Politics, Geopolitics & Conflict Iraq heads to the polls on November 11 with Prime Minister Mohammed Shia al-Sudani seeking a second term under his Reconstruction and Development list. The vote is expected to confirm Iraq’s power map/status quo. Turnout is expected to be low, and outcomes will hinge on post-election coalition bargaining among Shia blocs and Kurdish and Sunni partners. Sudani remains the front-runner, helped by relative stability, salary payments, and oil revenues, but he faces quiet resistance from rival Coordination…

What’s unfolding now is a real test of whether Israel and Egypt can run a joint energy project under political pressure. The $35-billion Leviathan-to-Egypt gas deal looked settled six months ago. This week, the pipeline, which would move that gas across Sinai, finally got technical clearance. On paper, that should have been the green light. In practice, everything else is stuck, and there are three pressure points: Egypt’s ability to pay, Israel’s internal gridlock, and Washington’s shift in posture. Let’s start with…

Light crude oil futures are on track to finish the week lower after failing to confirm a recent closing price reversal bottom for the second time. As of Thursday’s close, the market is trading at $59.70, down $1.28 or -2.10%. With one session remaining, traders remain focused on the fundamental backdrop, which continues to tilt bearish. OPEC+ Output Strategy Fails to Convince Market OPEC+ attempted to stabilize prices by confirming a modest 137,000 barrels per day (bpd) increase in December and signaling a pause on further production hikes…

Hungary will buy U.S. nuclear fuel for the first time to use at a Russia-built nuclear power plant in the country, Hungarian Foreign Minister Peter Szijjarto said ahead of a meeting of the U.S. and Hungarian leaders.  Szijjarto is part of a large Hungarian delegation led by Prime Minister Viktor Orban who is meeting with U.S. President Donald Trump on Friday. The U.S. and Hungary are expected to discuss energy cooperation and Hungary’s insistence that it should continue to rely on and import Russian crude oil, which Washington has advised…

Amid the highest Chinese refinery throughput so far this year, China’s crude oil imports jumped in October by 8.2% from a year earlier and by 2.3% month-on-month, while purchases of other commodities dropped from the previous months.  Last month, China imported on average 48.36 million metric tons of crude oil, equivalent to 11.4 million barrels per day (bpd), according to official data from the General Administration of Customs cited by Reuters. Improving refining margins resulted in higher refinery throughput, Emma Li, lead market…

Amid the highest Chinese refinery throughput so far this year, China’s crude oil imports jumped in October by 8.2% from a year earlier and by 2.3% month-on-month, while purchases of other commodities dropped from the previous months.  Last month, China imported on average 48.36 million metric tons of crude oil, equivalent to 11.4 million barrels per day (bpd), according to official data from the General Administration of Customs cited by Reuters. Improving refining margins resulted in higher refinery throughput, Emma Li, lead market…

Petrobras will be paying higher dividends for the third quarter compared to the second quarter as production and earnings jumped sequentially, the Brazilian state-owned oil giant said. Petrobras booked a net income of $6 billion for the third quarter, up by 2.7% on the year and a 27.3% jump on the quarter, despite the decline in oil prices.  Higher production and start-ups of new fields helped the Brazilian giant cushion the impact of the more than $10 per barrel decline in oil prices. Oil production from the Buzios field hit a record high…

“Drill, baby, drill” is not the central theme in the U.S. shale patch despite President Donald Trump’s best efforts to back the American oil and gas industry with eased permitting and reversal of climate and export-restricting policies.  Most U.S. oil and gas producers are boosting production through consolidation and efficiency gains, instead of drilling additional wells. Many rely on drilled but uncompleted wells (DUCs) to raise output as the U.S. benchmark oil price has dipped by about 15% since President Trump’s…

Democrats' pitch on reining in energy prices helped them handily win Tuesday’s elections, with several candidates promising to freeze utility rates. Democrats also notched seats in Georgia’s utilities commission for the first time in nearly 20 years, a clear rebuke of the Georgia Public Service Commission after it hiked electricity rates six times over the past two years. Georgia Power residential customers are now paying an extra $516 per year on their electric bill from two years ago. But Georgia is hardly alone. Surging electricity…

