As Statista's Tristan Gaudiaut details below, according to the IEA Global EV Outlook 2026, published on May 20, global sales of electric cars, including plug-in hybrids, surpassed 21 million units last year, more than doubling since 2022, when annual sales first exceeded 10 million. As the chart shows, EVs now account for roughly one in four passenger car sales globally, meaning their market share climbed to 25 percent in 2025, up from just 2 percent in 2018. You will find more infographics at Statista This rapid growth has…

Australia’s energy producers are calling for state and federal support in faster approvals of new projects and fiscal stability. These could help the world’s third-biggest LNG exporter grow its overseas markets amid the expected years-long turmoil in the global gas market in the wake of the Iran war. Producers want long-term predictability in taxation, as well as faster permitting processes and environmental reviews from the state and federal governments. As a whole, the industry seeks clarity and certainty that would incentivize producers…

President Donald Trump said Sunday that the United States will not “rush” into a nuclear agreement with Iran, stressing that negotiations remain ongoing and that both sides must take the time to “get it right” as talks continue over the future of the Strait of Hormuz and Tehran’s uranium program. “Our relationship with Iran is becoming a much more professional and productive one,” Trump wrote in a social media post. “They must understand, however, that they cannot develop or procure a Nuclear Weapon…

Heat pump uptake is on the rise in Europe, as consumers take their energy bills into their own hands. Europe, which already experienced high gas prices and energy shortages after Russia invaded Ukraine in 2022, is now experiencing widespread energy shortages and soaring prices due to the ongoing turmoil in the Middle East, sparked by the February U.S.-Israeli attack on Iran. While governments across the region have been investing in the deployment of more renewable energy capacity in recent years, most consumers still rely heavily on gas for heating…

Norway, well known for its oil and gas production, has ramped up its fossil fuel output in recent weeks to fill the gap following the closure of the Strait of Hormuz and the ongoing energy trade disruptions. While some countries are grateful to Norway for helping alleviate oil and gas shortages, environmentalists have critiqued the move, suggesting that more of a focus must be placed on increasing the region’s renewable energy capacity. Norway appears to have taken on the role of “Europe’s saviour” as it stepped in to replace…

Kyrgyzstan has taken sweeping action to clamp down on companies suspected of circumventing Western sanctions imposed on Russia following its full-scale invasion of Ukraine in 2022. The Kyrgyz Justice Ministry has announced that 50 companies will be forced to suspend their activities after they had been flagged by Western partners. "After they report risks, we study them and respond. For example, the United States and the United Kingdom have made allegations regarding 51 companies," Deputy Prime Minister Daniyar Amangeldiev told state news agency…

Home solar power installations have risen significantly in recent decades, as consumers look to drive down their electricity bills and make their energy use more sustainable. Now, with oil and gas prices soaring due to geopolitical challenges, more households are being attracted to solar installations. Solar photovoltaic (PV) uses electronic devices, also called solar cells, to convert sunlight directly into electricity. Solar PV is highly modular, meaning that smaller-sized solar home kits and rooftop installations with around 3-20 kW of capacity…

Strife-torn Colombia is facing a severe energy crisis at a critical juncture. Global supply of natural gas is heavily constrained due to the closure of the Strait of Hormuz after U.S. strikes on Iran. This could not come at a worse time for Colombia, with the Andean country experiencing a massive surge in demand for natural gas at a time when domestic production is declining. The rapidly growing supply shortfall was filled by costly liquefied natural gas (LNG) imports, the future of which now appears uncertain. These events are weighing heavily…

Global energy market assumptions are breaking down. Until the Iran War, global oil and gas markets were built on a dangerous illusion: that the Strait of Hormuz would always remain open, predictable, and commercially dependable. Asia’s entire energy security architecture, from LNG flows to crude imports and refined product trading, was designed around that assumption. Today, that assumption is collapsing in real time. The combined pressure of Iranian threats in the Strait of Hormuz, persistent insecurity in the Red Sea, fragmentation within…

The artificial intelligence boom is creating an energy monster that the world is unprepared and unequipped to deal with. Providing enough energy to fuel the AI ambitions of the future as well as to support human demand and development will require advances in energy technologies that are as-yet undiscovered. “There’s no way to get there without a breakthrough,” Sam Altman, co-founder and CEO of ChatGPT firm OpenAI, said at the 2024 World Economic Forum in Davos, Switzerland. More accurately, it will probably require several breakthroughs.…

