European Union nations on Monday will discuss preparations for the winter with Ukraine having signaled it has no intention to renew a five-year pipeline transit agreement to supply natural gas to EU countries when it expires on December 31, 2024. “Energy affordability remains a pressing concern, with volatile prices driven by geopolitical tensions, supply chain disruptions, and reliance on fossil fuel imports,” Hungary said in a document shared with energy ministers. Whereas natural gas prices have declined sharply from the all-time…

Behind closed doors in Moscow, Kyiv, Brussels, Washington, and other capitals, diplomats, elected leaders, and military officers are gearing up for what will likely be a full-court press to find a resolution to Europe's largest land war since World War II. On the battlefield, momentum has shifted decisively toward Russia, its forces grinding down Ukrainian troops across the 1,100-kilometer front line. It's pummeling Ukraine's energy infrastructure, trying to black out and freeze an exhausted population. In Western negotiating rooms, sentiment has…

Two Russian oil tankers believed to have drifted before running aground offshore have spilt oil in the Black Sea in the Kerch Strait, which separates Russia from Crimea.  According to Russian officials quoted by Tass news agency, the tankers were carrying around 4,300 dead weight tonnes of oil each, with Russian authorities investigating the incidents for criminal negligence. Oil accidents due to negligence are pretty common in Russia. Last year, two oil tankers collided in the Irkutsk region in Russia thanks to a captain operating under the…

In 2021, Goldman Sachs declared copper "the new oil", highlighting its essential role in clean energy technologies. Two years later, the IMF forecasted that copper demand will rise by over 66% from 2020 to 2040 as the world transitions away from oil. In this graphic, Visual Capitalist's Marcus Lu illustrates how copper demand is projected to increase over the coming decades, while oil consumption is expected to decrease. The data was compiled by the International Monetary Fund as of October 2024. Rising Copper Demand Copper is critical for a wide…

The government’s clean power 2030 action plan is looking to ensure the economic benefits of clean energy and net zero are felt by people across the country. Slashing red tape for grid connections, overturning the onshore wind ban in England and allowing more special offers to reduce energy bills are steps in the right direction. But we need to keep our eye on the ball. Any policies need to help deliver cheaper energy bills and put new infrastructure like wind farms in the right places. This comes at a poignant time – and couldn’t…

Abu Dhabi’s financially backed group XRG and British oil and gas major BP have closed a deal to set up a new natural gas joint venture in Egypt. The new JV will be called Arcius Energy, 51% owned by BP and 40% by XRG, with Egypt as its main focus. In statements to the press, BP CEO Murray Auchincloss said, "Arcius Energy brings together the strengths of our two companies to create a dynamic new platform for international growth in natural gas in the region." The British major indicated that Arcius Energy has been assigned a 10% interest in…

Via Metal Miner Overall, the Stainless Monthly Metals Index (MMI) steadied, with a modest 0.3% increase from November to December. Stainless, Nickel Prices to Depart 2024 on a Low Note Stainless distributors had nothing good to say about 2024 on the heels of the new year. To many, 2024 was mostly characterized by soft demand conditions and an oversupplied market. Mills largely managed to stabilize base prices and lead times. However, doing so required both capacity discipline and transactional discounts, which gave buyers increasing leverage in…

Venture Global has reached first LNG production at its second facility, Plaquemines LNG, in Port Sulphur, Louisiana, the U.S. LNG plant developer says. The 20-million-mtpa Plaquemines LNG plant achieved the first production milestone 30 months after its Final Investment Decision (FID), Venture Global said. “Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much needed…

Venture Global has reached first LNG production at its second facility, Plaquemines LNG, in Port Sulphur, Louisiana, the U.S. LNG plant developer says. The 20-million-mtpa Plaquemines LNG plant achieved the first production milestone 30 months after its Final Investment Decision (FID), Venture Global said. “Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much needed…

Venture Global has reached first LNG production at its second facility, Plaquemines LNG, in Port Sulphur, Louisiana, the U.S. LNG plant developer says. The 20-million-mtpa Plaquemines LNG plant achieved the first production milestone 30 months after its Final Investment Decision (FID), Venture Global said. “Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much needed…

