department’s Bureau of Ocean Energy Management (BOEM) issued a stop-work order on August 22, halting progress on Revolution Wind, a 704 MW wind farm located…
NATO Moves to Strengthen Its Eastern Flank
Two days after an unprecedented drone incursion by Russia on Polish territory on September 10, NATO unveiled its response -- Operation Eastern Sentry. The mission kicked off immediately on September 12 but will be fleshed out further in the coming weeks. The whole idea, according to the military alliance, is to strengthen its posture, connectivity, and flexibility along its entire eastern flank. While the focus right now is on Russia's drones and geographically on Poland, it is multidomain -- meaning land, sea, and air forces are involved -- and…
https://oilprice.com/Geopolitics/Europe/NATO-Moves-to-Strengthen-Its-Eastern-Flank.html
Is Iraq Finally Close to Restarting Kurdistan’s Oil Exports?
Iraq has given the preliminary green light to oil exports from the semi-autonomous region of Kurdistan to resume, Reuters reported on Friday, citing sources with knowledge of ongoing talks. For months, Iraq has been reportedly close to restoring Kurdistan’s oil exports via the Iraq-Turkey pipeline to the Turkish Mediterranean port of Ceyhan. However, outstanding issues needed to be resolved between Iraq and the Kurdistan Regional Government (KRG), Iraq and Turkey, and Iraq and the foreign oil companies operating in Kurdistan,…
Big Oil Cuts Back as $60 Oil Bites
In their first-quarter financial reports this year, Big Oil majors signaled they were doing just fine in a $60-per-barrel oil environment. Spending plans were aggressive, there was no mention of job cuts, and production plans featured the word “growth”. Six months later, with the price of oil still hovering between $60 and $70, things are changing. Oil jobs in the U.S. shale patch were falling at the fastest pace since 2022, when Brent crude and West Texas Intermediate went from over $100 per barrel to below $80 in a matter of six months.…
https://oilprice.com/Energy/Crude-Oil/Big-Oil-Cuts-Back-as-60-Oil-Bites.html
Job Cuts Rock Global Oil and Gas Sector
Oil and gas producers worldwide are bracing for a prolonged downturn, with job losses and investment cuts spreading through the industry, according to a new report from Financial Times. ConocoPhillips, Chevron, and BP have all announced large-scale layoffs, while others are shelving or selling projects to conserve cash. “This isn’t just a Conoco problem,” said Kirk Edwards of Latigo Petroleum. “It’s a flashing red warning light for the entire US oil and gas industry.” FT writes that the…
https://oilprice.com/Energy/Crude-Oil/Job-Cuts-Rock-Global-Oil-and-Gas-Sector.html
Oil Rig Count Rises Amid Slide in Oil Prices
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count in the US rose to 537, according to Baker Hughes, down 45 from this same time last year. The rig count is still near four-year lows. The number of oil rigs rose by 2, landing at 414. Year over year, this represents a 69-rig decline. The number of gas rigs fell by 1, to 118 for a gain of 24 active gas rigs from this time last year. The miscellaneous rig count stayed the same…
https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Rises-Amid-Slide-in-Oil-Prices.html
Dangote Refinery’s Gasoline Production Halt May Stretch Into November
Nigeria’s 650,000 bpd Dangote Refinery faces a prolonged gasoline outage after reports that repairs to its catalytic cracking unit could take two to three months, far longer than the earlier two-week estimate. The refinery’s Residue Fluidized Catalytic Cracking Unit (RFCCU), the key gasoline-making unit, has been offline since August 29 following catalyst leaks, with Reuters citing IIR Energy analysis as saying that major equipment replacement is required, extending downtime into November. Initially, reports suggested a quicker turnaround.…
How Red Onion Dye Could Revolutionize Solar Panel Longevity
Solar energy continues to break records around the world thanks to dramatically decreasing costs of deployment. A supportive policy environment and rapid advancements in technology have made solar photovoltaics one of the cheapest forms of energy out there, and as a result, solar power is on track to become the single largest renewable source on the planet by the end of the decade, even overtaking hydropower. But even greater growth will be necessary to reach net zero emissions by 2030, and in light of souring policy environments, technological…
Rosneft Profits Plunge 68% as Oil Oversupply and Sanctions Pressure H1 Results
Rosneft (MCX: ROSN) reported a steep 68% drop in first-half 2025 net income as falling oil prices, widening discounts on Russian crude, and a stronger ruble weighed heavily on earnings, despite steady production and continued investment in flagship projects like Vostok Oil. Russia’s state-controlled oil major Rosneft posted net income of RUB 245 billion in H1 2025, down from RUB 773 billion a year earlier. EBITDA fell 36% to RUB 1,054 billion, while revenues dropped 17.6% to RUB 4.26 trillion. Free cash flow collapsed 75% to RUB 173 billion,…
Could Mining Waste Solve America’s Clean Energy Supply Chain Crisis?
