End of Assad Regime Raises Risks of Syrian Fuel Shortages - The fall of the Assad regime in Syria after Bashar al-Assad fled the country and ended his 24-year tenure as president might engender a widespread fuel shortage across the Middle Eastern country.   - The Syrian port of Baniyas was dependent on Iranian fuel supplies and the approximately 60,000 b/d of oil that Tehran was sending to Syria kept the country’s two existing refineries operational. - As representatives of Hayat Tahrir al-Sham rose to prominence in Syria, Iranian crude…

Light crude oil futures climbed 4.52% this week as of Thursday, reflecting a mix of supportive and limiting factors that shaped market activity. Key drivers included Chinese economic policy changes, Middle Eastern unrest, U.S. inventory levels, and global supply forecasts. China’s Economic Policies Stoke Demand Optimism China’s announcement of a "moderately loose" monetary policy boosted expectations for higher crude demand. This marked the country’s first easing of monetary policy in over a decade, aimed at addressing weak economic…

Politics, Geopolitics & Conflict The Iraqi parliament has delayed a decision on Kurdish crude oil exports until January, prolonging a year-long suspension of deliveries amid disputes over authority and compensation. The deadlock stems from disagreements over the costs of oil production and transport in Kurdistan, prompting Kurdish parliamentarians to withdraw from discussions. An ICC ruling in March 2023 in favor of Iraq barred Turkey from authorizing Kurdish exports via the Iraq-Turkey pipeline without Baghdad's approval, further complicating…

After a 54-year rule, the Assad regime was toppled last weekend by a rebel advance that managed to overthrow the regime without much of a fight, largely because Assad’s forces deserted as the rebels advanced, while allies Russia, Iran, and Iranian proxy Hezbollah failed to come to Assad’s rescue (in Syria, at least). Israel followed up in a clean sweep operation, conducting nearly 500 airstrikes in 48 hours, taking out strategic Syrian military targets to avoid them falling into the hands of whatever new leadership emerges from the…

U.S.-based Kosmos Energy said it is in early preliminary discussions to potentially buy Tullow Oil in an all-share transaction that could create an oil producer focused on Africa. “There can be no certainty that any offer will be made, nor as to the terms on which any offer might be made,” Kosmos Energy said, confirming an earlier statement from Tullow Oil that it had been approached for talks by Kosmos. The U.S.-based oil and gas company reserves the right to vary the form and/or mix of the offer consideration and vary the transaction…

Nigerian firm Seplat Energy plans to revive output from hundreds of currently idle oil wells after completing the purchase of ExxonMobil’s onshore operations in the biggest African oil producer, senior Seplat executives told Bloomberg. After two years of regulatory checks and reviews, Nigerian authorities finally approved in October the $1.3-billion sale of Exxon’s onshore assets to Seplat. The Nigerian company, which is listed in Lagos and London, said on Thursday that had completed its acquisition of Mobil Producing Nigeria Unlimited…

Nigerian firm Seplat Energy plans to revive output from hundreds of currently idle oil wells after completing the purchase of ExxonMobil’s onshore operations in the biggest African oil producer, senior Seplat executives told Bloomberg. After two years of regulatory checks and reviews, Nigerian authorities finally approved in October the $1.3-billion sale of Exxon’s onshore assets to Seplat. The Nigerian company, which is listed in Lagos and London, said on Thursday that had completed its acquisition of Mobil Producing Nigeria Unlimited…

Fracking techniques perfected in the U.S. shale patch could help drill for deeper and hotter geothermal energy resources and slash geothermal costs to make this low-carbon energy source competitive to other clean energy solutions, the International Energy Agency (IEA) said on Friday. Recent advances in horizontal drilling and hydraulic fracturing, “honed through oil and gas developments in North America,” are now opening a new potential for global geothermal energy, the agency said in its report ‘The Future of Geothermal Energy’.…

U.S. LNG developer and producer Venture Global is set to produce the first liquefied natural gas from its newest project, Plaquemines LNG, as soon as this week, but the commissioning phase will last up to two years during which Venture Global will keep all revenues. The first production at Plaquemines LNG, possibly this week, would be the first new LNG output from a U.S. facility in two years, according to data from LSEG cited by Reuters. While the plant will soon begin producing LNG, its buyers under long-term contracts – including ExxonMobil,…

OPEC+’s decision to delay a rollback of production cuts agreed last year has rekindled trader interest in the commodity with a view to a tighter supply picture in 2025. The latest news out of China could reinforce that interest, giving oil prices a chance to stage a last-minute recovery this year. OPEC+ agreed last week to postpone the start of bringing back production to the market to April 2025, with the full return to pre-agreement output levels seen no earlier than the start of 2027. The decision was prompted by stubbornly depressed prices,…

