Oil news

U.S. Insurers Are Refusing to Cover Climate Change Risk Zones

Oil news - Sun, 07/06/2025 - 22:00
As countries worldwide experience more regular extreme weather events, insurers have become more reluctant to cover properties in high-risk areas. However, without insurance, it is impossible for many people to gain access to mortgage financing. We are seeing an insurance crisis in the United States, as insurers are becoming less likely to offer coverage for homes in certain areas, particularly those that have experienced natural disasters, such as flooding and wildfire, in recent years.  Between 2018 and December 2024, over 1.9 million home…
Categories: Oil news

New US Sanctions on Iran Increase Pressure on Iraq

Oil news - Sun, 07/06/2025 - 20:00
The Trump Administration has increased pressure on the Iranian regime, just weeks after striking Tehran’s nuclear facilities. Trump’s so-called “maximum pressure” sanctions have been stepped up, with Washington announcing new designations covering more than 30 tankers, entities, and individuals. Once again, Iran’s shadow fleet is in the crosshairs of U.S. sanctions, with no relief in sight for the regime in Tehran. As indicated by Trump and his advisors, Iran must return to the negotiating table to discuss its future—otherwise,…
Categories: Oil news

A Game-Changing New Tech for Cutting Shipping Emissions

Oil news - Sun, 07/06/2025 - 18:00
The race is on to decarbonise shipping, a hard-to-abate industry in which it is extremely difficult to cut emissions. Over 50,000 cargo ships are at sea at any moment, and these ships produce around 3 percent of global greenhouse gas emissions, which is even more than aviation, showing the dire need to clean up the industry. The long-term focus is on developing sustainable fuels, hydrogen fuel cells, or batteries big enough to power these giant vessels. However, one company believes it may have a short-term solution for reducing emissions as it…
Categories: Oil news

Canada Warms Up to Fossil Fuels With New LNG Export Terminal

Oil news - Sun, 07/06/2025 - 02:00
In March 2024, Canada’s then resource minister, Jonathan Wilkinson, declared, “We are not interested in investing in LNG facilities.” This month, LNG Canada, the country’s first operating export terminal for the fuel, shipped its first cargo. Many believe this is the beginning of a beautiful friendship between Canada’s energy resources and world markets. The last couple of Canadian federal governments have been vocal opponents of the oil and gas industry in the country that is home to some of the world’s most…
Categories: Oil news

Renewables Surge Though Geopolitical Shifts Threaten Progress

Oil news - Sun, 07/06/2025 - 00:00
Despite high-profile pushbacks against renewable energy and a rapidly changing policy environment, the global clean energy transition has picked up speed over the last year. While the last few years have seen slow and stuttering progress toward decarbonization goals, countries around the world are finally gaining momentum in building up cleaner and greener energy grids as 2030 benchmarks loom just around the corner.  The World Economic Forum’s annual Energy Transition Index 2025 paints a refreshingly hopeful picture for global climate…
Categories: Oil news

The Shifting Front Lines of the Ukraine Conflict

Oil news - Sat, 07/05/2025 - 20:00
At one point during a grueling 110-day tour in the obliterated frontline Ukrainian city of Toretsk, Dmytro, a soldier with Ukraine’s 100th Separate Mechanized Brigade, listened in to the radio traffic among Russian soldiers. “We repeatedly heard commanders’ orders to the stormtroopers: ‘Don’t take anyone alive’,” he said in an interview last month in Kramatorsk, about an hour’s drive to the northwest. He spoke on condition only his first name be used. “The fighting here was heavy, as you understand."…
Categories: Oil news

Google Bets Big on Nuclear Fusion

Oil news - Sat, 07/05/2025 - 20:00
For decades, researchers have been assessing the potential to develop nuclear fusion reactors, capable of producing abundant clean energy. However, despite several breakthroughs in recent years, most scientists agree that we are far from achieving the commercial rollout of this technology. Nevertheless, the barrier has not stopped widespread investment in the technology, the most recent of which came from U.S. tech giant Google. According to the International Energy Agency (IEA) definition, Nuclear fusion is the process by which two light atomic…
Categories: Oil news

