Oil prices are high not because the world is short on oil but because the trade routes have been severely disrupted, driving up freight and other costs, India’s Oil Minister Hardeep Singh Puri said.   “There's no supply shortage in the world. The world has 104 million barrels of oil a day. It's only that the supply routes are choked and freight charges and others are high, and that's higher prices,” Puri told reporters on the sidelines of an event, as carried by Indian media. Currently, global oil consumption is running below…

Oil prices are high not because the world is short on oil but because the trade routes have been severely disrupted, driving up freight and other costs, India’s Oil Minister Hardeep Singh Puri said.   “There's no supply shortage in the world. The world has 104 million barrels of oil a day. It's only that the supply routes are choked and freight charges and others are high, and that's higher prices,” Puri told reporters on the sidelines of an event, as carried by Indian media. Currently, global oil consumption is running below…

The U.S. Administration has urged Germany and France, Europe’s largest economies that hold a sizeable chunk of the EU’s emergency reserves, to release diesel from emergency stockpiles or face a potential U.S. diesel export ban, sources close to the discussions told Reuters on Thursday. Since crude oil prices jumped again in September to above $100 per barrel and the global fuel markets, especially for diesel, continued to tighten, diesel prices hit record highs in many countries, including in the United States.   The U.S. Administration…

India's power shortfall surged to a three-year high in September as El Niño and industrial electricity demand drove consumption higher. Last month, India's power shortages jumped to 560 million kilowatt-hours (kWh). This was the highest level since August 2023, Reuters calculations of daily data from the regulator Grid-India showed on Thursday. Total electricity generation increased by 11.3% in September from a year earlier to 174.17 billion kWh, according to the data. Coal-fired and renewable energy generation both rose compared to last…

India's power shortfall surged to a three-year high in September as El Niño and industrial electricity demand drove consumption higher. Last month, India's power shortages jumped to 560 million kilowatt-hours (kWh). This was the highest level since August 2023, Reuters calculations of daily data from the regulator Grid-India showed on Thursday. Total electricity generation increased by 11.3% in September from a year earlier to 174.17 billion kWh, according to the data. Coal-fired and renewable energy generation both rose compared to last…

Three oil tankers have been hit by unknown projectiles while transiting the Strait of Hormuz this week, shipping intelligence and security companies say.   Three Liberia-flagged tankers with their transponders switched off were transiting the Strait on Tuesday and Wednesday when they were hit by projectiles, shipping intelligence firm Marisks says, as carried by Reuters on Thursday.  Earlier this week, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, warned it had received three separate…

Iranian oil is disappearing from the market just as its biggest buyer returns for more. China’s recovering crude demand is colliding with the loss of a supplier that sustained its independent refiners through the crisis, forcing them to compete for increasingly expensive alternatives. The consequences reach beyond China: every replacement barrel tightens supplies for other buyers, while Tehran faces a growing incentive to disrupt the Strait of Hormuz, which is now carrying an unexpectedly strong 13 million barrels a day (just 5 million below…

The European Commission has signaled it would delay the entry into effect of its controversial methane regulation amid a persistent gas crunch resulting from the wars in Ukraine and the Middle East. That may not be enough to offset the effects of that crunch—because the regulation is not yet in effect and Europeans are already struggling. “I have instructed my services to look into the possibilities of postponing the import part of the legislation with one year,” Energy Commissioner Fan Jorgensen told Bloomberg this week. “And…

Hundreds of oil executives have flocked to Venezuela’s capital city of Caracas this week for the first major industry event in the country in decades. The Venezuela International Oil & Gas Summit is taking place nine months after the U.S. captured Nicolas Maduro, installed a U.S.-friendly administration, and vowed to open Venezuela’s oil reserves – the world’s biggest – to development by international companies. The sold-out event has attracted executives from international majors, regional companies, and relatively…

The United States Department of Energy (DoE) is offering up $215 million in funding to help domestic firms develop the world’s first reliable quantum computer. The race to unlock quantum computing has heated up as the next-gen technology has arisen as a potential solution to the Pandora's box of energy demand that the AI boom has opened.   The DoE’s Quantum Genesis Q Competition is now accepting proposals on ideas for how to “deploy quantum computers with at least 100 logical qubits that are capable of performing hundreds…

