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…

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…

Canadian energy infrastructure company, TC Energy Corp. (NYSE:TRP), has unveiled plans to invest $8.5 billion over the next five years in U.S. power projects, banking on predictions of a 45 billion cubic feet per day increase in natural gas demand to meet surging power demand. According to TC Energy CEO François Poirier, gas-fired generation will power the ongoing AI build-out, adding that his company has a footprint in eight of the ten largest U.S. electric utilities. “It’s all about energy--and natural gas is going to be the…

TotalEnergies’ Venus project in Namibia’s Orange Basin is the kind of discovery that makes oil executives’ eyes light up and governments dream of windfalls. The discovery – made in February 2022 – was immediately recognized as one of the African continent’s largest in decades, with an estimated 1.5 billion barrels of light crude at 45 degrees API and 4.8 Tcf of natural gas. Expectations are high: peak output is projected at around 150,000 barrels a day and the field could remain productive for 30-40 years. The…

  The U.S. Administration is increasingly looking to have a direct equity involvement in America’s critical minerals supply chain, in the race to close the gap with the world’s dominant holder of supply of critical metals and rare earth elements, China. As the U.S. seeks to reduce dependence on China in the supply chain of key defense, military, and battery technologies, the Trump Administration is reportedly asking to have a 10% stake in a major lithium project in Humboldt County in northern Nevada.   This would be another…

Following almost three years of strict sanctions on Russian energy by the United States and European Union, Russia continues to use shadow fleets to transport vast quantities of crude to countries looking to invest in its discounted energy products. While several countries have used shadow fleets to avoid sanctions in the past, Russia has invested heavily in this practice and now has hundreds of unmarked, aging ships on the water, transporting crude to anyone who will take it.  Shadow fleets are “dark fleets” that use a range of…

Iraq has two ingredients necessary for a thriving solar industry: expansive deserts on which to set up solar panels, and a high number of sunlight hours. But Iraq is also OPEC’s second-largest oil producer. Worldometer ranks the country sixth in the world, producing 4.443 million barrels of oil a day. In terms of oil reserves, Iraq is fifth globally, with 143.069 billion barrels, accounting for 8.67% of world supply. At current consumption levels, Iraq has enough oil to last the next 457 years. This hasn’t stopped the country from installing…

You can add Uzbek President Shavkat Mirziyoyev and Kazakh President Kassym-Jomart Tokayev to Donald Trump’s “highly respected” leader list.  Trump in a couple of blasts from his Truth Social account singled out the Uzbek and Kazakh leaders for praise after their respective countries signed major contracts with US firms. The deals can provide a major boost for the Middle Corridor, an emerging trade network designed to strengthen connections between Central Asia and Western markets.  Trump hailed Uzbekistan specifically…