The Trump administration has released full financial terms for its first “Big Beautiful Gulf” offshore oil and gas auction, setting a 12.5% royalty rate and offering nearly 80 million acres across the Gulf of Mexico, according to a new release from the U.S. Department of the Interior on Monday. The details mark the first concrete pricing framework under the One Big Beautiful Bill Act, following the August announcement of a decades-long offshore leasing calendar that included at least 30 Gulf sales and six in Alaska’s Cook Inlet. …

Norway’s $2.1-trillion oil fund is looking to invest in renewable energy assets in the U.S. and expand its clean energy portfolio in Europe, a senior executive at the world’s largest sovereign wealth fund told Bloomberg in an interview published on Monday. The fund has recently hired three people in New York, Harald von Heyden, global head of energy and infrastructure at the Norwegian fund, told Bloomberg.   The Government Pension Fund Global (GPFG), which is commonly referred to as ‘Norway’s oil fund’ because…

There's an old adage in Washington: Don't believe anything until it is officially denied. Now that the Trump administration's so-called artificial intelligence (AI) czar, David Sacks, has gone on record stating that "[t]here will be no federal bailout for AI," we can begin speculating about what form that bailout might take. It turns out that the chief financial officer of AI behemoth OpenAI has already put forth an idea regarding the form of such a bailout. Sarah Friar told The Wall Street Journal in a recorded interview that…

U.S. LNG exporter Venture Global (NYSE: VG) booked a net income for the third quarter, compared to a loss a year earlier, as revenues and LNG exports soared amid rising liquefaction capacity at its plants.  Venture Global, the second-largest U.S. LNG exporter behind Cheniere, on Monday reported a net income attributable to common stockholders of $429 million for the third quarter, versus a loss of $347 million for the same period of 2024.   Revenues soared by 260% and income from operations surged by 598% as Venture Global’s…

U.S. LNG exporter Venture Global (NYSE: VG) booked a net income for the third quarter, compared to a loss a year earlier, as revenues and LNG exports soared amid rising liquefaction capacity at its plants.  Venture Global, the second-largest U.S. LNG exporter behind Cheniere, on Monday reported a net income attributable to common stockholders of $429 million for the third quarter, versus a loss of $347 million for the same period of 2024.   Revenues soared by 260% and income from operations surged by 598% as Venture Global’s…

U.S. LNG exporter Venture Global (NYSE: VG) booked a net income for the third quarter, compared to a loss a year earlier, as revenues and LNG exports soared amid rising liquefaction capacity at its plants.  Venture Global, the second-largest U.S. LNG exporter behind Cheniere, on Monday reported a net income attributable to common stockholders of $429 million for the third quarter, versus a loss of $347 million for the same period of 2024.   Revenues soared by 260% and income from operations surged by 598% as Venture Global’s…

U.S. LNG exporter Venture Global (NYSE: VG) booked a net income for the third quarter, compared to a loss a year earlier, as revenues and LNG exports soared amid rising liquefaction capacity at its plants.  Venture Global, the second-largest U.S. LNG exporter behind Cheniere, on Monday reported a net income attributable to common stockholders of $429 million for the third quarter, versus a loss of $347 million for the same period of 2024.   Revenues soared by 260% and income from operations surged by 598% as Venture Global’s…

Current conditions in the stock market have encouraged a significant increase in the number of individuals who actively trade in stock accounts. The major stock indices are at or near all-time highs following a long period of sustained rises, but, more importantly, financial news sites are full of stories of “mini meme stocks” that have shown returns in the hundreds of percentage points over short time periods. That leaves many people believing that they are missing out on an easy opportunity to make a lot of money. The evidence, however,…

Russian oil giant Lukoil has declared force majeure at the 400,000-barrels-per-day West Qurna-2 oilfield in Iraq after the U.S. sanctions on Russia’s top oil firms, sources familiar with the matter told Reuters on Monday.  Following the October 22 U.S. sanctions on Lukoil and Rosneft, Iraq has stopped all cash and crude payments to Lukoil, according to Reuters’ sources.  Last week, reports emerged that Iraq’s state oil marketing company SOMO had canceled three crude loadings from Lukoil this month after the U.S. sanctioned…

Russian oil giant Lukoil has declared force majeure at the 400,000-barrels-per-day West Qurna-2 oilfield in Iraq after the U.S. sanctions on Russia’s top oil firms, sources familiar with the matter told Reuters on Monday.  Following the October 22 U.S. sanctions on Lukoil and Rosneft, Iraq has stopped all cash and crude payments to Lukoil, according to Reuters’ sources.  Last week, reports emerged that Iraq’s state oil marketing company SOMO had canceled three crude loadings from Lukoil this month after the U.S. sanctioned…

