The American Petroleum Institute (API) estimated that crude oil inventories in the United States decreased by 11.1 million barrels in the week ending January 30. Crude oil inventories decreased by 247,000 barrels in the week prior. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories in the SPR rose by 200,000 barrels to 415.2 million barrels in the week ending January 30. 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 decreased by 11.1 million barrels in the week ending January 30. Crude oil inventories decreased by 247,000 barrels in the week prior. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories in the SPR rose by 200,000 barrels to 415.2 million barrels in the week ending January 30. This is 310.3 million barrels shy of maximum capacity. US production fell…

Washington is preparing to take another step deeper into Venezuela’s oil sector, with plans to issue a broad license that would allow companies to pump crude in the country for the first time in years. According to people familiar with the matter who spoke to Bloomberg, the U.S. Treasury could issue the general license as soon as this week. If it happens, it would follow last week’s authorization allowing companies to buy, sell, ship, and refine Venezuelan crude—provided the activity runs through established U.S.-linked entities.…

Washington is preparing to take another step deeper into Venezuela’s oil sector, with plans to issue a broad license that would allow companies to pump crude in the country for the first time in years. According to people familiar with the matter who spoke to Bloomberg, the U.S. Treasury could issue the general license as soon as this week. If it happens, it would follow last week’s authorization allowing companies to buy, sell, ship, and refine Venezuelan crude—provided the activity runs through established U.S.-linked entities.…

Rising energy demand, inflation, grid investment, extreme weather and volatile fuel costs are increasing the cost of electricity faster than many households can keep up, and there are no easy fixes, experts say. Mitigating the problem would require threading a needle of policy alternatives, but even with the right policies, it will take time to reduce customer energy burdens. The U.S. Energy Information Administration puts the national average residential price per kilowatt hour in 2026 at 18 cents, up approximately 37% from 2020. “I…

When Israel and the United States conducted an intensive bombing campaign in Iran last year, Tehran's regional network of armed proxies and partners largely stood on the sidelines. But the so-called axis of resistance is expected to enter the fray and back Iran if US President Donald Trump follows through on his threats and authorizes military action against the Islamic Republic, experts say. Iran views a potential conflict with the United States as an existential threat, unlike the war in June, said Hamidreza Azizi, a fellow at the German Institute…

Siemens Energy on Tuesday announced it is scaling up its capabilities in the United States with a $1-billion investment in grid and gas turbine equipment to support the strong growth of the U.S. electricity market. Siemens Energy has committed to investing $1 billion to ramp up manufacturing in the United States and will also significantly expand its workforce. “The United States is experiencing an unparalleled surge in electricity demand,” mostly due to AI infrastructure, data centers, and next generation industrial electrification,…

Iranian gunboats made a pointed move in the Strait of Hormuz this week, approaching a U.S.-flagged oil tanker in what U.S. and British maritime security sources describe as a failed attempt to interfere with the vessel’s transit. No shots were fired, the tanker continued on its way, and no damage was reported—but the message was unmistakable. The incident comes as tensions between Iran and the United States simmer just below the boiling point, with Washington continuing to reinforce its military presence in the region and Tehran looking…

Iranian gunboats made a pointed move in the Strait of Hormuz this week, approaching a U.S.-flagged oil tanker in what U.S. and British maritime security sources describe as a failed attempt to interfere with the vessel’s transit. No shots were fired, the tanker continued on its way, and no damage was reported—but the message was unmistakable. The incident comes as tensions between Iran and the United States simmer just below the boiling point, with Washington continuing to reinforce its military presence in the region and Tehran looking…

The global power sector is at a turning point in 2026. Electricity demand growth continues to accelerate, driven by an electrification push across all sectors and booming demand from data centers and transportation. At the same time, renewable energy capacity growth is decelerating due to regulatory hurdles and saturation in some markets, which make the financing of new projects more challenging. Still, these renewable sources, when combined, will become the largest source of power supply globally. Additionally, booming storage capacity and renewed…

Oil markets remain hostage to Trump-driven uncertainty, as mixed signals on India’s stance toward Russian crude collide with renewed speculation around U.S.–Iran nuclear talks. Could Oil Be Back in Vogue? - 2026 was dubbed the year of oversupply, however January prices were in line with last year’s levels (ICE Brent averaged $64.7 per barrel and closed the month at $70.7 per barrel), defying gloomy demand predictions. - Trump’s erratic comments on Iran, first promising to act ‘with speed and violence’ against…

