The oil and gas industry is in for a tough year ahead, as it must balance financial discipline, shareholder returns, and long-term investments in the sustainability of the business—while navigating a hypothetical glut. The warning comes from Wood Mackenzie, which said in a new report that the industry was faced with conflicting trends over the next year that would make decision-making challenging. Among these is an expectation that the market would tip into an oversupply, pressuring prices, while the demand outlook for oil over the long term…

In a shock development, U.S. President Donald Trump decertified Colombia as a partner in the decades-long drug war for the first time since 1997. This is a monumental blow for the historically close relationship between Colombia and the United States. The White House declared Colombia “failed demonstrably” to meet obligations imposed by international counternarcotics agreements. This is indicative of the antagonistic relationship between Colombia’s first-ever leftist President, Gustavo Petro, and the Trump administration. It bodes…

Artificial Intelligence integration could seriously accelerate the arrival of a tipping point for commercial-scale geothermal energy development across the United States. While geothermal energy is abundantly available deep under our feet, finding optimal places to drill for it is no easy task. But AI could dramatically change the exploration and discovery process to make geothermal development quicker, cheaper, and more efficient. “To grow as a national solution, geothermal must overcome significant technical and non-technical barriers in…

Chevron is bracing for a quarterly dent of up to $400 million as the cost of absorbing Hess filters through its books. The company said Thursday it expects a third-quarter loss of $200 million to $400 million tied to the $55 billion acquisition, with adjusted earnings clipped by $50 million to $150 million once severance and other transaction charges are stripped out. The buyout, finalized in July after Chevron won a high-stakes arbitration against ExxonMobil, hands the U.S. major a 30% stake in Guyana’s Stabroek block—home to more…

Chevron is bracing for a quarterly dent of up to $400 million as the cost of absorbing Hess filters through its books. The company said Thursday it expects a third-quarter loss of $200 million to $400 million tied to the $55 billion acquisition, with adjusted earnings clipped by $50 million to $150 million once severance and other transaction charges are stripped out. The buyout, finalized in July after Chevron won a high-stakes arbitration against ExxonMobil, hands the U.S. major a 30% stake in Guyana’s Stabroek block—home to more…

On 9 September, Israel attacked Qatar, a U.S. ally that was hosting a Hamas delegation that was considering a peace proposal from U.S. President Donald Trump. Israel killed three low-ranking officials, a child of a delegation member, and a Qatari security officer. The targeted officials survived. The White House claimed Trump wasn’t notified in advance by Israel and learned of the attack from the Pentagon, though Israeli sources claim he was notified in advance. Trump ordered his crisis negotiator, Steve Witkof,f to alert Doha, but Witkoff’s…

Donald Trump used Turkish President Recep Tayyip Erdogan’s White House visit Thursday to send a pointed message: stop buying Russian oil and gas. The meeting, Erdogan’s first in Washington in six years, underscored a thaw in relations between NATO’s two largest armies outside the U.S., but it also revealed Trump’s transactional approach to diplomacy. Seated in the Oval Office, Trump praised Erdogan as “a very tough man” who could help bring Vladimir Putin and Volodymyr Zelensky to the negotiating table. He stressed…

Donald Trump used Turkish President Recep Tayyip Erdogan’s White House visit Thursday to send a pointed message: stop buying Russian oil and gas. The meeting, Erdogan’s first in Washington in six years, underscored a thaw in relations between NATO’s two largest armies outside the U.S., but it also revealed Trump’s transactional approach to diplomacy. Seated in the Oval Office, Trump praised Erdogan as “a very tough man” who could help bring Vladimir Putin and Volodymyr Zelensky to the negotiating table. He stressed…

China has logged a sharp increase in crude imports from Indonesia in recent months, suggesting Beijing has found "new workarounds" to access Iranian oil despite U.S. sanctions, Bloomberg reports. Chinese customs data show 2.7 million tons of crude from Indonesia - roughly 630,000 barrels a day - arrived in August. That followed a tripling of flows in July compared with the previous month. The volumes are unusually high given Indonesia has been a net oil importer for more than two decades. Last year the country pumped about 580,000 barrels a day,…

Small indicators are starting to appear that ongoing confidence-building measures between Armenia and Azerbaijan are having a positive effect on efforts to conclude a lasting peace settlement.  An Azerbaijani media outlet, the Report information agency, noted September 22 that Armenian and Azerbaijani judges awarded the highest scores possible to contestants from each other’s nation during the opening stage of the Silk Road Star vocal competition, which got underway in Kazakhstan on September 20. The mutual gesture may not seem like…

