Another Russian overnight massive drone and missile attack on Ukraine has had some serious spillover effects, as the Turkish flagged LPG tanker "Orinda" carrying thousands of metric tons of liquefied petroleum gas was reportedly struck at the port of Izmail in Odesa. The Turkish vessel was reportedly struck directly by a Russian drone, prompting the immediate evacuation of all 16 crew members, with no casualties reported. Stillframe, aftermath of strike Other civilian vessels were also damaged, with firefighting and emergency crews…

Another Russian overnight massive drone and missile attack on Ukraine has had some serious spillover effects, as the Turkish flagged LPG tanker "Orinda" carrying thousands of metric tons of liquefied petroleum gas was reportedly struck at the port of Izmail in Odesa. The Turkish vessel was reportedly struck directly by a Russian drone, prompting the immediate evacuation of all 16 crew members, with no casualties reported. Stillframe, aftermath of strike Other civilian vessels were also damaged, with firefighting and emergency crews…

The price of Russia’s flagship Urals crude at the Black Sea plunged to as low as $36.61 per barrel at the end of last week, the lowest in nearly three years, as the U.S. sanctions on the two biggest Russian producers and exporters, Rosneft and Lukoil, are slated to take effect from Friday.  On Thursday last week, the price of Urals loaded at the Novorossiysk port in the Black Sea slumped to $36.61 per barrel, before recovering slightly on Friday, according to data from Argus Media and Bloomberg. That’s the lowest Urals has traded…

Orlen, the largest refiner in Poland and eastern Europe, is venturing into superfast electric vehicle charging and has opened its first EV charging hub in Poland, to be followed by 50 others over the next two years, Krzysztof Kaczy?ski, Executive Director for Electromobility at Orlen, told Bloomberg News.  Earlier this month, Orlen commissioned its first modern fast-charging hub for electric vehicles under the ORLEN Charge network. The facility, located along the S7 expressway, will allow drivers to charge their vehicles up to an optimal level…

Orlen, the largest refiner in Poland and eastern Europe, is venturing into superfast electric vehicle charging and has opened its first EV charging hub in Poland, to be followed by 50 others over the next two years, Krzysztof Kaczy?ski, Executive Director for Electromobility at Orlen, told Bloomberg News.  Earlier this month, Orlen commissioned its first modern fast-charging hub for electric vehicles under the ORLEN Charge network. The facility, located along the S7 expressway, will allow drivers to charge their vehicles up to an optimal level…

Ukrainian President Volodymyr Zelenskyy vowed to overhaul the country’s scandal-ridden energy sector as he looks to stem outrage following accusations of wide-spread corruption that have included an old friend and former business partner. Zelenskyy said the leadership of at least three state-run energy companies would be sacked and quickly replaced and that other changes were in the works. The scandal comes as Ukraine is under massive pressure from intensifying Russian air strikes on energy installations around the country as the deep cold…

Kazakhstan has filed for arbitration in a Swiss court in its lawsuit against major international oil firms as the OPEC+ producer seeks billions of U.S. dollars of damages from Big Oil over contract delays, bribery, and cost overruns, sources familiar with the matter told Bloomberg. The country, where international majors including ExxonMobil, Chevron, Shell, Eni, and TotalEnergies, have developed massive oilfields, has two separate arbitration cases with as much as $166 billion in claims against the majors for damages, mostly because of lost revenues…

Oil prices moved lower in early Asian trading on Monday, erasing the modest gains posted last week, as crude loadings resumed at the key Russian export hub of Novorossiysk following a two-day suspension of operations at the Black Sea port. At the time of writing, front-month Brent crude futures had dropped by 64 cents to $63.75 per barrel, while WTI crude futures were trading at $59.43 per barrel, down 66 cents from Friday’s close. Last week’s rally of more than 2% for both benchmarks was underpinned by a disruption at Novorossiysk…

Global LNG supply is rising and growth will accelerate in the next two years as major projects in the top exporters, the United States and China, come on stream. Supply growth is set to outpace the global LNG demand increase, leading to an oversupplied market from the end of 2026 onwards, analysts say. The coming glut will likely depress spot LNG prices in Asia, where the price-sensitive buyers such as South Asian importers India, Pakistan, and Bangladesh could benefit from the price drop and boost demand. For Europe, the expected LNG oversupply…

In recent years, a growing number of fossil fuel lobbyists have attended the annual United Nations COP climate summits. Previously, host country leaders and event organisers have justified the attendance of these lobbyists by saying that they play an integral role in supporting the green transition, and that their cooperation is needed to meet climate goals. However, with studies showing that not enough change is being made by fossil fuel companies to support the global green transition, many are questioning their right to attend the climate summits. …

