Oil news
Saudi Crude Sales to China Set for October Jump amid Deep Price Cut
Saudi Arabia’s crude shipments to China are expected to rebound in October to a level with the August volumes of more than two-year highs, after Saudi state oil giant Aramco slashed the price of its crude for Asia next month. Aramco is expected to ship as many as 51 million barrels of Saudi crude to China in October, multiple trade sources told Reuters on Thursday. This volume is equal to 1.65 million barrels per day (bpd) of Saudi exports to China, the world’s top crude importer, and would be on par with the August levels when the…
Categories: Oil news
China Continues to Import Sanctioned Russian Arctic LNG Cargoes
China appears to have become a regular importer of liquefied natural gas from the sanctioned Arctic LNG 2 project in Russia as the third cargo in two weeks has just discharged gas at a Chinese import terminal. The LNG tanker Zarya, sanctioned by the United States, unloaded on Wednesday over 160,000 cubic meters of LNG from Arctic LNG 2 at the southern Chinese Beihai LNG Terminal in Guangxi, Reuters reported on Thursday, citing ship-tracking data from LSEG and Kpler. The Arctic LNG 2 export project roared back to life this…
Categories: Oil news
Iraq Eyes New Oil Export Route Through Oman
Iraq plans to build an oil pipeline to Oman as OPEC’s second-largest producer seeks to boost exports and diversify export routes for its crude out of the Middle East. Iraq and Oman have reached a preliminary agreement for a pipeline from Iraq to the port of Duqm on the Gulf of Oman, Ali Nizar, director general of the Iraqi state oil marketing company SOMO, told Shafaq News on Thursday. The project has yet to identify the route of the future Iraq-Oman pipeline. The two countries are discussing whether to have an offshore…
Categories: Oil news
Iraq Eyes New Oil Export Route Through Oman
Iraq plans to build an oil pipeline to Oman as OPEC’s second-largest producer seeks to boost exports and diversify export routes for its crude out of the Middle East. Iraq and Oman have reached a preliminary agreement for a pipeline from Iraq to the port of Duqm on the Gulf of Oman, Ali Nizar, director general of the Iraqi state oil marketing company SOMO, told Shafaq News on Thursday. The project has yet to identify the route of the future Iraq-Oman pipeline. The two countries are discussing whether to have an offshore…
Categories: Oil news
Israel’s Strike on Qatar Deepens Iranian Distrust of U.S. Diplomacy
The shock of Israel’s first-ever strike on Qatari soil is reverberating in Tehran, where the attack is fueling doubts over the very purpose of negotiations with the West. For many Iranian pundits, the timing of the strike -- hitting Hamas leaders as they allegedly reviewed a US-backed cease-fire and prisoner exchange proposal with Israel -- has reinforced suspicions that diplomacy is little more than a “trap.” In the aftermath, Qatar’s Emir Sheikh Tamim bin Hamad Al Thani told Iranian President Masud Pezeshkian that the…
Categories: Oil news
Russian Oil Revenue Crashes To Multi-Year Low
Russia’s crude and fuel export revenue slumped by $920 million in August compared to July, the International Energy Agency (IEA) estimates in its latest monthly report. The discounts of Russian crude grades widened last month amid the U.S. pressure on India for buying oil from Russia, while Russian refinery production slumped as Ukraine hit several processing facilities with drones. As a result, Russia’s crude and petroleum product export revenues plunged by $920 million from July to $13.51 billion in August, the IEA’s…
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U.S. Energy Chief Calls Net Zero a “Colossal Train Wreck”
U.S. Energy Secretary Chris Wright blasted net-zero targets as a “colossal train wreck” ahead of his trip to Europe for a gas summit and meetings with EU officials, warning the push for climate policies could weaken energy security and derail a U.S.–EU trade deal. “Net zero 2050 is just a colossal train wreck,” Wright told the Financial Times in an interview. “It’s just a monstrous human impoverishment program, and of course, there is no way it is going to happen,” said the Energy Secretary, whose…
Categories: Oil news
Big Oil Cuts Back as $60 Oil Bites
In their first-quarter financial reports this year, Big Oil majors signaled they were doing just fine in a $60-per-barrel oil environment. Spending plans were aggressive, there was no mention of job cuts, and production plans featured the word “growth”. Six months later, with the price of oil still hovering between $60 and $70, things are changing. Oil jobs in the U.S. shale patch were falling at the fastest pace since 2022, when Brent crude and West Texas Intermediate went from over $100 per barrel to below $80 in a matter of six months.…
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What can Central Asia Expect from Trump?
