The U.S. shale patch is trimming capital expenditure budgets to preserve cash amid the lower oil prices. American producers could further cut back on spending and activity if the prevailing forecasts of a global oversupply materialize in the coming months. Efficiency gains allow companies to pump more or equal volumes of crude with the same or reduced expenses. The pullback in activity – the number of operating rigs and frac crews has crumbled in recent months – is not showing yet in the U.S. oil production figures. The shale patch…

This week saw yet another hike in Britain’s electricity price cap—the latest in a string of hikes that have ranked the country among the top five with the most expensive electricity in the world. But there is a bigger problem: the country is the undisputed leader in industrial electricity prices in the world. And that may cost its government their energy transition plans. On Wednesday, energy regulator Ofgem announced a 2% hike in household electricity prices, beginning in October. This will add an average of 35 pounds, or $47, to a…

Following the huge growth in global renewable energy capacity over the last decade, companies and governments have been steadily increasing investment in battery storage to help improve the stability of their green energy supply. As countries worldwide develop their renewable energy industries, aiming to shift from a reliance on fossil fuels to alternative clean energy sources, such as wind and solar power, one of the main challenges has been to ensure a stable supply of energy to the grid. Solar power can only be produced during the day, while…

The United States is racing to develop its critical minerals industry to reduce reliance on China for metals and minerals, even through controversial actions such as deep-sea mining activities. However, a recent study suggests that it may be easier for the U.S. to access critical minerals than once thought, by developing new operations in existing mines. An analysis of active U.S. mines, published in New Scientist in August, shows that accessing the leftover ore discarded in many U.S. mines is packed with a wide range of critical minerals. The…

It's been a busy few weeks up on the windswept Russian archipelago of Novaya Zemlya: people, earthmoving trucks, shipping containers, temporary housing, heavy-lift aircraft, helicopters, cargo ships. The activity shows up in satellite imagery, aircraft hazard notifications, ship transponder trackers, and open-source intelligence reporting at a time when long Arctic days and good weather mean favorable conditions for building projects at the Pankovo test range and nearby air base. The betting money for close watchers of Russian weapons development…

The European Union has signed a deal to import $750 billion worth of liquefied natural gas, oil and nuclear fuels from the United States by 2028. The agreement, announced on July 27 by U.S. President Donald Trump and EU Commission President Ursula von der Leyen, is part of a wider trade package under which the EU will accept a unilateral U.S. tariff of 15 percent on most of its exports to the U.S., while also committing to $600 billion in investments to the country. As Statista's Anna Fleck shows in the following chart, the EU has greatly reduced…

Cuba has been experiencing an energy crisis that has led residents to experience almost daily blackouts and gas cuts. Years of underinvestment in Cuba’s transmission network and power plants have led them to run below capacity, with the country’s energy supply falling far below its demand. In addition to localised power outages, in the last eight months, Cuba has experienced four nationwide blackouts. In May, Cuba’s electricity demand rose to 3.05 GW, compared to 2.58 GW in March, as the supply stood at around 1.9 GW. This means…

Air pollution from oil and gas causes as many as 91,000 premature U.S. deaths a year, according to a study published in Science Advances in August. Meanwhile, during a time when many governments are shifting to green, the U.S. government is doubling down on its fossil fuel production and has recently carried out actions that aim to water down the rigorous air pollution standards enforced by the Environmental Protection Agency (EPA). The link between fossil fuels and premature deaths has been stressed by scientists and doctors for decades, although…

After months of saber-rattling and harsh rhetoric, U.S. President Donald Trump dispatched military assets to Latin America to combat the narcotics trade. Three Arleigh Burke-class guided missile destroyers were sent to Caribbean waters off Venezuela, with Washington planning to send 4,000 marines to the region. The White House also issued a $50 million bounty for President Nicolas Maduro’s arrest as part of the crackdown on Venezuela. The autocratic president, who was charged with cocaine trafficking and narco-terrorism in 2020, is accused…

In a wide-ranging television interview, Azerbaijani leader Ilham Aliyev asserted a key provision of the Trump peace plan for the Caucasus can be implemented quickly. The same cannot be said for the restoration of stable relations between Azerbaijan and Russia, he indicated. Aliyev spoke at length about the provisional peace deal he signed with Armenian Prime Minister Nikol Pashinyan and US President Donald Trump on August 8 in Washington, sounding broadly optimistic that the agreement signals the end of almost four decades of conflict and “opens…

