Indian Oil to Launch Sustainable Fuel Plant by Year-End
Indian Oil Corp., the largest refiner in the country, is set to launch its first sustainable aviation fuel production facility by the end of the year. Production capacity will be 35,000 tons annually, with the feedstocks coming from hotel chains, restaurants, and other large-scale users of cooking oil. The plant’s projected capacity will be enough to meet India’s requirements for blending 1% of sustainable aviation fuel with jet fuel beginning from 2027, the chairman of Indian Oil Corp., Arvinder Singh Sahney, told the media as quoted…
China Oil Demand Picks Up in July
The amount of crude oil going into storage in China has declined from 1.42 million barrels daily in June to 530,000 barrels daily in July, suggesting a pick-up in demand, as reported by Reuters’ Clyde Russell. Refinery rates went up to 14.85 million barrels daily last month, the report also said, which was an 8.9% increase from July 2024, but at the same time, it was a 2% decline from June 2025. The utilization rate at Chinese refineries, however, rose both on an annual and on a monthly basis, reinforcing the perception of an improvement…
https://oilprice.com/Latest-Energy-News/World-News/China-Oil-Demand-Picks-Up-in-July.html
Rystad Energy Reveals Surprising Oil Resource Trends
Rystad Energy’s latest research shows the global amount of discovered, recoverable oil resources has increased by 5 billion barrels over the past year, even though 30 billion barrels were produced globally in 2024. This net increase was driven primarily by the delineation of upside potential in Argentina’s Vaca Muerta play and the Permian Delaware basin in Texas and New Mexico. Global recoverable oil resources, including estimates for undiscovered fields, stabilized at approximately 1.5 trillion barrels. The most significant revision…
https://oilprice.com/Energy/Crude-Oil/Rystad-Energy-Reveals-Surprising-Oil-Resource-Trends.html
Kenya’s Clean Energy Drive Gains Momentum Alongside Oil Ambitions
Kenya has developed a strong renewable energy sector in recent years, as it aimed to diversify its energy mix beyond fossil fuels to boost its energy security. The launch of a national energy plan and the launch of a wide variety of renewable energy projects are expected to help achieve the country’s renewable energy aims, as the East African country also develops its oil production capacity. Kenya began exporting crude oil in small quantities in 2019 and hopes to start commercial crude exports in 2026, following several development delays.…
Global Nuclear Power Hits Record High as Asia Surges Ahead
Nuclear power has always been a paradox. It can produce massive amounts of low-carbon electricity, yet it must constantly battle the headwinds of politics and public perception. The latest Statistical Review of World Energy shows that while nuclear generation is growing globally—setting a new record high in 2024—the trend is anything but uniform. Some countries are charging ahead, while others are stepping back. Global Output: Modest Growth, Unevenly Shared In 2024, global nuclear generation reached 2,817 terawatt-hours, a modest…
Trump Moves to Open 82% of Alaska’s Petroleum Reserve for Drilling
Since coming into office, United States President Donald Trump has doubled down on his “Drill, baby, drill” statement by opening federal land for licensing and encouraging oil and gas companies to increase production. One state Trump has set his sights on is Alaska, an area where oil operations have become increasingly more controversial in recent years due to concerns over environmental degradation. President Trump hopes to double the quantity of crude moving through Alaska’s pipelines, as well as construct a giant gas project,…
Renewable Energy Faces a Looming Workforce Crisis
Despite a discouraging political climate and unprecedented uncertainty in the United States clean energy sector, low costs of wind and solar energy continue to drive growth of the domestic clean energy sector. However, while market forces continue to support the expansion of renewable energy capacity, the sector faces critical challenges extending beyond the antagonism of the Trump administration. The continued growth of solar and wind power risks being hampered by several mitigating factors, including (but not limited to) intensifying competition…
India’s Second-Largest Refinery Sees Imports Plunge as EU Sanctions Bite
Nayara Energy, the Indian refiner in which Russia’s oil giant Rosneft holds 49%, is set to import in August the lowest volume of crude ever as the EU sanctions cripple procurement plans and sales of refined petroleum products. Nayara Energy is expected to import just 94,000 barrels per day (bpd) of crude this month, Bloomberg reports, citing ship-tracking data and trade sources. The August import volumes are set to be the lowest in the history of the refinery, India’s second-largest, with a capacity to process 400,000 bpd, and would…
