A Sunday drone attack on the Saratov refinery, owned by Russia’s oil giant Rosneft, prompted the facility to halt the intake of crude oil, a source with knowledge of the matter told Bloomberg on Monday.  The Saratov Refinery in the Volga region has the capacity to process 140,000 barrels per day (bpd) of crude, but it has now been forced offline due to Ukrainian drone strikes.    The Saratov refinery, which has been part of Rosneft since 2013, typically processes Russia’s flagship Urals crude oil and Saratovskoye…

Norway has started to plan its 26th oil and gas licensing round in little explored frontier areas as it looks to boost exploration and resources to stem an expected decline in production from the early 2030s.  Norway’s Energy Ministry has launched work on announcing the new licensing round for the unexplored areas soon, Energy Minister Terje Aasland has said. “Norway wants to be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country,” Aasland…

India could see spikes in power prices in the coming weeks as supply will be constrained and procurement costs will rise with the shutdown of a unit at the country’s largest nuclear power plant for maintenance.  India has now shut the 1-GW Unit 1 at the Kudankulam nuclear power plant in the southern state of Tamil Nadu, Reuters quoted a notice by the Central Electricity Authority.  The maintenance is expected to last just over two months, potentially tightening the supply of electricity in southern India and leading to higher supply…

Washington appeared to be preparing Kyiv and Moscow for major compromises to end the long, bloody war ahead of a face-to-face meeting of the US and Russian presidents, with US Vice President JD Vance warning that any peace deal will likely leave both sides "unhappy." "It's not going to make anybody super happy. Both the Russians and the Ukrainians, probably, at the end of the day, are going to be unhappy with it," Vance said in a Fox News interview broadcast on August 10. The remarks came ahead of a scheduled August 15 meeting in Alaska between…

Germany’s federal network agency is investigating a potential manipulation on the domestic natural gas market with costs incurred for conversion of one type of natural gas to another, the regulator told Bloomberg on Monday.  Germany converts some of its gas supply as the types of gas from its biggest providers, Norway and the Netherlands, differ and need to be converted in some German regions so that the pipelines and appliances running on gas can function safely.   The costs for the conversion are being managed by market operator…

Financing for oil and gas projects from the six biggest Wall Street Banks is on the decline, and it is a rather sharp decline. Since the start of this year, funding by banks to the hydrocarbons industry has fallen by a quarter, according to Bloomberg calculations. But it’s not because all the money is going into wind and solar. Wall Street’s top players provided $73 billion in financing to oil, gas, and coal projects since the start of the year. This was down by 25% from the first seven months of 2024, with the decline most pronounced…

Used and recycled electric vehicle batteries are getting a second chance at life through energy storage systems across the country. Lithium-ion batteries are retired from their role powering EVs when they still have a lot of life left in them, and repurposing them for one of the fastest-growing energy industry sectors is a no-brainer. Diverting lithium-ion batteries away from landfill and into storage projects yields multiple overlapping benefits. First, it helps build up domestic energy storage capacity in a cost-effective and efficient manner.…

The U.S. LNG export boom, strongly supported by the Trump Administration, could be undermined by separate trade rules proposed by the very same administration, which looks to revive America’s shipbuilding to counter China’s dominance. Under new mandates proposed by the U.S. Trade Representative (USTR), beginning in 2028, a total of 1% of America’s LNG exports must be carried via U.S.-flagged vessels. From 2029 onwards, 1% of U.S. LNG exports should be shipped on U.S.-flagged and U.S.-built vessels. This number will gradually rise…

The Trump administration is attempting to breathe new life into the nation’s declining coal industry, but greater market forces indicate that the dirtiest fossil fuel will likely continue its terminal decline. Though the sitting president has signed an executive order aimed at “Reinvigorating America’s Beautiful Clean Coal Industry,“ there are zero new coal plants under construction as utilities “continue to prioritize adding renewables, batteries, gas and nuclear power ahead of new coal-fired capacity based on the…

US officials keep expressing enthusiasm for expanding trade in critical minerals with Central Asian states. But while Washington talks, China is taking substantive action to expand its hold over Central Asia’s abundant resources.  During her recent Senate confirmation hearing, Julie Stufft, the Trump administration’s nominee to be US envoy to Kazakhstan, reaffirmed US interest in developing Central Asia’s critical minerals sector.   “Almost half of the minerals recognized by the [US Geological Survey] as critical…

