AI is a double-edged sword for the energy sector. The rapid integration of large language models into everything from your email account to your toothbrush – no, really – has driven the energy demand of data centers through the roof. Public and private interests are scrambling to plan enough energy production additions to keep up with skyrocketing projections, often at the expense of climate goals. But AI could also provide critical solutions to making all kinds of processes and industries more energy efficient, as well as become a…

Colombia’s state-controlled oil giant Ecopetrol may increase spending and boost output if elevated oil prices persist amid the escalating Middle East conflict, the company’s chief executive said Thursday. Benchmark Brent crude has surged to its highest level in more than a year following U.S.-Israel strikes on Iran and disruptions to exports from the Persian Gulf. Brent climbed to more than $85 per barrel this week, up from roughly $70 before the conflict erupted on February 28. Ecopetrol CEO Ricardo Roa told analysts during the company’s…

In the wake of U.S. and Israeli strikes on Iranian military infrastructure, the financial press has reflexively focused on oil. Tanker traffic, Brent crude, and the risk of triple-digit prices dominate the discussion. But oil is not the only commodity posing a serious long-term risk. Another deep vulnerability runs through natural gas—and from there into nitrogen fertilizer. If commercial shipping through the Strait of Hormuz were significantly restricted, the impact would extend beyond fuel markets. It would reach directly into global food…

It's been a wild ride in crude over the past few days, with Brent crude futures were capped near $84 a barrel on Tuesday afternoon before sliding down to the $81 level late Wednesday afternoon, only to surge back up to $84 this morning... ...as shipping industry insiders and Wall Street analysts await exact details on the Trump administration's proposal to keep tankers transiting the Strait of Hormuz. The critical maritime chokepoint remains paralyzed, raising the risk of an energy shock in parts of the world that rely heavily on those flows, particularly…

Octopus founder and government adviser Greg Jackson has urged Labour to “use what’s available” in the North Sea and rethink its key net zero policies.  Jackson said the county was “staring down the barrel” of an energy price shock in light of the conflict in the Middle East.  The Octopus chief executive who is also a member of the industrial strategy advisory council and has shared close ties with key government figures including business secretary Peter Kyle, warned “economic damage” from the…

The crisis around the Strait of Hormuz has become a severe stress test for both Gulf crude suppliers and their key buyers. Despite repeated assurances from U.S. officials that the waterway was never formally blocked, satellite tracking suggests that no oil or product tankers transited the strait since March 1. The disruption immediately placed the world’s largest importers under pressure. China and India together consume tens of millions of barrels per day, and both remain structurally dependent on Gulf crude. China has steadily expanded…

A drone strike hit oil infrastructure in Bahrain’s Ma’ameer industrial area, according to multiple early reports Thursday morning, raising  concerns about the vulnerability of Gulf refining assets as regional tensions escalate. The Ma’ameer area is home to infrastructure connected to BAPCO’s refining operations. While full details remain limited, early reports indicate an Iranian ballistic missile attack targeted energy infrastructure in the industrial zone rather than upstream production. Authorities have not yet released…

A drone strike hit oil infrastructure in Bahrain’s Ma’ameer industrial area, according to multiple early reports Thursday morning, raising  concerns about the vulnerability of Gulf refining assets as regional tensions escalate. The Ma’ameer area is home to infrastructure connected to BAPCO’s refining operations. While full details remain limited, early reports indicate an Iranian ballistic missile attack targeted energy infrastructure in the industrial zone rather than upstream production. Authorities have not yet released…

A drone strike hit oil infrastructure in Bahrain’s Ma’ameer industrial area, according to multiple early reports Thursday morning, raising  concerns about the vulnerability of Gulf refining assets as regional tensions escalate. The Ma’ameer area is home to infrastructure connected to BAPCO’s refining operations. While full details remain limited, early reports indicate an Iranian ballistic missile attack targeted energy infrastructure in the industrial zone rather than upstream production. Authorities have not yet released…

Shell and Kazakhstan have signed an agreement for oil and gas exploration in the Zhanaturmys block in western Kazakhstan, the Kazakh Energy Ministry said on Thursday. The agreement – signed by Kazakhstan’s Deputy Energy Minister Yerlan Akbarov and Suzanne Coogan, Senior Vice President and Country Chair at Shell Kazakhstan – entails seismic exploration, data collection, and technical assessment of potential oil and gas resources in the Zhanaturmys block. The contract will run until 2032, considering the scale and technical complexity…

