The Iraqi government has approved a move to take over operations at the West Qurna 2 oilfield under provisions in its technical service contract with Russia’s Lukoil, following the company’s declaration of force majeure in November, Reuters reported on Wednesday.  The step allows Iraq to ensure continued production after Lukoil cited operational constraints linked to Western sanctions on Russia. West Qurna 2, one of Iraq’s largest producing fields at around 470,000 barrels per day, is state-owned and operated under a service…

There is a lot more to the UAE’s recently announced US$150 billion turbo-boost to its gas sector than meets the eye. It is true that it should deliver multiple economic benefits for the Middle Eastern country on a scale disproportionately larger than its small geographical size. One is gas self-sufficiency by 2030; another is increased feedstock for high-value petrochemicals production; and a third is powering a dramatic expansion in its artificial intelligence capabilities. However, it is also true that such major build?out of its gas sector…

The season of peace on earth and goodwill to all men did not last long, and while I’ll shed no tears at seeing a corrupt dictator snatched from his lair, it’s fair to say that 2026 is off to an uneasy start. The market response to Donald Trump’s audacious swoop on Venezuela has been predictably muscular, with defence, mining and oil stocks climbing higher. The political fallout is much less clear-cut. The raid to capture President Maduro was followed by unsubtle threats that Uncle Sam could do the same in Colombia and Cuba while…

Canada’s long-running debate over how to get its oil to market took an unexpected turn this week after British Columbia Premier David Eby argued that Ottawa should prioritize building refineries rather than new export pipelines, reframing a discussion that has dominated Canadian energy politics for years. Eby’s comments come as U.S. actions in Venezuela add uncertainty to global oil markets and renew attention on Canada’s reliance on the United States as its main crude buyer. Instead of pushing raw oil to tidewater for export,…

ADNOC, the national oil company of the United Arab Emirates, on Wednesday announced the final investment decision for the SARB Deep Gas Development offshore Abu Dhabi, a key part of the massive Ghasha Concession development.  ADNOC and the UAE are looking to maximize natural gas extraction and processing to boost domestic supply and increase LNG exports.  SARB, located 120 kilometers (75 miles) offshore Abu Dhabi, will include a new offshore platform with four gas production wells connecting to Das Island. From there, gas from SARB would…

An acute water shortage in Uzbekistan seems to have a silver lining. The brewing crisis is forcing officials to speedily embrace solar and wind power and rethink the country’s hydropower strategy to make it more water-efficient.   Uzhydroenergo, a state-run electricity entity, reported January 5 that hydropower production plummeted by 20 percent in 2025, totaling 6.5 billion kilowatt hours (kWh). By comparison, Uzbekistan generated 8.1 kWh from hydropower in 2024.    Officials attributed the drop in production…

ADNOC, the national oil company of the United Arab Emirates, on Wednesday announced the final investment decision for the SARB Deep Gas Development offshore Abu Dhabi, a key part of the massive Ghasha Concession development.  ADNOC and the UAE are looking to maximize natural gas extraction and processing to boost domestic supply and increase LNG exports.  SARB, located 120 kilometers (75 miles) offshore Abu Dhabi, will include a new offshore platform with four gas production wells connecting to Das Island. From there, gas from SARB would…

Crude oil inventories in the United States posted a sharp draw last week, even as gasoline and distillate stockpiles recorded sizable builds, according to new data released Wednesday by the U.S. Energy Information Administration (EIA). U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 3.8 million barrels in the week ending January 2, bringing total stockpiles to 419.1 million barrels. Crude inventories remain roughly 3% below the five-year average for this time of year. Refinery activity edged higher on the…

Equinor does not consider returning to Venezuela, which it quit years ago, Anders Opedal, the chief executive of the Norwegian energy major, told Reuters on Wednesday.  Following the capture of Nicolas Maduro by U.S. forces, the industry is buzzing with talk about the opportunities for Western, especially U.S. oil firms, in Venezuela, the holder of the world’s biggest proven oil reserves estimated at about 303 billion barrels.  “At the moment, that's not on the table,” Equinor’s Opedal told Reuters on the…

U.S. forces have seized a Russia-flagged tanker in the North Atlantic after a dramatic pursuit that began near Venezuelan waters, marking a sharp escalation in Washington’s enforcement of its global blockade on sanctioned Venezuelan oil. U.S. European Command confirmed the capture of the M/V Bella 1, saying the vessel was seized for sanctions violations “pursuant to a warrant issued by a U.S. federal court” after being tracked by a U.S. Coast Guard cutter. The operation concludes a weeks-long chase that began in late December…

