President Donald Trump may soon feel the need to "blockade" U. S. crude oil exports after those exports hit a record high recently, a trend which, if it continues, will increase the price U. S. consumers pay for gasoline, diesel, and other petroleum-related products. Nations around the world are scrambling to secure oil supplies that have been dramatically reduced by Iran's closing of the Strait of Hormuz to oil tankers of "hostile" countries, which include major oil exporters such as Kuwait, Saudi Arabia, and the United Arab Emirates. In addition,…

The United Arab Emirates has not directed at anyone its decision to leave OPEC and the broader OPEC+ alliance, Sultan al Jaber, the chief executive of Abu Dhabi’s national oil company ADNOC, said on Monday.  “The United Arab Emirates' sovereign decision to reposition itself within the global energy landscape, and to exit OPEC and OPEC+, is not a decision directed against anyone,” Al Jaber, who is also UAE Minister of Industry and Advanced Technology, said in a speech at the ‘Make It In The Emirates’ conference,…

A tanker carrying liquefied petroleum gas (LPG) passed through the Strait of Hormuz this weekend en route to India in the first crossing of an India-linked LPG cargo since the U.S. launched a blockade outside the Strait to prevent Iranian oil exports. The MT Sarv Shakti, chartered by Indian Oil Corporation (IOC), the country's biggest state refiner, clear the Strait of Hormuz on Saturday and is expected to arrive in Visakhapatnam on May 13, Indian media report, citing an official government statement. As of early on Monday, May 5, the vessel flying…

The Iranian Armed Forces on Monday warned the U.S. it would attack forces that intend to approach or enter the Strait of Hormuz, after U.S. President Donald Trump launched ‘Project Freedom’ to help escort vessels stranded in the Gulf out of the Middle East. President Trump on Sunday announced that "Project Freedom" would begin on Monday morning, Middle Eastern time. The project will involve the U.S. guiding stranded vessels out of the Strait of Hormuz. President Trump emphasized that the stranded ships would be from "areas of the world…

The prime ministers of Australia and Japan today inked an energy cooperation agreement that also covers critical mineral supply. Australia is a leading supplier of energy commodities to resource-poor Japan and the top supplier of liquefied natural gas, Reuters noted in a report on the news. “Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty,” Australia’s Prime Minister, Anthony Albanese, following the signing of the deal with Japan’s Sanae Takaichi, who is on a three-day…

Oil prices edged lower in early Asian trading on Monday after President Trump announced the U.S. would guide ships through the Strait of Hormuz and OPEC+ confirmed a modest output increase. At the time of writing, WTI crude was down 0.65% at $101.30, while Brent crude had dropped 0.39% to $107.80. The President took to social media on Sunday to announce that "Project Freedom" would begin on Monday morning, Middle Eastern time. The project will involve the U.S. guiding stranded vessels out of the Strait of Hormuz. He emphasized that the stranded…

Oil prices edged lower in early Asian trading on Monday after President Trump announced the U.S. would guide ships through the Strait of Hormuz and OPEC+ confirmed a modest output increase. At the time of writing, WTI crude was down 0.65% at $101.30, while Brent crude had dropped 0.39% to $107.80. The President took to social media on Sunday to announce that "Project Freedom" would begin on Monday morning, Middle Eastern time. The project will involve the U.S. guiding stranded vessels out of the Strait of Hormuz. He emphasized that the stranded…

For about ten years, Big Oil moved away from Canada’s oil sands and into cheaper, more easily developed—and less regulated—locations. Now, the supermajors are returning, looking for a piece of an energy industry that just got a lot more attractive. Last week, Shell said it would buy Canada’s ARC Resources in a $16.4-billion deal that will add roughly 370,000 barrels of oil equivalent per day to its production and strengthen the supermajor’s position in one of the continent’s most strategic gas corridors. The…

Last month, we reported that Bridger Pipeline LLC has proposed a giant pipeline with a capacity in excess of 1 million barrels per day (bpd) to transport Canadian crude into the United States. Dubbed "Keystone Light" due to its similarities to the Keystone XL project that former U.S. President Joe Biden canceled in 2021, the 36-inch pipeline would span nearly 650 miles (1,050 km) from the U.S.-Canada border in Phillips County, Montana, to Guernsey, Wyoming, and cost approximately US$2 billion.  And now U.S. President Donald Trump has given…

America's worrisome dependency on foreign sources of lithium could become a thing of the past: About 328 years' worth of last year's lithium imports is buried in Appalachia, according to a new analysis published by the US Geological Survey (USGS). That's about 2.3 million metric tons of undiscovered but economically recoverable lithium -- aka "white gold." "This research shows that the Appalachians contain enough lithium to help meet the nation's growing needs – a major contribution to U.S. mineral security, at a time when global lithium…

