Iranian President Masud Pezeshkian has said his country is open to admitting international inspectors to prove its nuclear program is "peaceful," in comments marking the 47th anniversary of the Islamic Revolution, as US naval forces stand poised in the region for possible military strikes. "We are not seeking to acquire nuclear weapons. We have stated this repeatedly and are ready for any verification," he said on February 11, at anniversary celebrations taking place against a backdrop of a deadly crackdown in which security forces killed thousands…

Fourth-quarter earnings at French supermajor TotalEnergies (NYSE: TTE) fell by 13% from a year earlier as higher upstream production and improved refining margins couldn’t offset the decline in oil prices.  TotalEnergies on Wednesday reported an adjusted net income of $3.84 billion for the fourth quarter, in line with the analyst consensus estimate of $3.8 billion.   Cash flow remained more resilient, as cash flow from operations (CFFO) of $7.2 billion rose by 2% sequentially and fell by 7% from a year earlier, even if oil…

Oil prices rose by 1% early on Wednesday as the U.S.-Iran tensions continue to rise and Israeli Prime Minister Benjamin Netanyahu is set to meet U.S. President Donald Trump.  In morning trade in Europe on Wednesday, the U.S. benchmark, WTI Crude, was up by 1.39% to $64.85 per barrel. The front-month futures traded at $64.85.   The international benchmark, Brent Crude, traded very close to the $70 per barrel mark, as it was up 1.29% on the day to $69.69.  This week, the U.S.-Iran tensions and negotiations have been in the spotlight,…

Over the past decade, China’s renewable energy and related clean technologies have emerged as the fastest-growing sectors of the economy, significantly outpacing the overall economy. Last year, China’s clean energy investments hit a record 7.2 trillion yuan ($1 trillion), with the sector accounting for over 11% of GDP and growing three times faster than the overall economy. Indeed, China’s "new three" namely solar, batteries, and electric vehicles contributed over 90% of the rise in the country’s overall investments. China…

Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the International Energy Agency (IEA) says. Global power demand is expected to grow by more than 3.5% per year on average through the end of the decade, the agency said in its new Electricity 2026 report. Renewables, nuclear, and natural gas are the big winners of the electricity demand boom, but the rise in all…

Progress on the key elements in TotalEnergies’ US$27 billion four-pronged project that will define Iraq’s oil and gas sector in the years to come ranges from 80% to 95% complete, according to reports from the country’s Oil Ministry. This runs from 80% finished on the rehabilitation work on the first Central Processing Facility -- expected to double production capacity from 60,000 to 120,000 barrels per day (bpd) -- to 95% finalised on the Artawi-PS1 export pipeline project. Overall, a senior source who works very closely with…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed the same at 415.2 million barrels in the week ending February 6. This is 310.3 million barrels shy of maximum capacity. US production fell…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by a whopping 13.4 million barrels in the week ending February 6, and more than offsetting the prior week’s draw of 11.1 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed the same at 415.2 million barrels in the week ending February 6. This is 310.3 million barrels shy of maximum capacity. US production fell…

Argentina is home to an enormous wealth of critical natural resources that are becoming increasingly in demand as the global energy transition continues to pick up pace. But while Argentina’s potential geopolitical advantages open new avenues for economic growth, they also come with major potential trade-offs for energy sovereignty as the world’s superpowers intensely pursue the nation’s riches of lithium and uranium. Argentina’s economy is finally on an upswing after decades of painful decline. This change is in large part…

Germany’s uneasy energy truce with Washington is starting to fray, and the pressure point is a single refinery that keeps Berlin moving. Managers at the PCK Schwedt refinery, majority-owned by Russia’s Rosneft (54.17%), have privately warned the German government that U.S. sanctions are already choking day-to-day operations and could threaten fuel supplies for Berlin and eastern Germany. In a January letter to economy and energy minister Katherina Reiche, refinery management made what they described as an urgent appeal to resolve the…

To help navigate the uncertainty, we have framed five possible scenarios, detailed below, that outline plausible pathways, from diplomatic normalization to severe destabilization, and assess their consequences for geopolitics and global oil markets. Only a week ago, the balance of risks appeared tilted towards military action. More recently, intensified diplomatic engagement and signalling from both Washington and Tehran have shifted expectations toward a less confrontational path. That said, developments can unfold quickly, and the probability…

