Spain, Portugal, and Luxembourg have urged the European Union to set renewable energy targets for 2040, arguing that the EU should accelerate its clean energy rollout to reduce dependence on imported fossil fuels and on geopolitical disruptions to oil and gas supply.    “Because of geopolitical uncertainties, and as shown by the consequences of the blockage of the Strait of Hormuz, we need to act fast to cut [dependence on fossil fuels]”, the energy ministers of Spain, Portugal, and Luxembourg wrote in a letter to European…

Spain, Portugal, and Luxembourg have urged the European Union to set renewable energy targets for 2040, arguing that the EU should accelerate its clean energy rollout to reduce dependence on imported fossil fuels and on geopolitical disruptions to oil and gas supply.    “Because of geopolitical uncertainties, and as shown by the consequences of the blockage of the Strait of Hormuz, we need to act fast to cut [dependence on fossil fuels]”, the energy ministers of Spain, Portugal, and Luxembourg wrote in a letter to European…

Spain, Portugal, and Luxembourg have urged the European Union to set renewable energy targets for 2040, arguing that the EU should accelerate its clean energy rollout to reduce dependence on imported fossil fuels and on geopolitical disruptions to oil and gas supply.    “Because of geopolitical uncertainties, and as shown by the consequences of the blockage of the Strait of Hormuz, we need to act fast to cut [dependence on fossil fuels]”, the energy ministers of Spain, Portugal, and Luxembourg wrote in a letter to European…

Spain, Portugal, and Luxembourg have urged the European Union to set renewable energy targets for 2040, arguing that the EU should accelerate its clean energy rollout to reduce dependence on imported fossil fuels and on geopolitical disruptions to oil and gas supply.    “Because of geopolitical uncertainties, and as shown by the consequences of the blockage of the Strait of Hormuz, we need to act fast to cut [dependence on fossil fuels]”, the energy ministers of Spain, Portugal, and Luxembourg wrote in a letter to European…

With diesel prices at record highs, restricting U.S. diesel exports has an obvious appeal. Keep more American-made diesel at home, increase domestic supply, and take some pressure off farmers, truckers, construction companies, and ultimately consumers. President Donald Trump endorsed the idea this week, saying, “I’ve said let’s not send out the diesel.” The administration is now examining possible restrictions as farm-state lawmakers respond to soaring fuel costs. The United States is the world’s largest diesel exporter,…

Canada’s first liquefied natural gas export facility, LNG Canada, will double its capacity in the early 2030s after the Shell-led project announced on Tuesday the final investment decision to proceed with Phase 2 of the plant in Kitimat, British Columbia. LNG Canada in Kitimat, B.C., launched exports in the summer of 2025, after years of development by its shareholders Shell, Petronas, PetroChina, Mitsubishi, and Korea Gas Corporation (Kogas). Phase 2 of the first Canadian LNG export facility is planned to add two LNG processing units, or…

Over the past seven months, shipping traffic through the Strait of Hormuz has dwindled to a trickle, with Iran effectively closing the critical maritime chokepoint ever since the U.S. and Israel launched attacks against it. Consequently, major global shipping companies rerouted their vessels via South Africa’s Cape of Good Hope, with traffic around the southern tip of Africa having doubled since the war erupted in February. Unfortunately, the projected Southern African economic windfall in the form of surging demand for bunkering (fuel),…

Talk of a possible ban on U.S. exports of diesel fuel to curb soaring prices at the pump could end up pushing all fuel prices higher, cutting refinery runs as storage fills up, analysts have warned. The move could result in a glut of the fuel in the United States while the rest of the world struggles to secure supply. Retail diesel prices in the U.S. hit an all-time high of over $6.50 per gallon last week amid the global crunch that led to higher exports of the fuel, notably to Europe. In order to rein in prices for American drivers, legislators…

Oil prices rebounded from their recent slide on fears of U.S.-Iran escalation after attempts at diplomacy yielded mixed results, with speeches by leaders on both sides laced with threats and belligerence. Brent crude for November delivery was up 1.70% to trade at $106.09 per barrel at 4:30 p.m. ET on Monday, while the corresponding WTI crude contract was up 0.95% to change hands at $93.29 per barrel. In a defiant speech to the United Nations last Wednesday, resident Masoud Pezeshkian blamed the U.S. for starting the war and stoking global instability,…

The fuel trading market is expanding from an established group of specialized desks at oil majors, commodity trading houses, and refiners to AI-assisted trades. AI could either make the sometimes opaque fuel trading a level playing field for many new entrants or break the market by overcrowding it in some trades, as Reuters columnist Clyde Russell notes in a recent commentary. The AI boom and the race to offer and receive “actionable insights” in seconds are equally tempting for the developers of the technology, the commodity analytics…