Chevron Charters Tanker for Venezuelan Crude
A tanker chartered by Chevron has docked at a Venezuelan port, set to be loaded with the first Venezuelan crude to be supplied to U.S. refiners after President Trump reinstated Chevron’s sanction exemption for operating in the country. The Bahamas-flagged Canopus Voyager reached Venezuelan waters last week, Reuters reported, citing LSEG data, and docked at the Jose port, which featured PDVSA’s oil export terminal. As of Tuesday, Reuters noted, at least five other tankers that Chevron had previously used to ship Venezuelan crude were…
https://oilprice.com/Latest-Energy-News/World-News/Chevron-Charters-Tanker-for-Venezuelan-Crude.html
Exxon Seals Massive Trinidad Oil and Gas Exploration Deal
Exxon has sealed a deal with the Trinidad and Tobago government for deepwater exploration that could involve investments of $21.7 billion, according to the Caribbean nation’s energy minister. “What we are awarding today is larger than the surface area of the country,” Roodal Moonilat said as he broke the news of the new deal, saying the area that Exxon will explore was the size of seven normal offshore blocks. Said area lies northwest of the Stabroek block—the offshore Guyana block that Exxon has been developing since 2005,…
Oil Prices Steady in Early Asian Trading After Dropping on Tuesday Declines
Oil prices were trading relatively flat in early Asian trading on Wednesday, following losses in the previous session as traders weighed signs of slowing U.S. demand and awaited inventory data from the EIA. At the time of writing, WTI Crude was down 0.17% at $63.06 per barrel, while Brent Crude had slipped 0.09% to $66.06. The modest moves come after the American Petroleum Institute reported a 1.52 million barrel increase in U.S. crude stocks, suggesting that the peak summer driving season is winding down. Gasoline inventories fell, but distillates…
Big Oil Boosts Exploration as Energy Transition Sputters
After years of public vows to wean themselves off fossil fuels, the world’s biggest oil companies are dusting off their drilling maps and doubling down on exploration. The promised pivot to renewables has sputtered, energy security fears have sharpened, and the payoff from oil and gas remains too rich to ignore. Now, from the Gulf of Mexico to Namibia, Big Oil is chasing new barrels in a world that, by its own admission, will still be burning them for decades. After spending the early 2020s promising a gradual reduction in fossil fuel production…
https://oilprice.com/Energy/Crude-Oil/Big-Oil-Boosts-Exploration-as-Energy-Transition-Sputters.html
OPEC Raises Oil Demand Growth Estimates for Next Year
Global oil demand is set to grow by 1.38 million barrels per day (bpd) in 2026, OPEC said on Tuesday as it raised its forecast for next year by 100,000 bpd on the back of expected stronger economies in key oil-consuming regions. In its closely-watched monthly report out of Tuesday, OPEC said that the upward revision for 2026 was “on the back of expected better economic performance in OECD America, OECD Europe, as well as the Middle East and Africa.” The cartel left its demand growth estimate for this year unchanged at 1.29…
https://oilprice.com/Energy/Crude-Oil/OPEC-Raises-Oil-Demand-Growth-Estimates-for-Next-Year.html
Oil Prices Rebound on China Tariff Delay
Crude oil prices rebounded today, after dipping on Monday, following the news that the U.S. will delay the imposition of tariffs on China by 90 days as negotiations continue. At the time of writing, Brent crude was trading at $66.98 per barrel, with West Texas Intermediate at $64.25 per barrel. Oil prices have shed a cumulative 10% since the start of the year, Bloomberg said in a report on Monday. The delay of the tariffs apparently gave oil traders reason to hope that the trade spat could be resolved without too much pain for the world’s…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rebound-on-China-Tariff-Delay.html
Trump Nominates Outspoken BLS Critic EJ Antoni to Run Agency
President Donald Trump has nominated economist EJ Antoni, a prominent figure at the conservative Heritage Foundation, to serve as commissioner of the U.S. Bureau of Labor Statistics (BLS). The move comes just ten days after Trump abruptly dismissed former commissioner Erika McEntarfer, accusing her of manipulating employment data for political purposes. Announcing the pick on Truth Social, Trump wrote, “Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE. I know E.J. Antoni will do an incredible…
National Oil Companies Lead Aggressive Refining Growth
Global refining is at a crossroads, as shifting regional demand, mounting sustainability pressures and heightened energy security concerns reshape the industry. Rystad Energy’s research shows that even though there are fewer refineries today, overall refining capacity has grown to keep up with the rising volume of oil that needs processing. In the last two decades, global primary refining capacity has increased by about 13.5 million barrels per day (bpd), or roughly 15%. In contrast, the absolute number of refineries peaked in 2011 and has…