The U.S. shale revolution is widely considered one of the most significant energy, economic, and industrial transformations in American history. By combining horizontal drilling and hydraulic fracturing (fracking) to unlock massive oil and gas reserves from shale rock, the energy revolution reversed decades of declining production, transformed the U.S. into the world's top oil and natural gas producer and a net exporter of oil while reshaping global energy markets. The U.S. shale revolution more than doubled total U.S. petroleum and other liquids…

US Vice President JD Vance kicked off a three-day visit to Armenia and Azerbaijan with an evening meeting with Armenian Prime Minister Nikol Pashinyan. They concluded their discussions with a signing ceremony covering an agreement on peaceful nuclear cooperation. A statement issued by the Armenian Foreign Ministry prior to the meeting had hinted a signing ceremony was in the offing, saying Vance’s visit will include “events that will deepen relations with Washington and open new areas of cooperation.” Pashinyan said the agreement…

Shell does not have to buy assets anytime soon, chief executive officer Wael ?Sawan said on Tuesday, as analysts and the company itself have said that the supermajor needs to fill a resource gap over the next decade. Shell needs an exploration breakthrough or a big merger after its oil reserves fell to the lowest levels since 2013, according to analysts. The so-called ‘reserve life’— denoting how long Shell’s proven reserves can sustain production at current levels—has dropped to below 8 years, significantly lower…

A record 9.5 billion passenger trips are expected during this year’s Chinese New Year or Spring Festival travel surge, according to the National Development and Reform Commission. The 40 day period between February 2 and March 13 is expected to see record highs in terms of passenger volumes for both rail trips (exceeding 540 million passengers) and civil aviation trips (exceeding 95 million passengers). However, as Statista's Katharina Buchholz reports, despite rail and air travel for the Chinese New Year gaining popularity, travel by road…

Norway likes to talk a big game about energy transition, but Equinor is busy reminding everyone that oil and gas are still paying the bills. The Norwegian major plans to sharply increase its international oil and gas production by 2030, pushing overseas output above 900,000 barrels of oil equivalent per day (boepd), up from roughly 730,000 boepd in 2025, Equinor’s head of foreign operations told Reuters this week. That is a more than 20% jump at a time when many European peers are doing their best to sound apologetic about hydrocarbons. The…

India has seized three oil tankers involved in oil smuggling in what is believed to be the country’s first move against the growing shadow fleet of tankers.   The Indian Coast Guard has said that it busted on February 6 “an international oil-smuggling racket” in a land and sea operation. “The syndicate exploited mid-sea transfers in international waters to move cheap oil from conflict-ridden regions to motor tankers, evading duties owed to coastal states,” the Coast Guard added. The authorities intercepted three…

India’s coal demand could more than double by 2050 from current levels under current policies, a new report by NITI Aayog, the policy think tank of the Indian government, showed on Tuesday. Under the Current Policy Scenario (CPS), coal demand in India is forecast to rise even through 2070, according to the projections. In this scenario, long-term demand could more than double to 2.615 billion tons by 2050, up from 1.256 billion tons in 2025, the think tank’s analysis found. If India keeps the current policies, coal demand will be higher…

India’s coal demand could more than double by 2050 from current levels under current policies, a new report by NITI Aayog, the policy think tank of the Indian government, showed on Tuesday. Under the Current Policy Scenario (CPS), coal demand in India is forecast to rise even through 2070, according to the projections. In this scenario, long-term demand could more than double to 2.615 billion tons by 2050, up from 1.256 billion tons in 2025, the think tank’s analysis found. If India keeps the current policies, coal demand will be higher…

India’s coal demand could more than double by 2050 from current levels under current policies, a new report by NITI Aayog, the policy think tank of the Indian government, showed on Tuesday. Under the Current Policy Scenario (CPS), coal demand in India is forecast to rise even through 2070, according to the projections. In this scenario, long-term demand could more than double to 2.615 billion tons by 2050, up from 1.256 billion tons in 2025, the think tank’s analysis found. If India keeps the current policies, coal demand will be higher…