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the world’s top producer for a sixth straight year. Production gains came largely from the Permian Basin, where output surged to over 7 million bpd last year. New Mexico posted the strongest growth rate among states, up nearly 13% year-on-year, while Texas…

The United States pumped an all-time high of 13.3 million barrels per day (bpd) of crude oil in 2024, the Energy Information Administration (EIA) said in its Petroleum Supply Annual released on Friday. That tops the previous record of 12.9 million bpd set in 2019, cementing the U.S. as the world’s top producer for a sixth straight year. Production gains came largely from the Permian Basin, where output surged to over 7 million bpd last year. New Mexico posted the strongest growth rate among states, up nearly 13% year-on-year, while Texas…

Over the past year, the world’s biggest banks‘ net zero enthusiasm has quickly and quietly dried up. Top lenders have backtracked, diluted or outright abandoned their environmental, social and governance (ESG) policies. The return of President Donald Trump has been highlighted as a turning point for green finance with firms across the financial industry turning sour on ESG commitments. Trump has made no secret of his disdain for such policies, branding ESG investing as a “way to attack American business”.  The President,…

U.S. crude oil production hit a new record in June at 13.58 million barrels per day, according to the Energy Information Administration’s latest Petroleum Supply Monthly. That’s 133,000 barrels more than May and 2.5 percent higher than a year ago. The new monthly figures also show a sharp disconnect from the EIA’s weekly estimates. For June, weekly reports pegged production at an average of 13.43 million barrels per day. The monthly tally now confirms the U.S. pumped about 150,000 barrels per day more than traders and analysts…

The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday. The total rig count in the US slipped to 536, according to Baker Hughes, down 47 from this same time last year. The rig count is still near four-year lows. The number of oil rigs rose by 1, landing at 412. Year over year, this represents a 71-rig decline. The number of gas rigs fell by 3, to 119 for a gain of 24 active gas rigs from this time last year. The miscellaneous rig count stayed…

Europe’s biggest gas supplier, Norway, is starting the annual maintenance on gas fields, processing plants, and pipelines, which will see Norwegian gas flows slashed through the middle of September. Some planned works have already begun this week, including the processing plant at Nyhamna. Others begin this weekend, with most maintenance expected to be completed by September 18. The giant Troll gas field in the North Sea—Europe’s biggest gas-producing field, and the Kollsnes onshore processing plant, will start maintenance on…

In a rare win for the oil and gas industry in California, the state’s regulators are expected to delay the enforcement of a cap of refinery profits, Bloomberg reports, citing sources with knowledge of the plans.  The California regulator, the California Energy Commission, plans to vote on Friday a five-year delay to the so-called refinery profit cap, passed in the state in 2023 with the goal to limit spikes at the pump for Californian residents.   Senate Bill X1-2, the California Gas Price Gouging and Transparency Law, was…

In a rare win for the oil and gas industry in California, the state’s regulators are expected to delay the enforcement of a cap of refinery profits, Bloomberg reports, citing sources with knowledge of the plans.  The California regulator, the California Energy Commission, plans to vote on Friday a five-year delay to the so-called refinery profit cap, passed in the state in 2023 with the goal to limit spikes at the pump for Californian residents.   Senate Bill X1-2, the California Gas Price Gouging and Transparency Law, was…

Oil prices fell on Friday due to expectations of lower demand in the U.S. Friday, August 29, 2025 Oil prices are headed towards a second straight weekly gain of 1%, with ICE Brent hovering slightly above $68 per barrel, as hopes for a negotiated settlement in the Russia-Ukraine conflict dissipate and US-India trade tensions remain unresolved. Market activity was seasonally low in late August; however, next week could provide a much-needed boost to oil trade as OPEC+ countries meet on September 7 to assess current market conditions and their output…

When the Taliban retook control over Afghanistan four years ago, China was quick to sign an oil field development deal to extract crude in the central Asian country and boost its footprint and influence there.  But the oil deal, signed in 2023 by the Taliban and China’s Xinjiang Central Asia Petroleum and Gas Co., Ltd (CAPEIC) and planned to last for 25 years, has now collapsed, with each side accusing the other of breaching the contract.  In early 2023, the Taliban signed the 25-year deal with CAPEIC for the Amu Darya oil project.…