Over the last year, U.S. President Donald Trump has taken aim at the renewable energy industry, in an attempt to scale back efforts to undergo a green transition. Trump has instead favoured the expansion of the oil, gas, and coal industries, as well as the development of nuclear power. However, the move has been met with significant public and legal pushback, as it becomes clear that halting the rollout of renewable energy will not be so simple. In April, federal judge Denise J Casper in Massachusetts rejected the Trump administration's efforts…

Two months after the Iran war began, the Strait of Hormuz remains severely restricted for tanker traffic while U.S. President Donald Trump faces a key legal deadline at home under the 1973 War Powers Resolution. As of early Friday, May 1, the deadlock at the world’s most vital oil chokepoint, the Strait of Hormuz, doesn’t appear close to being resolved. The U.S. is doubling down on the naval blockade outside the Strait aimed at stopping Iranian oil exports. But Iran controls most vessel movements through the lane and is increasingly…

Beijing is reversing its curbs on refined fuel exports after halting shipments in the opening days of the U.S.-Iran conflict. This move suggests that Chinese domestic inventories are now at comfortable levels, allowing state refiners to reopen the export spigot, even as much of Asia remains gripped by a fuel shock caused by disrupted Gulf energy flows through the Hormuz chokepoint. There was chatter earlier this week that China's state-owned refiners were applying for government permits to resume fuel exports in May. These include…

Following the Russian invasion of Ukraine in 2022, several major world powers introduced strict sanctions on trade with Moscow. Europe and the United States have been gradually decreasing their dependence on Russian gas and other energy products and putting pressure on other countries to do the same, to place a financial strain on Moscow, as the war with Ukraine continues. However, some countries, such as India and China, have used these sanctions as an excuse to buy discounted crude and gas from Russia, in a bid to reduce costs and boost energy…

As she sat down to pen her first email to BP’s 100,000 staff, Meg O’Neill opted against sparing the radical rhetoric. To the American oil and gas thoroughbred, who had just become the first ever female chief executive of a British energy major, there was only one course available to her new employer should it wish to avoid extending its more-than-decade-long spell of financial mediocrity. “Right now, we’re operating in an environment of significant complexity: geopolitical tension; conflict; rapid technological change; and…

Following a recent oil spill, Mexico’s state-owned oil firm Pemex has come under fire again, particularly due to its poor health and safety track record. The highly indebted oil firm has been repeatedly criticised over the years for not doing enough to improve safety standards, and the latest spill has, once again, drawn attention to its practices. During the first half of February, Pemex repaired a pipeline running from one of the oil platforms in the Cantarell field to the Dos Bocas plant, after identifying a slick of suspected oil covering…

The AI boom has unleashed an energy monster unlike anything the world has ever seen before. No one is exactly sure how much energy the AI sector will require in the coming years as large language models continue to advance and expand. In fact, we don’t even really know how much energy it’s consuming now. But most experts agree that we can expect a sharp and continuing rise in demand from the data centers that power the tech sector in the coming years as the global economy increasingly integrates AI into virtually every market sector…

Iran's currency has fallen to a record low against the US dollar as the two-month-long conflict rattles the country's sanctions-hit economy. Air strikes by the United States and Israel, launched at Iran on February 28, along with the American naval blockade on Iranian ports and vessels, have disrupted Tehran's vital oil exports, hampered domestic production, and fueled inflation. Iran's national currency, the rial, dropped to a new low of 1.81 million to the US dollar on April 29 before rebounding the next day. The rial has seen its value fall…

Venezuela’s oil exports rose to 1.23 million barrels per day (bpd) in April, the highest level since 2018, as shipments to the United States, India, and Europe accelerated. Exports climbed 14% from March levels, according to shipping data and PDVSA documents, with 66 cargoes leaving Venezuelan ports during the month. That compares with 61 vessels in March carrying about 1.08 million bpd. Since the January capture of Nicolas Maduro and the installation of an interim government, Washington has eased sanctions and taken control of Venezuelan…

Venezuela’s oil exports rose to 1.23 million barrels per day (bpd) in April, the highest level since 2018, as shipments to the United States, India, and Europe accelerated. Exports climbed 14% from March levels, according to shipping data and PDVSA documents, with 66 cargoes leaving Venezuelan ports during the month. That compares with 61 vessels in March carrying about 1.08 million bpd. Since the January capture of Nicolas Maduro and the installation of an interim government, Washington has eased sanctions and taken control of Venezuelan…