Russian oil giant Lukoil has declared force majeure at the 400,000-barrels-per-day West Qurna-2 oilfield in Iraq after the U.S. sanctions on Russia’s top oil firms, sources familiar with the matter told Reuters on Monday.  Following the October 22 U.S. sanctions on Lukoil and Rosneft, Iraq has stopped all cash and crude payments to Lukoil, according to Reuters’ sources.  Last week, reports emerged that Iraq’s state oil marketing company SOMO had canceled three crude loadings from Lukoil this month after the U.S. sanctioned…

Kyiv and many Ukrainian regions faced extensive power cuts and outages as crews struggled to repair infrastructure battered by Russian air attacks. Power was reduced in most regions for eight to 16 hours on November 9, state energy provider Ukrenergo said, adding that consumption restrictions were scheduled for November 10 as well. "The reason for the introduction of restrictions is the consequences of massive Russian missile and drone attacks on energy facilities," the company said. "It is difficult to recall such a [large] number of direct strikes…

In early Asian trade on Monday, crude oil prices were climbing after the United States Senate passed a funding agreement that could end the federal government shutdown. At the time of writing, WTI had climbed to $60.20 while Brent was trading at $64.05, both up by roughly 0.7%. Senate negotiators had struck a deal ahead of a Sunday evening session to begin advancing a House-passed continuing resolution. After nearly two hours, the funding measure passed with the support of eight Democrats. The package combines the continuing resolution with a “minibus”…

Europe’s rush to shake off Russian gas dependence and Asia’s push to buy higher volumes of American energy while negotiating trade deals have created a booming export deal market for U.S. LNG exporters and developers, even at increased liquefaction fees.    Year to date, American LNG developers have signed sales and purchase agreements (SPAs) for existing and future export plants for a total of 29.5 million metric tons per year, according to data from consulting firm Rapidan Energy Group cited by Reuters. The volume of…

Oil from offshore Brazil, Guyana, Suriname, and Argentina’s Vaca Muerta shale play will be key sources of cost-competitive non-OPEC oil supply through 2030, Rystad Energy has predicted. Rystad has predicted that global liquids demand will peak in the 2030s at around 107 million barrels per day (bpd), maintain a plateau above 100 million bpd through the 2040s before declining to around 75 million bpd by 2050. According to the Norwegian energy consultancy, non-OPEC+ supply will be key to balancing the global market, with cheap oil from South…

US President Donald Trump unveiled a slew of trade, diplomatic, and mineral deals as he hosted Central Asia’s five leaders for a summit and dinner meant to shore up Washington's influence in the region. Flanked by US Secretary of State Marco Rubio and Vice President JD Vance at a long table at the White House, Trump said that he was committed to making US relations with Central Asia "stronger than ever" as the presidents of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan hailed a new era of ties. “Sadly, previous American…

The United Kingdom has rapidly developed its wind energy sector over the last two decades to become one of the biggest wind power producers worldwide. As the government aims to accelerate the green transition through greater investment in renewable energies and upgrading the national grid, the U.K.’s wind sector is expected to continue growing substantially in the coming decades. Meanwhile, recent studies suggest that the deployment of more wind power has helped significantly reduce consumer energy bills. There is approximately 15.7 GW of…

Asia has been the driver of global demand for liquefied natural gas for years now, with its fast-growing economies guzzling energy at elevated rates. This year, however, has seen this change. Asian demand for LNG is weakening—but Europe’s is on a substantial rise, more than offsetting Asia’s weakness, despite plans to reduce consumption of all hydrocarbons. LNG imports to Asia last month stood at 22.84 million tons, Kpler data, cited by Reuters’ Clyde Russell, showed. This was a slight increase from September but palpably…

Tory leader Kemi Badenoch has declared an oil and gas “emergency” in the North East of Scotland as she pushes the Labour government to overturn its ban on new oil and gas licenses.  Badenoch has pledged to “get Britain drilling again” in a new campaign in partnership with the Scottish Conservatives. The announcement marks the Conservative leader’s growing focus on oil and gas, splitting from previous party leaders who were more critical of fossil fuels. Badenoch, who is currently in Aberdeen, has called on Chancellor…

One of Europe’s automotive manufacturing powerhouses, Slovakia, has been hit hard by tariffs and increased competition, which are threatening its role in the global auto market. Since the creation of the Bratislava Automobile Works (BAZ) in the 1970s, Slovakia has gradually developed its reputation as a major automotive manufacturer. It now produces the highest number of cars per capita each year, with an annual output of over one million vehicles. Slovakia became known as “Europe’s Detroit,” attracting automakers such as…