Oil tanker rates on the key Middle East-to-China route surged this week to the highest level since November as vessel supply is tightening and persistent tensions around Iran put shippers on alert. The daily rate for an oil tanker to ship crude from the Middle East to China jumped to as high as $129,000 on Monday, up by 5.1% on the day, to the highest level since November 2025, per data from the Baltic Exchange cited by Bloomberg.  Rates had already soared by over 60% in a single day on Friday amid the U.S.-Iran tensions, which sent Brent…

Oil tanker rates on the key Middle East-to-China route surged this week to the highest level since November as vessel supply is tightening and persistent tensions around Iran put shippers on alert. The daily rate for an oil tanker to ship crude from the Middle East to China jumped to as high as $129,000 on Monday, up by 5.1% on the day, to the highest level since November 2025, per data from the Baltic Exchange cited by Bloomberg.  Rates had already soared by over 60% in a single day on Friday amid the U.S.-Iran tensions, which sent Brent…

Following the trade deal announced by U.S. President Donald Trump, Indian refiners seek clarification about Russian oil imports from their government, with some pre-emptively halting purchases, sources with knowledge of the matter told Bloomberg on Tuesday.     President Trump broke the news of a deal with India on Monday, saying the U.S. would reduce tariffs on Indian imports in exchange for a commitment on the part of New Delhi to stop buying crude oil from Russia and boost purchases of American oil instead, along with…

QatarEnergy is expected to announce a major long-term supply agreement with the biggest power utility in Japan, allowing the world’s second-largest LNG exporter to regain some of the market share it has lost there over the past decade. As soon as this week, QatarEnergy is set to announce a supply deal with Jera Co, Inc, the largest power generation company in the G-7 Asian economy, anonymous sources familiar with the negotiations told Bloomberg on Tuesday.      The agreement would be for QatarEnergy to supply about 3 million…

QatarEnergy is expected to announce a major long-term supply agreement with the biggest power utility in Japan, allowing the world’s second-largest LNG exporter to regain some of the market share it has lost there over the past decade. As soon as this week, QatarEnergy is set to announce a supply deal with Jera Co, Inc, the largest power generation company in the G-7 Asian economy, anonymous sources familiar with the negotiations told Bloomberg on Tuesday.      The agreement would be for QatarEnergy to supply about 3 million…

India’s Finance Ministry has unveiled a budget proposal for the current financial year that will boost domestic rare earths mining and the clean energy sector as part of a broader effort to break global supply chain monopolies--particularly China’s dominance--and achieve strategic self-reliance in critical minerals. In the Union Budget 2026-27 presented over the weekend, Finance Minister Nirmala Sitharaman unveiled a strategic initiative to establish dedicated rare earth corridors across four mineral-rich coastal states of Odisha, Kerala,…

The semi-autonomous Kurdistan Region of Iraq, centred in Erbil, has a significance way beyond its size, oil and gas output, and military capabilities. It is at the heart of the superpower battle for Iraq, which itself is seen by Washington, London, Beijing and Moscow, as the key to the broader Middle East. As underscored exclusively to OilPrice.com some time ago by a senior energy source who works closely with Iran’s Petroleum Ministry, China, Russia and Iran’s view is that: “By keeping the West out of energy deals in Iraq, the…

Central Asia is emerging from the shadow of Russia and Moscow’s grip on its economy and energy supply. In recent years, several regional and European projects, as well as China’s inroads into the Central Asian economies, have the potential to make Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, and Tajikistan less dependent on Russia in their energy systems. Power connections and transmission projects, a program to establish Central Asia’s first-ever regional electricity market, and hydropower projects in these countries are…

Western countries have led the push for net-zero economies for over a decade. Even though it’s China that is the biggest builder of wind and solar, and EVs, and the biggest investor in transition technology, it is Europe, the UK, and Australia that are pushing for more emission cuts and more commitments for low-carbon energy. There is just one problem with that: they have outsourced all the high-emission activities, and these activities are now powering whole economies. Take cement, for instance. The biggest producer of the essential raw…