The Islamic Republic of Iran has announced a fuel price hike for the first time since 2019, with the increase coming at a time when the authorities are struggling with economic pressures and environmental disasters. The new pricing system, which took effect at midnight on December 13, will see motorists pay 15,000 rials per litre (~4.7 U.S. cents per gallon) for the first 60 liters consumed in a month; 30,000 rials a litre (~9.4 cents per gallon) for the next 100 liters and  50,000 rials per litre (~15.7 cents per gallon) for anything beyond…

It has been an eventful year for U.S. shale oil and gas. Low prices—at least in oil—a double down on capital discipline, and drilling efficiency gains that pushed the U.S. total to a record high again were the hallmarks of 2025. The next frontier? Recovery rates.  Recovery rates for shale oil wells are much lower than the rates for conventional wells. The average is around and below 10%, compared with 30% to 35% for conventional wells. Given the prominence of shale basins in the United States’ total oil production, it was…

Chevron has quietly cut the price of Venezuelan crude sold to U.S. refiners after American forces seized a tanker off the country’s coast, tightening an already-fragile export channel and adding fresh volatility to Gulf Coast markets. Traders familiar with the matter told Bloomberg that Chevron sold a batch of Venezuelan crude on December 11 at weaker levels than a similar offer just two days earlier. The timing was impossible to miss: the discount came immediately after U.S. forces boarded and seized the Skipper, a sanctioned crude carrier…

Exxon Mobil Corp. (NYSE:XOM) has invented a type of graphite that can extend the life of electric-vehicle batteries by as much as 30%, pushing the oil major further into advanced battery materials as automakers look for longer-lasting cells and supply chains less reliant on China.  “We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” Chief Executive Officer Darren Woods, adding that it’s a “revolutionary step change in battery performance.” According to Woods, several EV…

What looked at first like a bizarre local accident in western Norway should have set off every alarm bell in Europe.   In April 2025, someone remotely seized control of a hydroelectric dam in Bremanger, opened its floodgates, and let millions of cubic meters of water roar downstream for hours. Only months later did Norway’s intelligence service quietly confirm that the culprits were linked to Moscow. And this act wasn’t meant to destroy the dam — it was a calling card. Most Europeans still think the war stops at…

China’s LNG demand is disappointing in 2025 for a second year in a row, just as new U.S. export projects ramp up and Qatar is nearing start-up of the first new facilities in its huge capacity expansion. The wave of new LNG supply that will come online by the end of the decade, mostly from the top exporters, the United States and Qatar, has prompted many analysts to expect an oversupplied LNG market by 2030 that would weigh on prices. Lower prices could incentivize additional demand from price-sensitive buyers in south and Southeast Asia,…

Copper prices are surging toward the $12,000 mark, fueled by a perfect storm of supply disruptions, frantic artificial intelligence (AI) demand, and what analysts are calling a "highly irregular" market distortion triggered by U.S. trade policy fears. With the metal currently trading near record highs, touching $11,952 per ton on the London Metal Exchange (LME) last Friday, major financial institutions are aggressively revising their forecasts upward. Citi analysts now predict copper could hit $13,000 per ton in early 2026 and skyrocket to $15,000…

The Intercontinental Exchange (ICE) has revealed plans to extend trading hours for its European gas and power futures to match the 22-hour trading cycles of the United States’ Henry Hub and JKM (Japan Korea Marker) markets. ICE aims to streamline trading flows between Europe, the United States and Asia, giving traders more ways to manage risk amid volatile gas markets. ICE is also helping traders hedge risks by pricing these contracts in USD/MMBtu.More than 103 million Dutch TTF gas contracts have changed hands on ICE in the current year,…

The Intercontinental Exchange (ICE) has revealed plans to extend trading hours for its European gas and power futures to match the 22-hour trading cycles of the United States’ Henry Hub and JKM (Japan Korea Marker) markets. ICE aims to streamline trading flows between Europe, the United States and Asia, giving traders more ways to manage risk amid volatile gas markets. ICE is also helping traders hedge risks by pricing these contracts in USD/MMBtu.More than 103 million Dutch TTF gas contracts have changed hands on ICE in the current year,…

The race to secure domestic supply chains for critical minerals intensified last week following the announcement of a significant geological discovery in the western United States. A Utah-based mining firm has identified a deposit that mirrors the specific geological characteristics responsible for much of China’s rare earth dominance, potentially offering the U.S. a strategic counterweight in the escalating trade war over materials vital to national defense and the energy transition. Ionic Mineral Technologies, based in Provo, Utah, reported…

