European Union leaders are among the most enthusiastic proponents of maximum electrification to reduce dependence on imported energy commodities. A lot of EU policy pursues precisely that. Yet EU electricity prices last week surged to over 600 euros per MWh on a wind drought, and the bloc still gets over 70% of its final energy consumption from hydrocarbons. Electrification is much easier said than done. In July this year, the European Commission released a plan to turn Europe into the first “electro continent” by boosting the share…

Copper slid to its lowest in almost four months on Friday and was heading for a fifth straight weekly loss, with traders blaming Nvidia’s (Nasdaq: NVDA) loss of Jensen Huang for the latest leg down. The exit is a convenient culprit, but the slide started before it. Copper has dropped every week since mid-October, and Goldman Sachs called the correction a matter of positioning in AI-linked stocks, not a sign that fundamentals have loosened. Three-month copper on the London Metal Exchange was down 0.5% at $13,519 a metric ton as of 1000 GMT,…

Several countries in Asia have recognised the need to accelerate the deployment of renewable energy to reduce reliance on fossil fuel imports and support energy diversification. The ongoing conflict in the Middle East has significantly reduced fuel trade in recent months, leading to fears of shortages as countries worldwide scramble to find different suppliers and switch to alternative energy sources. The International Energy Agency (IEA) has previously pointed out the significant potential Asia has to increase its renewable energy capacity, and…

For three years, the gold story was about who was buying. In 2026, it has become a story about where the metal sleeps at night. On Tuesday, the Monetary Authority of Singapore opened its national currency vault, with room for 500 tons of bullion, to foreign central banks and sovereign entities, and threw in a tax break for the wholesale gold trade to sweeten the deal. The launch lands three weeks after Bloomberg reported that wealthy American, European and Middle Eastern investors are already shipping their bars to the city-state, where privately…

The United States was slow to embrace offshore wind, with its first small-scale commercial wind farm coming online in 2016. It would take another eight years before the country launched its first utility-scale offshore wind project in 2024. While many other countries around the globe were rapidly developing offshore wind projects as part of energy diversification strategies, the United States mainly pursued solar photovoltaics and onshore wind projects. The United States has significant potential to develop its offshore wind capacity, but…

Iran is drafting next year’s budget under the premise that oil revenue could fall to zero, with senior budget official Mohammad Ghasemi telling the government on Monday to prepare for that scenario, as the country appears to be weeks away from that eventuality. Iran has loaded no crude since August 25, according to the US Treasury, and the oil it held at sea outside the US blockade fell from 88.8 million barrels in mid-July to zero by mid-October. Chinese buyers pay one to two months after delivery, so Kpler expects that revenue could stop…

Yesterday the US Senate approved a preliminary version of a bill, the Bipartisan Affordability and Jobs Act, commonly referred to as BAAJA. We previously published an article in Oilprice titled, “The AI Power Grab That Could Upend America’s Utility Industry.” Our thesis was simple. Today’s AI giants (we referred to them as T-Rexes because economically they are akin to apex predators), thanks to their enormous size and political influence, will be permitted to build whatever electric power generating facilities they choose,…

President Donald Trump extended the Jones Act waiver for another 90 days on Friday, keeping foreign-flagged tankers eligible to move oil and other commodities between U.S. ports as the war with Iran continues to drive up fuel costs. The extension, confirmed by a White House official who spoke to Reuters, continues what is already the longest waiver in the shipping law's history. Foreign vessels will still need approval for individual voyages due to a restriction introduced in August after earlier blanket exemptions drew opposition from the domestic…

China is responding to a successful US push to raise its trade profile in Central Asia by launching a far-reaching information campaign to sway hearts and minds in Central Asia’s most populous state.  In late October and early November, CGTN, China’s international broadcaster operated by the Communist Party’s Central Propaganda Department, sponsored an unprecedented information campaign touting the PRC’s expansive ties with Uzbekistan. The PR blitz included roughly 70 articles and videos published in the Uzbek and Russian…

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, with the total rig count in the US falling to 601, up 52 from this same time last year. The number of active oil rigs stayed the same at 463 during the latest reporting period, according to the data. This is 46 above this same time last year. The number of gas rigs fell by 4, which is just 2 more than this time last year. Miscellaneous rigs rose by 1 to 11. The latest EIA data showed that weekly…