https://oilprice.com/Energy/Crude-Oil/National-Oil-Companies-Lead-Aggressive-Refining-Growth.html
Big Oil's "Managed Decline" Strategy Masks An Expansion Push
For years, the talk in boardrooms and investor presentations has been about “discipline” and “capital efficiency.” These are the code words for a strategy that keeps production largely flat, trims high-risk exploration budgets, and returns more cash to shareholders in the form of dividends and buybacks. The era of endlessly chasing production growth at any cost is over, replaced by an approach that seeks to manage fossil fuel portfolios like mature, declining assets. The optics are powerful. European majors like BP and Shell…
https://oilprice.com/Energy/Crude-Oil/Big-Oils-Managed-Decline-Strategy-Masks-An-Expansion-Push.html
Solar Stocks Outshine Oil and Gas Benchmarks After Climate Credit Cuts
Last month, U.S. President Donald Trump signed into law ‘One Big Beautiful Bill Act’, rolling back many clean energy credits enacted by former President Joe Biden under the Inflation Reduction Act (IRA) of 2022. As widely expected, OBBBA is far from beautiful for various industries within the solar and wind energy sectors. However, the solar sector has continued to defy bearish expectations one month after OBBBA was passed, thanks in large part to robust U.S. and global solar demand as well as specific provisions within the OBBBA that…
Why Copper Prices Just Soared to Record Highs and Then Crashed
Via Metal Miner The Copper Monthly Metals Index (MMI) moved sideways, rising 1.18% from July to August. This puts the price of copper today just slightly above its April lows. Comex Copper Prices Plummet After Tariff Surprise July proved the most volatile month yet for Comex copper prices. As market surprises often do, the White House’s decision to water down copper tariffs to affect copper products saw the index’s prices plummet in the final days of the month. Markets first began to price in potential tariffs…
CATL Suspends Major Lithium Mine Operation
CATL, the world’s largest maker of lithium-ion batteries for electric cars, has suspended operations at one of the biggest lithium mines in the country, sparking a price jump for lithium and lithium miners’ stocks. The suspension, as reported by Bloomberg today, is part of the Chinese government’s efforts to solve a problem with overcapacity across industries that has pushed profits down and priced weaker players out of the market. The suspension of operations at the Jianxiawo mine in the Jiangxi province is set to last for at…
https://oilprice.com/Latest-Energy-News/World-News/CATL-Suspends-Major-Lithium-Mine-Operation.html
Robust Asian Demand Drives Saudi Oil Price Hikes
The world’s top crude oil exporter, Saudi Arabia, bets on robust demand in Asia as it raised the prices of its oil loading in September for a second month in a row. The flagship Saudi grade Arab Light will sell in Asia in September at a premium of $3.20 per barrel above the Oman/Dubai average, the Middle East benchmark, off which shipments to Asia are priced. The hike is $1.00 a barrel above the August price, as well as the second consecutive rise in the price of Arab Light loading for Asia. Last month, Saudi oil giant…
Global Energy Demand Outpaces Renewable Expansion
In recent years, many optimistic narratives have overstated the impact of renewables on fossil fuel consumption. The reality is more sobering: renewables are not displacing fossil fuels—especially in non-OECD countries and energy-intensive sectors. They’re growing fast, but they’re still playing catch-up with rising global energy demand. That is a key takeaway from the 2025 Statistical Review of World Energy. Yes, renewable energy posted impressive gains in 2024. But it still wasn’t enough to bend the curve on global fossil…
The Green Hydrogen Hype Is Fading
The green hydrogen drive is losing momentum as start-ups face rising costs and uncertain demand while energy majors back out of multi-billion-dollar projects as they return to their core oil and gas business. Low-emissions hydrogen, including the “green” variety produced with electrolysis using renewable energy, remains a small portion of global hydrogen use, which currently is mostly of the type using fossil fuels to make. Despite the promises of zero emissions in green hydrogen use and the environmentally-friendly…
https://oilprice.com/Energy/Energy-General/The-Green-Hydrogen-Hype-Is-Fading.html
Strikes on Iran Force Tashkent to Bet on Risky Afghan Corridor