With COP30 now underway in Belém, Brazil, it can feel as though the world is backsliding when it comes to curbing emissions. Since the last climate summit, major oil companies have scaled back their climate goals, the U.S. has cancelled billions in clean-energy grants, and even Bill Gates has called for a new approach to countering climate change. But those headlines don’t reflect the inexorable progress that is being made across a variety of clean energy sectors, even if the rate of growth in some areas may be slowing. Some of the…

Since the Labour Party came into power in the United Kingdom in July 2024, there has been a major change in the government’s approach to energy. The U.K. is now rapidly transitioning away from fossil fuels towards green alternatives, with ambitious climate goals set for the end of the decade and mid-century. Ahead of the COP30 climate summit in Brazil this month, Prime Minister Kier Starmer reaffirmed his commitment to creating a green economy, while the U.K. energy minister Ed Miliband said we must not give up on tackling global warming. …

A shadow fleet is quietly swelling across the world’s oceans, packed with sanctioned barrels from Russia, Iran, and Venezuela. For now, those tankers have kept to the sidelines of the global market—but the sheer scale of crude idling offshore could soon jolt prices, depending on whether the oil ever finds a buyer. Of course, Russia's oil shipments abroad have been in the spotlight over the past few weeks, as the media rush to report how Chinese and Indian buyers are canceling orders and switching to Middle Eastern and American oil until…

Geothermal energy is becoming Big Tech’s newest darling. Silicon Valley is upending its deep pockets into enhanced geothermal startups in a bid to stay one step ahead of the massive energy demand growth trend being spurred by the AI boom. Geothermal boasts key advantages over leading clean energy technologies, most notably the fact that it’s a constant, baseload clean energy source and that it’s one of vanishingly few zero-carbon alternatives with broad bipartisan support in the United States. As a result, this relatively niche…

United States President Donald Trump is putting his money where his mouth is as he doubles down on efforts to accelerate the expansion of the country’s nuclear energy sector. The government will spend billions in public funding to reinvigorate U.S. nuclear power, following decades of underinvestment. Unlike renewable energy, Trump views nuclear power as key to expanding the U.S. electricity generation capacity and recently announced the target of quadrupling nuclear capacity by 2050. In May, President Trump signed an executive order calling…

Decades of mismanagement compounded by prolonged drought have pushed Iran to the brink of what experts call water bankruptcy. With reservoirs running on empty and rainfall at a record low, the authorities have begun rationing water supplies in the Iranian capital, Tehran, a city of some 10 million people. President Masud Pezeshkian has warned that the water crisis could lead to the evacuation of parts of Tehran and has gone as far as floating the possibility of moving the capital. Kaveh Madani, director of the Canada-based United Nations University…

Coal mines are finding a second life as companies invest in repurposing huge, disused coal sites into geothermal power projects. In the U.K., the government and energy companies have been discussing the idea for several years, and it seems to be gaining momentum with the launch of the first geothermal mine projects this year.  Energy companies have realised the potential of flooding abandoned coal mines to provide vast quantities of geothermal power, as water in coal mines can reach a temperature of up to 20 degrees Celsius. Mine water geothermal…

Renewable energy has encountered a strange crossroads – it is more successful, and also more divisive, than ever before. Wind and solar have become so successful that they’re not really alternative anymore – they’ve fully entered the mainstream. Not only have renewables outgrown subsidies and become independently successful, they’ve become so cheap that they are the most logical choice for new energy installations even in the poorest country contexts. But their development and deployment has become so politicized that…

Construction of a key cog in the Middle Corridor trade network known as TRIPP should begin during the second half of 2026, according to Armenian Prime Minister Nikol Pashinyan. TRIPP, or the Trump Route for International Peace and Prosperity, is a central feature of a provisional peace deal between Armenia and Azerbaijan signed in Washington in August. The corridor would connect Azerbaijan to its Nakhchivan exclave across Armenian territory.  In his most expansive comments to date concerning a construction timeline, Pashinyan told MPs that…

Enbridge has approved a $1.4 billion expansion across its Mainline and Flanagan South systems that will push more Canadian heavy crude into the U.S. Midwest and down to the Gulf Coast—right where coking refineries are built to run it. Phase 1 of the Mainline Optimization (MLO1) adds 150,000 bpd on the Mainline and 100,000 bpd on Flanagan South, with in-service targeted for 2027. The uplift comes through pump and terminal expansions on Flanagan South and upstream optimizations on the Mainline, backed by long-term take-or-pay commitments from…