Every few years, a statistic captures the climate debate and briefly dominates headlines. The latest one comes from an analysis highlighted by Inside Climate News, claiming that just 32 companies are responsible for roughly half of global carbon dioxide emissions. It is a striking figure. It is also deeply unconstructive. Not because the data is wrong, but because the conclusion many draw from it has very little to do with how emissions can actually be reduced in a complex, fast-changing global energy system. Correlation Is Not Control Most of…

Bulgaria’s Lukoil Neftohim Burgas refinery has saved $8 million in just two months after dropping its Swiss-based trading intermediary Litasco SA, with Special Commercial Administrator Rumen Spetsov telling Russia’s parliamentary committee that the savings came mainly from scrapping commission fees previously paid to the middleman between the refinery and Lukoil’s oil reserves, Novinite reported on Thursday. Spetsov said the refinery's financial position has further stabilized through deferred payments and barter deals (exchanging…

Bulgaria’s Lukoil Neftohim Burgas refinery has saved $8 million in just two months after dropping its Swiss-based trading intermediary Litasco SA, with Special Commercial Administrator Rumen Spetsov telling Russia’s parliamentary committee that the savings came mainly from scrapping commission fees previously paid to the middleman between the refinery and Lukoil’s oil reserves, Novinite reported on Thursday. Spetsov said the refinery's financial position has further stabilized through deferred payments and barter deals (exchanging…

Bulgaria’s Lukoil Neftohim Burgas refinery has saved $8 million in just two months after dropping its Swiss-based trading intermediary Litasco SA, with Special Commercial Administrator Rumen Spetsov telling Russia’s parliamentary committee that the savings came mainly from scrapping commission fees previously paid to the middleman between the refinery and Lukoil’s oil reserves, Novinite reported on Thursday. Spetsov said the refinery's financial position has further stabilized through deferred payments and barter deals (exchanging…

Cenovus Energy on Thursday reported a surge in fourth-quarter net earnings from a year earlier as its upstream production rose by 5% on the year to hit a record high.  Cenovus Energy’s net earnings jumped to US$683 million (C$934 million) for the fourth quarter, up from US$107 million (C$146 million) for the same period of 2024.  The fourth-quarter operating results included record upstream production of 917,900 barrels of oil equivalent per day (boe/d), and downstream crude throughput of 465,500 barrels per day (bpd), representing…

Crude oil inventories in the United States decreased by 9 million barrels during the week ending February 13, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 419.8 million barrels according to government data, which is 5% 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 reported that crude oil inventories fell by 609,000 barrels in the period. Crude prices…

London-listed energy giant Centrica shares plunged nine per cent on Thursday morning after the group paused its share buyback programme in the face of a major earnings hit. The owners of British Gas reported lower 2025 earnings than in the previous year, but the group says it was resilient in a challenging market. The group’s adjusted operating profit fell some 50 per cent, from £1.6bn in 2024 to £800m, while adjusted pre-tax profits landed at £1.4bn as energy prices stabilised following the previous year’s spikes.…

Georgia’s Black Sea port of Kulevi, a hub for Black Sea oil shipments, may soon face European Union sanctions over allegations that the Georgian government has used it to help Russia move crude needed to finance its war in Ukraine. The potential sanctions place Azerbaijan, whose state-controlled energy entity SOCAR owns an oil terminal in Kulevi, in a tough spot. According to RFE/RL, which obtained a draft of the EU’s upcoming 20th sanctions package, the bloc is considering banning transactions with four ports allegedly used…

Global oil demand fell by 614,000 barrels per day (bpd) in December compared to November 2025, and plunged by 536,000 bpd from December 2024, driven by lower U.S. demand, the monthly report by the Joint Organizations Data Initiative (JODI) showed on Thursday.  At the same time, oil production surged by 2 million bpd in December 2025 compared to the same month of 2024, according to the most recent data self-reported by 48 countries to JODI and shared by the Riyadh-based International Energy Forum (IEF).    The surge…

Global oil demand fell by 614,000 barrels per day (bpd) in December compared to November 2025, and plunged by 536,000 bpd from December 2024, driven by lower U.S. demand, the monthly report by the Joint Organizations Data Initiative (JODI) showed on Thursday.  At the same time, oil production surged by 2 million bpd in December 2025 compared to the same month of 2024, according to the most recent data self-reported by 48 countries to JODI and shared by the Riyadh-based International Energy Forum (IEF).    The surge…

