Canadian oil heavyweight Suncor Energy reported higher-than-expected earnings for the second quarter, booking a net result of $820 million and returning over $1 billion to shareholders in the period. The company benefited from an increase in crude oil production during the second quarter that helped it compensate for lower overall energy commodity prices, accumulating some C$2.7 billion ($1.96 billion) in funds from operations, and C$1 billion ($730 million) in free cash flow. Operating profits, however, halved from the first to the second…

Oil prices were moving higher again early on Wednesday morning, recovering from oversupply fears that had driven them to five-month lows. The most recent rebound was driven by Trump’s escalating trade offensive against India over its continued imports of Russian crude. At the time of writing, Brent crude futures had risen to $68.10 per barrel and WTI had climbed to $65.59. This modest rebound highlights the uncertainty of markets over whether Trump will follow through on his threats of further tariffs and if those tariffs would have a tangible…

The United States and Pakistan have finalized a trade and energy pact that could reshape both nations’ approach to energy cooperation and strategic alignment. Announced on Wednesday by President Donald Trump, the agreement includes U.S. participation in developing Pakistan’s oil reserves and a substantial reduction in tariffs on Pakistani exports to the U.S. The new deal lowers the U.S. tariff rate on Pakistani goods from 29% to 19%, offering critical relief to one of the world’s largest textile exporters. According to the Pakistan…

Lithium prices are not reflecting real-world demand trends for the battery metals, which may at some point lead to a dramatic correction. Challenges remain, however, with EV adoption and with battery storage deployment, despite recent healthy growth in both. They are still not as affordable as they need to be for mass adoption. Last year, it looked like the world was firmly in oversupply territory when it came to lithium. Even though China kept breaking records in EV sales that supported local lithium prices, globally, the situation was one of…

OPEC+ will complete the unwinding of its largest production cut next month after agreeing this weekend to boost output by 547,000 barrels per day (bpd) in September in a move that was widely expected by the market and oil industry analysts. What’s next for the OPEC+ oil production policy and the last remaining layer of production cuts of 1.66 million bpd is anyone’s guess. The group of OPEC and non-OPEC producers, led by Saudi Arabia and Russia, left the door wide open to any further production adjustment – in either direction…

In recent years, many optimistic narratives have overstated the impact of renewables on fossil fuel consumption. The reality is more sobering: renewables are not displacing fossil fuels—especially in non-OECD countries and energy-intensive sectors. They’re growing fast, but they’re still playing catch-up with rising global energy demand. That is a key takeaway from the 2025 Statistical Review of World Energy. Yes, renewable energy posted impressive gains in 2024. But it still wasn’t enough to bend the curve on global fossil…

Oil prices remain jittery today as the market digests yet another sanctions-threat targeting Russia. President Trump is said to be mulling new sanctions on Russia’s so-called "shadow fleet" of oil tankers if Moscow doesn't commit to a peace agreement with Ukraine by Friday. Despite many threats, the Trump White House has yet to impose new sanctions on Russia since he took office. Already the Russian economy is incredibly isolated in the West's eyes, while a growing Kremlin reliance on leading BRICS countries such as China and…

The Trump administration is reportedly considering new sanctions targeting Russia’s so-called “shadow fleet” of oil tankers if President Vladimir Putin fails to agree to a ceasefire in Ukraine by Friday, according to a report by the Financial Times on Tuesday. The move would mark a significant escalation in the U.S. effort to restrict Russia’s oil export revenues, which remain a critical source of funding for the Kremlin’s military operations. Russia’s so-called “shadow fleet” is a loose collection…

The board of the world’s most valuable carmaker has approved the award of shares to chief executive Elon Musk worth a staggering $29bn (£21.7bn) in efforts to prevent the billionaire from leaving the firm. The new award by Tesla, which amounts to 96 million new shares, comes as part of a new pay deal, after Musk threatened to leave the electric vehicle maker if he was not given more stock. It should also boost Musk’s voting power on Tesla’s board. Tesla’s board wrote on X, which is owned by Musk that “It is imperative…

The Trump administration is reportedly considering new sanctions targeting Russia’s so-called “shadow fleet” of oil tankers if President Vladimir Putin fails to agree to a ceasefire in Ukraine by Friday, according to a report by the Financial Times on Tuesday. The move would mark a significant escalation in the U.S. effort to restrict Russia’s oil export revenues, which remain a critical source of funding for the Kremlin’s military operations. Russia’s so-called “shadow fleet” is a loose collection…

