Amid the oil price crash and macro headwinds, Eni SpA (NYSE: E) on Thursday reduced its capital expenditure plans for 2025 and vowed to cut more costs as it maintained the planned shareholder distributions such as dividend and buybacks.  The Italian energy major reported an adjusted net profit of $1.6 billion (1.41 billion euros) for the first quarter of the year, down by 11% from the same period of 2024. The earnings beat a company-provided consensus forecast of $1.3 billion (1.15 billion euros).  Analysts are watching how oil majors…

Amid the oil price crash and macro headwinds, Eni SpA (NYSE: E) on Thursday reduced its capital expenditure plans for 2025 and vowed to cut more costs as it maintained the planned shareholder distributions such as dividend and buybacks.  The Italian energy major reported an adjusted net profit of $1.6 billion (1.41 billion euros) for the first quarter of the year, down by 11% from the same period of 2024. The earnings beat a company-provided consensus forecast of $1.3 billion (1.15 billion euros).  Analysts are watching how oil majors…

Oil prices climbed on Thursday as investors considered potential OPEC+ output hikes and positive US-China trade talk developments. Kazakhstan's deviation from OPEC+ quotas raises concerns about market stability and possible price wars. Uncertainty surrounding US-Iran nuclear talks and sanctions adds another layer of complexity to the oil market outlook. 1m ago 9:01am CST Energy Stocks Inch Higher, but Investors Remain Cautious Energy stocks rose on Thursday, tracking a partial recovery in oil prices, with Brent up 0.79% and WTI up 1.03% after a…

China continues to witness weak demand for liquefied natural gas and its LNG imports in April are estimated to be 20% lower than the volumes imported in the same month last year, Bloomberg reported on Thursday, citing data from analytics firm Kpler.  LNG import demand in China has been weaker this year amid comfortably full winter inventories. Chinese LNG imports are expected to drop in 2025, according to the latest estimates from BloombergNEF. China is set to see this year the first annual decline in LNG imports since 2022. So far in…

China continues to witness weak demand for liquefied natural gas and its LNG imports in April are estimated to be 20% lower than the volumes imported in the same month last year, Bloomberg reported on Thursday, citing data from analytics firm Kpler.  LNG import demand in China has been weaker this year amid comfortably full winter inventories. Chinese LNG imports are expected to drop in 2025, according to the latest estimates from BloombergNEF. China is set to see this year the first annual decline in LNG imports since 2022. So far in…

Chevron plans to begin drilling an exploration well offshore Namibia, where several international majors have found huge oil and gas resources in recent years.  Chevron Namibia Exploration Limited considers drilling the well in 2026 or 2027 in Petroleum Exploration License 82 in the Walvis Basin, Reuters quoted Chevron’s Namibian subsidiary as saying.   “With this programme, Chevron continues to activate its strong and growing exploration portfolio,” according to a company statement.  Chevron completed in February…

Importers of liquefied natural gas in Japan are bracing for the possibility that long-term supplies from one of the world’s top exporters could become uncertain. Australians are heading to the polls on May 3 and, according to Reuters, whichever party wins, there may well be less LNG for exports than before the elections. Australia has been balancing on the edge of a domestic natural gas shortage because of its prioritization of exports, and this has turned into a major election issue in the run-up to the May 3 vote. The current Labor government…

The Trump administration has shortened the approval procedure for new oil and gas projects to just 28 days—at most—from several years under the national energy emergency that the White House declared earlier this year. The new “emergency permitting procedures”, per the Department of the Interior, will cover not just oil and gas but uranium and critical minerals as well. The full list also includes coal, biofuels, geothermal energy, and kinetic hydropower. “The United States cannot afford to wait,” Secretary of…

The U.S. stock markets enjoyed a broad rally on Wednesday, with the S&P 500 jumping nearly 2% a day after U.S. President Donald Trump announced that China tariffs will come down substantially, with another potential boost coming from a Wednesday Reuters report citing unnamed sources as saying talks to lead to significant tariff reductions.  “It will come down substantially, but it won’t be zero,” Trump said on Tuesday, echoing earlier remarks by U.S. Treasury Secretary Scott Bessent. Less than a day later, reports emerged…

In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels daily, per official data. China is taking “Drill, baby, drill” to heart. It was Bloomberg’s energy columnist Javier Blas who cited the Chinese official oil production data. He also pointed out the rather ironic fact that while U.S. shale producers were hunkering down…