Pipeline Disruption Slashes Ecuador Output by 133,000 bpd

Oil news - Sat, 07/05/2025 - 18:00
Ecuador’s state oil company, Petroecuador, has declared force majeure on its operations after both major crude pipelines, SOTE and OCP, halted flows due to worsening erosion in the Amazonian province of Napo. The company suspended activities this week to prevent further damage to critical infrastructure as erosion along the Coca River continues to threaten oil transport lines and the Coca Codo Sinclair hydroelectric plant, Ecuador’s largest. The suspension has already cut Ecuador’s crude output by an estimated 133,000 barrels…
Categories: Oil news

OPEC+ Surprises With Oversized Output Hike

Oil news - Sat, 07/05/2025 - 17:50
OPEC+ will ramp up oil production more aggressively than anticipated in August, accelerating the rollback of its 2023 voluntary supply cuts in a bid to capture market share amid peak summer demand. At a virtual meeting Saturday, eight core members led by Saudi Arabia agreed to add 548,000 barrels per day (bpd) to global supply—exceeding earlier expectations of a 411,000 bpd hike. The move sets the bloc on track to fully unwind 2.2 million bpd of prior cuts nearly a year ahead of schedule. The decision reflects short-term bullish fundamentals:…
Categories: Oil news

Global Carbon Emissions Reach Record High Despite Green Efforts

Oil news - Sat, 07/05/2025 - 02:00
In late June the Energy Institute (EI) released the 2025 Statistical Review of World Energy, which was published previously for more than 70 years by BP. Here is the link to the full 2025 Statistical Review of World Energy. The Review confirmed that a troubling trend continues. Despite historic investments in renewables and net-zero pledges from nearly every major economy, global carbon emissions hit a record high in 2024. This article is the first in a series breaking down the key findings—and what they mean for the global energy sector.…
Categories: Oil news

Starlink's Role in U.S. Satellite Superiority

Oil news - Fri, 07/04/2025 - 23:00
Donald Trump has launched a fresh attack on Elon Musk, declaring that Doge, Musk’s cost-cutting body, is “the monster” that “that might have to go back and eat Elon”. On Truth Social on Monday, he continued: “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. [sic]”  Trump acts like…
Categories: Oil news

Oil Exec’s Death Highlights Russia’s Deadly Pattern in Energy Roles

Oil news - Fri, 07/04/2025 - 20:30
The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…
Categories: Oil news

Oil Exec’s Death Highlights Russia’s Deadly Pattern in Energy Roles

Oil news - Fri, 07/04/2025 - 20:30
The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…
Categories: Oil news

Russia’s Discounted Oil No Longer a Bargain for India

Oil news - Fri, 07/04/2025 - 19:30
The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. That discount is down from $2–$2.50 in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. The reason? High demand from India and Turkey, reduced spot market availability, and falling Russian supply due to domestic…
Categories: Oil news

Kremlin Stands Firm on Ukraine Objectives Despite Trump Talks

Oil news - Fri, 07/04/2025 - 19:00
Russian President Vladimir Putin told his US counterpart, Donald Trump, that Moscow would not give up its objectives in Ukraine, dimming White House hopes for a cease-fire in a war now in its fourth year. During a July 3 phone call, Putin told Trump that “Russia will achieve its goals” in Ukraine and “will not abandon” them, according to Kremlin aide Yury Ushakov. Russia is seeking to conquer Ukraine and bring the independent country back into Moscow's orbit. Trump told reporters before leaving for an event in Iowa that…
Categories: Oil news

OPEC Nudges Output Higher - But Markets Are Awaiting the Real Barrels

Oil news - Fri, 07/04/2025 - 18:30
OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…
Categories: Oil news

OPEC Nudges Output Higher - But Markets Are Awaiting the Real Barrels

Oil news - Fri, 07/04/2025 - 18:30
OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…
Categories: Oil news

OPEC Nudges Output Higher - But Markets Are Awaiting the Real Barrels

Oil news - Fri, 07/04/2025 - 18:30
OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…
Categories: Oil news

OPEC Nudges Output Higher - But Markets Are Awaiting the Real Barrels

Oil news - Fri, 07/04/2025 - 18:30
OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…
Categories: Oil news

OPEC Nudges Output Higher - But Markets Are Awaiting the Real Barrels

Oil news - Fri, 07/04/2025 - 18:30
OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…
Categories: Oil news

Pages