Iraq’s crude oil production hit 4.6 million barrels per day (bpd) in October, the highest since 2019, data from the International Energy Agency’s monthly report showed on Friday, as OPEC’s second-largest producer hiked output by 540,000 bpd from September. Kuwait and Saudi Arabia also boosted their October crude oil output compared to September, as rising volumes of oil are leaving the Strait of Hormuz on smaller tankers, which then transfer the crude cargoes onto supertankers in the Gulf of Oman. Iraq’s October crude oil…

Oil prices bounced back in early trading on Friday as geopolitical risk returns and optimism surrounding potential peace deals fades. Friday, November 6, 2026The initial days of the US’ post-midterms price collapse are gradually making way for a return to the pre-November status quo, with President Trump insinuating that he ‘doesn’t need a deal with Iran’ amidst intensifying Israeli pressure to resume military strikes against Tehran. A worsening outlook for any peaceful settlement of the Russia-Ukraine war, as well…

India’s fuel demand for road transportation is nearly a decade away from peaking despite rising sales of electric two- and three-wheelers, as commercial transport and conventional fleets will keep using greater volumes of gasoline and diesel, BloombergNEF has said. India’s fuel demand for road transportation is expected to peak at above 2.5 million barrels per day (bpd) in 2034, research firm BloombergNEF said in its India Electric Vehicle Outlook 2026. India’s rising road fuel demand could sustain global oil demand growth for…

India’s fuel demand for road transportation is nearly a decade away from peaking despite rising sales of electric two- and three-wheelers, as commercial transport and conventional fleets will keep using greater volumes of gasoline and diesel, BloombergNEF has said. India’s fuel demand for road transportation is expected to peak at above 2.5 million barrels per day (bpd) in 2034, research firm BloombergNEF said in its India Electric Vehicle Outlook 2026. India’s rising road fuel demand could sustain global oil demand growth for…

India’s fuel demand for road transportation is nearly a decade away from peaking despite rising sales of electric two- and three-wheelers, as commercial transport and conventional fleets will keep using greater volumes of gasoline and diesel, BloombergNEF has said. India’s fuel demand for road transportation is expected to peak at above 2.5 million barrels per day (bpd) in 2034, research firm BloombergNEF said in its India Electric Vehicle Outlook 2026. India’s rising road fuel demand could sustain global oil demand growth for…

A power plant built at the landfall of the Nord Stream gas pipelines in northeastern Germany was shut down after the pipelines were sabotaged. Now the facility is being dismantled and sent to Ukraine. The Greifswald industrial power plant in Lubmin is majority owned by Germany’s Securing Energy for Europe (SEFE). Adrianne Montgobert, a spokesperson for the state-owned company, confirmed to RFE/RL that dismantling of the plant is currently under way, with its transfer being managed by a team from Naftogaz, Ukraine’s oil and gas giant.…

Six months ago, I wrote that Americans were experiencing the Iran war primarily through higher prices, while much of the rest of the world was confronting something more serious: actual shortages of fuel and other critical products.  In “The U.S. Feels Higher Prices While The World Is Facing Fuel Shortages,” I highlighted several pressure points created by the disruption of traffic through the Strait of Hormuz. India was struggling to secure liquefied petroleum gas, or LPG, fertilizer markets were tightening, Europe faced potential…

State-owned Pakistan LNG Limited (PLL) has issued a tender to purchase two LNG cargoes from international suppliers for delivery in mid-December and early January, Business Recorder reports, citing a tender notice. Winning bidders in the tender are expected to deliver the LNG cargoes on a delivered ex-ship (DES) basis at Port Qasim, one in the December 14-16 window, and the other between January 9 and 11, 2027. The new tender is a re-issue of a previous one, in which Pakistan had rejected bids from two suppliers, who had quoted prices of between…

State-owned Pakistan LNG Limited (PLL) has issued a tender to purchase two LNG cargoes from international suppliers for delivery in mid-December and early January, Business Recorder reports, citing a tender notice. Winning bidders in the tender are expected to deliver the LNG cargoes on a delivered ex-ship (DES) basis at Port Qasim, one in the December 14-16 window, and the other between January 9 and 11, 2027. The new tender is a re-issue of a previous one, in which Pakistan had rejected bids from two suppliers, who had quoted prices of between…

A tanker carrying liquefied gas hit a mine and suffered an explosion on Friday while attempting to transit the Strait of Hormuz via a route not authorized by Iran, the Islamic Revolutionary Guard Corps (IRGC) Navy said. The vessel was using an “unauthorised and dangerous route” in the Strait of Hormuz, according to Iran’s state media cited by Reuters. The attacks on vessels carrying energy products through the Strait of Hormuz have intensified in the past month, with Iran reporting incidents nearly every day.   On Thursday,…