The new Trump Administration may target Russia's recent oil deals as part of its sanctions discussions. Russia's Rosneft has signed a $13 billion annual crude oil supply agreement with Indian downstream giant Reliance Industries, committing to supply 500,000 barrels per day (bpd) for 10 years. This deal constitutes 0.5% of the global oil supply and is the largest-ever commercial agreement between Russia and India. Facing Western sanctions on its oil sector, Russia is actively seeking alternative clients. India has become its largest oil importer…

Team Trump is preparing to make sweeping changes to the U.S. energy sector on day one. Boosting U.S. oil and gas drilling and accelerating permits for domestic energy infrastructure and LNG exports are expected to be top priorities for the new administration. While many of the President-elect’s energy proposals are on the wish list of the U.S. oil and gas industry, executives at top companies have already signaled that Trump’s inauguration would not launch four years of “drill, baby, drill” in the shale patch. Sweeping Changes…

Brazil's state-run oil company Petrobras (NYSE:PBR) has signed a 16.5 billion real ($2.8 billion) deal to build and charter 12 new support vessels to supply its offshore platforms, Reuters reported on Thursday.   The investment is part of the modernization drive laid out in the company's strategic plan for the 2025-2029 period. Petrobras (PBR) unveiled its 5-year plan that includes $111B in total investments through 2029, good for a 9% increase compared to the previous 2024-28 plan.  Petrobras said in the plan that the company's…

Brazil's state-run oil company Petrobras (NYSE:PBR) has signed a 16.5 billion real ($2.8 billion) deal to build and charter 12 new support vessels to supply its offshore platforms, Reuters reported on Thursday.   The investment is part of the modernization drive laid out in the company's strategic plan for the 2025-2029 period. Petrobras (PBR) unveiled its 5-year plan that includes $111B in total investments through 2029, good for a 9% increase compared to the previous 2024-28 plan.  Petrobras said in the plan that the company's…

The renewable revolution runs on lithium. The metal is a key component in the batteries that power electric vehicles and store energy to stabilize electric grids as the makeup of global energy mixes increasingly relies on variable energy sources like wind and solar power. But while lithium has, in many ways, become synonymous with “clean energy” extraction of the metal is associated with a heap of negative environmental impacts, not to mention sticky geopolitics.  For these overlapping reasons, researchers have been looking into…

It’s déjà vu for China’s copper smelters. But how will it affect the global price of copper? The shortfall China faced in mid-2024 following the limited availability of copper ore in June led the country to significantly increase its imports of copper scrap as an alternative raw material. In fact, in the first five months of 2024, the world’s largest refined copper producer brought in nearly 1 million tons of scrap, putting imports on track for the highest level since 2018. By using more scrap, smelters can maintain…

As Donald Trump’s return to the White House looms, so does the specter of another trade war, and Canada seems to be sharpening its economic arsenal. Rumors are swirling in Ottawa about potential export taxes on uranium, oil, and potash—the very lifeblood of American industry. It’s a chess move that some say reeks of desperation. Others may call it a cold calculation aimed squarely at a president who might just be bold enough to drag his neighbors into a tariff-fueled skirmish. Export levies would be a last resort, insiders insist,…

As Donald Trump’s return to the White House looms, so does the specter of another trade war, and Canada seems to be sharpening its economic arsenal. Rumors are swirling in Ottawa about potential export taxes on uranium, oil, and potash—the very lifeblood of American industry. It’s a chess move that some say reeks of desperation. Others may call it a cold calculation aimed squarely at a president who might just be bold enough to drag his neighbors into a tariff-fueled skirmish. Export levies would be a last resort, insiders insist,…

As the dust settles on what has been tumultuous year of elections, geopolitical tension and global debates on emissions, 2025 looks set to be a pivotal year in the fight against climate change, securing energy stability, and fostering sustainable economic growth. For governments around the world, this moment marks a critical juncture to accelerate efforts that have been deliberated for years but largely remain unfulfilled. While issues such as the cost of living and geopolitical tensions have dominated headlines in 2024, it is clear the time to…

The mood on Ukraine at the NATO foreign affairs ministerial in Brussels on December 3-4 can be described in one word: grim. Just listen to the normally chirpy NATO Secretary-General Mark Rutte: "This could be Ukraine's most difficult winter since 2022." Or Ukrainian Foreign Minister Andriy Sybiha, who told the press that the situation "is really very challenging. And I am [being] very diplomatic now." A senior NATO official, speaking anonymously because they weren't authorized to speak on the record, made clear to me what has been apparent for…