Oil prices have recorded the biggest weekly decline in three months thanks in large part to challenging economic indicators and growing demand concerns. Last week, U.S. crude inventories posted an unexpected rise, with the American Petroleum Institute (API) reporting a build of 4.91 million barrels, a sharp contrast from the anticipated decrease of 1.1 million barrels. This build has come after reports that U.S. crude production surged to 13.15 million barrels per day in February, up from 12.58 million barrels in January, suggesting supply…

The United States says Russia is violating UN-imposed limits on total shipments of fuels to North Korea, signaling it is preparing more sanctions against entities involved in facilitating Pyongyang's access to petroleum products above the UN-mandated levels.    The UN Security Council has imposed a limit of 500,000 barrels of annual supply of all refined petroleum products to the Democratic People's Republic of Korea (DPRK), as North Korea is officially known, in an effort to curb its nuclear weapons program.    Russia,…

Some materials are transparent to light of a certain frequency. When such light is shone on them, electrical currents can still be generated, contrary to previous assumptions. Scientists from Leipzig University and Nanyang Technological University in Singapore have managed to prove this. The scientists have published their findings in the journal Physical Review Letters. Inti Sodemann Villadiego, Professor at the Institute of Theoretical Physics at Leipzig University commented, “This opens new paradigms for constructing opto-electronic and…

Several regions of the world are battling to achieve green hydrogen dominance by rapidly developing their hydrogen production capacity, transport infrastructure, and hydrogen corridors. While Asia and the Middle East are rapidly building their production capabilities, Europe is focusing on connectivity to ensure it can transport hydrogen across borders. Hydrogen is seen as key to achieving a green transition as, unlike many other renewable energy sources, it is considered a versatile carrier that can be used as a fuel to power transport and other…

Last year marked a record for U.S. oil production with an average daily production of 12.93 million barrels per day (BPD). That record was 5% greater than the previous record of 12.31 million bpd set in 2019. However, current data from the Energy Information Administration (EIA) shows that average daily production thus far in 2024 is 13.12 million bpd — 7.1% ahead of the production level of a year ago and 1.4% higher than last year’s record pace. U.S. natural gas production tells a similar tale. The EIA recently confirmed that 2023…

Natural gas markets have recorded a sharp spike in the current week with Henry Hub prices jumping 24% to $2.06/MMBtu as Europe mulls cutting off more Russian gas. Last month, EU energy chief Kadri Simson signaled that the EU executive has "no interest" in pushing Kyiv to renew its 5-year contract with Moscow, responsible for the supply of ~5% of Europe’s gas. TotalEnergies (NYSE:TTE) CEO Patrick Pouyanne has predicted that natural gas and LNG prices will spike after EU sanctions Russian gas from the…

The United States, the UK, Italy, France, Japan, Germany, and Canada this week struck an agreement to end the use of coal for power generation by 2035. The news was lauded by some in the green lobby while others, namely Greenpeace, called it “too little, too late”. Now, the biggest question is whether the G7 will turn words into actions—or rather, can it? Coal as a source of power generation across the G7 economies accounted for about 15% of the energy mix, according to data from climate nonprofit Ember cited by Reuters’…

Imposing a tax on big fossil fuel companies could boost climate finance by up to $900 billion by the end of the decade. The International Energy Agency (IEA) has repeatedly emphasized the need for higher levels of climate funding to meet global climate goals and achieve a green transition, but finding this money is not so easy. A recent report has potentially identified a way to raise funds to develop the renewable energy capacity of low-income nations, thereby helping the global green transition.  A new Climate Damages Tax report, published…

It seems that the Kremlin is having a hard time accepting that Russia is playing second fiddle to China when it comes to trade in Central Asia. The reluctance of Russian officials to acknowledge trade reality was on display at a late April trade fair, held in the Uzbek capital Tashkent. In a speech at the exhibition, Igor Kamynin, Russia’s deputy trade representative, claimed, at least in the case of Uzbekistan, that Russia and China were "equal partners with an equal share in trade turnover" in the eyes of Uzbek leaders, according to a TASS…

As the world focuses on transitioning to green, there are big questions about whether new oil and gas resources should be developed. On the one hand, new oil regions present the opportunity to develop lower-carbon oil and gas through less damaging operations. On the other, the International Energy Agency (IEA) and environmental organisations say it is vital to transition away from fossil fuels to green alternatives and leave any new oil in the ground, to achieve global climate aims. However, many recent oil discoveries have been made in low-income…

