On a recent flight from Los Angeles to Phoenix, I glanced out the window as the aircraft slowly descended over the open desert west of the city. The landscape shifted abruptly from endless scrubland to an expanse of mirrored rectangles stretching to the horizon. I took several pictures, and my phone’s GPS later confirmed what I was seeing: the Mesquite Solar Complex in Arlington, Arizona—one of the largest photovoltaic installations in the United States. From above, the site resembles an enormous geometric tapestry. On the ground, it…

A Reform government would partially nationalise Rolls-Royce as a quid pro quo for helping it ramp up its small modular reactor (SMR) nuclear programme “as fast as it possibly can”, its policy chief has said. In a wide-ranging interview setting out his party’s plans for the UK economy, Zia Yusuf told City AM that Reform would actively “accelerate our national champions”, taking inspiration from Donald Trump’s decision to buy a stake in US chipmaker Intel. “What we would do, is say, Rolls-Royce,…

The government of Canada and the province of Alberta reached a major milestone in late November, with the signing of a Memorandum of Understanding (MoU) to strengthen energy collaboration and sustainable economic development. A core pillar of the announcement is a contingent bitumen pipeline from Alberta to British Columbia, targeting at least 1 million barrels per day (bpd) of capacity for waterborne exports. The news comes shortly after several Canadian midstream operators announced brownfield crude oil pipeline expansions with the potential…

The prospect of peace between Armenia and Azerbaijan appears to be fueling a feud between Baku and its other South Caucasus neighbor, Georgia.  Two media outlets in Azerbaijan that are often seen as reflecting official thinking have published a series of scathing reports in recent weeks, accusing the Georgian government of obstructing Azerbaijani trade. The reports contend Georgia is acting purposefully to undermine the provisional Armenian-Azerbaijani peace deal signed in Washington in August.  There appear to be multiple…

The price of Russia’s crude has tumbled over the past three months to its lowest level since Russia invaded Ukraine in early 2022, weighed down by intensified U.S. sanctions and falling international benchmarks. Russian crude shipped out of all major export terminals on the Black Sea, Baltic Sea, and Far East port of Kozmino fetches just about $40 per barrel currently, per Argus Media data cited by Bloomberg on Tuesday. The discount of Russia’s crude to Brent has widened since the U.S. sanctioned the top Russian oil producers and exporters,…

The UK North Sea is being reshaped by consolidation at a pace not seen since the aftermath of the 2014 oil price crash. In the past twelve months alone, a series of mergers has concentrated more than 500,000 boe/d of production into a handful of operators, as companies respond to a 78% marginal tax rate, falling output and an investment environment that has effectively closed to new developments. Deals involving Harbour Energy, TotalEnergies, Shell, Equinor and Ithaca Energy have created fewer but larger players managing a basin where production…

Shell has restarted a process to sell its minority 37.5% stake in the Schwedt refinery in Germany, whose majority shareholder is now-sanctioned Russian state oil giant Rosneft, Reuters reported on Tuesday, citing sources with knowledge of the matter.  Shell has opened a data room this month and is seeking offers for its stake in the refinery by the end of January, according to some of Reuters’ sources.  The Schwedt refinery, the fourth-largest refinery in Germany, used to process Russian oil before Germany cut off supplies…

In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.     We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy.India Is Buying Less Russian Oil, But Why Exactly?- Despite plentiful reports of Indian refiners halting imports of Russian oil after the US sanctioned Rosneft and Lukoil on…

US and Ukrainian officials said they made substantial progress in two days of talks aimed to bring an end to Russia's invasion closer, with Washington reportedly offering Kyiv security guarantees modeled on NATO's Article 5 mutual defense pledge. While questions remained about key issues, including the fate of territory that Kyiv continues to hold in the eastern Donetsk region, US President Donald Trump said it appeared as though a deal to end Europe's largest and deadliest conflict since World War II was closer than ever. "We're trying to get…

Oil prices fell by 2% early on Tuesday as hope of a peace deal in Ukraine increased, sending Brent crude below $60 per barrel to the lowest level since May.  As of 9:47 a.m. ET on Tuesday, the front-month Brent Crude futures prices traded down by 2.10% below the $60 per barrel threshold, at $59.29.  The U.S. benchmark, WTI Crude, slipped by 2.22% and traded at $55.56 per barrel by early morning ET. The U.S. oil price has plunged by 22% year to date and is on track for the worst performance since 2018. Brent, for its part, has lost 20%…