The world’s top crude importer, China, plans to further boost its undisclosed strategic oil reserves and expand storage capacity under its newly-unveiled five-year development plan. China will build more projects to expand its oil reserves, according to the authorities, who did not provide figures or details about the expected jump in crude reserve buildups and capacities. The country is also betting on growing its domestic natural gas production and keeping its crude oil output steady at about 4 million barrels per day (bpd), or 200 million…

Japan’s oil refiners, which source about 95% of their crude supply from the Middle East, are calling on the Japanese government to tap the strategic petroleum reserves to ensure smooth operations and crude for refineries as the Middle East war escalates.      Japanese refiners are in talks with the government to potentially access strategic stockpiles and oil stored in tanks that are leased to producing countries, anonymous sources with knowledge of the development told Bloomberg on Thursday.   On Tuesday,…

Japan’s oil refiners, which source about 95% of their crude supply from the Middle East, are calling on the Japanese government to tap the strategic petroleum reserves to ensure smooth operations and crude for refineries as the Middle East war escalates.      Japanese refiners are in talks with the government to potentially access strategic stockpiles and oil stored in tanks that are leased to producing countries, anonymous sources with knowledge of the development told Bloomberg on Thursday.   On Tuesday,…

US and Israeli forces continued to strike Iran, while the US Senate rejected a bid that would have limited President Donald Trump's authority to continue military action against the Middle East country without congressional approval. Trump earlier on March 4 said any Iranian officials who seek to assume top positions to replace Iran's fallen leaders "end up dead" and he vowed the United States and Israel will "continue forward" in the joint military campaign against the country. "We're in a very strong position now, and their leadership is just…

An oil tanker anchored off Kuwait reported late on Wednesday a large explosion and a subsequent leak from a cargo tank, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Thursday as the war in the Middle East escalates and tanker traffic through the Strait of Hormuz has come to a halt.   UKMTO said it had received a report of an incident 30 nautical miles south east of Mubarak Al Kabeer, Kuwait.   “The Master of a tanker at anchor, reports witnessing and hearing a large…

An oil tanker anchored off Kuwait reported late on Wednesday a large explosion and a subsequent leak from a cargo tank, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Thursday as the war in the Middle East escalates and tanker traffic through the Strait of Hormuz has come to a halt.   UKMTO said it had received a report of an incident 30 nautical miles south east of Mubarak Al Kabeer, Kuwait.   “The Master of a tanker at anchor, reports witnessing and hearing a large…

The global LNG shipping market has turned sharply higher in recent days, with charter rates for modern LNG carriers surging from roughly $40,000 last week to around $300,000 per day as traders scramble to secure vessels amid escalating disruption in the Middle East. According to shipbroker Fearnleys’ latest weekly LNG report, cited by Riviera Maritime Media, daily spot charter rates for 174,000-cubic-meter LNG carriers along the U.S. Gulf-Europe route have climbed to approximately $300,000 per day, up about $260,000 compared with last week.…

Iran has launched a massive retaliatory campaign following joint U.S. and Israeli airstrikes, sending an unprecedented barrage of more than 500 ballistic missiles and 2,000 drones across targets in Israel and several Gulf states. A drone strike on a command center killed six U.S. service members in Kuwait while several missiles were intercepted near Al Udeid Air Base, the largest U.S. base in the region. Commodity analysts at Standard Chartered have hiked their oil price forecasts, noting that unlike last year’s largely symbolic response,…

Tanker rates are through the roof, movement through the Strait of Hormuz is severely reduced because of war cover cancellations by insurers, and the combination of these developments has sent oil prices flying. Now, there’s a third factor that would likely aggravate the situation further: there are not enough supertankers. Bloomberg reported the news this week, saying there were between six and a dozen supertankers that were available for booking in the Persian Gulf, if, of course, the potential client was willing to pay the record daily…

Just a month ago, Europe was attracting most LNG spot cargoes as solid demand and fast-depleting gas inventories fetched higher prices than in Asia, where demand was lackluster. A month is a long time in today’s geopolitical order and this week the global gas market was jolted into a massive shock that upended supply and demand trends. Qatar’s halt of LNG production and the de facto closure of the Strait of Hormuz roiled Asian and European gas markets with reminders of the 2022 crisis. While Asia receives the overwhelming majority of…