Houston, Texas-based refiner Phillips 66 (NYSE:PSX) has increased its 2026 capital budget to $2.4 billion, including $1.3 billion for growth capital and $1.1 billion for sustaining capital. In the Midstream segment, the capital budget of $1.1 billion includes and $700 million for growth projects and $400 million for sustaining projects. These projects will organically advance the company’s integrated NGL wellhead-to-market strategy by expanding pipeline and fractionation capacity in key basins as well as increasing gas processing. A significant…

Houston, Texas-based refiner Phillips 66 (NYSE:PSX) has increased its 2026 capital budget to $2.4 billion, including $1.3 billion for growth capital and $1.1 billion for sustaining capital. In the Midstream segment, the capital budget of $1.1 billion includes and $700 million for growth projects and $400 million for sustaining projects. These projects will organically advance the company’s integrated NGL wellhead-to-market strategy by expanding pipeline and fractionation capacity in key basins as well as increasing gas processing. A significant…

The global energy transition displayed a stark duality in September 2025, as a record-breaking surge in solar power generation clashed with the stubborn persistence of coal consumption across major economies.  New data released by the International Energy Agency (IEA) reveals a complex landscape where rapid renewable deployment is racing to keep pace with rising demand and shifting weather patterns, challenging the linear narrative of decarbonization. Solar Ascendant: The New Heavyweight According to the report, total net electricity generation…

Russia could extend the ban on gasoline exports by the end of February from the current end-date December 31, 2025, state news agency TASS reported on Monday, quoting sources familiar with the discussions in the government.  Currently, Russia has a ban on gasoline exports and a ban on non-producers to export diesel by the end of the year. The ban on gasoline exports is in force for all market participants, including producers and traders, but it does not apply to supplies under bilateral government agreements.   The current ban on…

Russia could extend the ban on gasoline exports by the end of February from the current end-date December 31, 2025, state news agency TASS reported on Monday, quoting sources familiar with the discussions in the government.  Currently, Russia has a ban on gasoline exports and a ban on non-producers to export diesel by the end of the year. The ban on gasoline exports is in force for all market participants, including producers and traders, but it does not apply to supplies under bilateral government agreements.   The current ban on…

Russia could extend the ban on gasoline exports by the end of February from the current end-date December 31, 2025, state news agency TASS reported on Monday, quoting sources familiar with the discussions in the government.  Currently, Russia has a ban on gasoline exports and a ban on non-producers to export diesel by the end of the year. The ban on gasoline exports is in force for all market participants, including producers and traders, but it does not apply to supplies under bilateral government agreements.   The current ban on…

An oil tanker carrying crude from the Kurdistan Region of Iraq (KRI) unloaded its cargo at a U.S. port at the very end of last month – the first since the reopening of the critical Iraq-Turkey Pipeline (ITP) around two months ago. According to industry data, many more such cargoes are expected in the coming day, weeks, and months. Although the U.S. has a genuine use for the medium-heavy sour Iraqi Kurdish blend, these imports are about a lot more than oil and following the recent rocket attack on the KRI’s Khor Mor gas field, the timing…

The European Union on Monday slapped sanctions on nine entities and individuals for supporting Russia’s shadow fleet moving oil, as the bloc seeks to further restrict Moscow’s ability to generate revenues from energy exports.    The Council of the EU sanctioned five individuals and four entities responsible for supporting Russia’s shadow fleet and its value chain.     The designated individuals are businessmen directly or indirectly linked to Rosneft and Lukoil, which were sanctioned by the United…

In a remarkable turnaround, the tiny South American country of Guyana, once one of the continent’s poorest nations, now ranks among the world’s top 10 wealthiest countries by gross domestic product (GDP) per capita. In a mere decade, Guyana went from first discovery to be lifting nearly 900,000 barrels of crude oil per day from the prolific 6.6-million-acre Stabroek Block. This, despite the lopsided deal favoring the ExxonMobil-led consortium, which controls the oil acreage, has delivered a massive economic windfall. There are concerns…

The United States insists that the European Union exempt it from obligations to report data under the EU Methane Regulation until 2035, Reuters reported on Monday, citing a U.S. document circulated to EU governments. The U.S. and its gas industry have lobbied this year for repeal or significant amendments of the EU’s climate laws and regulations which, the U.S. says, threaten Europe’s energy supply and security. The EU Methane Regulation, effective from August 4, 2024, aims to reduce methane emissions from the energy sector. For imports,…