Iran is one of the most sanctioned countries in the world. But restrictions imposed by the United States have largely failed to stymie Iran's oil exports, the backbone of its flailing economy.U.S. sanctions have cut off Iran from most of its traditional customers, forcing Tehran to find new buyers and sell its oil at discounted prices.But China’s willingness to buy record amounts of Iranian oil, Tehran's mastery of sanctions-evading tactics, and Washington's reluctance to strictly enforce sanctions have made U.S. measures against Iran’s…

Via Metal Miner The Rare Earths MMI (Monthly Metals Index) saw a massive rebound after four months of sharp declines. All in all, the index rose by a whopping 14.36%. This enormous increase could indicate that prices for rare earth metals finally found a bottom between March and April. Chinese Rare Earth Metals Profits Still Declining China’s mining and processing industries continue to experience a drop in profitability despite the nation’s attempts to keep its grip on the critical rare earths market. A key state-owned company, China…

Despite indicating they would refill the Strategic Petroleum Reserve (SPR) by the end of this year, the Department of Energy has now canceled solicitations offered last month. Citing rising oil prices, the DOE said, “We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow.” Three million barrels of oil had been slated for delivery to the Bayou Choctaw SPR site in August and September. The SPR is the world’s largest supply of emergency crude oil.…

As the energy transition continues at pace, reducing the carbon footprint of traditionally high-emitting industries is increasingly crucial to limiting global emissions. Of these hard-to-abate sectors, steel manufacturing is one of the most challenging. Despite incentives and tax breaks designed to promote the production of green steel – produced using zero-carbon electricity – European steel mills are facing an up-hill struggle. The long-term economic viability of green steel versus grey steel – produced using fossil fuels –…

Shares in names like VW, Mercedes and Stellantis were lower this week, heading into Wednesday's session, after news of "falling demand" in Europe.  In the first quarter of this year, Europe's top two car manufacturers faced a downturn due to diminished demand in China and domestic markets, Financial Times reported on Tuesday this week. Volkswagen Group saw a significant decline in profits, dropping by a fifth from the previous year to €4.6bn, largely attributed to declining resale values and supply issues at Audi, a key brand within the…

Exxon Mobil Corporation has finalized its acquisition of Pioneer Natural Resources, marking a monumental milestone in the energy sector. With a price tag of $60 billion, this deal stands as one of the largest oil-and-gas acquisitions in recent memory, reshaping the landscape of the industry. The completion of this megadeal significantly bolsters Exxon's presence in the coveted Permian Basin. This strategic move effectively doubles Exxon's footprint in the region, solidifying its position as a dominant player in one of the most prolific oil-producing…

Exxon Mobil Corporation has finalized its acquisition of Pioneer Natural Resources, marking a monumental milestone in the energy sector. With a price tag of $60 billion, this deal stands as one of the largest oil-and-gas acquisitions in recent memory, reshaping the landscape of the industry. The completion of this megadeal significantly bolsters Exxon's presence in the coveted Permian Basin. This strategic move effectively doubles Exxon's footprint in the region, solidifying its position as a dominant player in one of the most prolific oil-producing…

Exxon Mobil Corporation has finalized its acquisition of Pioneer Natural Resources, marking a monumental milestone in the energy sector. With a price tag of $60 billion, this deal stands as one of the largest oil-and-gas acquisitions in recent memory, reshaping the landscape of the industry. The completion of this megadeal significantly bolsters Exxon's presence in the coveted Permian Basin. This strategic move effectively doubles Exxon's footprint in the region, solidifying its position as a dominant player in one of the most prolific oil-producing…

Exxon Mobil Corporation has finalized its acquisition of Pioneer Natural Resources, marking a monumental milestone in the energy sector. With a price tag of $60 billion, this deal stands as one of the largest oil-and-gas acquisitions in recent memory, reshaping the landscape of the industry. The completion of this megadeal significantly bolsters Exxon's presence in the coveted Permian Basin. This strategic move effectively doubles Exxon's footprint in the region, solidifying its position as a dominant player in one of the most prolific oil-producing…

Metal Miner Metals markets recently saw UK metal and mining multinational Anglo American reject a £31.1 billion ($38.8 billion) takeover bid from Australia’s BHP. Meanwhile, shareholders in the latter company continue to urge an increase in the offer price.On April 26, London- and Johannesburg-listed Anglo American’s board of directors unanimously rejected BHP’s unsolicited, all-share offer made the previous day. Under the offer, Anglo American would demerge all its shareholdings in Anglo American Platinum Limited and Kumba…