Oil prices turned to a gain Friday after Iran poured cold water on growing market hopes for a near-term agreement with the United States, reminding traders yet again that optimism around diplomacy and reality on the ground are not always moving in the same direction. Brent crude rose 0.78%, while U.S. benchmark WTI climbed 0.20% to $96.54. The move reversed part of Thursday’s selloff, which briefly pushed both benchmarks to their lowest levels in nearly two weeks after comments from U.S. officials suggested progress in negotiations. That…

Digitalization and artificial intelligence (AI) will create close to $500 billion in cumulative value for E&P companies between 2026 and 2030, according to Rystad Energy estimates. This value is captured through cost reductions from more efficient operations, production increases from higher uptime and increased recovery, and compressed development timelines. Cost reductions and production increases are the largest value pools and contribute roughly equally through 2030. Exploration and production (E&P) players currently investing in digital…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 558,  down just 8 from this same time last year. The number of active oil rigs rose by 10 to 425 during the latest reporting period, according to the data. This is 30 below this same time last year. The number of gas rigs fell by 3. Gas rigs now sit at 125, which is 17 more than this time last year. The miscellaneous rig stayed the same at 8. The…

A court in Kazakhstan has inserted itself into the Russia-Ukraine conflict, ruling in favor of the Ukrainian state gas entity Naftogaz in a $1.4-billion dispute with the Russian energy behemoth Gazprom. The judgment and order issued by the court of Astana International Finance Center (AIFC) endorses last year’s ICC International Court of Arbitration award in favor of Naftogaz. “The ICC Award dated 16 June 2025 … in the arbitration Case No. 27245/GL/DTI between the Claimant and the Defendant shall be recognized…

Ukraine targeted overnight the Yaroslavl oil refinery in Russia, escalating the drone attacks on Russian refining and oil exporting assets, Ukrainian President Volodymyr Zelenskyy said on Friday. “Today, there was a report by Commander-in-Chief of the Armed Forces of Ukraine Oleksandr Syrskyi on the use of long-range drones against Russian oil refining and export assets,” Zelenskyy wrote on social media. “In particular, overnight, the Defense Forces of Ukraine operated against targets associated with the Yaroslavl oil refinery…

Ukraine targeted overnight the Yaroslavl oil refinery in Russia, escalating the drone attacks on Russian refining and oil exporting assets, Ukrainian President Volodymyr Zelenskyy said on Friday. “Today, there was a report by Commander-in-Chief of the Armed Forces of Ukraine Oleksandr Syrskyi on the use of long-range drones against Russian oil refining and export assets,” Zelenskyy wrote on social media. “In particular, overnight, the Defense Forces of Ukraine operated against targets associated with the Yaroslavl oil refinery…

Global oil markets remain under severe stress as Hormuz disruptions, weak economic data, and tightening inventories reshape energy flows worldwide. Friday, May 22, 2026 In a week of contradicting narratives, the largest ever US inventory drawdown sparked only a minor bullish moment as media reports of some form of negotiations between the US and Iran continue to resonate. With Europe posting its worst macroeconomic numbers since 2023 and the IEA warning of oil markets hitting the ‘red zone’ by July-August, ICE Brent is unlikely to fall…

Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are now expected to drive inflation to 3.1% this year and 2.4% in 2027—well above the bloc’s earlier forecast of 1.9% for this year. The concern is no longer just fuel prices themselves.…

Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are now expected to drive inflation to 3.1% this year and 2.4% in 2027—well above the bloc’s earlier forecast of 1.9% for this year. The concern is no longer just fuel prices themselves.…

Pakistan is encouraging oil producers from the Persian Gulf to set up crude reserve buffers at a planned Energy City near one of its ports, The Express Tribune reported on Friday. "In case of emergencies like the breakout of war, Pakistan will have the first right to utilise the oil reserves," a Pakistani official told the publication. Pakistan, which doesn't have crude reserves at present to act as a buffer in case of emergencies, has been reeling from the Middle East crisis and negotiating with Iran to secure the passage of cargoes through the…