Qatar’s liquefied natural gas (LNG) production remains steady despite growing geopolitical concerns in the Gulf following U.S. airstrikes on Iranian nuclear sites and Tehran’s retaliation, according to shipping data released by Independent Commodity Intelligence Services (ICIS).  According to ICIS, 43 LNG vessels have departed Ras Laffan over the past 15 days, a volume that mirrors the same period last year, indicating zero disruption. Despite this, analysts are seeing signs of hesitation among buyers. A noticeable uptick in ballast…

Via Metal Miner According to the World Steel Association (worldsteel), one of the leading providers of steel market information, the China Baowu Group was the largest steelmaker group in 2024, with production remaining stable on the year. In its June 5 report, titled “2025 World Steel in Figures,” worldsteel stated that the  Shanghai-headquartered company poured just over 130 million metric tons in 2024, compared with almost 131 million tons in 2023. The report focused specifically on companies producing over 3 million metric tons…

Qatar’s liquefied natural gas (LNG) production remains steady despite growing geopolitical concerns in the Gulf following U.S. airstrikes on Iranian nuclear sites and Tehran’s retaliation, according to shipping data released by Independent Commodity Intelligence Services (ICIS).  According to ICIS, 43 LNG vessels have departed Ras Laffan over the past 15 days, a volume that mirrors the same period last year, indicating zero disruption. Despite this, analysts are seeing signs of hesitation among buyers. A noticeable uptick in ballast…

Foreign secretary David Lammy has warned Iran that blocking the crucial Strait of Hormuz shipping lane would be a “mistake” after the nation vowed repercussions following the US’ attacks. Lammy told the BBC this morning: “It would be a catastrophic mistake. It would be a mistake to blockade the Strait of Hormuz.” The foreign secretary said he believed the country’s supreme leader Ayatollah Ali Khamenei “gets that” preventing access through the waterway would be a crucial misstep. The Strait of Hormuz,…

President Donald Trump on Monday called on U.S. and global oil producers to keep crude prices from spiking, following coordinated airstrikes on Iran’s nuclear facilities. The strikes targeted key sites at Natanz, Isfahan, and Fordow, escalating tensions in the Gulf. Trump posted on Truth Social: “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!” He added: “DRILL, BABY, DRILL!!! And I mean NOW!!!”, framing energy as a national security issue…

President Donald Trump on Monday called on U.S. and global oil producers to keep crude prices from spiking, following coordinated airstrikes on Iran’s nuclear facilities. The strikes targeted key sites at Natanz, Isfahan, and Fordow, escalating tensions in the Gulf. Trump posted on Truth Social: “EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!” He added: “DRILL, BABY, DRILL!!! And I mean NOW!!!”, framing energy as a national security issue…

Of all the vast oceans and seas that cover our planet, no single waterway holds more influence over the global economy than a narrow, 21-mile-wide channel of water separating Iran from the Arabian Peninsula. Every day, a silent, steady procession of the world's largest supertankers navigates this passage, a liquid pipeline carrying a fifth of the entire world's oil supply.  This is the Strait of Hormuz, the world's most important energy chokepoint and its most dangerous flashpoint. While it may seem like a distant geographical feature, the…

China installed its highest solar power capacity for a single month in May, according to official data, which showed mind-boggling figures that the country installed more solar capacity in a month than any other nation did for the entire 2024. With 93 gigawatts (GW) of solar capacity installed in May, China smashed its own record of 71 GW in December 2024, per data from the National Energy Administration cited by Bloomberg.          The 93 GW in May means that the Chinese capacity additions last month were more than the…

China installed its highest solar power capacity for a single month in May, according to official data, which showed mind-boggling figures that the country installed more solar capacity in a month than any other nation did for the entire 2024. With 93 gigawatts (GW) of solar capacity installed in May, China smashed its own record of 71 GW in December 2024, per data from the National Energy Administration cited by Bloomberg.          The 93 GW in May means that the Chinese capacity additions last month were more than the…

China installed its highest solar power capacity for a single month in May, according to official data, which showed mind-boggling figures that the country installed more solar capacity in a month than any other nation did for the entire 2024. With 93 gigawatts (GW) of solar capacity installed in May, China smashed its own record of 71 GW in December 2024, per data from the National Energy Administration cited by Bloomberg.          The 93 GW in May means that the Chinese capacity additions last month were more than the…