For decades, Africa has lagged the world in energy consumption, accounting for less than 5% of global energy supplies despite being home to a fifth of the world’s population. The continent also accounts for a mere 2% of global manufacturing output, with the majority of African nations exporting raw minerals and agricultural products while importing expensive finished goods. However, Africa now leads the world in a foundational, starter industry considered critical for industrialization: cement production. Indeed, across the continent we’re…

Guyana is starting to see significant profits from its rapidly expanding oil operations, with much more expected to come. Oil was first discovered in the offshore Stabroek Block in 2015, with development commencing soon after, and production starting in December 2019. This has transformed Guyana into South America’s third-largest oil producer, after Brazil and neighbouring Venezuela. Guyana’s oil production could surpass one million bpd by the end of the year, with crude output already exceeding 900,000 bpd, according to Guyana’s…

The nature of the shortage of diesel and jet fuel is more complex than most people realize. Based on my analysis, a shortfall has existed since at least 2020. The shortage is not simply the result of the closure of the Strait of Hormuz. In this post, I will provide background information regarding the nature of the shortfall and the international conflict it is leading to. I will also share my thoughts on how, over the long term, the situation might be mitigated. I doubt whether a solution will be available in the short term, but I can at least…

U.S. oil and gas production increased among firms surveyed by the Dallas Fed in Q3, but crude’s swing from $67 to $107 per barrel in less than three months has left producers struggling to decide where prices are headed. Oil and gas output rose during the quarter among exploration and production firms surveyed by the Dallas Fed, which samples energy companies located or headquartered in Texas, southern New Mexico and northern Louisiana. WTI averaged a closing price of around $86 per barrel during the quarter, but traded as low as $67 in early…

U.S. oil and gas production increased among firms surveyed by the Dallas Fed in Q3, but crude’s swing from $67 to $107 per barrel in less than three months has left producers struggling to decide where prices are headed. Oil and gas output rose during the quarter among exploration and production firms surveyed by the Dallas Fed, which samples energy companies located or headquartered in Texas, southern New Mexico and northern Louisiana. WTI averaged a closing price of around $86 per barrel during the quarter, but traded as low as $67 in early…

U.S. oil and gas production increased among firms surveyed by the Dallas Fed in Q3, but crude’s swing from $67 to $107 per barrel in less than three months has left producers struggling to decide where prices are headed. Oil and gas output rose during the quarter among exploration and production firms surveyed by the Dallas Fed, which samples energy companies located or headquartered in Texas, southern New Mexico and northern Louisiana. WTI averaged a closing price of around $86 per barrel during the quarter, but traded as low as $67 in early…

Europe’s latest energy shock is rapidly feeding into consumer prices, with inflation accelerating across some of the euro area’s largest economies and leaving the European Central Bank facing an increasingly uncomfortable policy dilemma. September data show particularly strong increases in southern Europe. Spain’s harmonized inflation rate jumped to 5.0%, up from 4.6% in August and its highest reading in several years. Spain’s statistics agency INE said rising prices for fuels and lubricants were among the main drivers.…

A major explosion and fire have hit one of India’s largest refineries just as the country is pushing its plants above normal operating rates to offset tight fuel supplies caused by the Iran war. One worker was killed, and at least eight others were injured Wednesday after a high-pressure Cold Separator ruptured in the Coker Hydrotreater Unit at Mangalore Refinery and Petrochemicals Ltd.’s 15-million-tonne-per-year refinery in Mangaluru, according to MRPL and local authorities.  The explosion occurred around noon local time and…

A major explosion and fire have hit one of India’s largest refineries just as the country is pushing its plants above normal operating rates to offset tight fuel supplies caused by the Iran war. One worker was killed, and at least eight others were injured Wednesday after a high-pressure Cold Separator ruptured in the Coker Hydrotreater Unit at Mangalore Refinery and Petrochemicals Ltd.’s 15-million-tonne-per-year refinery in Mangaluru, according to MRPL and local authorities.  The explosion occurred around noon local time and…

A major explosion and fire have hit one of India’s largest refineries just as the country is pushing its plants above normal operating rates to offset tight fuel supplies caused by the Iran war. One worker was killed, and at least eight others were injured Wednesday after a high-pressure Cold Separator ruptured in the Coker Hydrotreater Unit at Mangalore Refinery and Petrochemicals Ltd.’s 15-million-tonne-per-year refinery in Mangaluru, according to MRPL and local authorities.  The explosion occurred around noon local time and…