Saudi Aramco has begun production of light oil (condensate) from its $100 billion Jafurah unconventional gas project, after the company completed Phase 1 construction of the 450-MMcf/D-capacity gas plant. This marks the first export of liquids from the massive field, which is primarily designed to produce natural gas. Initial cargoes were sold to Asian buyers for delivery in late February or early March 2026. Aramco will initially sell 4 to 6 cargoes per month, with each cargo consisting of approximately 500,000 barrels. Condensate is a high-value,…

The global electric power business is changing. The economic hegemony of fossil fuels (and perhaps nuclear as well) is gradually being undermined by the adoption of renewable generating technologies such as solar and wind.  This economic and technological transition resembles warfare or a sporting event with distinct winners and losers. Our argument is based on a stunningly non-controversial premise—namely, that superior, lower-cost technologies producing an identical commodity eventually achieve dominance. Let’s look at a previous…

The EV charger story is being treated like a consumer inconvenience – a queueing problem, a pricing problem, a reliability problem. It’s none of those first. It’s an infrastructure and grid stability problem dressed up as a charging debate. It was reported that this week that the UK has nearly 88,000 charge points, while government estimates suggest we may need 250,000 to 550,000 by 2030. Even the lower end implies a sustained build rate far above what we’ve normalised as “progress”. And it’s not just the…

Japan's Tokyo Electric Power Company (TEPCO) has restarted Unit 6 of the Kashiwazaki-Kariwa nuclear power plant, following a 14-year shutdown following the 2011 Fukushima disaster. The 1,360 MW reactor is the first unit to come online since the nuclear accident that saw Japan halt operations at all its nuclear plants pending regulatory changes.  The accident was caused by the 9.1-magnitude T?hoku earthquake - the third-largest in the world since 1900 - that triggered a tsunami, resulting in electrical grid failure and damage to nearly all…

In the coming weeks, media frenzy around the FY2025 results of Saudi oil and gas giant Saudi Aramco will intensify. The world’s largest listed oil company is ready to present its 2025 results, and analysts will be focusing on the company’s dividends, but they should be watching other strategic issues, however. The Saudi giant’s financial arc in 2024–2025 shows the story of a behemoth caught between two irreconcilable demands: it needs not only to act as the Kingdom’s principal fiscal engine but also to sustain the…

India’s government has asked refiners to consider buying more crude cargoes from the U.S. and Venezuela on the spot market as Indian oil purchases are under scrutiny following the trade deal with the United States.  Indian refiners are steering clear of Russian crude in the wake of the trade deal with the United States, which the White House said includes India’s commitment “to stop directly or indirectly importing Russian Federation oil.”  The 25% tariff on India that President Donald Trump placed in August 2025,…

Crude oil inventories in the United States increased by 8.5 million barrels during the week ending February 6, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.8 million barrels according to government data, which is still 3% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories rose by 13.4 million barrels. Crude prices…

Syria expects to award oil and gas exploration licenses to major international oil firms as it looks to tap its estimated huge reserves, the chief executive of the state-owned Syrian Petroleum Company told the Financial Times in remarks published on Wednesday.   “There is a lot of land in the country that has not been touched yet. There are trillions of cubic metres of gas,” Youssef Qablawi, CEO of Syrian Petroleum Company, told the FT. Syria is tapping U.S. firms Chevron and ConocoPhillips and European majors TotalEnergies…

Syria expects to award oil and gas exploration licenses to major international oil firms as it looks to tap its estimated huge reserves, the chief executive of the state-owned Syrian Petroleum Company told the Financial Times in remarks published on Wednesday.   “There is a lot of land in the country that has not been touched yet. There are trillions of cubic metres of gas,” Youssef Qablawi, CEO of Syrian Petroleum Company, told the FT. Syria is tapping U.S. firms Chevron and ConocoPhillips and European majors TotalEnergies…