The United States is racing to develop its critical minerals industry to reduce reliance on China for metals and minerals, even through controversial actions such as deep-sea mining activities. However, a recent study suggests that it may be easier for the U.S. to access critical minerals than once thought, by developing new operations in existing mines. An analysis of active U.S. mines, published in New Scientist in August, shows that accessing the leftover ore discarded in many U.S. mines is packed with a wide range of critical minerals. The…
Would Trump Actually Invade Venezuela?
After months of saber-rattling and harsh rhetoric, U.S. President Donald Trump dispatched military assets to Latin America to combat the narcotics trade. Three Arleigh Burke-class guided missile destroyers were sent to Caribbean waters off Venezuela, with Washington planning to send 4,000 marines to the region. The White House also issued a $50 million bounty for President Nicolas Maduro’s arrest as part of the crackdown on Venezuela. The autocratic president, who was charged with cocaine trafficking and narco-terrorism in 2020, is accused…
https://oilprice.com/Geopolitics/International/Would-Trump-Actually-Invade-Venezuela.html
Gazprom Neft Earnings Halved In H1 On Taxes, Weak Ruble
Russia’s Gazprom Neft reported a steep first-half earnings decline as taxes and weaker ruble realizations squeezed margins across upstream and refining. The producer’s net profit fell 54% year-on-year to 150.5 billion rubles, while the board backed a 17.3-ruble per-share interim payout, according to its first-half results, Reuters reported. The company said it continued to prioritize project execution across its core oil and condensate hubs, but external headwinds, including export duties, mineral extraction levies, and transport…
Alberta Looks to Japan to Cut Reliance on U.S. Buyers
The government of Canada’s biggest oil-producing province is in talks with Japanese parties with a view to investing in the latter’s refining industry. The move, according to unnamed sources who spoke to Reuters, should secure a table overseas market for Alberta’s crude. Per the report, this would be the first Alberta government investment in foreign energy infrastructure, potentially marking a new stage in the province’s energy policies and a departure from the historical almost complete reliance on the United States as…
https://oilprice.com/Energy/Crude-Oil/Alberta-Looks-to-Japan-to-Cut-Reliance-on-US-Buyers.html
Oil Prices Dip as Trump Tariffs on India Loom
Crude oil prices dipped but stabilized today, after rising to a three-week high on Monday as traders brace for the impact of the additional 25% tariffs that the Trump administration is set to impose on Indian imports from Wednesday. At the time of writing, Brent crude was trading at $68.48 per barrel, with West Texas Intermediate at $64.46 per barrel, both slightly down from Monday’s close. Indian exporters are already bracing for the tariffs, which would reach a total of 50% for all goods exported from the subcontinent to the United States.…
Chinese Battery Maker Shuangdeng Surges 55% in Market Debut
Shares of Shuangdeng Group surged in their Hong Kong debut this week, underscoring investor enthusiasm for Chinese battery makers as demand for electric vehicles and energy storage continues to climb. Trading under the ticker 6960, the stock opened at HK$22.50, a 55% premium to its issue price of HK$14.51, making it one of the most successful IPOs in the city this year. Chairman Yang Rui celebrated the listing on August 26 by striking the ceremonial gong, declaring that Shuangdeng was “lucky to be riding two tremendous waves” - artificial…
Ørsted Shares Plummet After U.S. Offshore Wind Project Halted
Shares in Ørsted tumbled to their lowest level on record on Monday as investor concerns about the world’s biggest offshore wind project developer grew following a stop-work order on a nearly completed project from the U.S. Administration. Ørsted (CPH: ORSTED) shares in Copenhagen plummeted by 18% early on Monday after trade opened, to a record low of $27.28 (174 Danish crowns). Ørsted’s stock has lost 46% year to date, with the biggest losses seen early this month when the company announced plans…
Russia Dangles Discounts to Keep Indian Oil Trade Alive
Russia and India are looking for ways to continue trading oil, and Russia has offered what it calls a special mechanism to the India side to ensure this—despite U.S. President Trump’s threat to impose an additional tariff of 25% on Indian exports if the country keeps buying Russian oil. The news about a special mechanism broke earlier this week, with Reuters citing Russian diplomats from the embassy in New Delhi as talking about it but without providing any details. “I want to highlight that despite the political situation, we…
