Iraq has quietly stepped in to keep one of its most important oilfields from wobbling. After two months of unpaid wages at Lukoil’s West Qurna-2, Baghdad has begun paying local staff directly, advancing December salaries to prevent a slowdown at a field that supplies roughly 0.5% of global oil and nearly a tenth of Iraq’s output—production that Iraq cannot replace from elsewhere. This is the first visible stress fracture in West Qurna-2 since Washington’s October 22 sanctions froze Lukoil’s ability to move money across…

Iraq has quietly stepped in to keep one of its most important oilfields from wobbling. After two months of unpaid wages at Lukoil’s West Qurna-2, Baghdad has begun paying local staff directly, advancing December salaries to prevent a slowdown at a field that supplies roughly 0.5% of global oil and nearly a tenth of Iraq’s output—production that Iraq cannot replace from elsewhere. This is the first visible stress fracture in West Qurna-2 since Washington’s October 22 sanctions froze Lukoil’s ability to move money across…

The vast global effort to electrify transport and modernize power grids is driving a surging, often overlooked demand for one critical component: the humble copper alloy connector. While attention often focuses on breakthroughs in battery technology or records in renewable energy installations, a new market analysis suggests that the foundational hardware enabling these technologies is poised for significant expansion. According to a detailed market report from Allied Market Research (AMR), the copper alloy connector market is projected to nearly…

The tiny South American nation of Guyana, once one of the continent’s poorest countries, recently emerged as a top oil producer. After a swathe of high-quality discoveries in the offshore Stabroek Block, the government in Georgetown finds itself managing one of the world's largest oil booms. In roughly a decade, Guyana went from its first oil discovery to South America’s third-largest oil producer with signs of further growth ahead. This delivered a massive economic dividend for the country of less than one million, which sees it now…

The US Export-Import Bank, an independent federal agency tasked with helping to facilitate US trade, will invest $100 billion to achieve President Trump's plan to secure US and allied supply chains for critical minerals, nuclear energy, and liquefied natural gas (LNG).  Its new chair, John Jovanovic (appointed in September) told the Financial Times that the agency would finance these efforts in order to counter western reliance on China and Russia - and that the first tranche of deals will include projects in Egypt, Pakistan and Europe, adding…

Indonesia looks to unlock its upstream potential by offering more than 100 previously untapped oil and gas basins to global investors for exploration.  Southeast Asia’s biggest economy, which is also a major oil and gas producer, aims to reverse its decade-long production decline and bolster national energy security.  Indonesia targets to nearly double its oil production to 1 million barrels per day (bpd) of crude oil. Currently, Indonesia pumps about 600,000 bpd of crude.    Indonesia has developed only 20 out of…

Oil fell 2.5% on Tuesday morning following reports that Ukraine has mostly agreed to a peace deal with the U.S. European Gas Prices Chill at Lowest Levels Since May 2024- European gas prices have fallen below the €30 per MWh threshold (the equivalent of $11 per MMbtu) as the triple whammy of Russia-Ukraine peace talks, warmer weather and ample supply lowered the TTF benchmark to its lowest since May 2024.- Following a brief cold spell that brought this winter season’s first snow, temperatures across key consumption hubs are expected…

President Trump’s tariff strategy in his second term has touched almost every corner of the economy, but few sectors have felt the effects as unevenly as oil and gas. The administration has chosen not to apply tariffs to crude oil, natural gas, or refined fuel imports—yet upstream, midstream, and refining companies are still dealing with higher costs from steel, aluminum, and other essential materials. The disconnect means that the feedstock remains tariff-free, while the infrastructure needed to produce and process it is becoming more…

The future of Russia’s international oil and gas giant Lukoil’s assets remains shrouded in fog. However, it is clear that the forced dismantling of Lukoil’s empire, which is triggered by US sanctions, could be one of the most consequential energy auctions of the post-Cold War era. It is no longer merely a compliance-driven divestment; it has now been pivoted into a geopolitical contest. The latter is not only by Western majors and private equity companies, but also by Gulf sovereign investment machines, all vying for key pieces…

Oil prices extended losses early on Tuesday after news broke that Ukraine has mostly agreed to a peace deal, with “minor details” to discuss and settle.  As of 8:35a.m. ET on Tuesday, the U.S. benchmark crude futures, WTI Crude, dropped by 1.29% to further slip below $60 per barrel, at $58.08. The international benchmark, Brent Crude, was trading down by 1.23% at $62.59.  Prices reacted to reports early on Tuesday that the U.S. plan for peace in Ukraine has received support from Ukrainians. The development added to persistent…

