Amid a new company restructuring, BP is weighing a potential sale of some of its natural gas assets in Egypt, Reuters reported on Friday, citing multiple sources familiar with the plans. The UK oil and gas supermajor has not taken any final decision on a potential sale, while a spokesperson for BP told Reuters the group doesn’t comment on market speculation. BP has been operating in Egypt for more than 60 years, investing over $35 billion in the North African country during these six decades. BP and the partnerships it has with other companies…

Amid a new company restructuring, BP is weighing a potential sale of some of its natural gas assets in Egypt, Reuters reported on Friday, citing multiple sources familiar with the plans. The UK oil and gas supermajor has not taken any final decision on a potential sale, while a spokesperson for BP told Reuters the group doesn’t comment on market speculation. BP has been operating in Egypt for more than 60 years, investing over $35 billion in the North African country during these six decades. BP and the partnerships it has with other companies…

The government will make it illegal to grant new oil and gas licences in the North Sea, the King said at the state opening of Parliament, in a sign ministers are refusing to buckle in the face of a barrage of criticism that the policy is depriving the UK of billions of pounds in tax receipts without helping the environment. As part of an Energy Independence Bill announced in the King’s Speech, the government will bake into law its pre-election pledge not to explore new oil and gas fields in a bid to “take control of our energy security”.…

India's trade deficit widened in April by more than analysts had expected as the surge in oil and gas prices hiked the Indian energy import bill. Trade deficit jumped to $28.38 billion last month, according to data from the Ministry of Commerce and Industry published on Friday. The trade gap in April widened by $8 billion compared to the $20.6 billion deficit in March, and was higher than economists had expected at about $26 billion. India's total exports grew by 13.8% in April from a year earlier to hit $43.56 billion, the data showed. However,…

India's trade deficit widened in April by more than analysts had expected as the surge in oil and gas prices hiked the Indian energy import bill. Trade deficit jumped to $28.38 billion last month, according to data from the Ministry of Commerce and Industry published on Friday. The trade gap in April widened by $8 billion compared to the $20.6 billion deficit in March, and was higher than economists had expected at about $26 billion. India's total exports grew by 13.8% in April from a year earlier to hit $43.56 billion, the data showed. However,…

India on Friday signed a strategic agreement with the United Arab Emirates to receive liquefied petroleum gas from the UAE, as well as a Memorandum of Understanding (MoU) on strategic petroleum reserves. India, which uses LPG as its the main cooking fuel and has felt shortages since the Iran war choked supplies at the Strait of Hormuz, seeks to boost its supply agreements. Indian Prime Minister Narendra Modi signed the LPG supply deal and the strategic reserves pact during a quick two-hour visit to the UAE today, as India scrambles to ease energy…

Crude oil prices rallied hard this week as traders focused on the growing supply threat tied to the U.S.-Iran conflict. July WTI crude oil futures settled Thursday at $97.91, gaining $6.79, or 7.45%, for the week. Prices traded in a wide range between $92.84 and $99.09 as the market reacted to war headlines, tighter inventories, and inflation concerns. The biggest driver remained the shutdown of the Strait of Hormuz, a key shipping route for global crude exports. Crude Oil News Today: Strait of Hormuz Shutdown Keeps Supply Fears Elevated The war…

Politics, Geopolitics & Conflict Thursday was the first day of the Trump-Xi summit, which most of the world is awaiting with bated breath as some indication of a Chinese-supported end to the U.S.-Iran conflict and a reopening of Hormuz. It will not be that simple, of course, and as we mentioned last week, Iran is not China’s priority. It’s all going to come down to Taiwan and Trump’s response to that. Beijing made that very clear ahead of the talks after condemning the Trump administration’s $11B arms package for Taiwan.…

Gulf shipping, Iraqi trade access, Chinese infrastructure expansion, and US-Iran military escalation are now concentrated around a new, narrow stretch of water near Kuwait’s Bubiyan Island, which is the target of intensifying gaming.  This week, Kuwait formally accused IRGC-linked operatives of attempting an armed infiltration of the island after Kuwaiti forces intercepted a fishing boat earlier this month and exchanged fire with the group, leaving one Kuwaiti officer wounded. Kuwait summoned the Iranian ambassador and accused Tehran…

The Abu Dhabi national oil company ADNOC plans to have a new pipeline operational in 2027 that would double its oil export capacity through Fujairah, which sits outside the Strait of Hormuz. ADNOC plans to build a new project, the West-East 1 Pipeline, which is expected to become operational next year and double the UAE’s energy giant’s export capacity through the Emirate of Fujairah to meet global demand for energy supplies, the Abu Dhabi Media Office said on Friday. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of…