The heightened oil market and macroeconomic uncertainties in recent weeks are baffling not only analysts. Halliburton, the oilfield services giant with the highest exposure to the U.S. fracking market, has just warned investors that its U.S. customers are re-evaluating drilling activity plans for 2025. “Looking forward, many of our customers are in the midst of evaluating their activity scenarios and plans for 2025,” Halliburton’s chairman, president, and CEO, Jeff Miller, said on the first-quarter earnings call this week. Halliburton…

  Crude burn—the direct use of crude oil in power plants and industrial facilities, primarily for electricity generation—has long been a staple in Saudi Arabia’s energy mix. The kingdom burns significant volumes of oil to meet domestic electricity demand, which hovers around 171 terawatt-hours (TWh). However, analysis from Rystad Energy shows the upcoming Jafurah shale gas field, set to start production in 2025 and the largest of its kind globally, could dramatically shift this dynamic. By tapping into unconventional gas,…

Oil prices declined on Wednesday even amid reports that the White House is contemplating significant cuts to tariffs on Chinese imports, a move that could reshape global trade dynamics and influence energy markets.On Wednesday, April 23, at 1:46 p.m. Brent crude was trading down 2.73% at $65.60, while U.S. West Texas Intermediate (WTI) crude dropped 2.0% to $68.37, collapsing to a four-year low after reaching $81 in January.  The Trump administration is reportedly considering reducing tariffs on Chinese imports from the current 145% to between…

Oil prices declined on Wednesday even amid reports that the White House is contemplating significant cuts to tariffs on Chinese imports, a move that could reshape global trade dynamics and influence energy markets.On Wednesday, April 23, at 1:46 p.m. Brent crude was trading down 2.73% at $65.60, while U.S. West Texas Intermediate (WTI) crude dropped 2.0% to $68.37, collapsing to a four-year low after reaching $81 in January.  The Trump administration is reportedly considering reducing tariffs on Chinese imports from the current 145% to between…

Although Armenia has tried to mend strained relations with Russia in recent weeks as part of a broader effort to get Azerbaijan to sign a peace treaty, Prime Minister Nikol Pashinyan’s government evidently still cannot resist an occasional poke at the Kremlin. The latest Armenian jab was Yerevan’s vote in favor of a UN resolution in early April that condemned Russian aggression against Ukraine, and highlighted Moscow’s general lack of regard for basic individual rights. Armenia along with 108 other member states voted for the…

Via Metal Miner The UK Parliament recently passed a law allowing the government to take control of British Steel, a major player in the local steel industry. The move follows Chinese owner Jingye’s plans to shut down two operating blast furnaces at its Scunthorpe site. A Bold Move Towards UK Steel Industry Preservation The House of Commons, Parliament’s lower chamber, was recalled from its Easter break on April 12 to pass a bill that would prevent the plant’s furnaces from ceasing operations. “The move will maximize the…

Blue Origin’s star-studded space flight caused more backlash than awe, but is all space tourism frivolous? Two writers hash it out in this week’s Debate Yes: A single space flight emits more carbon than 1bn individual will in their lifetime Tourism is not the harmless middle-class pastime we’ve all been brainwashed into believing, thanks to a never-ending diet of slick, over-produced adverts. No. Tourism is an insidious scavenger. While you tramp through some chapel searching for enlightenment and culture, your sweat and breath…

The latest U.S. sanctions on Iran suggest a “lack of goodwill and seriousness” from the United States in the talks with Iran over its nuclear program, according to the spokesman of the Iranian foreign ministry. After tightening the screws on Iran’s oil trade and oil flows, the Trump Administration is seeking negotiations with Iran over its nuclear program, determined to never allow Iran to obtain a nuclear weapon. The U.S. and Iran started indirect talks via mediators last week, but it isn’t clear where the dialogue…

The ongoing trade war is poised to deliver a negative shock to US growth, prompting the International Monetary Fund to slash its 2025 forecast earlier Tuesday. This gloomier outlook has sharpened our focus on the once high-flying industrial metals market—now showing signs of weakness—particularly the copper market. Goldman analyst Adam Gillard provided clients with a snapshot of current conditions in the copper market, highlighting tight physical supply in China and continued strength in domestic demand. However, Gillard cautioned that…

The world installed a record-high wind power capacity last year, but this isn’t enough to meet the goal of tripling renewable energy capacity by the end of the decade, the Global Wind Energy Council (GWEC) said in a new report on Wednesday. Globally, a total of 117 gigawatts (GW) of wind energy were installed in 2024—a record year for new capacity, the wind industry body said in its 2025 Global Wind Report. New wind capacity boomed despite policy uncertainty and instability, GWEC said. It also noted “Yet, this momentum is not…