The American and Israeli attacks on Iran to “obliterate” its nuclear program have hit another target: Central Asia’s opportunity to use Iran’s transport links to trade with the wider world. The American and Israeli attacks made an impression in Central Asia as immediately afterwards Uzbekistan’s President Shavkat Mirziyoyev “ordered a review of foreign trade and transport routes, emphasizing the need to redirect cargo flows to safer ports amid instability in the Middle East,” changes that could raise logistics…
Pakistan Strikes Oil in Sindh Province
Pakistan’s leading exploration and production firm, Oil & Gas Development Company Limited (OGDCL), on Friday announced an oil discovery in an exploration license in the southeastern province of Sindh. OGDCL, the operator of the Tando Allah Yar (TAY) exploration license, found oil at exploratory well Chakar–1, where tests showed that the well flowed 275 barrels of oil per day. A second drill stem test (DST) is now being conducted to further assess its hydrocarbon potential. The discovery at Chakar–1 marks…
https://oilprice.com/Latest-Energy-News/World-News/Pakistan-Strikes-Oil-in-Sindh-Province.html
Europe’s Industry Is Not Dying—It’s Evolving
In recent years, growing alarm has surrounded the narrative of Europe’s alleged deindustrialization. Headlines speak of factory closures, declining production in key sectors, and a continent losing its industrial edge. Germany, once the bastion of manufacturing prowess, has seen a net loss of hundreds of thousands of industrial jobs. Energy-intensive sectors such as steel, chemicals, and basic materials appear to be in retreat, squeezed by rising costs and global competition. Yet, a deeper look into the data and expert analysis reveals a…
https://oilprice.com/Finance/the-Economy/Europes-Industry-Is-Not-DyingIts-Evolving.html
LNG Canada Runs Into Technical Problems
LNG Canada, the country’s first and only operating exporting facility, has run into technical problems that caused the cancellation of at least one loading, Reuters has reported, citing unnamed sources and data from LSEG. The sources did not provide details as to the nature of the problems, but various technical challenges are common for LNG terminals, as are lengthy repair periods. Two of the sources did tell Reuters, however, that the facility was operating at less than half of the capacity of its first liquefaction train. Two other sources…
https://oilprice.com/Latest-Energy-News/World-News/LNG-Canada-Runs-Into-Technical-Problems.html
The Permian’s Dirty Secret Is Bubbling Over
The Permian Basin produces over 5 million barrels of oil daily. With that, the Permian also produces a lot of wastewater, which has started to turn into a problem. Some drillers are even suing others for ruining their reserves. Back in May, the Texas Railroad Commission sent out notices to companies applying for licenses for wastewater disposal wells in the basin, stating that there were ground pressure issues caused by wastewater disposal. The number of new ones was to be restricted. This is one problem that does not have a straightforward solution,…
https://oilprice.com/Energy/Energy-General/The-Permians-Dirty-Secret-Is-Bubbling-Over.html
Oil Prices Hold Steady After Monday's Rally
Oil prices were holding relatively steady early on Tuesday morning following a sharp rally on Monday driven by mounting geopolitical tensions and supportive trade developments. At the time of writing, WTI Crude was trading at $66.60 per barrel, down $0.06 or 0.09%, while Brent Crude hovered at $70.00, slipping just $0.04 or 0.06%. Among the catalysts for Monday’s rally—where Brent futures surged more than 2.3%—was President Trump’s decision to drastically reduce the timeline for Russia to broker peace in Ukraine. Originally…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Hold-Steady-After-Mondays-Rally.html
UK Raises Ceiling on Wind Power Strike Prices Ahead of Major Auction
The UK government has raised the maximum prices it is willing to guarantee developers of wind power projects in a bid to reinvigorate investment in renewable energy and keep its ambitious decarbonization targets on track. The increase, announced on July 23rd, underscores the challenges faced by clean energy developers contending with inflation, rising interest rates, and strained supply chains. New Administrative Strike Prices Under the revised terms for the 2025 round of the Contracts for Difference (CfD) auction scheme — the UK's primary…
Goldman: The Boom Years of U.S. Oil Output Growth Are Over
The years of very rapid growth in U.S. crude oil production are behind us, in large part due to the maturing of the biggest growth engine, the Permian, according to Goldman Sachs. The investment bank expects declines in America’s crude oil output for this year and next because of the lower oil prices, Daan Struyven, oil research head at Goldman Sachs, told Bloomberg TV in an interview on Thursday. U.S. shale producers are the most reactive to oil price changes and they are typically quick to follow the price trends. Lower…
More Drone Strikes on Iraqi Kurdistan Oilfields Halt Up to 200,000 Bpd