Oil loadings have resumed at Russia’s Novorossiysk hub after Ukrainian drone strikes forced a brief suspension at two of the Black Sea’s most strategic terminals, Russian TASS news agency reported on Thursday.   Operations at the Caspian Pipeline Consortium’s (CPC) terminal and Transneft’s Sheskharis facility were halted on Wednesday as unmanned aerial and maritime systems targeted infrastructure in the region. Both terminals restarted overnight, but markets are becoming increasingly sensitive to disruptions of…

Global oil demand is set to rise through 2030 amid weaker-than-expected efficiency gains, BP said on Thursday in its 2025 Energy Outlook, in which the supermajor ditches its forecast from last year that oil demand could peak as soon as this year. In the new outlook, the UK-based oil and gas major says that under the Current Trajectory scenario, one of two scenarios reviewed, oil consumption will continue to grow over the rest of this decade, albeit at a declining rate, before edging back to around its current level by 2035. Demand growth will be…

Global oil demand is set to rise through 2030 amid weaker-than-expected efficiency gains, BP said on Thursday in its 2025 Energy Outlook, in which the supermajor ditches its forecast from last year that oil demand could peak as soon as this year. In the new outlook, the UK-based oil and gas major says that under the Current Trajectory scenario, one of two scenarios reviewed, oil consumption will continue to grow over the rest of this decade, albeit at a declining rate, before edging back to around its current level by 2035. Demand growth will be…

India could significantly reduce imports of Russian crude oil if the United States allows purchases of Iranian and Venezuelan oil, Indian officials have told the U.S. Administration this week, a source familiar with the talks told Bloomberg on Thursday.  Since the Russian invasion of Ukraine, India has relied on the discounted Russian crude banned in the West, to reduce its crude import bill. Indian refiners have significantly increased their purchases of Russian crude, making India the second-largest buyer of Russia’s oil, behind only…

Russia will extend the ban on gasoline exports and introduce a ban on non-producers to export diesel by the end of the year, Russian Deputy Prime Minister Alexander Novak said on Thursday.  “We will soon extend the ban on gasoline exports until the end of the year, and will also ban non-producers from exporting diesel fuel, also until the end of the year,” Russian news agency Interfax quoted Novak as telling reporters in Moscow. “This will allow us to supply the domestic market with additional volumes of petroleum products,”…

Russia will extend the ban on gasoline exports and introduce a ban on non-producers to export diesel by the end of the year, Russian Deputy Prime Minister Alexander Novak said on Thursday.  “We will soon extend the ban on gasoline exports until the end of the year, and will also ban non-producers from exporting diesel fuel, also until the end of the year,” Russian news agency Interfax quoted Novak as telling reporters in Moscow. “This will allow us to supply the domestic market with additional volumes of petroleum products,”…

Ukrainian President Volodymyr Zelenskyy says US President Donald Trump told him Kyiv could respond to Russia's attacks on its energy infrastructure with tit-for-tat strikes, as Ukraine continues to pound Russian refining operations. "If they attack our energy, President Trump supports that we can answer on energy," Zelenskyy said in an interview with Axios released on September 25. He added that Trump had also green-lit retaliatory strikes on Russia's military factories. However, he suggested they might be harder to reach due to the high level…

European leaders said Iran has not done enough yet to fend off so-called snapback sanctions related to Tehran's nuclear program as a deadline looms, although the sides agreed to continue talking while the clock ticks down. On September 24, French President Emmanuel Macron, after meeting with Iranian President Masud Pezeshkian, told Tehran there was still time to reach an agreement despite the tight timeframe. "An agreement remains possible. Only a few hours are left. It's up to Iran to respond to the legitimate conditions we have raised," Macron…

Iraq expects crude oil exports from the semi-autonomous region of Kurdistan via pipeline to Turkey to resume this week, Iraqi Foreign Minister Fuad Hussein has told Bloomberg in an interview.  Oil exports from Kurdistan have been halted for two and a half years, after they were shut in in March 2023 due to a dispute over who should authorize the Kurdish exports. Despite some breakthroughs in negotiations in recent months, the disagreements have continued. The restart of exports to the Turkish Mediterranean port of Ceyhan…

Iraq expects crude oil exports from the semi-autonomous region of Kurdistan via pipeline to Turkey to resume this week, Iraqi Foreign Minister Fuad Hussein has told Bloomberg in an interview.  Oil exports from Kurdistan have been halted for two and a half years, after they were shut in in March 2023 due to a dispute over who should authorize the Kurdish exports. Despite some breakthroughs in negotiations in recent months, the disagreements have continued. The restart of exports to the Turkish Mediterranean port of Ceyhan…