Not long ago, the UK’s Prime Minister declared his government would turn the country into an “AI superpower”. The EU leadership has similar plans for the bloc—while China and the U.S. race ahead without looking back. Neither the UK nor the EU will catch up soon. Their energy is too expensive. Now, Nvidia’s boss is warning that even the United States’ energy costs may be too high to help it win the race. “China is going to win the AI race.” Jensen Huang made the blunt statement at the Financial Times’…

Saudi Arabia’s Vision 2030 national development strategy establishes the aim of economic diversification, as the government seeks to reduce its reliance on fossil fuel revenues by expanding other economic sectors. In addition to drawing revenue from growing industries, such as construction, ICT, and tourism, the government is encouraging greater energy diversification to boost the country’s long-term energy security.  Saudi Arabia built its wealth on oil, and it remains the second-biggest oil-producing country in the world, with…

Iraq Prime Minister Mohammed Shia Al Sudani has directed his ministry to halt imports of middle distillates such as gasoline, diesel and kerosene, claiming his country has achieved self-sufficiency through increased oil production coupled with ongoing additions of refining capacity.  Iraq has ramped up oil production and exports, partly through the success of its Nasiriyah field as well as increased production quotas within the OPEC+ agreement. Specifically, production at the Nasiriyah field has increased to 80,000 barrels a day by bringing…

In June 2019, the director of the Pentagon’s main intelligence agency made an eyebrow-raising allegation about Russia and its nuclear programs: Moscow is testing its atomic weapons."The U.S. government, including the Intelligence Community, has assessed that Russia has conducted nuclear weapons tests that have created nuclear yield,” Lieutenant General Robert Ashley said.China may also be conducting its own tests, Ashley added, possibly by using “zero-yield” methods in which no actual atomic explosion -- a fission chain…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

Canadian Natural Resources (TSX: CNQ / NYSE: CNQ) eked out a narrow earnings beat for the third quarter, with record oil and gas output helping offset weaker crude prices and a hefty North Sea write-down. The Calgary-based producer reported adjusted earnings of 0.86 Canadian dollars per share for the three months ended September 30, just above the 0.85 Canadian dollar consensus forecast compiled by LSEG. Total production jumped roughly 19% year-on-year to 1.62 million barrels of oil equivalent per day (boepd)—a record for the company—driven…

According to Trump, his big achievement a week ago when he announced the trade truce with China, was getting Beijing to agree to remove export limitations on rare earth minerals, which, as most now know, are so critical for US companies to make everything from cell phones, to cars, and military equipment. And yet, as discussed on a few occasions this week, it feels like the cracks in this latest trade deal are already starting to show, whether it is Beijing ordering Trump what he can't talk about, or quietly ring-fencing its domestic data center…

After months of twists, delays, and rival bids, MEG Energy shareholders have officially approved the long-awaited takeover by Cenovus Energy, clearing one of the final hurdles in an $8.6 billion deal that will reshape Canada’s oil sands sector. At a special meeting this week, 86% of MEG shareholders voted in favor of the acquisition—well above the two-thirds threshold required. The vote marks a decisive end to a saga that began back in the spring, when Strathcona Resources launched a hostile bid for MEG but was rebuffed by its board.…

The US ambassador to the UK has warned Britain’s sky-high energy prices threaten to undermine its status as a major global economy. Speaking at an event at the Savoy Hotel on Wednesday, Warren Stephens described UK energy prices, which are among the highest in the world, as the “chief obstacle” to growth. “Energy costs in the United Kingdom are too high on which to run an industrialized economy,” Stephens said. “Every business I meet, in every sector, complains to me that energy costs make the UK an expensive,…

While TC Energy slightly missed analyst estimates of its third-quarter earnings, the Canada-based pipeline operator expects North American natural gas demand to surge in the medium to long term, thanks to soaring U.S. LNG exports and “unprecedented power demand from data centres and coal-to-gas conversions.”   TC Energy has 58,100 miles of network of natural gas pipelines, which supplies more than 30% of the natural gas consumed daily across North America’s markets.  TC Energy also currently generates approximately…