Lithuania is signaling it may strike its own critical minerals deal with Washington if the EU can’t finalize a bloc-wide agreement quickly enough, a top Lithuanian official told Bloomberg this week. If it follows through, it could become the first EU member to break ranks and pursue a standalone minerals pact with the U.S., potentially setting off a domino effect among other security-focused states in Eastern Europe. Lithuania’s goal is to secure reliable access to the materials its engineering and defense sectors depend on. Vilnius…

The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday, keeping the total rig count in the US  at 551 this week, down 37 from this same time last year. The number of active oil rigs fell by 3 5o 409 during the latest reporting period, according to the data. This is 72 below this same time last year. The number of gas rigs rose by 3, reaching 133, which is 32 more than this time last year. The miscellaneous rig count stayed the same…

US President Donald Trump publicly emphasized diplomacy with Iran following his February 11 meeting with Israeli Prime Minister Benjamin Netanyahu. But experts say the deeper dispute may center not on Iran’s nuclear program, but on its expanding missile capabilities. After the meeting, Trump signaled that negotiations with Tehran should continue. Netanyahu, however, has pushed for Iran’s missile program to be formally included in any agreement -- something Tehran has repeatedly rejected. Speaking to RFE/RL’s Radio Farda, UK-based…

TC Energy Corporation beat analyst estimates for fourth-quarter profits amid soaring demand for natural gas in the United States which boosted its pipeline flows to an all-time delivery record early this year. TC Energy on Friday reported earnings per common share from continuing operations at US$0.72 (C$0.98), beating the average consensus estimate of    US$0.68 (C$0.92). TC Energy’s deliveries on the Canadian Natural Gas Pipelines averaged 27.2 Bcf/d, up by 5% compared to the fourth quarter of 2024, and set a new all-time…

Oil prices are once again under pressure after several OPEC+ members signaled a willingness to start hiking production again, even as inflation data provided some support. Friday, February 13, 2026OPEC+ never fails to disappoint oil bulls, this time sending ripples through the media landscape as its leading members signalled readiness to start hiking production again after a quota freeze in Q1 2026. The physical impact of OPEC+’s alleged plans wasn’t as steep as one could expect, particularly because robust US inflation data rekindled…

Canadian pipeline giant Enbridge reported record-high core earnings for 2025 and consensus-beating earnings for the fourth quarter amid growing demand for oil and gas egress from production centers to consumption and export hubs. Enbridge on Friday reported full-year adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA) of US$14.7 billion (C$20.0 billion) for 2025, up by 7% from 2024.   Full-year adjusted earnings also rose, by 9%, compared to 2024.  For the fourth quarter, adjusted earnings per…

This week, I find myself in a bit of a quandary. As a rule, I dislike having a large cash position, but that is where I find myself right now. And try as I might, I can’t find anywhere to set it to work. To anyone trained in a dealing room, money is the tool you use to make money, so sitting on a lot of undeployed cash shows either a lack of imagination or just basic laziness. I would like to think that neither of those things apply to me, but I genuinely think that cash is not a bad option right now, even for an energy investor.  Nor…

IEA’s Forecast Takes a Chill Pill as Weather Cuts Into Supply Alleviating its oversupply doom and gloom, the International Energy Agency (IEA) has revised its outlook for the magnitude of this year’s production glut, citing weather-related outages in Q1 2026. In the January 2026 edition of the IEA’s monthly report, the international organization found that global supply dipped by a surprise 1.2 million b/day, defying expectations of oversupply. Cold snaps across the United States and a power outage-driven closure of Kazakhstan’s…

Ahead of the monthly meeting on March 1, the OPEC+ alliance is leaning toward resuming production increases from April following a pause in the first quarter, Reuters reported on Friday, quoting sources within the group. Early this month, the eight OPEC+ members that have been implementing cuts since 2023 – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed the decision to pause monthly increments during the first quarter of the year. The decision was first taken in November 2025 and was confirmed…

Iran’s leadership is trying to put down nationwide protests with sustained force while the U.S. keeps negotiations open under sanctions pressure. Activist groups estimate more than 7,000 people have been killed, including many minors. Security forces remain cohesive and active across the country, but unrest has not fully subsided. The government controls territory, but not sentiment.  Sanctions and unrest are now fully intertwined. Oil exports are restricted, banking channels are limited, the currency remains weak, and inflation has…