Shell is boosting its cooperation with Ferrari by signing a ten-year corporate power purchase agreement (CPPA) to supply renewable energy from a Shell-built and operated plant to the iconic Italian luxury carmaker.  Shell Energy Italia will provide 650 gigawatt-hours (GWh) over ten years to help decarbonize production at Ferrari’s Maranello factory in Italy. The power supplied by Shell’s Italian unit will be sufficient to cover half of Maranello’s energy needs.  Additionally, Shell Energy Italia will also provide renewable…

Shell is boosting its cooperation with Ferrari by signing a ten-year corporate power purchase agreement (CPPA) to supply renewable energy from a Shell-built and operated plant to the iconic Italian luxury carmaker.  Shell Energy Italia will provide 650 gigawatt-hours (GWh) over ten years to help decarbonize production at Ferrari’s Maranello factory in Italy. The power supplied by Shell’s Italian unit will be sufficient to cover half of Maranello’s energy needs.  Additionally, Shell Energy Italia will also provide renewable…

Some Indian banks have started to consider financing Russian oil trades that involve only non-sanctioned entities and sanctions-compliant pricing and payments, Bloomberg reported on Tuesday, citing sources with knowledge of the development.    India is steering clear of Russian oil now as the U.S. sanctions on Russia’s top producers and exporters, Rosneft and Lukoil, make Indian refiners wary of handling Russian barrels.  Before the latest sanctions on Russian oil trade, India bought from Russia around one third of all…

Some Indian banks have started to consider financing Russian oil trades that involve only non-sanctioned entities and sanctions-compliant pricing and payments, Bloomberg reported on Tuesday, citing sources with knowledge of the development.    India is steering clear of Russian oil now as the U.S. sanctions on Russia’s top producers and exporters, Rosneft and Lukoil, make Indian refiners wary of handling Russian barrels.  Before the latest sanctions on Russian oil trade, India bought from Russia around one third of all…

Slowing imports from China have pushed the volumes of Iranian oil held in tankers at sea to the highest level in two and a half years.  The volume of Iran’s crude in floating storage has jumped in recent weeks and widened the discount of Iranian grades to international benchmarks.  As many as 52 million barrels of Iranian oil is stashed on tankers at present, nearly double compared to October, according to data from energy flows intelligence firm Kpler cited by Bloomberg.  In comparison, early this year the volumes of Iranian…

Slowing imports from China have pushed the volumes of Iranian oil held in tankers at sea to the highest level in two and a half years.  The volume of Iran’s crude in floating storage has jumped in recent weeks and widened the discount of Iranian grades to international benchmarks.  As many as 52 million barrels of Iranian oil is stashed on tankers at present, nearly double compared to October, according to data from energy flows intelligence firm Kpler cited by Bloomberg.  In comparison, early this year the volumes of Iranian…

ADNOC has unveiled a sweeping $150 billion investment plan for 2026–2030, marking one of the largest investment cycles in its history and reinforcing the UAE’s long-term commitment to oil, gas, and industrial expansion. The announcement, approved at the board meeting chaired by Sheikh Mohamed bin Zayed Al Nahyan, coincided with increases in the UAE’s hydrocarbon reserves and marks a further pivot to downstream and international expansion. Over five years, the $150 billion will be deployed across upstream capacity maintenance,…

The latest edition of the annual UN climate summit ended with little fanfare on Friday, marking a decade since the famous Paris Climate Agreement of 2015. Dubbed COP30, the summit held in Brazil followed the usual pattern of the experts warning of how far off track the world is from meeting its climate goals, but failed to discuss a shift away from fossil fuels for the second year running. However, here’s a little ‘trivia’ the experts rarely talk about: the world has by far exceeded the most ambitious climate forecasts from just…

America’s hyperscalers are looking to ensure the electricity for their huge data centers by entering the supply side of the market—power trading. Meta, Microsoft, and Apple, to name a few, have either requested or obtained authorizations from the Federal Energy Regulatory Commission (FERC) to sell wholesale power. Meta Platforms, for example, seeks to incentivize long-term commitments in power-generating capacity by expanding into power trading and having the flexibility to contract electricity from future power plants, according to…

Critical minerals are the new oil. Everyone is after some long-term supply—except China, which has spent years building supply chains around the world to emerge as the single largest supplier and processor of those minerals. The U.S. and Europe are in a rush to catch up, and they are looking north to do that. Earlier this month, the European Union decided it needed to start stockpiling critical minerals to avoid a shortage in case China squeezed supply. Some saw this as too little, too late, but the EU’s decision once again put in the…