China installed its highest solar power capacity for a single month in May, according to official data, which showed mind-boggling figures that the country installed more solar capacity in a month than any other nation did for the entire 2024. With 93 gigawatts (GW) of solar capacity installed in May, China smashed its own record of 71 GW in December 2024, per data from the National Energy Administration cited by Bloomberg.          The 93 GW in May means that the Chinese capacity additions last month were more than the…

Less than two weeks ago, the U.S. was discussing a new nuclear deal with Iran, the International Energy Agency was forecasting an oil market oversupply, and commodity analysts were reiterating their expectations of an average Brent price around $60. Now, Brent is heading towards $80. And it may be just the beginning. Oil prices rose after Israel started bombing Iran, which was little surprise, and then they stopped rising as traders saw there was no direct threat of supply disruption. The wild card this time turned out to be President Trump. In…

After U.S. airstrikes on Iran, some oil tankers did U-turns, paused, or avoided spending even a minute longer than necessary when crossing the Strait of Hormuz—the world’s most vital oil flow chokepoint. Iran has hinted that it may block the Strait in retaliation. At least two supertankers made U-turns at the Strait of Hormuz since the U.S. strikes, vessel-tracking data monitored by Reuters showed on Monday. Other tankers are waiting outside the Strait before it is absolutely necessary to enter the lane to load oil or LNG. Greece, which…

Global oil markets are bracing for another wild week after the United States launched direct strikes on Iranian territory over the weekend, raising fears of a retaliatory escalation that could threaten vital energy infrastructure and shipping lanes in the Middle East. Prices spiked to their highest levels in five months in early trading on Monday before falling back as markets await the next developments. Brent crude surged beyond $80 per barrel in early Asian trading on Monday before retreating to $77. Meanwhile, WTI climbed as much as 4.6% to…

LNG Canada, the country’s first export facility for the fuel, has produced its first batch and plans on shipping it by mid-year, the company said, with unnamed sources telling Reuters the plant was only operating partially due to a problem with its first, and only operational, train. The publication added that an LNG carrier was en route to Kitimat—the export terminal for LNG Canada—per information from LSEG. The tanker should start loading on June 29. Backed by Shell, Petronas, PetroChina, Mitsubishi, and Kogas, LNG Canada will…

Brent crude could rise all the way to $100 and more, peaking at $110 per barrel in case Iran closes the Strait of Hormuz, Goldman Sachs said in a new note. The investment bank said this price could materialize if oil flows via the vital chokepoint were cut by half for a month and remained 10% lower than normal over the next 11 months. This is a rather specific forecast that may not be the most likely scenario for developments of the Middle East but some disruption in oil flows seems all but certain at this point. After the initial price shock under…

The United States is the largest oil and gas producer in the world. It is also experiencing a slowdown in its oil production for a number of reasons, including natural depletion. The U.S. Geological Survey, however, has just published a study stating that there are almost 30 billion new barrels of untapped oil—under federal lands, no less. Oil and gas drilling was a contentious topic during the Biden administration. The administration decidedly did not like it and put a serious effort into curbing this drilling as much as the law allowed.…

While many were expecting the oil market to open for electronic trading at 6 p.m. ET with a bang, 30 minutes into trading, oil was up by barely 3%, despite the U.S. military’s overnight strikes on Iranian nuclear facilities, a geopolitical incident that might normally have sent oil soaring. At 6:27 p.m. ET, Brent crude was trading up 3.17% at $79.45 per barrel, while the U.S. crude benchmark, West Texas Intermediate (WTI) was trading up $3.18 at $76.19 per barrel in early New York trading.  The muted reaction underscores how firmly markets…

With strong government backing and billions of dollars at their disposal, Middle Eastern oil giants are aggressively expanding into the global liquefied natural gas (LNG) market, aiming to nearly double their LNG capacity within the next decade. Companies like Saudi Aramco, Abu Dhabi National Oil Co. (ADNOC) and QatarEnergy are investing heavily in LNG production and trading, driven by the growing demand for natural gas as a transition fuel and a desire to diversify their portfolios beyond crude. “LNG seems to be still the best bet across…

Over the past two weeks, multiple people have sent me a story about a supposed water-powered car and asked for comment. The story varies, but one widely shared version on Facebook claimed: “In a move that will shake up the global auto industry, Toyota has just unveiled a water-powered engine powered by hydrogen created through electrolysis — emitting only water vapor! No lithium. No charging stations. Just pure disruption.” This is pure nonsense, but I have been hearing similar stories for decades. I believe the first version…