Politics, Geopolitics & Conflict It’s time for DC to evaluate whether Venezuela’s new hydrocarbons law can produce actual supply gains, and with that in mind, the U.S. energy secretary traveled to Caracas this week, touring Chevron-PDVSA joint operations. The new law allows broader private operating control and more flexible terms, a break with the past deterrents. The Trump administration is engaging, but on a results basis: sanctions relief depends on measurable production increases and contractual stability. The core issue is…

West Texas Intermediate (WTI) crude oil futures are trading sharply lower this week, with nearby contracts at $62.87 as of Thursday night, down $0.68 or -1.07% for the session. The weekly range spans from a high of $65.83 to a low of $62.39, reflecting the market's struggle to balance geopolitical risk against mounting supply concerns. Wednesday's EIA Report: Massive Build, Muted Response Wednesday's Energy Information Administration (EIA) report revealed a staggering 8.5 million barrel build in U.S. crude oil inventories, far exceeding analyst…

India considers boosting the run rates of its gas-fired power plants during evening peak hours to support the grid amid the surge in renewable power generation, India’s Power Secretary Pankaj Agarwal said on Friday.   “For the last three years we have been studying whether gas plants can run for eight hours in the evening and remain shut during the rest of the day,” Agarwal said at a meeting with power plant executives, as carried by Reuters.  India has reduced in recent years its gas-fired power fleet from 25 gigawatts…

India’s largest private refiner, Reliance Industries, has been authorized by the United States to buy, export, and sell Venezuelan crude oil, Reuters reported on Friday, citing sources with knowledge of the situation.  Reliance last month applied with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for a general license to be able buy Venezuelan crude without violating the sanctions, according to Reuters sources.    The license would give India’s top private refiner, which operates the largest refining…

At least three vessels sanctioned by the United States have arrived in recent weeks at the demolition hub of Alang on India’s west coast, following a record 15 dark fleet tankers sent to these scrapyards last year, as the business rebounds despite concerns about dealing with sanctioned ships.   The Woodchip, built in 1993 and sanctioned by the U.S. in 2021 under one of its previous names, is the third tanker to have arrived at Alang in less than a month, Bloomberg reported on Friday, citing vessel-tracking data, agent reports, and…

Venezuela’s oil sales, under the control of the United States for five weeks now, are set to bring $5 billion over the next few months, U.S. Energy Secretary Chris Wright told NBC News in an interview.    “Sales today are over a billion dollars, and in fact, we have sort of short-term agreements over the next few months that will bring in another $5 billion,” Secretary Wright said in the interview during a historic visit to Venezuela to meet with the interim President Delcy Rodríguez.   The United…

A think tank set up by former British Prime Minister Tony Blair has urged the Starmer government to reverse the decline in the country’s oil and gas industry, saying its revival could boost the economy by 165 billion pounds, equal to $224.42 billion. In a paper titled Why Britain Needs an Energy-Strategy Reset, senior policy advisor on climate and energy policy at the Tony Blair Institute for Global Change, Tone Langengen called for a rearrangement of priorities in energy and a change of focus from emissions only. “This narrow focus…

A think tank set up by former British Prime Minister Tony Blair has urged the Starmer government to reverse the decline in the country’s oil and gas industry, saying its revival could boost the economy by 165 billion pounds, equal to $224.42 billion. In a paper titled Why Britain Needs an Energy-Strategy Reset, senior policy advisor on climate and energy policy at the Tony Blair Institute for Global Change, Tone Langengen called for a rearrangement of priorities in energy and a change of focus from emissions only. “This narrow focus…

Crude oil prices began trade with a decline today, set for the second consecutive weekly loss as fears of a U.S.-Iran escalation faded. At the time of writing, Brent crude was trading at $67.36 per barrel, with West Texas Intermediate at $62.66 per barrel, both essentially unchanged on Monday but down from higher levels seen earlier in the week. “Signs the U.S. is seeking more time to reach a nuclear deal with Iran, reducing the near-term geopolitical risk premium,” have pressured prices, according to IG analyst Tony Sycamore, as quoted…

Last year, U.S. Treasury Secretary Scott Bessent set a target to cut the U.S. federal budget deficit to just 3% of GDP by the end of President Donald Trump’s second term. The deficit reduction was a key component of his "3-3-3" economic plan, with the other two being achieving 3% real GDP growth and increasing energy production by 3 million barrels a day by 2028. The plan relies on spending constraints, regulatory reforms, and tariff revenue to narrow the deficit.  With Trump now completing the first year of his second term, energy and…