Many of the resource-rich countries in Africa have intensified efforts to become more attractive for exploration and production (E&P) investment. Reforms in licensing rounds, production sharing contracts, and fiscal policy are improving investor returns and are set to drive $41 billion in upstream investment in 2026, the African Energy Chamber’s State of African Energy 2026 Outlook shows. From legacy oil producers Nigeria and Angola to emerging exploration hotspots such as Namibia, African resource holders are looking to compete with…

Asian imports of liquefied natural gas are set for a decline this year as prices prove too high for some importing nations, forcing them to look for alternatives, while others boost domestic supply. European imports, on the other hand, are headed for another record year as flows shift. Imports of LNG in Asia this year are on course to reach 276 million tons in total, after a strong November, at 22.99 million tons and an even stronger estimated December, when imports could reach 26.86 million tons. All this is according to data from Kpler cited…

Russia’s dependence on oil and gas revenues has long been one of the country’s greatest economic strengths. That same dependence is now becoming one of its most significant vulnerabilities. In November, Russia’s energy revenues fell sharply, underscoring how sanctions, weak crude prices, and currency dynamics are converging to squeeze Moscow’s finances at a time of elevated military spending. According to recent estimates, Russia is expected to collect roughly 520 billion rubles—about $6.6 billion—from oil and…

Notions of renewable energy and reducing greenhouse gases are nice, but costly energy prices are forcing a shift in Europe’s priorities. Reuters reported this week that two members of the European Union — Greece and Italy — and the UK are loosening their opposition to new oil and gas drilling, even as the continent builds out renewables to slash greenhouse gas emissions and meet climate targets. Greece in November issued its first offshore oil and gas exploration license in more than 40 years to a trio of companies including Exxon…

The global aluminum recycling market is set for a substantial expansion, projected to reach $91.3 billion by 2032, as industrial consumers aggressively pursue low-carbon material sources to mitigate skyrocketing energy costs and meet stringent decarbonization targets. The forecast, detailed in a new market analysis, highlights a fundamental shift in the global metal supply chain. The recycling market, valued at $57.2 billion in 2024, is expected to expand at a compound annual growth rate (CAGR) of 6.2%.  This growth is structurally linked…

Norway has temporarily halted its deep-sea mining plans by postponing the first licensing round until at least 2029, following a political agreement with the Socialist Left Party for the state budget. The four-year delay to exploration and extraction activities in Norwegian waters was achieved through budget negotiations, although the government maintains its underlying policy has not changed. The decision has been welcomed by environmental groups like the WWF and the Deep Sea Conservation Coalition as a major win for environmental protection,…

Norway has temporarily halted its deep-sea mining plans by postponing the first licensing round until at least 2029, following a political agreement with the Socialist Left Party for the state budget. The four-year delay to exploration and extraction activities in Norwegian waters was achieved through budget negotiations, although the government maintains its underlying policy has not changed. The decision has been welcomed by environmental groups like the WWF and the Deep Sea Conservation Coalition as a major win for environmental protection,…

Energy Secretary Chris Wright has floated an unusual but very creative plan to quickly expand U.S. grid capacity: tapping the industrial diesel generators already sitting at data centers, big-box retailers, and other commercial sites. The proposal comes as multiple regional grids strain under the explosive power demand driven by the data-center boom. Leveraging these idled generators could serve as a short-term bridge until new generation comes online. Bloomberg quoted Wright on Tuesday morning at the North American Gas Forum in Washington, where…

Hungary has reported that oil flows from Russia via the key Druzhba oil pipeline have continued after it came under attack by Ukraine on December 1. According to Mol Nyrt, Hungary's main oil company, imported crude flows through the Transneft-owned pipeline have so far been unaffected. Previously, the Kyiv Independent had reported that Ukraine used remote-controlled explosives to destroy the pipeline. "The Russian oil network, as the main source of income for the aggressor state and financing for the military-industrial complex, will continue to…

Tajikistan is seeking Russia’s help in containing raids by Islamic militants operating out of Afghanistan. Two attacks within the past week have left five Chinese nationals working on road construction and gold mining projects in Tajik border areas dead. The Reuters news agency reported December 2 that Tajik officials are negotiating with their Russian counterparts on mounting joint patrols along the almost 850-mile-long frontier with Afghanistan. Moscow maintains military facilities housing thousands of troops in and around Dushanbe, the…