The leaders of the five Central Asia republics attended the Shanghai Cooperation Organization (SCO) Plus meeting in Tianjin, China, which concluded on 1 September. Twenty-four countries and the United Nations, and other multilateral organizations were represented. (Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan are founders of SCO; Turkmenistan, as a permanently neutral countr,y attended as a guest.) The 80th session of the UN General Assembly (UNGA) opens on 9 September, and leaders of the republics may have an opportunity to meet U.S.…
Categories: Oil news
Why Innovation is Essential for Our Energy Future
The world is facing an intensifying energy trilemma. The three sides of this energy quagmire are sustainability (i.e., clean energy), accessibility (i.e., energy security), and affordability (i.e., equity). Achieving a balance of these three energy goals is incredibly difficult in the best of circumstances, but remarkably tricky on a global scale considering the enormous diversity of energy system contexts and constraints in different regions and nations around the world. This is a global issue, as relevant in Europe as it is in sub-Saharan…
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New Standards Shape Global Carbon Trading
Carbon markets have become increasingly important as a cost-effective pathway for companies and countries to reduce emissions in a world struggling to meet its climate goals. They can mobilize private capital, particularly in developing countries where clean technology financing remains scarce, and provide hard-to-abate sectors with access to solutions that would otherwise be out of reach. Climate finance pledges are materializing – the $100 billion goal was finally met and the Loss and Damage Fund launched, both in 2022 – but public…
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Disregarding US Sanctions, India Continues to Buy Russian Crude
India continues to buy cheap Russian crude oil, despite being punished for it by the United States, which in August imposed a 50 percent tariff on Indian exports to America, including a 25 percent penalty for importing Russian crude. The US tariffs on India are some of the highest in the world. Citigroup estimates the combined 50 percent tariff poses between a 0.6 and 0.8 percent downside risk to India’s annual GDP growth. Finance Minister Nirmala Sitharaman said on Sept. 5 that the country will keep buying Russia oil, defying demands from…
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U.S. Jets Deployed to Guyana as Oil Boom Raises Caribbean Stakes
The U.S. has deployed fighter jets to Guyana, drawing its military footprint into the world’s fastest-growing offshore oil province as tensions with neighboring Venezuela escalate, as Washington adjusts its regional posture to accommodate the changing balance of power in the south Caribbean due to newfound oil wealth. The move comes as ExxonMobil and partners Hess and CNOOC continue expanding production from Guyana’s Stabroek block, which already exceeds 650,000 barrels per day and is forecast to reach 1.3 million bpd by 2027.…
Categories: Oil news
U.S. Jets Deployed to Guyana as Oil Boom Raises Caribbean Stakes
The U.S. has deployed fighter jets to Guyana, drawing its military footprint into the world’s fastest-growing offshore oil province as tensions with neighboring Venezuela escalate, as Washington adjusts its regional posture to accommodate the changing balance of power in the south Caribbean due to newfound oil wealth. The move comes as ExxonMobil and partners Hess and CNOOC continue expanding production from Guyana’s Stabroek block, which already exceeds 650,000 barrels per day and is forecast to reach 1.3 million bpd by 2027.…
Categories: Oil news
U.S. Jets Deployed to Guyana as Oil Boom Raises Caribbean Stakes
The U.S. has deployed fighter jets to Guyana, drawing its military footprint into the world’s fastest-growing offshore oil province as tensions with neighboring Venezuela escalate, as Washington adjusts its regional posture to accommodate the changing balance of power in the south Caribbean due to newfound oil wealth. The move comes as ExxonMobil and partners Hess and CNOOC continue expanding production from Guyana’s Stabroek block, which already exceeds 650,000 barrels per day and is forecast to reach 1.3 million bpd by 2027.…
Categories: Oil news
Job Cuts Rock Global Oil and Gas Sector
Oil and gas producers worldwide are bracing for a prolonged downturn, with job losses and investment cuts spreading through the industry, according to a new report from Financial Times. ConocoPhillips, Chevron, and BP have all announced large-scale layoffs, while others are shelving or selling projects to conserve cash. “This isn’t just a Conoco problem,” said Kirk Edwards of Latigo Petroleum. “It’s a flashing red warning light for the entire US oil and gas industry.” FT writes that the…
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Turkey Taps U.S., European, Asian Suppliers For 15 Bcm LNG
Turkey’s state gas company BOTAS has locked in 15 billion cubic metres of liquefied natural gas (LNG) through new contracts with eight global suppliers, in a concerted effort to expand its energy portfolio and curb dependence on pipelines from Russia, Azerbaijan and Iran. Announced at the Gastech 2025 conference in Milan, the agreements cover deliveries through 2028 and involve heavyweights including Cheniere, SEFE, Equinor, JERA, BP, ENI, Shell, and Hartree. Reuters reported that BOTAS sealed a one-year, 1.2 bcm deal with U.S. exporter…
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U.S. Steel Prices Continue to Sink as Demand Stalls
The Raw Steels Monthly Metals Index (MMI) moved sideways with a downside bias, falling 0.96% from August to September. U.S. Steel Prices Continue to Unravel U.S. steel prices remain in search of a new bottom. As of early September, hot rolled coil prices sit at their lowest level since February 21, having unraveled much of the duty-related spike witnessed during the first quarter. Q1 saw prices jump $241 per short ton following successive tariff announcements. However, since reaching their March 27 peak, prices have fallen $109 to stand at $818…
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Anglo American’s £36 Billion Merger With Teck Marks Blow to UK Business
Anglo American will merge with Canada’s Teck Resources in a $50bn (£36bn) deal, shifting its headquarters to Canada and reducing its London presence in a move criticised by shadow business secretary Andrew Griffith. The Tory MP said it represents a blow to UK business and confidence in London. The new entity, to be called Anglo Teck, is expected to have roughly 70 per cent exposure to copper, as well as premium iron ore and zinc. Under the terms of the deal, Anglo will own 62.4 per cent of the combined group, with Teck shareholders…
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EU Court Upholds Green Label for Gas and Nuclear Energy
The General Court of the Court of Justice of the European Union, Europe’s second-highest court, ruled on Wednesday that the EU has the right to label some natural gas and nuclear projects as “sustainable investments,” dismissing a challenge brought by Austria. In 2022, the European Commission updated in 2022 its Taxonomy Complementary Climate Delegated Act on climate change mitigation and adaptation covering certain gas and nuclear activities. Under the new taxonomy, some gas projects, including several pipelines,…
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