Pakistan and Russia are discussing a potential cooperation agreement in the oil sector, including in exploration, production, and refining, Pakistani Finance Minister Muhammad Aurangzeb told Russian news agency RIA on Tuesday.   “All of these areas are Russia’s strengths. And we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” the Pakistani official was quoted as saying by RIA.   Earlier this year, Russia’s Energy Minister Sergei Tsivilev said that Russia discussed the…

Pakistan and Russia are discussing a potential cooperation agreement in the oil sector, including in exploration, production, and refining, Pakistani Finance Minister Muhammad Aurangzeb told Russian news agency RIA on Tuesday.   “All of these areas are Russia’s strengths. And we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” the Pakistani official was quoted as saying by RIA.   Earlier this year, Russia’s Energy Minister Sergei Tsivilev said that Russia discussed the…

Amid major policy shifts, next year will see the first-ever decline in annual solar power capacity installations, following the weakest growth in seven years in 2025, according to BNEF’s Global PV Market Outlook.  Developers are set to add globally a total of 649 gigawatts (GW) of solar power capacity in 2026, which would be a slight drop compared to this year’s additions expected at 655 GW, the outlook showed on Tuesday.  “The solar industry is entering a low-growth phase after years of rapid expansion,” analysts…

Amid major policy shifts, next year will see the first-ever decline in annual solar power capacity installations, following the weakest growth in seven years in 2025, according to BNEF’s Global PV Market Outlook.  Developers are set to add globally a total of 649 gigawatts (GW) of solar power capacity in 2026, which would be a slight drop compared to this year’s additions expected at 655 GW, the outlook showed on Tuesday.  “The solar industry is entering a low-growth phase after years of rapid expansion,” analysts…

Amid major policy shifts, next year will see the first-ever decline in annual solar power capacity installations, following the weakest growth in seven years in 2025, according to BNEF’s Global PV Market Outlook.  Developers are set to add globally a total of 649 gigawatts (GW) of solar power capacity in 2026, which would be a slight drop compared to this year’s additions expected at 655 GW, the outlook showed on Tuesday.  “The solar industry is entering a low-growth phase after years of rapid expansion,” analysts…

U.S. energy investor Kimmeridge has offered to buy natural gas producer Ascent Resources for $6 billion amid a heated battle over plans of the gas driller’s private equity backer to transfer its stake from one of its funds to another, Kimmeridge’s managing partner Ben Dell told the Financial Times.  The Energy & Minerals Group, a private equity firm focused on natural resources, plans to transfer its more than 30% stake in Ascent Resources into a newly formed continuation vehicle, which is estimated to value the gas producer…

The Islamic Republic of Iran has announced a fuel price hike for the first time since 2019, with the increase coming at a time when the authorities are struggling with economic pressures and environmental disasters. The new pricing system, which took effect at midnight on December 13, will see motorists pay 15,000 rials per litre (~4.7 U.S. cents per gallon) for the first 60 liters consumed in a month; 30,000 rials a litre (~9.4 cents per gallon) for the next 100 liters and  50,000 rials per litre (~15.7 cents per gallon) for anything beyond…

It has been an eventful year for U.S. shale oil and gas. Low prices—at least in oil—a double down on capital discipline, and drilling efficiency gains that pushed the U.S. total to a record high again were the hallmarks of 2025. The next frontier? Recovery rates.  Recovery rates for shale oil wells are much lower than the rates for conventional wells. The average is around and below 10%, compared with 30% to 35% for conventional wells. Given the prominence of shale basins in the United States’ total oil production, it was…

Chevron has quietly cut the price of Venezuelan crude sold to U.S. refiners after American forces seized a tanker off the country’s coast, tightening an already-fragile export channel and adding fresh volatility to Gulf Coast markets. Traders familiar with the matter told Bloomberg that Chevron sold a batch of Venezuelan crude on December 11 at weaker levels than a similar offer just two days earlier. The timing was impossible to miss: the discount came immediately after U.S. forces boarded and seized the Skipper, a sanctioned crude carrier…

Exxon Mobil Corp. (NYSE:XOM) has invented a type of graphite that can extend the life of electric-vehicle batteries by as much as 30%, pushing the oil major further into advanced battery materials as automakers look for longer-lasting cells and supply chains less reliant on China.  “We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” Chief Executive Officer Darren Woods, adding that it’s a “revolutionary step change in battery performance.” According to Woods, several EV…