Global oil demand fell by 614,000 barrels per day (bpd) in December compared to November 2025, and plunged by 536,000 bpd from December 2024, driven by lower U.S. demand, the monthly report by the Joint Organizations Data Initiative (JODI) showed on Thursday.  At the same time, oil production surged by 2 million bpd in December 2025 compared to the same month of 2024, according to the most recent data self-reported by 48 countries to JODI and shared by the Riyadh-based International Energy Forum (IEF).    The surge…

Global oil demand fell by 614,000 barrels per day (bpd) in December compared to November 2025, and plunged by 536,000 bpd from December 2024, driven by lower U.S. demand, the monthly report by the Joint Organizations Data Initiative (JODI) showed on Thursday.  At the same time, oil production surged by 2 million bpd in December 2025 compared to the same month of 2024, according to the most recent data self-reported by 48 countries to JODI and shared by the Riyadh-based International Energy Forum (IEF).    The surge…

Iranians are marking the end of the traditional 40-day mourning period for those killed during the height of the deadly state crackdown on mass protests last month with renewed public shows of dissent. During memorial ceremonies held across Iran in recent days, mourners have staged small demonstrations and chanted slogans against Iran’s clerical rulers. Security forces have tried to curb the protests and, in some cases, used gunfire to disperse crowds. At least 7,000 people were killed during the nationwide protests that erupted in late December…

Repsol has nearly $5.4 billion in receivables to collect from Venezuela, the Spanish group said in its annual 2025 report on Thursday.  Venezuela owes Repsol 4.55 billion euros, or $5.36 billion, and this includes debt for oil and gas supplies, arrears in payment of interests, and financing for its Petroquiriquire joint venture with Venezuela’s state-held oil firm PDVSA, according to the report.   Repsol also disclosed in a separate statement on the Q4 earnings that the U.S. administration last Friday issued new licenses enabling…

Following a 4% surge on Wednesday, oil prices advanced by another 1.6% in European trade early on Thursday to send Brent to above $71.50, the highest level in six months, as concerns about a U.S. military campaign in Iran intensified. The international benchmark, Brent Crude, was up by 1.71% at $71.55 in morning trade in Europe, as the U.S.-Iran talks appear to make no headway, while the U.S. is amassing military forces near the Persian Gulf. The U.S. benchmark oil prices, WTI Crude, also jumped to trade at $66.37 per barrel, up by 1.83% on the…

India should increase the amount of crude oil and coking coal it imports from the United States as a way to diversify its supply under the interim trade deal between New Delhi and Washington, according to the country’s commerce and industry minister. India is especially keen on importing more high-quality coking coal, used in metallurgy, said Piyush Goyal, as quoted by India’s Telegraph. The top official added India could use more U.S.-made technology components, as well, including graphics processing units for AI, data center equipment,…

A dozen states, led by California, are suing the federal government for the cancellation of billions in funding for alternative energy projects approved by Congress. The suit was filed with a District Court in California, with the plaintiffs—a total of 13 states—alleging that “the termination and abandonment of funding violate the constitutional separation of powers, as the funding was approved by bipartisan majorities in Congress,” per a statement from the California Attorney General’s office. “The President…

After years of prioritizing returning cash to shareholders, oil supermajors are about to do something few expected: turning to growth as a top priority. The reason: contrary to dominant expectations, oil and gas will continue to be needed for decades. For years, analysts from some of the most reputable organizations have been predicting a pending decline in oil demand specifically, but also gas demand. The predictions, notably from the International Energy Agency, were based on projections about a widespread adoption of electric vehicles that would…

One of the biggest winners from the new oil order in Venezuela is its neighbor to the east, Guyana, the country that turned into the newest oil producer in the world thanks to ExxonMobil’s massive oil discoveries.  Since Exxon first found oil in Guyana’s offshore Stabroek block a decade ago, one of the poorest South American countries with fewer than 1 million citizens has turned into an economic powerhouse with double-digit growth since 2019, driven by the oil exports and royalties.   Yet, a century-old territorial dispute…

The U.S. Departments of Energy (DOE) and Defense (DoD) have transported a small nuclear reactor from California to Utah on a cargo plane in a bid to demonstrate the potential to rapidly deploy small and micronuclear reactors (SMRs) for both military and civilian use. The Pentagon partnered with California-based Valar Atomics to transport one of its microreactors on a C-17 aircraft to Hill Air Force Base in Utah. The SMR was, however, moved without nuclear fuel. “This gets us closer to deploying nuclear power when and where it is needed to…