The U.S.–Iran and Russia–Ukraine wars are more than regional or military conflicts. They are exposing weaknesses in the global energy and economic system and demonstrating that energy security can no longer be seen as independent of financial security, transportation, military security, strategic autonomy, and even ties with world power hegemonies. The Russia–Ukraine war disrupted Europe's long-standing dependence on Russian pipeline gas. The U.S.–Iran conflict has exposed another vulnerability: the concentration of global…

Energy models have an unusual talent. However chaotic the present may be, the future almost always becomes remarkably calm. Wars end. Shipping lanes reopen. LNG terminals work as planned. Winters remain manageable. Producers deliver. Markets rebalance. And natural gas prices gradually return to a smooth, comfortable line. Perhaps they will. But Europe has now spent five years discovering how little it actually knows about future gas prices. The latest Dutch Climate and Energy Outlook illustrates the problem. The KEV 2026 uses a central wholesale…

Crude stocks in the U.S. Strategic Petroleum Reserve stood at 284.6 million barrels for the week ending September 18, according to the Energy Information Administration, down from 285.0 million the week before and 406.0 million a year earlier. Department of Energy data show the reserve fell further the following week, to 283.8 million barrels, the lowest level since October 1982.  The reserve has now set a new multi-decade low twice this year, first falling below 300 million barrels, and below its 1983 level, in early August. The current drawdown…

Crude stocks in the U.S. Strategic Petroleum Reserve stood at 284.6 million barrels for the week ending September 18, according to the Energy Information Administration, down from 285.0 million the week before and 406.0 million a year earlier. Department of Energy data show the reserve fell further the following week, to 283.8 million barrels, the lowest level since October 1982.  The reserve has now set a new multi-decade low twice this year, first falling below 300 million barrels, and below its 1983 level, in early August. The current drawdown…

Crude stocks in the U.S. Strategic Petroleum Reserve stood at 284.6 million barrels for the week ending September 18, according to the Energy Information Administration, down from 285.0 million the week before and 406.0 million a year earlier. Department of Energy data show the reserve fell further the following week, to 283.8 million barrels, the lowest level since October 1982.  The reserve has now set a new multi-decade low twice this year, first falling below 300 million barrels, and below its 1983 level, in early August. The current drawdown…

The UK economy entered “uncharted territory” on Monday, battling an assortment of financial pressures as fears intensified ahead of the next Budget.  Diesel costs surged to a record high of 199.18p per litre, marking the latest energy shock on the UK economy. Stations were registered as charging 199.18p per litre, according to the RAC. The automotive firm said the price jump reflected “just how exposed the UK is to events occurring far away”. Brent crude – the international benchmark for oil prices – also…

Refinery production figures, export contracts and tanker routes are now off-limits to public reporting in Russia, under a decree Putin signed Monday, Reuters reported. The Kremlin points to unfriendly actions by Washington and its allies as the reason, and the restrictions took effect on signing, with the government given 10 days to define exactly which product codes are covered. Data on refining volumes at Russian plants is now restricted, along with contract details, including product names, quantities, prices, buyers, sellers, payment terms,…

Refinery production figures, export contracts and tanker routes are now off-limits to public reporting in Russia, under a decree Putin signed Monday, Reuters reported. The Kremlin points to unfriendly actions by Washington and its allies as the reason, and the restrictions took effect on signing, with the government given 10 days to define exactly which product codes are covered. Data on refining volumes at Russian plants is now restricted, along with contract details, including product names, quantities, prices, buyers, sellers, payment terms,…

Colombia’s economically vital petroleum industry is in a death spiral. Oil and natural gas production is falling despite efforts to boost output and grow efficiencies. New President Abelardo de la Espriella, a former criminal defense attorney, has put energy security and hydraulic fracturing, better known as fracking, firmly back on the agenda. A fierce battle reemerged over plans by the new administration to introduce fracking as a means of arresting Colombia’s declining hydrocarbon output. Colombia has a long and contentious history…

SpaceX's Starship reached orbit for the first time on Monday, Reuters reported, deploying 26 Starlink V3 satellites on the vehicle's 14th test flight after one of its six upper-stage engines failed roughly two and a half minutes into the mission. The Super Heavy booster ignited all 33 of its engines at 7:48 a.m. CT from SpaceX's Starbase facility near Brownsville, Texas, sending the 40-story vehicle over the Gulf of Mexico before Starship separated and continued alone toward orbit. SpaceX's live stream initially reported the mission could not reach…