A now three-day series of drone attacks on Iraqi Kurdistan’s oilfields, leading to a shut-in of 150,000 bpd and ratcheting up already-inflamed tensions between the Kurdistan Regional Government (KRG) in Erbil and the Iraqi federal government in Baghdad. Late on Wednesday, Chinese media reported another drone attack on a Dohuk province oilfield connected to U.S. operator Hunt Oil. According to Xinhua and China Daily Asia, the KRG Ministry of Natural Resources confirmed the latest attack occurred at 7:10 pm local time (1610 GMT). That…
DOE Okays Exchange From SPR to Exxon to Ease Crude Quality Issue
The U.S. Department of Energy has authorized the exchange of up to 1 million barrels from the Strategic Petroleum Reserve (SPR) to ease the crude shortage at Exxon’s refinery in Baton Rouge, Louisiana, after quality issues with the Mars crude grade emerged last week. DOE has authorized an exchange from the SPR with ExxonMobil Corporation “to address logistical challenges impacting crude oil deliveries to the company’s Baton Rouge refinery.” U.S. Secretary of Energy Chris Wright authorized this action to help maintain a stable…
The Shadow Economy of Critical Mineral Exports
China’s 2024 ban on exports of critical minerals antimony, gallium and germanium to the U.S. sent prices soaring nearly 50% in a matter of days. It was a retaliatory move following Washington's crackdown on the country’s chip sector. But there are always loopholes, and new reports now reveal how Chinese traders are circumventing the ban by re-routing U.S. shipments through third countries. According to U.S. customs data, the U.S. imported 3,834 metric tons of antimony from Mexico and Thailand in the first four months following…
https://oilprice.com/Metals/Commodities/The-Shadow-Economy-of-Critical-Mineral-Exports.html
EU Parliament Endorses Eased Natural Gas Storage Targets
The European Parliament approved on Tuesday eased rules and targets for natural gas storage refills in the EU in a move aimed at preventing price spikes. Earlier this year, the EU member states agreed to ease the bloc’s natural gas storage targets by allowing a 10 percentage point deviation in the 90% full storage goal. The greater flexibility comes in response to the fears of several large gas-consuming nations in Europe that they would have to either subsidize storage filling when it’s uneconomical or miss the targets. The new targets…
The Permian Can’t Scale If No One’s Left to Work It
The U.S. shale industry faces a structural shift in production and productivity while it has been grappling with a shortage of skilled workforce for years. Booming U.S. oil production may be nearing its peak, according to industry executives and forecasters, and it isn’t just because oil prices are dangerously close to breakevens. The perennial talent crunch is weighing on the US oil sector. Rising labor costs and a shrinking talent pool add to the concerns in the industry that is strongly supported by the Trump Administration to “drill,…
https://oilprice.com/Energy/Energy-General/The-Permian-Cant-Scale-If-No-Ones-Left-to-Work-It.html
Africa’s Biggest Refinery Boosts U.S. Crude Oil Purchases
The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, has been buying increasing volumes of U.S. crude WTI despite the fact that Nigeria is the biggest crude oil producer in Africa. But Africa’s top OPEC member has been struggling to materially boost domestic crude output, so the 650,000-barrels-per-day refinery has been sourcing more WTI crude as the facility is ramping up to capacity. So far this year, U.S. crude has accounted for a third of the purchases of the Dangote refinery, according to vessel-tracking…
Alaska LNG Interest Hits $115 Billion
Energy companies are ready to commit to buying $115 billion worth of liquefied natural gas from Alaska once President Trump’s pet energy project gets done, the company in charge of the project, Glenfarne, reported, noting that as many as 50 companies have expressed formal interest. The $44-billion LNG export facility is strongly supported by the Trump administration, which has also been pressing Japan and South Korea to buy more LNG as a way to reduce America’s trade deficit with its Asian allies—the same approach that Trump has…
https://oilprice.com/Latest-Energy-News/World-News/Alaska-LNG-Interest-Hits-115-Billion.html
Supertanker With Russian Oil Anchored Near China Could Signal Weak Demand
A supertanker carrying 2.1 million barrels of Russia’s Far Eastern ESPO crude grade has been anchored near China for days in what traders say is an unusual pattern that could suggest weaker demand in the Asian market. The Big Star supertanker loaded ESPO from three smaller vessels near Russia’s Zarubino port in the Far East earlier this month and headed to China’s port of Jieyang in the southern province of Guangdong, according to ship-tracking data from LSEG cited by Reuters. However, the Big Star has been stationed at anchor…