Cenovus Energy is raising its takeover bid for MEG Energy in the best and final offer to buy the company that has seen rival bids from Cenovus and Strathcona Resources in recent months.  Cenovus announced on Wednesday a sweetened offer for MEG Energy shareholders, which values the target company at US$6.16 billion (C$8.6 billion) including debt.   The fully pro-rated consideration for MEG represents a value of approximately US$21.37 (C$29.80) per MEG share at Cenovus’s closing share price on October 7, 2025, an increase of…

Australia’s role as a resource powerhouse is changing due to global economic forces beyond its control: the fall in oil prices and the record-smashing increase in the price of gold. The country and continent are rich in deposits of iron ore, its number one export, as well as copper, coal, aluminum, lithium and natural gas. Australia also has vast reserves of gold, found for example at the Boddington open-pit mine in Western Australia owned by US-based miner Newmont; the Cadia mine in New South Wales known for its gold and copper production;…

Crude oil inventories in the United States increased by 3.7 million barrels during the week ending October 3, after gaining 1.8 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 420.3 million barrels according to government data, which is still 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil…

Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday.  “Production is growing... Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying.  Russia’s oil production in August was about 90,000 barrels per day (bpd) below its OPEC+ quota.   Russia’s oil production averaged 9.173 million bpd in August, compared to the 9.259…

Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday.  “Production is growing... Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying.  Russia’s oil production in August was about 90,000 barrels per day (bpd) below its OPEC+ quota.   Russia’s oil production averaged 9.173 million bpd in August, compared to the 9.259…

Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday.  “Production is growing... Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying.  Russia’s oil production in August was about 90,000 barrels per day (bpd) below its OPEC+ quota.   Russia’s oil production averaged 9.173 million bpd in August, compared to the 9.259…

On the evening of October 2, a massive fire broke out at Chevron’s El Segundo refinery just southwest of Los Angeles. The blaze was visible across the South Bay and drew a large emergency response, but it was ultimately contained without injuries. While the fire was limited to a single process unit, the facility’s importance to California’s fuel supply means the incident could ripple through regional gasoline markets almost immediately, exacerbating an already challenging situation. Built in 1911,…

Oil prices rose early on Wednesday after an industry report showed on Tuesday that the crude stocks at the key Cushing hub fell further and OPEC+ somewhat eased fears of an imminent glut with a planned modest increase in output.   As of 8:05 a.m. EDT on Wednesday, WTI Crude prices were up by 1.44% at $62.62, while the front-month Brent Crude futures traded 1.42% higher at $66.38.  Cushing, Oklahoma, is the physical delivery spot for oil bought and sold in West Texas Intermediate futures contracts.   The American Petroleum…

Some of Europe’s top economies where wind power plays a key role in electricity supply had to curtail a record amount of generation capacity between January and September as grids were unable to dispatch the surge in renewable energy output.    When excess wind or solar output threatens to overwhelm grids, operators are being paid to reduce generation from their renewable energy assets.  The curtailment rates in Spain, Germany, France, and south Sweden rose in the nine months of the year compared to the same period of…

Some of Europe’s top economies where wind power plays a key role in electricity supply had to curtail a record amount of generation capacity between January and September as grids were unable to dispatch the surge in renewable energy output.    When excess wind or solar output threatens to overwhelm grids, operators are being paid to reduce generation from their renewable energy assets.  The curtailment rates in Spain, Germany, France, and south Sweden rose in the nine months of the year compared to the same period of…

The OPEC+ group continues to return modest volumes of supply to the market, cautious not to sink oil prices as demand weakens after the summer. The production hikes are estimated to be lower than the headline figures suggest—some producers lack the capacity to boost output further, while others are compensating for previous overproduction. While the lower-than-planned production increases support oil prices, they also reduce the spare capacity of the OPEC+ producers. Not that many of them have any meaningful spare production capacity. Except…

Just five years ago, no one could predict the surge in electricity demand that the United States is currently experiencing because of the proliferation of data centers as AI takes center stage in the tech industry. Many, however, predicted that nuclear is due for a renaissance—and it is getting it, in both conventional form and, in the future, in small modular reactors. A lot of studies have looked into the amount of energy that AI data centers consume, and while their calculations may vary, the overall conclusion does not: AI consumes enormous…

U.S. President Donald Trump’s core financial strategy for ending Russia’s war in Ukraine is to starve it of oil and gas revenue. The initial focus of this from Washington’s perspective in the immediate aftermath of the 24 February 2022 invasion was to stop Europe, especially its de facto leader Germany, from continuing to import the huge quantities of cheap gas and oil that had powered its economic expansion from the late 1990s. The U.S.’s efforts at that point were broadly successful, and the pressure is now on Europe to…

The Dallas Federal Reserve’s latest Energy Survey, which tracks activity across Texas, northern Louisiana, and southern New Mexico, shows a clear cooling in the U.S. oil sector. After years of relentless growth driven by the shale boom, responses this quarter point to a sector that is slowing down and recalibrating in the face of new pressures. For the second consecutive quarter, drilling and completion activity declined. Operators are scaling back exploration budgets, and the aggressive growth that defined shale’s early years has given…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by 2.780 million barrels in the week ending October 3. Analysts had forecast a 2.25 million build for the week. Today’s figures come after three consecutive weeks of draws, including a 3.674 million barrel draw in the week ending September 26. So far this year, net crude oil inventories have rose by just 557,000 barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States increased by 2.780 million barrels in the week ending October 3. Analysts had forecast a 2.25 million build for the week. Today’s figures come after three consecutive weeks of draws, including a 3.674 million barrel draw in the week ending September 26. So far this year, net crude oil inventories have rose by just 557,000 barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude…

As the US aims to decouple from Chinese supply chains by doubling down on its domestic oil and gas resources, industries such as offshore wind have faced a barrage of economic challenges, from stop-work orders, to tax break rollbacks and rising inflationary costs. Despite unfavorable conditions in the US, Rystad Energy research shows new global offshore wind capacity will reach 16 gigawatts (GW) by the end of 2025 due to projects already underway, with two thirds of them being developed in China. By 2030, Rystad Energy forecasts China’s offshore…

The United States is on track to break yet another oil production record this year, but the Energy Information Administration (EIA) says the resulting supply glut could drag prices lower in the months ahead. In its October outlook, the EIA raised its forecast for U.S. crude production to 13.53 million barrels per day (bpd) for 2025, up from a forecast of 13.44 million bpd previously. That’s well above last year’s record 13.23 million bpd and reflects stronger-than-expected output in July, along with faster ramp-ups from new offshore…

The United States is on track to break yet another oil production record this year, but the Energy Information Administration (EIA) says the resulting supply glut could drag prices lower in the months ahead. In its October outlook, the EIA raised its forecast for U.S. crude production to 13.53 million barrels per day (bpd) for 2025, up from a forecast of 13.44 million bpd previously. That’s well above last year’s record 13.23 million bpd and reflects stronger-than-expected output in July, along with faster ramp-ups from new offshore…

A few years ago, clean hydrogen in Europe seemed stuck in ambition. Targets were bold, but execution was thin. That’s changing fast, thanks to a smart new mechanism that tackles one of hydrogen’s toughest challenges: bridging the cost gap between low-carbon hydrogen and fossil-derived alternatives. Auctions that de?risk and prioritize The European Hydrogen Bank operates via competitive auctions under the Innovation Fund. Producers bid on a fixed-premium subsidy per kilo of hydrogen for up to ten years. Only projects with credible offtake…