Oil prices extended losses early on Tuesday after news broke that Ukraine has mostly agreed to a peace deal, with “minor details” to discuss and settle.  As of 8:35a.m. ET on Tuesday, the U.S. benchmark crude futures, WTI Crude, dropped by 1.29% to further slip below $60 per barrel, at $58.08. The international benchmark, Brent Crude, was trading down by 1.23% at $62.59.  Prices reacted to reports early on Tuesday that the U.S. plan for peace in Ukraine has received support from Ukrainians. The development added to persistent…

Shell is boosting its cooperation with Ferrari by signing a ten-year corporate power purchase agreement (CPPA) to supply renewable energy from a Shell-built and operated plant to the iconic Italian luxury carmaker.  Shell Energy Italia will provide 650 gigawatt-hours (GWh) over ten years to help decarbonize production at Ferrari’s Maranello factory in Italy. The power supplied by Shell’s Italian unit will be sufficient to cover half of Maranello’s energy needs.  Additionally, Shell Energy Italia will also provide renewable…

Shell is boosting its cooperation with Ferrari by signing a ten-year corporate power purchase agreement (CPPA) to supply renewable energy from a Shell-built and operated plant to the iconic Italian luxury carmaker.  Shell Energy Italia will provide 650 gigawatt-hours (GWh) over ten years to help decarbonize production at Ferrari’s Maranello factory in Italy. The power supplied by Shell’s Italian unit will be sufficient to cover half of Maranello’s energy needs.  Additionally, Shell Energy Italia will also provide renewable…

Some Indian banks have started to consider financing Russian oil trades that involve only non-sanctioned entities and sanctions-compliant pricing and payments, Bloomberg reported on Tuesday, citing sources with knowledge of the development.    India is steering clear of Russian oil now as the U.S. sanctions on Russia’s top producers and exporters, Rosneft and Lukoil, make Indian refiners wary of handling Russian barrels.  Before the latest sanctions on Russian oil trade, India bought from Russia around one third of all…

Some Indian banks have started to consider financing Russian oil trades that involve only non-sanctioned entities and sanctions-compliant pricing and payments, Bloomberg reported on Tuesday, citing sources with knowledge of the development.    India is steering clear of Russian oil now as the U.S. sanctions on Russia’s top producers and exporters, Rosneft and Lukoil, make Indian refiners wary of handling Russian barrels.  Before the latest sanctions on Russian oil trade, India bought from Russia around one third of all…

Slowing imports from China have pushed the volumes of Iranian oil held in tankers at sea to the highest level in two and a half years.  The volume of Iran’s crude in floating storage has jumped in recent weeks and widened the discount of Iranian grades to international benchmarks.  As many as 52 million barrels of Iranian oil is stashed on tankers at present, nearly double compared to October, according to data from energy flows intelligence firm Kpler cited by Bloomberg.  In comparison, early this year the volumes of Iranian…

Slowing imports from China have pushed the volumes of Iranian oil held in tankers at sea to the highest level in two and a half years.  The volume of Iran’s crude in floating storage has jumped in recent weeks and widened the discount of Iranian grades to international benchmarks.  As many as 52 million barrels of Iranian oil is stashed on tankers at present, nearly double compared to October, according to data from energy flows intelligence firm Kpler cited by Bloomberg.  In comparison, early this year the volumes of Iranian…

ADNOC has unveiled a sweeping $150 billion investment plan for 2026–2030, marking one of the largest investment cycles in its history and reinforcing the UAE’s long-term commitment to oil, gas, and industrial expansion. The announcement, approved at the board meeting chaired by Sheikh Mohamed bin Zayed Al Nahyan, coincided with increases in the UAE’s hydrocarbon reserves and marks a further pivot to downstream and international expansion. Over five years, the $150 billion will be deployed across upstream capacity maintenance,…

The latest edition of the annual UN climate summit ended with little fanfare on Friday, marking a decade since the famous Paris Climate Agreement of 2015. Dubbed COP30, the summit held in Brazil followed the usual pattern of the experts warning of how far off track the world is from meeting its climate goals, but failed to discuss a shift away from fossil fuels for the second year running. However, here’s a little ‘trivia’ the experts rarely talk about: the world has by far exceeded the most ambitious climate forecasts from just…

America’s hyperscalers are looking to ensure the electricity for their huge data centers by entering the supply side of the market—power trading. Meta, Microsoft, and Apple, to name a few, have either requested or obtained authorizations from the Federal Energy Regulatory Commission (FERC) to sell wholesale power. Meta Platforms, for example, seeks to incentivize long-term commitments in power-generating capacity by expanding into power trading and having the flexibility to contract electricity from future power plants, according to…

