For months, the oil market has been bracing itself for a looming large oversupply. Forecasters, investment banks, and analysts expect the overhang to depress oil prices at the end of this year and early next year as inventory builds begin to show up at the key pricing hubs.   The consensus appears to be that a glut will soon overwhelm the market. But estimates on how big the overhang will be vary, ranging from a super-glut of record proportions to more modest inventory increases in the historically weaker demand period in the first quarter…

Pakistan has received bids for 23 of the 40 offshore oil blocks it offered in its first bidding round in 18 years, marking a significant increase in investor interest in the country's energy sector. The government awarded the offshore blocks to four consortiums, led by major local energy companies such as state-run Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and MariEnergies, as well as Turkey's national oil company, Türkiye Petrolleri Anonim Ortakl (TPAO).  The Turkish energy giant signed a joint bidding agreement…

Global demand for crude oil is going to continue on an upward trajectory until at least 2032, Wood Mackenzie has warned in a new report that says the world is way off track in meeting its Paris Agreement goals. The drivers: transport and petrochemicals. The report will not come as a surprise to those following energy development closely over the past five years or so, as efforts to put the world—or at least parts of it—on the path to an energy system whose emissions of carbon dioxide are equal to the emissions it absorbs and stores…

Economists, actuaries, and others tend to make forecasts as if whatever current situation exists will continue indefinitely or will perhaps improve a bit. No one wants to consider the possibility that things will somehow change for the worse. Politicians want to get re-elected. University presidents want their students to believe that their degrees will be truly useful in the future. Absolutely no one wants to hear unfavorable predictions. The issue I see is that many promises were made during the period between the end of World War II and 1973,…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a sizeable build of 6.5 million barrels in the week ending October 31. Crude oil inventories in the United States are so far showing a net gain of 3.6 million barrels for the year, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 500,000 barrels to 409.6 million barrels in the week ending October 31 as the government…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a sizeable build of 6.5 million barrels in the week ending October 31. Crude oil inventories in the United States are so far showing a net gain of 3.6 million barrels for the year, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 500,000 barrels to 409.6 million barrels in the week ending October 31 as the government…

The surge in artificial intelligence and digital infrastructure has turned data centers into the fastest-growing source of new electricity demand in North America. Grid operators and policymakers are racing to keep up, and for energy providers, this wave of demand could open new frontiers of opportunity.   Challenge 1: Capacity bottlenecks Data center developers are demanding power within tight timelines, while interconnection queues for new generation and transmission projects can stretch for years. Some operators are now building private…

HSBC is sticking with the bear case on balances, saying OPEC+ will pick up the pace of quota increases in Q2–Q3 2026 as the group leans back into market share. The call lands two days after OPEC+ signed off on a small 137,000 bpd hike for December and—crucially—a pause on further hikes in January–March 2026, a tactical nod to soft seasonal demand and growing surplus chatter. On the facts: eight core members—Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan, and Algeria—are the ones adjusting volumes,…

In Tashkent’s ongoing effort to find a path to a seaport and expand global trade options, representatives of the state company Uzbekistan Railways have engaged a Pakistani logistics firm to establish a multimodal route connecting Uzbekistan and Pakistan. The October 30 talks involving Uzbekistan Railways and Islamabad-based SLG Trax Group “discussed in detail” the feasibility of a secure and reliable freight rail line connecting the two countries via Afghanistan, according to a report published…

The West’s push to rebuild its influence in the Middle East’s geographical and geopolitical heartland of Mesopotamia entered a new phase in recent months, with many major U.S. and European oil and gas majors returning to Iraq after a long hiatus. The key aim is to break the longstanding link between it and Iran, which has long held sway over its neighbour through its multiple political, economic, and military proxies. By doing this, the West hopes to tilt the balance of influence across the region back towards it and away from China…

Norway is rejecting an application for an 800-MW windfarm in its northernmost county Finnmark, citing irreversible impact on the wilderness and the traditional indigenous Sami culture.    NVE, the Norwegian Water Resources and Energy Directorate, on Tuesday announced it is rejecting the application of Grenselandet AS to build and operate the Davvi windfarm in the Lebesby municipality that would have covered an area of 63 square kilometers (24 square miles).  The application is rejected because the project would be located in…