https://oilprice.com/Energy/Crude-Oil/Russia-Dangles-Discounts-to-Keep-Indian-Oil-Trade-Alive.html
New Polish President Vetoes Wind Energy Bill
For the first time since taking office a few weeks ago, Poland’s new President Karol Nawrocki used his veto power to block a bill passed by Parliament—and it was a green energy bill easing rules for building onshore wind farms but bundling it with a freeze on energy prices. “This is the first bill which I’ve decided to veto,” Nawrocki said on Thursday, as carried by Bloomberg. “It was a kind of blackmail by the parliamentary majority,” the president added. The president and his allies of the nationalist…
https://oilprice.com/Latest-Energy-News/World-News/New-Polish-President-Vetoes-Wind-Energy-Bill.html
Inside Africa’s Green Energy Revolution
Africa is poised for a green energy revolution. The continent is incredibly rich in clean energy resources, but the vast majority of them are untapped. At the same time, African nations are in dire need of electrification, as approximately 600 million Africans currently lack access to electricity entirely, and the population is set to boom, creating major hurdles for development. Although African nations have contributed the least to global greenhouse gas emissions, they stand to suffer the most from the impacts of climate change. Plus, they…
https://oilprice.com/Energy/Energy-General/Inside-Africas-Green-Energy-Revolution.html
Angola’s Oil Output Slips Below 1 Million Bpd in a First Since OPEC Exit
Angola failed to meet government forecasts for oil production in July as its crude output slipped below 1 million barrels per day (bpd) for the first time in two and a half years and for the first time since one of Africa’s biggest oil producers quit OPEC. Angola’s oil production averaged 998,757 bpd in July, compared to the expected output of 1,073,542 bpd, data by the National Agency for Petroleum and Gas, ANPG, has shown. Last month saw the first time since March 2023 that Angola’s oil output…
Norwegian Firm Restarts Kurdistan Oil Production After Drone Strikes
Norwegian oil and gas producer DNO ASA has resumed production at its two operated oilfields in Iraq’s semi-autonomous region of Kurdistan, following a halt of several weeks after drone attacks in the middle of July. DNO temporarily halted operations at its Tawke field in Kurdistan following three explosions on July 16, one involving a small storage tank at Tawke and another involving surface processing equipment at Peshkabir. At the time, the company expected to restart production once the damage assessment is completed. In a second-quarter…
WoodMac: Energy Transition Needs $1.2T In Battery Storage Investments
A couple of years ago, Bloomberg New Energy Finance (BNEF) made a bold prediction that wind and solar energy will make up half of the planet’s electricity generation by the middle of the century, thanks to the rapid transition to low-carbon energy. However, the intermittent nature of these sources makes large-scale storage critical as renewable energy becomes the dominant power source, with the experts predicting that battery storage is set to boom in the coming years. And now experts at Wood Mackenzie have put a number on it, saying the…
Texas May Have to Shut Down Data Centers to Protect Its Energy Grid
Texas is preparing to cut off power to data centers during grid emergencies — a sign of just how strained the system has become. Over the Fourth of July, deadly floods swept across central Texas, disrupting infrastructure and causing widespread outages. Meanwhile, the Electric Reliability Council of Texas (ERCOT) has already seen multiple price spikes and conservation alerts — not because there wasn’t enough power, but because we couldn’t move it where it was needed. These aren’t isolated events. It’s not just…
Trump’s Trade Adviser Says India Must Stop Buying Russian Oil
India should halt purchases of Russian crude oil as the trade undermines efforts to isolate Moscow, the White House trade adviser Peter Navarro wrote in an op-ed published in the Financial Times on Monday. The world’s third-largest crude oil importer, India, has significantly boosted Russian oil imports since 2022, when Russia’s oil was banned in the West. Russia currently accounts for about a third of India’s oil purchases, becoming the single largest crude supplier to India. “India’s dependence on Russian crude is…