Iranian President Masud Pezeshkian has said his country is open to admitting international inspectors to prove its nuclear program is "peaceful," in comments marking the 47th anniversary of the Islamic Revolution, as US naval forces stand poised in the region for possible military strikes. "We are not seeking to acquire nuclear weapons. We have stated this repeatedly and are ready for any verification," he said on February 11, at anniversary celebrations taking place against a backdrop of a deadly crackdown in which security forces killed thousands…

Fourth-quarter earnings at French supermajor TotalEnergies (NYSE: TTE) fell by 13% from a year earlier as higher upstream production and improved refining margins couldn’t offset the decline in oil prices.  TotalEnergies on Wednesday reported an adjusted net income of $3.84 billion for the fourth quarter, in line with the analyst consensus estimate of $3.8 billion.   Cash flow remained more resilient, as cash flow from operations (CFFO) of $7.2 billion rose by 2% sequentially and fell by 7% from a year earlier, even if oil…

Oil prices rose by 1% early on Wednesday as the U.S.-Iran tensions continue to rise and Israeli Prime Minister Benjamin Netanyahu is set to meet U.S. President Donald Trump.  In morning trade in Europe on Wednesday, the U.S. benchmark, WTI Crude, was up by 1.39% to $64.85 per barrel. The front-month futures traded at $64.85.   The international benchmark, Brent Crude, traded very close to the $70 per barrel mark, as it was up 1.29% on the day to $69.69.  This week, the U.S.-Iran tensions and negotiations have been in the spotlight,…

Over the past decade, China’s renewable energy and related clean technologies have emerged as the fastest-growing sectors of the economy, significantly outpacing the overall economy. Last year, China’s clean energy investments hit a record 7.2 trillion yuan ($1 trillion), with the sector accounting for over 11% of GDP and growing three times faster than the overall economy. Indeed, China’s "new three" namely solar, batteries, and electric vehicles contributed over 90% of the rise in the country’s overall investments. China…

Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the International Energy Agency (IEA) says. Global power demand is expected to grow by more than 3.5% per year on average through the end of the decade, the agency said in its new Electricity 2026 report. Renewables, nuclear, and natural gas are the big winners of the electricity demand boom, but the rise in all…

Progress on the key elements in TotalEnergies’ US$27 billion four-pronged project that will define Iraq’s oil and gas sector in the years to come ranges from 80% to 95% complete, according to reports from the country’s Oil Ministry. This runs from 80% finished on the rehabilitation work on the first Central Processing Facility -- expected to double production capacity from 60,000 to 120,000 barrels per day (bpd) -- to 95% finalised on the Artawi-PS1 export pipeline project. Overall, a senior source who works very closely with…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed the same at 415.2 million barrels in the week ending February 6. This is 310.3 million barrels shy of maximum capacity. US production fell…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed the same at 415.2 million barrels in the week ending February 6. This is 310.3 million barrels shy of maximum capacity. US production fell…

Argentina is home to an enormous wealth of critical natural resources that are becoming increasingly in demand as the global energy transition continues to pick up pace. But while Argentina’s potential geopolitical advantages open new avenues for economic growth, they also come with major potential trade-offs for energy sovereignty as the world’s superpowers intensely pursue the nation’s riches of lithium and uranium. Argentina’s economy is finally on an upswing after decades of painful decline. This change is in large part…

Germany’s uneasy energy truce with Washington is starting to fray, and the pressure point is a single refinery that keeps Berlin moving. Managers at the PCK Schwedt refinery, majority-owned by Russia’s Rosneft (54.17%), have privately warned the German government that U.S. sanctions are already choking day-to-day operations and could threaten fuel supplies for Berlin and eastern Germany. In a January letter to economy and energy minister Katherina Reiche, refinery management made what they described as an urgent appeal to resolve the…

To help navigate the uncertainty, we have framed five possible scenarios, detailed below, that outline plausible pathways, from diplomatic normalization to severe destabilization, and assess their consequences for geopolitics and global oil markets. Only a week ago, the balance of risks appeared tilted towards military action. More recently, intensified diplomatic engagement and signalling from both Washington and Tehran have shifted expectations toward a less confrontational path. That said, developments can unfold quickly, and the probability…