It may be happening again. In 2019, the United States backed an opposition leader seeking to unseat Venezuela's Nicolas Maduro. Russia opposed the push, providing diplomatic assistance and a modicum of military support for a government that may be Moscow's most important partner in Latin America. Maduro survived the crisis when Juan Guaido's call for a military uprising failed and his bid for power fizzled -- a big relief for Russia and a blow to the United States, which considers Maduro illegitimate. Serving his first term at the time, US President…

Japanese power company J-Power has announced plans to close two units at a thermal coal power plant by the end of fiscal 2028 as part of its commitment to reduce emissions and achieve carbon neutrality by 2050.  J-Power will retire Units 1 and 2 at the Takasago Thermal Power Station as part of its plan to phase out inefficient coal-fired power plants. For high-efficiency coal-fired power plants, J-Power will look to select optimal technologies suited to each site’s characteristics to reduce emissions while continuing to contribute to…

Japanese power company J-Power has announced plans to close two units at a thermal coal power plant by the end of fiscal 2028 as part of its commitment to reduce emissions and achieve carbon neutrality by 2050.  J-Power will retire Units 1 and 2 at the Takasago Thermal Power Station as part of its plan to phase out inefficient coal-fired power plants. For high-efficiency coal-fired power plants, J-Power will look to select optimal technologies suited to each site’s characteristics to reduce emissions while continuing to contribute to…

Japanese power company J-Power has announced plans to close two units at a thermal coal power plant by the end of fiscal 2028 as part of its commitment to reduce emissions and achieve carbon neutrality by 2050.  J-Power will retire Units 1 and 2 at the Takasago Thermal Power Station as part of its plan to phase out inefficient coal-fired power plants. For high-efficiency coal-fired power plants, J-Power will look to select optimal technologies suited to each site’s characteristics to reduce emissions while continuing to contribute to…

Japanese power company J-Power has announced plans to close two units at a thermal coal power plant by the end of fiscal 2028 as part of its commitment to reduce emissions and achieve carbon neutrality by 2050.  J-Power will retire Units 1 and 2 at the Takasago Thermal Power Station as part of its plan to phase out inefficient coal-fired power plants. For high-efficiency coal-fired power plants, J-Power will look to select optimal technologies suited to each site’s characteristics to reduce emissions while continuing to contribute to…

OPEC+ has failed to spark an oil price rally with its commitment to halt production hikes in the first quarter of 2026, as fears of a supply glut continue to weigh on both Brent and WTI.- OPEC+ surprised oil markets by announcing a pause in its scheduled return of voluntary cuts throughout Q1 2026, having agreed on a minor 137,000 b/d increase for December 2025.- According to media reports, Russia was the largest proponent of the temporary supply hike pause, giving OPEC+ more time to assess the impact of sanctions on Russian crude production.-…

TotalEnergies on Tuesday announced a power purchase agreement with Data4 to supply renewable electricity to the data center developer’s sites in Spain for 10 years, as the French supermajor looks to boost its integrated power business with the key driver of global electricity demand.  The power purchase agreement (PPA) will begin in January 2026 for 10 years and will represent a total volume of 610 gigawatt-hours (GWh). TotalEnergies will supply Data4’s facilities with renewable electricity generated by Spanish wind and solar farms…

TotalEnergies on Tuesday announced a power purchase agreement with Data4 to supply renewable electricity to the data center developer’s sites in Spain for 10 years, as the French supermajor looks to boost its integrated power business with the key driver of global electricity demand.  The power purchase agreement (PPA) will begin in January 2026 for 10 years and will represent a total volume of 610 gigawatt-hours (GWh). TotalEnergies will supply Data4’s facilities with renewable electricity generated by Spanish wind and solar farms…

TotalEnergies on Tuesday announced a power purchase agreement with Data4 to supply renewable electricity to the data center developer’s sites in Spain for 10 years, as the French supermajor looks to boost its integrated power business with the key driver of global electricity demand.  The power purchase agreement (PPA) will begin in January 2026 for 10 years and will represent a total volume of 610 gigawatt-hours (GWh). TotalEnergies will supply Data4’s facilities with renewable electricity generated by Spanish wind and solar farms…