President Trump’s return to the Oval Office saw US authorities sanction Iranian traders, middlemen and infrastructure with fervent intensity, triggering a string of new legislative measures targeting Tehran’s oil revenues. The clampdown intensified amidst the Israel-Iran crisis, with the White House extending its sanctioning spree first on Chinese refiners (mostly smaller ‘teapots’ in Shandong province) and then also on China’s port operators and midstream companies allegedly dealing with Iranian oil. With more than…

Critical minerals startup General Matter announced ambitious plans this week to construct a $1.5 billion uranium enrichment facility at the Paducah Gaseous Diffusion Plant in McCracken County, Kentucky, as the Trump administration seeks to reduce reliance on rare earths from China. The groundbreaking project would be the first U.S.-owned, privately developed uranium enrichment facility and marks the largest economic development initiative in Western Kentucky's history. General Matter will develop the 100-acre uranium enrichment facility on the…

US officials keep expressing enthusiasm for expanding trade in critical minerals with Central Asian states. But while Washington talks, China is taking substantive action to expand its hold over Central Asia’s abundant resources.  During her recent Senate confirmation hearing, Julie Stufft, the Trump administration’s nominee to be US envoy to Kazakhstan, reaffirmed US interest in developing Central Asia’s critical minerals sector.   “Almost half of the minerals recognized by the [US Geological Survey] as critical…

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. The total rig count in the US fell by 1 rig, landing at 539, according to Baker Hughes, down 49 from this same time last year. The previous rig count, at 538, is the lowest point since December 2021. The number of oil rigs, however, rose by 1 to 411, although year over year this represents a 74-rig decline. The number of gas rigs fell by 1 this week, coming in at 123 for a gain of 26 active gas…

A surprise bidder has entered the high-stakes auction for PDV Holding—the U.S.-based parent of Citgo Petroleum—throwing a wrench into a $7.38 billion deal already recommended by a court-appointed officer. The unsolicited offer, confirmed in a court filing Thursday by special master Robert Pincus, comes as the judge weighs whether to approve the existing winning bid from a consortium led by Gold Reserve Ltd. and Dalinar Energy. The rival offer’s backer, known only as “Bidder B,” remains unnamed, but has reportedly been…

A surprise bidder has entered the high-stakes auction for PDV Holding—the U.S.-based parent of Citgo Petroleum—throwing a wrench into a $7.38 billion deal already recommended by a court-appointed officer. The unsolicited offer, confirmed in a court filing Thursday by special master Robert Pincus, comes as the judge weighs whether to approve the existing winning bid from a consortium led by Gold Reserve Ltd. and Dalinar Energy. The rival offer’s backer, known only as “Bidder B,” remains unnamed, but has reportedly been…

The leaders of Armenia and Azerbaijan are expected to sign a US-brokered peace deal that could end decades of conflict when their leaders are hosted by US President Donald Trump in the White House on August 8. Armenian Prime Minister Nikol Pashinian and Azerbaijani President Ilham Aliyev will also sign agreements with the United States to "pursue Economic opportunities together, so we can fully unlock the potential of the South Caucasus Region," Trump said on Truth Social on August 7. "Many Leaders have tried to end the War, with no success, until…

NASA is accelerating plans to set up a nuclear reactor to the Moon by the end of the decade, to power bases there and help America be the first nation to have an energy base powered by 24/7 nuclear power on the Moon and win the “second space race” with Russia and China.   Back in 2020, NASA was planning to build a base and a nuclear power plant on the Moon by 2026 and invited proposals from companies ready to take on the challenge.  The timeline has long lapsed, but NASA isn’t giving up, all the more so that Russia…

NASA is accelerating plans to set up a nuclear reactor to the Moon by the end of the decade, to power bases there and help America be the first nation to have an energy base powered by 24/7 nuclear power on the Moon and win the “second space race” with Russia and China.   Back in 2020, NASA was planning to build a base and a nuclear power plant on the Moon by 2026 and invited proposals from companies ready to take on the challenge.  The timeline has long lapsed, but NASA isn’t giving up, all the more so that Russia…

NASA is accelerating plans to set up a nuclear reactor to the Moon by the end of the decade, to power bases there and help America be the first nation to have an energy base powered by 24/7 nuclear power on the Moon and win the “second space race” with Russia and China.   Back in 2020, NASA was planning to build a base and a nuclear power plant on the Moon by 2026 and invited proposals from companies ready to take on the challenge.  The timeline has long lapsed, but NASA isn’t giving up, all the more so that Russia…