Well, it is year end 2024, time for all respectable pundits to earn their keep by making predictions or by bloviating on the latest topic somebody has latched onto. So, we approached our favorite pundit, Mr. Question Man, to make his contribution to popular seasonal wisdom. Here is the interview.Q: What is the direction of oil prices and does it matter? A: You remember the comment by John Kenneth Galbraith about economists making projections? He said that their only value was to make astrologers look good. However, I will answer. Oil prices will…

Chinese oil and gas giant PetroChina is building a team to begin a business of trading with copper, lithium, and other metals critical to the energy transition.  Richard Fu, a Trading Manager, has said in a post on LinkedIn that he had been hired by PetroChina International (London) Co., Limited. “I am honoured to start the green energy transition metals and minerals business for PetroChina, trading physical and paper copper, lithium and others,” Fu wrote in the post without elaborating further. The Chinese giant could also include…

Chinese oil and gas giant PetroChina is building a team to begin a business of trading with copper, lithium, and other metals critical to the energy transition.  Richard Fu, a Trading Manager, has said in a post on LinkedIn that he had been hired by PetroChina International (London) Co., Limited. “I am honoured to start the green energy transition metals and minerals business for PetroChina, trading physical and paper copper, lithium and others,” Fu wrote in the post without elaborating further. The Chinese giant could also include…

The lightning-quick removal on 8 December of Syria’s President Bashar al-Assad after 53 years of Assad family rule will have seismic effects on the Middle East for years to come. Geographically, it holds a vital strategic position in the region, bordering Iraq to the East, Jordan to the South, Israel and Lebanon to the West, and Turkey to the North, with a long Mediterranean coastline as well. It critical geopolitical importance reflects this, beginning with a crucial role in the resurgence of pan-Arabism under Bashar’s father, Hafez,…

Ukraine has identified 238 tankers it said belong to a shadow fleet of ships that Russia is using to keep its oil and fuels moving around the world, with hopes this information (which the west has had for years) will force western authorities to sanction the carriers. Ukraine has identified this shadow fleet as having a total deadweight of over 100 million tons, approximately 17% of the world’s oil tanker fleet. It has included a number of vessels that it says have been switched from the “Iranian ghost armada” to carry Russian…

Team Trump is proposing radical changes to the U.S. policy toward electric vehicles and tailpipe emissions, including axing the EV incentives and the government mandate for federal EV fleets, and rolling back the Biden Administration’s rules on tailpipe emissions and fuel economy standards, Reuters reports, citing a draft document it has seen. During the campaign, President-elect Trump has repeatedly slammed the “crazy” EV mandate of President Joe Biden, whose Administration has sought to support EV sales with incentives and mandates…

Team Trump is proposing radical changes to the U.S. policy toward electric vehicles and tailpipe emissions, including axing the EV incentives and the government mandate for federal EV fleets, and rolling back the Biden Administration’s rules on tailpipe emissions and fuel economy standards, Reuters reports, citing a draft document it has seen. During the campaign, President-elect Trump has repeatedly slammed the “crazy” EV mandate of President Joe Biden, whose Administration has sought to support EV sales with incentives and mandates…

The world’s top LNG importer, China, has hit the brakes on spot LNG purchases in recent weeks as Asian prices have hit the highest level for the year.      After several months of stocking up on cheaper LNG supply, Chinese natural gas inventories are now estimated to be high enough to allow importers to retreat from spot LNG cargo purchases at the higher prices. The slowdown in China’s LNG imports in recent weeks could free up more spot supply for Europe, which is depleting its gas inventories at the fastest pace…

Donald Trump is back, and so is the “maximum pressure” campaign against Iran to “drastically throttle” Tehran’s oil sales.   But 2025 is not 2018. Although Iran was on the ropes then, things are different now. America’s support for Israel’s campaigns against the Palestinian and Lebanese people has eroded local support for U.S. moves, as many Middle East capitals are doubtful about “maximum pressure” and feel it will increase regional tensions.   Saudi…

Building the Rogun Dam in Tajikistan to its maximum projected height and specifications would be an economic disaster for Central Asia’s poorest nation, and an environmental nightmare for the entire region, according to a newly published expert report. The advent of new technologies for electricity generation means that Tajikistan’s already decades-old mega project would be outdated before it became fully operational. The report, compiled by the Kazakhstan-based environmental organization Rivers Without Boundaries, is being distributed…