Austrian businessman Bernd Bergmair, former majority owner of Pornhub, has approached the U.S. Treasury about buying assets of Russian oil major Lukoil after the Trump administration sanctioned the company.  "Obviously Lukoil International GmbH would be a great investment and anybody would be fortunate to have the privilege of owning those assets,” Bergmair told Reuters. "I don’t comment on potential investments as a matter of course," he added. Last month, U.S. Treasury issued the greenlight for companies to begin talks with Lukoil…

The Vaca Muerta shale play in southern Argentina continues delivering strong production growth. In a mere decade, shale oil and gas production have regularly soared to all-time highs, boosting Argentina’s hydrocarbon output to new records. Even waning output from the Latin American country’s aging conventional oil fields has had little impact on overall production volumes, with growing unconventional hydrocarbon output filling the gap. October 2025’s numbers, like the month prior, reflect those trends and the rising outsized contribution…

Austrian businessman Bernd Bergmair, former majority owner of Pornhub, has approached the U.S. Treasury about buying assets of Russian oil major Lukoil after the Trump administration sanctioned the company.  "Obviously Lukoil International GmbH would be a great investment and anybody would be fortunate to have the privilege of owning those assets,” Bergmair told Reuters. "I don’t comment on potential investments as a matter of course," he added. Last month, U.S. Treasury issued the greenlight for companies to begin talks with Lukoil…

For the fifth time this year, Cuba suffered a massive power outage after a partial collapse of the electrical grid early on Wednesday.  The capital city of Havana and many of the western provinces are without power, according to a state media reporter who spoke to Reuters.  It was not immediately clear what caused the grid collapse. Cuba’s power system has deteriorated in recent years as the fuel and oil supply crisis has hit heavily the old oil-fueled power plants.   Cuba’s power generation is heavily dependent…

For the fifth time this year, Cuba suffered a massive power outage after a partial collapse of the electrical grid early on Wednesday.  The capital city of Havana and many of the western provinces are without power, according to a state media reporter who spoke to Reuters.  It was not immediately clear what caused the grid collapse. Cuba’s power system has deteriorated in recent years as the fuel and oil supply crisis has hit heavily the old oil-fueled power plants.   Cuba’s power generation is heavily dependent…

Crude oil inventories in the United States increased by 600,000 barrels during the week ending November 28, after adding 2.8 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 427.5 million barrels according to government data, which is 3% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories…

Hungary on Wednesday vowed to challenge the EU’s decision to phase out imports of Russian oil and gas at the Court of Justice of the European Union, claiming it is impossible for the central European nation to halt energy imports from Russia.   “Accepting and implementing this ?Brussels order is impossible for ‌Hungary,” Hungarian Peter Szijjarto said at a briefing, as carried by Reuters. The EU on Wednesday agreed to permanently stop Russian gas imports and phase out Russian oil by 2027.  The agreement will…

A US delegation led by special envoy Steve Witkoff met with Russian President Vladimir Putin and his aides for almost five hours at the Kremlin on December 2 for talks on a proposal aimed at ending Moscow's full-scale invasion of Ukraine. On a day of intense diplomatic efforts to end Europe's largest and deadliest conflict since World War II, Ukrainian President Volodymyr Zelenskyy said there is a better chance “now than ever” to reach a deal. But just before the talks, Putin accused European governments of trying to block the peace…

Saudi Arabia has launched production at the giant Jafurah natural gas field, the largest non-associated gas development in the Kingdom, which is key to the Saudi goal to significantly boost its gas processing capacity to meet rising demand.  Saudi Aramco, the state oil giant, has completed the first phase of the Jafurah Gas Plant construction and launched production at the field with a capacity of 450 million cubic feet per day, the Saudi Finance Ministry said in the 2026 Budget announcement.  Sustainable production at Jafurah is expected…

Previously, we reported that U.S. electricity prices have been surging, thanks in large part to the proliferation of AI, high-performance computing (HPC) data centers and clean energy manufacturing. U.S. residential electricity prices have surged nearly 40% since 2021, with states with the highest concentration of data centers recording the biggest increase. To wit, Virginia--the state with the biggest number of data centers at 666--saw electricity prices jump 13% in the current year from 2024 levels, the second highest clip nationwide after Illinois’…