Australia will not be imposing controls on exports of natural gas during the third quarter of 2026, as industry and experts have assured the government that the most vulnerable east coast will not see any supply shortages between the winter months of July and September.   “Following confirmation from industry and experts that Australia’s east coast market has sufficient gas supplies, Minister for Resources and Northern Australia Madeleine King will not implement gas market export controls,” the government said on Friday.…

Developers of the Commonwealth LNG project have taken the final investment decision to build the $13-billion U.S. export plant in Louisiana, underpinned by investments from Kimmeridge, Abu Dhabi-based Mubadala Energy, and Canada Pension Plan Investment Board, the UAE energy investor said on Friday. The Commonwealth LNG facility in Cameron Parish, Louisiana, will have an annual capacity of 9.5 million tons of liquefied gas and is expected to become operational in 2030. Phase 1 development of the export facility on the west bank of the Calcasieu…

Greg Abel has replaced Warren Buffett as the head of Berkshire Hathaway. The company’s annual meeting last week was the first one helmed by him.  Mr Abel formerly headed Mid American Energy, a utility based in Des Moines, and then all of Berkshire Hathaway’s utility operations. When Mr Buffett spoke on issues of finance, investors listened attentively. Whether Mr Abel attracts the same reverential following remains to be seen. However, his views on electric utilities, based on his many years in the industry, are definitely worth…

India’s economic pains are intensifying every day that the Strait of Hormuz remains closed. Two and a half months after the Middle East conflict began, one of the highest-performing emerging markets in recent years and the world’s third-largest crude oil importer is scrambling to contain the oil shock that is spreading to consumer prices, foreign exchange reserves, and economic growth. Since the war began and cut off over 40% of India’s crude oil flows, those that passed through the Strait of Hormuz, one of the highest-flying…

The Bureau of Land Management is teeing up another round of federal oil and gas leasing, with 66 parcels across Montana and North Dakota headed for auction in July as Washington continues pushing a noticeably more drill-friendly agenda. The July 14 lease sale will offer 29,087 acres across the two states, according to a BLM announcement Thursday. Companies interested in bidding will first have to make it through another familiar stage of the federal energy process: paperwork, environmental reviews, public comments, and likely at least a few lawsuits.…

Canada may finally be doing the thing everyone has been yelling about for the last decade: building more oil pipelines. Prime Minister Mark Carney said Thursday that Ottawa and Alberta will meet Friday to advance plans for a major new pipeline capable of moving at least 1 million barrels per day of Alberta crude to new markets. Carney also confirmed reports that his government will unveil a new industrial carbon pricing agreement with Alberta, signaling an attempt to calm the long-running cold war between Ottawa and Canada’s energy heartland.…

China and the United States are facing off for nuclear energy dominance on the world stage. The United States has the world’s largest nuclear energy production capacity, but China has the fastest-growing nuclear fleet. China’s 15th Five-Year Plan (15FYP), released back in March, sets out a bold nuclear power strategy for Beijing, aiming to continue to build the nation’s own nuclear fleet while also intensifying China’s presence in international nuclear energy markets, particularly in emerging economies. Meanwhile, in the…

The Canadian federal government may reconsider a plan to privatize the Trans Mountain oil pipeline and keep it state-owned amid a surge in appetite for Canadian crude to replace lost Middle Eastern barrels. “The prior narrative had been that this should be returning to private hands,” the head of the government entity that owns Trans Mountain said at an event this week, as quoted by the Financial Post. “That was in a different market and that was in a different time,” Elizabeth Wademan also said. Indeed, this is a very different…

During President Trump's ongoing state visit to China, he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the free flow of energy. They along with their senior officials have expressed agreement that no country can be allowed to exact shipping tolls in the Strait of Hormuz. Following this, Thursday saw Iranian state media proclaim that some 30 Chinese vessels are being allowed safe passage by Iran. Bloomberg also reports, "The vessels were allowed to pass the Strait of Hormuz…

Kazakh officials are haggling with a Rosatom subsidiary, asserting that the Russian entity has failed to fulfill contractual obligations under a uranium mining agreement. Kazatomprom, Kazakhstan’s nuclear energy entity, filed a complaint in early 2026, asserting that the Rosatom-associated company, identified as Stepnogorsk Mining and Chemical Combine (SGCC), violated an agreement covering the Budenovskoye joint venture, which is engaged in uranium mining in Kazakhstan’s Turkestan Region.  SGCC was accused of various financial…