Critical minerals are the new oil. Everyone is after some long-term supply—except China, which has spent years building supply chains around the world to emerge as the single largest supplier and processor of those minerals. The U.S. and Europe are in a rush to catch up, and they are looking north to do that. Earlier this month, the European Union decided it needed to start stockpiling critical minerals to avoid a shortage in case China squeezed supply. Some saw this as too little, too late, but the EU’s decision once again put in the…

As exclusively revealed to OilPrice.com some years ago by a very high-ranking official from the Kremlin: “By keeping the West out of energy deals in Iraq, the end of Western hegemony in the Middle East will become the decisive chapter in the West’s final demise.” Consequently, the push has been on from Russia and China – especially since the U.S.’s unilateral withdrawal from the ‘nuclear deal’ with Iran in 2018 – to remove all Western firms from southern Iraq and from the semi-autonomous Kurdistan…

With the US in the midst of a gas demand boom driven by liquefied natural gas (LNG) projects and surge in electricity demand amid the steady buildout of data centers, the Western Haynesville has increasingly garnered attention as a promising source of future supply. The area, located roughly 150 miles north of Houston, Texas, in the Robertson, Freestone and Leon counties, has seen 60 wells drilled over the past four years. The wells are twice as productive as the median legacy Haynesville wells, but are as much as triple the drilling and completion…

Two conferences in the Middle East this month opened insights on energy and sustainability from a Middle Eastern perspective. The enormous ADIPEC event in Abu Dhabi brought together hundreds of speakers in 10 different strategic areas and numerous technical sessions across four days.   Discussion of sustainability occurred within the context of an imperative for investment to sustain growth in all forms of energy and especially oil and gas. The spotlight was also on AI which received praise for already providing remarkable efficiency gains…

Serbian authorities have reassured citizens that the country has sufficient fuel reserves to supply the domestic market, with the fate of the country's only refinery, Naftna Industrija Srbije (NIS), hanging in the balance. "The economy and citizens have no reason for concern, as there are sufficient quantities of all petroleum derivatives," the government statement said, with Energy Minister Dubravka Djedovic Handanovic saying the government is ready to use mandatory reserves if need be. Russia's Gazprom Neft and Gazprom affiliates are the majority…

Serbian authorities have reassured citizens that the country has sufficient fuel reserves to supply the domestic market, with the fate of the country's only refinery, Naftna Industrija Srbije (NIS), hanging in the balance. "The economy and citizens have no reason for concern, as there are sufficient quantities of all petroleum derivatives," the government statement said, with Energy Minister Dubravka Djedovic Handanovic saying the government is ready to use mandatory reserves if need be. Russia's Gazprom Neft and Gazprom affiliates are the majority…

Serbian authorities have reassured citizens that the country has sufficient fuel reserves to supply the domestic market, with the fate of the country's only refinery, Naftna Industrija Srbije (NIS), hanging in the balance. "The economy and citizens have no reason for concern, as there are sufficient quantities of all petroleum derivatives," the government statement said, with Energy Minister Dubravka Djedovic Handanovic saying the government is ready to use mandatory reserves if need be. Russia's Gazprom Neft and Gazprom affiliates are the majority…

An Armenian $500-million initiative to develop an artificial intelligence and supercomputer hub has taken a major step forward after US regulators approved the transfer of advanced Nvidia chips. The project is being developed by Firebird, an AI startup launched in June with offices in San Francisco and Yerevan, in collaboration with the Armenian government.  At a November 20 news conference, Prime Minister Nikol Pashinyan revealed that he personally lobbied US President Donald Trump for help in expediting the chip-transfer approval process,…

Nigeria’s state oil company, the Nigerian National Petroleum Company (NNPC), has reported it posted a net profit of 5.4 trillion naira ($3.6 billion) in 2024, good for a 64% jump from a year earlier as the pivotal industry continues to make a comeback. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Bashir Bayo Ojulari, NNPC Group Chief Executive, told analysts. Nigeria has been struggling to meet its OPEC+ quota in recent years, thanks to years of underinvestment…

Nigeria’s state oil company, the Nigerian National Petroleum Company (NNPC), has reported it posted a net profit of 5.4 trillion naira ($3.6 billion) in 2024, good for a 64% jump from a year earlier as the pivotal industry continues to make a comeback. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Bashir Bayo Ojulari, NNPC Group Chief Executive, told analysts. Nigeria has been struggling to meet its OPEC+ quota in recent years, thanks to years of underinvestment…