U.S. forces have seized a Russia-flagged tanker in the North Atlantic after a dramatic pursuit that began near Venezuelan waters, marking a sharp escalation in Washington’s enforcement of its global blockade on sanctioned Venezuelan oil. U.S. European Command confirmed the capture of the M/V Bella 1, saying the vessel was seized for sanctions violations “pursuant to a warrant issued by a U.S. federal court” after being tracked by a U.S. Coast Guard cutter. The operation concludes a weeks-long chase that began in late December…

The US military strikes in Venezuela and comments afterwards by President Donald Trump have raised the prospect of a massive increase in Venezuelan oil production under US control. It’s not clear when, how, or even if this can happen. But Venezuela has the world’s largest proven reserves, and Trump has suggested that US companies can bring them to market. Venezuela's extra-heavy crude is highly sought after as it's ideal for specialized refineries -- such as those on the US Gulf Coast -- that have coker units allowing them to process…

The U.S. Department of Energy will award orders totaling $2.7 billion to three companies over the next 10 years to boost domestic uranium enrichment in a bid to lower the country’s dependence on Russian supply. American Centrifuge Operating, a wholly-owned subsidiary of Maryland-based Centrus Energy Corp. (NYSE:LEU), Orano Federal Services, the U.S. arm of the major French nuclear company, Orano SA and Peter Thiel-backed nuclear fuel enrichment startup General Matter secured $900 million each while Global Laser Enrichment, jointly owned by…

Mexico’s crude oil exports are shrinking fast – and this time the decline is not just a symptom of upstream exhaustion. Average crude exports have fallen from about 1.1 million b/d in 2020 to roughly 665,000 b/d in 2025, a near 40% drop. In December 2025, Mexico’s exports reached 503,000 b/d, marking a 21st century minimum. The drastic decrease is even starker for Maya, Mexico’s flagship heavy grade: December exports slid to 253,000 b/d, down 86% from 2020 levels. Ironically, the rapid decline in Mexico’s crude exports…

China has been investing billions in nuclear fusion research. A potential game-changer for global energy, fusion has been slow to live up to promises, but now, Chinese scientists have reported yet another breakthrough in the process: a state of matter that was previously only theorized. Reported in Science Advances, the breakthrough consisted in overcoming a limit in electron density that, if breached, disrupts the operation of the tokamak—the installation where fusion occurs. In a sense, the achievement appears to be one more obstacle cleared…

The once-thriving UK North Sea oil and gas province survived 2025, the most difficult year since the 1960s when hydrocarbons were first discovered in the basin. Oil and gas production from the mature fields continued to decline last year, while uncertainties increased as industry expected changes to the UK government’s policy that places an enormous tax burden on operators without incentives or investment allowances. Companies active in the UK offshore oil and gas sector reduced investments and froze plans in the face of heightened uncertainty.…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 million barrels in the week ending January 2. Crude oil inventories rose by 1.7 million barrels in the week prior. Crude oil inventories in the United States dipped by 5.1 million barrels net for 2025, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 300,000 barrels to 413.5 million barrels in the…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a dip of 2.8 million barrels in the week ending January 2. Crude oil inventories rose by 1.7 million barrels in the week prior. Crude oil inventories in the United States dipped by 5.1 million barrels net for 2025, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 300,000 barrels to 413.5 million barrels in the…

The foreign secretary has signalled the Bank of England will continue to withhold $4.8bn of Venezuelan gold being held in its vaults, despite the dramatic toppling of the country’s autocratic ruler potentially paving the way to the reserves being returned. Addressing lawmakers late on Monday, Yvette Cooper suggested the government would continue its refusal to recognise the new leadership in Caracas, acknowledging this would likely mean the Bank would continue to withhold the country’s reserves. Britain’s central bank has stored…

Venezuela’s beleaguered oil export system is narrowing rapidly around Chevron as shipments to its largest traditional customer in China remain stalled amid an intensified U.S. oil embargo and mounting geopolitical upheaval. Shipping data as of January 6 shows crude loading for Chinese buyers at Venezuelan ports has been on hold for the fifth straight day—but Chevron’s vessels continue to load and export crude to the United States. PDVSA’s attempts to serve its Asia contracts have been disrupted by the U.S. naval blockade…