In 2023, Raytheon CEO Greg Hayes warned that Beijing effectively has the US military's supply chain by the balls, thanks to America's reliance on rare earths and other materials which either come from, or are processed in, China.  According to Hayes, Raytheon has "several thousand suppliers in China," because of which "decoupling ... is impossible." "We can de-risk but not decouple," he told the Financial Times, adding that he thinks this is the case "for everybody." "Think about the $500bn of trade that goes from China to the US every year.…

U.S. President Donald Trump said Tuesday that a further drop in energy prices could force Russian President Vladimir Putin to end the war in Ukraine. “If energy goes down enough, Putin is going to stop killing people,” Trump told CNBC. “If you get energy down, another $10 a barrel, he’s going to have no choice because his economy stinks.” Crude prices slid again on Tuesday. As of early afternoon, WTI was down $0.94 (-1.42%) at $65.35, while Brent crude fell $0.85 (-1.24%) to $67.91. Trump’s comments follow last…

Via Metal MinerArcelorMittal plans to idle blast furnace No. 3 at its D?browa Górnicza plant in Poland’s Silesian Voivodeship. The steel industry giant made the initial announcement back in September, citing current and future market factors. “The reason for this decision stems from the extremely difficult and constantly deteriorating market conditions,” ArcelorMittal Poland said on July 24. A Big Change for Poland’s Steel Industry ArcelorMittal Poland stated that work to idle the furnace is now underway. The…

U.S. electric utility giant Duke Energy has agreed to sell an indirect 19.7% stake in its Florida business to infrastructure investor Brookfield for $6 billion in cash, part of which will fund Duke’s increased capital spending plan for the next five years. Under the terms of the definitive agreement, Brookfield will invest in Florida Progress, which owns all of Duke Energy Florida. Brookfield will acquire its indirect equity interest in Duke Energy Florida in phases, with Florida Progress receiving $2.8 billion at the first closing expected…

The U.S.’s short-term objective on Iran is for it to have zero enriched material that could be used to make a nuclear weapon. Its long-term objective is to remove from power the key element behind the drive for such armaments – the Islamic Revolutionary Guard Corps (IRGC). Its principal mechanism to achieve these aims is to deny Iran funding, and as the core of its financing comes from oil exports, the U.S. wants to cut these to as near to zero as possible. Cue China – the biggest importer of Iranian oil and therefore, in effect,…

Marathon Petroleum (NYSE: MPC), the biggest U.S. refiner by volumes, topped the average analyst estimates for second-quarter earnings, on the back of increased refining margins which helped it reverse a first-quarter loss.   Marathon Petroleum on Tuesday reported second-quarter net income of $1.2 billion, or $3.96 per diluted share. That’s lower than the $1.5 billion net income, or $4.33 per share, for the second quarter of 2024, but higher than the analyst consensus of $3.22 EPS compiled by the Wall Street Journal.  The second-quarter…

Marathon Petroleum (NYSE: MPC), the biggest U.S. refiner by volumes, topped the average analyst estimates for second-quarter earnings, on the back of increased refining margins which helped it reverse a first-quarter loss.   Marathon Petroleum on Tuesday reported second-quarter net income of $1.2 billion, or $3.96 per diluted share. That’s lower than the $1.5 billion net income, or $4.33 per share, for the second quarter of 2024, but higher than the analyst consensus of $3.22 EPS compiled by the Wall Street Journal.  The second-quarter…

Oil prices dropped to their lowest in a week on Monday as markets digested OPEC+'s decision to implement another significant output increase in September. US Oil Majors Reign Supreme as Competitors All Lose Market Edge - US oil majors ExxonMobil and Chevron are increasingly pulling ahead of their European peers, with both companies reporting their highest ever production in Q2 2025, at 4.63 million boe/d and 3.4 million boe/d, respectively.  - In stark contrast to US peers, Shell’s production saw an annual decline of 4.2% to 2.65 million…

ExxonMobil and the government of Trinidad and Tobago have agreed terms under which the Caribbean nation will award seven ultra-deep exploration blocks to the U.S. supermajor, senior government officials familiar with the talks told Reuters on Tuesday.  The blocks are located east off Trinidad and Tobago and northwest of Guyana’s Stabroek offshore block, where Exxon is leading a consortium that has already found 11 billion barrels of oil equivalents, produces more than 660,000 barrels per day (bpd), and is exploring for more resources. …

ExxonMobil and the government of Trinidad and Tobago have agreed terms under which the Caribbean nation will award seven ultra-deep exploration blocks to the U.S. supermajor, senior government officials familiar with the talks told Reuters on Tuesday.  The blocks are located east off Trinidad and Tobago and northwest of Guyana’s Stabroek offshore block, where Exxon is leading a consortium that has already found 11 billion barrels of oil equivalents, produces more than 660,000 barrels per day (bpd), and is exploring for more resources. …