ExxonMobil has restarted the gasoline-producing fluid catalytic cracking unit (FCCU) at its massive Beaumont, Texas, refinery, two days after an unexpected shutdown temporarily disrupted operations, according to sources familiar with the plant. The 120,000-barrel-per-day FCCU went offline Tuesday night following a malfunction, prompting flaring visible across the refinery complex. The company notified the Texas Commission on Environmental Quality that flaring would continue for roughly 24 hours. Exxon confirmed neither the cause nor the duration…

Energy companies are exploring alternative ways to access less conventional clean energy sources in a bid to support a global green transition and accelerate the shift away from fossil fuels. One of the energy sources being explored it space solar power. Scientists have discussed the potential for beaming solar power from space for decades, but until now it seemed like a pipedream. However, thanks to technological innovations, it may soon be possible. According to a recent study, putting solar panels in space could reduce Europe’s terrestrial…

The US Office of Foreign Assets Control (OFAC) said sanctions against the Russian-owned Oil Industry of Serbia (NIS), Serbia's sole crude oil refiner, have taken force after several delays, a move that could hit the Balkan nation hard.NIS said on October 9 that a special license from the US Treasury that allows the company to operate was not extended after being delayed eight times since the company was first put on the US sanctions list in January for its "secondary risk," its Russian ownership. The sanctions are aimed, among other things, at…

Turkey has invested heavily in its renewable energy sector in recent years, and the country’s green energy capacity has increased faster than anticipated, which has strengthened its energy security and helped it rely less on energy imports. The government has invested heavily in diversifying the energy mix since the early 2000s, far ahead of several other countries in the region. It aims to achieve net zero emissions by 2053, with a strong focus on establishing energy independence to reduce reliance on other countries for its energy. …

Oil prices edged higher over the past week, after a bullish OPEC+ move while expanding strategic oil stocks in China have continued removing extra barrels from global markets, even though Thursday saw some paring of those gains on the Israel-Hamas ceasefire talks.  Previously, there was speculation that OPEC+ was considering accelerating the return of the April 2023 tranche of voluntary output cuts from 137 thousand barrels per day (kb/d), which would result in a 12-month process, to 500kb/d, which would remove the remaining tranche in just…

Luxembourg is officially joining the ranks of governments investing in Bitcoin.  The country’s Intergenerational Sovereign Wealth Fund (FSIL) will allocate 1% of its total portfolio — over €7 million — to Bitcoin and other crypto, Finance Minister Gilles Roth announced Wednesday during his 2026 budget presentation in the Chamber of Deputies. “This is really great news for crypto-assets because this is the first investment of a public fund in bitcoin in Luxembourg,” said CSV lawmaker Laurent Mosar following…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The world’s next liquefied natural gas (LNG) boom is already priced in—but according to Adnoc Gas CEO Fatema Al Nuaimi, the coming wave of supply won’t crush the market. It will create it. Speaking this week, Al Nuaimi said falling prices from the surge in new projects—many set to come online by 2030—will spur structural demand growth that sticks. “When price-sensitive markets tap into the LNG market, they don’t go back,” she told Bloomberg. It’s a bold take at a time when analysts are warning…

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count in the US fell to 547 according to Baker Hughes, down 39 from this same time last year. The number of active oil rigs fell in the week, according to the data, to 418. Year over year, this represents a 63-rig decline. The number of gas rigs rose by 2 to 120 active rigs, which is 19 over this time last year. The miscellaneous rig count stayed the same at 9. The latest EIA data…

China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned were the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned were the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

WTI crude fell below $60 per barrel as easing Middle East tensions and weak China–U.S. sentiment erased much of oil’s geopolitical risk premium.Friday, October 10, 2025The relatively successful implementation of the Israel-Gaza ceasefire deal has lowered geopolitical risk premiums in oil futures and sent front-month ICE Brent prices below $64 per barrel. The evident escalation in China-US tensions isn’t adding any bullish momentum to crude either, with all signs pointing towards a 2026 impact on global trade if the current pace…

The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions.  Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of Venezuela’s natural resources and proposed to end some deals with Iran and Russia, in an attempt to avoid increased confrontation with the…

The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions.  Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of Venezuela’s natural resources and proposed to end some deals with Iran and Russia, in an attempt to avoid increased confrontation with the…

The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions.  Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of Venezuela’s natural resources and proposed to end some deals with Iran and Russia, in an attempt to avoid increased confrontation with the…

Numbers Report – October 10, 2025 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. US Targets China’s Iranian Oil Links The US Treasury announced new sanctions against buyers and traders of Iranian crude and LPG, putting more than 50 individuals, entities and vessels on its OFAC list. The Rizhao crude…

The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions.  Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of Venezuela’s natural resources and proposed to end some deals with Iran and Russia, in an attempt to avoid increased confrontation with the…

A Russian air attack early on October 10 triggered a fire in a high-rise apartment building in central Kyiv and hit Ukrainian energy sites, officials said. A drone set apartments on fire on the 6th and 7th floors of a high-rise block in a central district, said Tymur Tkachenko, head of Kyiv's military administration, adding that both drones and missiles had been deployed in the assault. Videos and pictures posted online showed apartments burning and firefighters battling the blaze. Kyiv Mayor Vitali Klitschko said 12 people had been injured, with…