The Democratic Republic of Congo is leading a significant shift in mining strategy as producers cut back on cobalt after prices fell sharply under heavy oversupply and move capital into copper instead. Copper demand is rising fast, driven by AI data centers, electrification, and electric vehicles. But at the same time, supply is tightening due to declining ore grades and mine closures, pushing DRC miners toward a stronger market. The DRC has imposed strict export quotas, replacing its 2025 cobalt export ban with strict annual quotas of 96,600 tonnes…

The United States is exporting crude at record levels as the world grapples with an unprecedented disruption of Middle Eastern supply. U.S. oil has become the supply of last resort—and it is not infinite. U.S. crude oil exports since the start of April have been running at 5.2 million barrels daily, data from Kpler showed earlier this week. “It's a constant parade of tankers coming in and out,” the chief executive of Corpus Christi port in Texas said, as quoted by CNBC, which reported the port just booked its busiest quarter ever,…

Before 1 May, the once-mighty Organization of the Petroleum Exporting Countries (OPEC) had 12 members, but with the departure of the United Arab Emirates (UAE) at the start of the month, it has 11. These comprise Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela, together accounting for around 33% of the world’s crude oil output, about 46% of its total petroleum traded internationally, and roughly 73% of its proven oil reserves. Back when it was founded in 1960, these…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. Analysts had expected a 2.8-million-barrel draw. US crude inventories are up 37 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices. For week ending May 1, 5.2 million barrels left the SPR, bringing…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. Analysts had expected a 2.8-million-barrel draw. US crude inventories are up 37 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices. For week ending May 1, 5.2 million barrels left the SPR, bringing…

Venezuela’s oil is moving again. That does not mean Venezuela’s oil industry has been rebuilt. It means something narrower, more technical, and more revealing: part of the machinery required to make Venezuelan barrels tradable has been switched back on. That distinction matters for oil markets. Venezuela’s oil exports rose 14% in April to 1.23 million barrels per day, the country’s highest monthly export level since late 2018, according to Reuters. The increase followed a political reset after Nicolás Maduro’s…

With little fanfare but clear strategic impact, Equinor has brought the long-forgotten Eirin gas field into production, sending fresh gas volumes into Europe’s system at a moment when security of supply still outweighs nearly every other energy priority. The project may not be large by global standards, but its timing, speed, and symbolism speak far louder than its size. Once written off as uneconomic, Eirin is now flowing gas through the Gina Krog platform and onward via the Sleipner A hub, reinforcing Norway’s position as Europe’s…

A group of 14 Senate Democrats is pressing the Trump administration to reinstate sanctions on Russian oil after a temporary waiver tied to the Iran war. In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the policy allows additional revenue to flow to Moscow, at a time when oil prices are already elevated. The administration first eased sanctions in mid-March after the Strait of Hormuz disruption tightened global supply and pushed prices sharply higher. The 30-day waiver, initially set to expire April 11, has been extended…

A group of 14 Senate Democrats is pressing the Trump administration to reinstate sanctions on Russian oil after a temporary waiver tied to the Iran war. In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the policy allows additional revenue to flow to Moscow, at a time when oil prices are already elevated. The administration first eased sanctions in mid-March after the Strait of Hormuz disruption tightened global supply and pushed prices sharply higher. The 30-day waiver, initially set to expire April 11, has been extended…

The Asian Development Bank is committing $12.5 billion in assistance to Uzbekistan, aiming to hasten the Central Asian nation’s economic modernization. In addition, the bank has unveiled an initiative apparently intended to loosen China’s grip on supply chains for critical minerals and rare earths. The announcements came as the ADB’s board of governors convened for its annual meeting on May 3 in the Uzbek city of Samarkand. The new Uzbek-ADB Partnership Program will run through 2030. A major focus is the development of a more…

Diamondback Energy, one of the biggest pure-play Permian Basin producers in West Texas, said Monday it is immediately boosting oil output in response to the ongoing price rally driven by the Iran war — making it the first major shale operator to openly break from the capital-discipline playbook that has defined the sector since 2022. In a letter to shareholders on Monday, CEO Kaes Van't Hof announced the company averaged 521,000 barrels of oil per day in the first quarter of 2026 — exceeding even the high end of its guidance range of…

A long-delayed push to move more Canadian crude into the United States is back on the table, and this time it has barrels behind it. Oil companies have committed at least 400,000 barrels per day to the project, or about 72% of its initial 550,000 bpd capacity. South Bow Corp. and Bridger Pipeline are targeting roughly 450,000 bpd in long-term contracts, a level that is typically required before construction proceeds. That demand tells you everything about the current bottleneck. Canada is producing about 5.5 million bpd and heading toward 6.1 million…

A long-delayed push to move more Canadian crude into the United States is back on the table, and this time it has barrels behind it. Oil companies have committed at least 400,000 barrels per day to the project, or about 72% of its initial 550,000 bpd capacity. South Bow Corp. and Bridger Pipeline are targeting roughly 450,000 bpd in long-term contracts, a level that is typically required before construction proceeds. That demand tells you everything about the current bottleneck. Canada is producing about 5.5 million bpd and heading toward 6.1 million…

BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war.  The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according to Bloomberg, as part of an effort to strip assets and pay debt.  It said it would look to find around £2bn in full divestment, which could hit its control of basins in the North Sea.  The decision is subject to an internal review of its assets and operations. …

Oil Shockwave: Middle East Crisis Sends 2027 Prices Into Orbit  - The deteriorating oil crisis in the Middle East is gradually pushing up oil price expectations not only for this year but also for 2027 ahead, with market participants worried about the viability of Gulf exports even if the current double blockade ends. - Some 11 million b/d of production is currently shut across the Middle East, with most oil producers reaching tank-tops and unable to store more in their systems; these high inventories would take at least 2-3 months to clear.…

Shell and INEOS Energy have agreed to jointly invest in exploration and development opportunities in the U.S. Gulf of Mexico, the UK-based energy unit of chemicals giant INEOS said on Tuesday. INEOS Energy and Shell Offshore Inc, a subsidiary of the UK-based supermajor, are thus boosting their cooperation and will be exploring for opportunities in areas in tieback distance to the Shell-operated Appomattox production hub in the Gulf of Mexico. As a result of the strengthened cooperation, INEOS is buying a 21% working interest in these assets for…

OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades. Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish…

OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades. Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish…

OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades. Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish…

US military forces said they destroyed six Iranian small boats and ‌intercepted Iranian missiles and drones as a new American effort to get commercial shipping traffic flowing through the critical Strait of Hormuz got underway. Iran, meanwhile, launched at least four missiles across the Persian Gulf at the United Arab Emirates on May 4, prompting an angry response and a threat of retaliation from the Gulf nation. The US ally said three of the missiles were shot down. With fears that an already shaky US cease-fire was on the verge of outright…