Iraq Reiterates OPEC+ Pledge Ahead of Restart of Kurdistan Oil Exports
Iraq remains fully committed to its pledges in the OPEC+ agreement as the restart of oil exports from the semi-autonomous Iraqi region of Kurdistan appears imminent.“The Iraqi oil ministry affirms its full commitment to the OPEC+ agreement,” the min…
US Oil, Gas Rig Count Ticks Up Again
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, after a 2-rig increase in the week prior.The total rig count rose by 4 rigs, to 592, according t…
Oil Prices Climb as Trump Pledges to Refill Strategic Petroleum Reserve
The U.S. Administration will fill up fast the Strategic Petroleum Reserve (SPR), President Donald Trump said at an investment conference in Miami.“We’ll fill it up fast, but it’s at the lowest level. When we made the transition, it was at the lowes…
Energy Traders Reduce Risk Exposure Amid Trump Chaos
U.S. President Donald Trump has kicked off his second term with a bang, launching the most systemic and aggressive makeover of the American government. Trump and his allies have moved at lightning speed to force out longtime civil servants by launchin…
Is Petrobras’ New Discovery Reviving Brazil’s Pre-Salt Oil Boom?
Recently, we reported that Brazilian President Luiz Inacio Lula da Silva has been pressing the country’s environmental regulators to approve oil drilling near the mouth of the Amazon River, arguing that revenue from this new fossil fuel supply could …
Will OPEC Sit Back as Non-OPEC Oil Gains Ground?
Crude oil production in countries that are not members of OPEC is set to account for most of global supply growth both this year and next. That’s according to the U.S. Energy Information Administration, which saw non-OPEC growth at an impressive 1.8 …
Oil Bulls Meet Trade War Turmoil
The January oil price rally gave way to a sell-off in February as the market started pricing in the trade war risks that could dampen economic and oil demand growth in the world’s biggest economies.Oil prices jumped in January after the Biden Adminis…
Germany To Extend Rosneft Trusteeship
Germany is set to extend its trusteeship over Russian oil company Rosnefts local subsidiaries for another six months, marking the fifth time it has done so. Back in 2022, Germany seized the local units of Rosneft and Gazprom, including three oil refin…
Oil Prices Drop As EIA Shows Crude Inventories Continue to Climb
Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7, according to the U.S. Energy Information Administration.Crude oil prices were trending lower today prior to the crude data release by the …
Petronas Slashes Jobs to Stay in the Game
Malaysia’s state energy major Petronas needs to slash thousands of jobs to survive beyond 2035. The striking message came from the company’s new chief executive, who called it “right-sizing.”“The rationale to do this is to ensure the survival of …
Baltic States Unplug From Russia and Join EU Grid
Estonia, Latvia, and Lithuania, the three Baltic States that were former Soviet Union republics, on Sunday definitively unplugged their electricity systems from the Russian grid and joined the EU continental power grid.EU member states Estonia, Latvia…
Oil, Gas Drillers See Increased Activity
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, after a 6-rig increase in the week prior.The total rig count rose by 4 rigs, to 586, according t…
Trump’s Energy Boom Leaves Australia Struggling to Compete
Woodside Energy’s CEO Meg O’Neill isn’t sugarcoating it—Australia is losing ground in the global energy race, and Donald Trump’s aggressive push to ramp up U.S. fossil fuel production is only making things worse. Speaking at the Melbourne Mining …
Large Unexpected Crude Build Sinks Oil Prices
Crude oil inventories in the United States saw a colossal build of 8.7 million barrels during the week ending January 31, according to the U.S. Energy Information Administration.Crude oil prices were trending lower today prior to the release of the U.…
Burning More Coal at Home Is Worsening India’s Pollution
India reduced its imports of coal in 2024. On the face of it, this would have been wonderful news for power sector emissions in the world’s second-largest coal consumer, if we don’t analyze what’s behind lower coal imports.India has been looking to…
Trump's Trade Strategy Fuels Unexpected Energy Boom
When President Donald Trump was on the campaign trail, he threatened the biggest trade partners of the U.S. with 25% tariffs unless they did something about the surplus they were running with the U.S. Analysts said this idea was risky. Now, Bloomberg …