It seems that every now and again someone in Iraq’s Oil Ministry realises how much oil the country has left undeveloped and what a good idea it would be to increase production and sell more of it. The latest chap from the Ministry to make such a discovery (last Wednesday apparently) -- Undersecretary Ali Maarij – concluded that Iraq could boost its oil production to 7 million barrels per day (bpd) within the next five years. In fact, with one key adjustment to Iraq’s broad operating procedure in the sector, its oil production…

Oil markets are bracing for impact as President Trump’s aggressive trade and energy policies create fresh uncertainty. Prices have been on a rollercoaster ride in recent weeks, with Brent crude trading a month ago at $76.30, shooting up to $82, then falling back down on Tuesday to $75.95 per barrel (+0.07%). But the real storm may still be ahead, as the White House aims to squeeze Iranian oil exports to zero and slap a 25% tariff on imports from Canada and Mexico. Wall Street Banks Adjust Their Oil Forecasts Major Wall Street banks are adjusting…

In early December, China announced curbs on the exports of three critical minerals, including antimony, gallium, germanium, and several other minerals, to the United States. The price of these minerals soared, especially in antimony, which is a key ingredient in semiconductors and weapons. Now, China is reportedly planning to do the same to lithium battery tech exports, which could completely upend the critical minerals market. The United States is the primary target of these limits as President Trump hardens the tariff rhetoric—and action—on…

The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 5.025 million barrels for the week ending January 24. Analysts had expected a 3.17-million-barrel build. For the week prior, the API reported a 2.86 million barrel build in U.S. crude oil inventories, while gasoline inventories saw a hefty build for multiple weeks in a row. In 2024, crude oil inventories in the United States dropped by more than 12 million barrels, according to the API’s inventory data, with the downward trend continuing beyond…

President Donald Trump withdrew from the Paris Agreement. Cue the leftwing meltdown. Though everyone knew the withdrawal was coming, the left and the “international community” are still decrying America’s alleged abdication of leadership on climate.  But toothless agreements window dressed with international summits and photo ops are not the same as leadership. The truth is America has led the world in reducing emissions for years not because of the Paris Agreement, but because innovation and the free market facilitate the…

Armenian Prime Minister Nikol Pashinyan is sending signals designed to place the Armenian-Azerbaijani peace process back on the front burner. In particular, Pashinyan has expressed openness to exploring a modified version of the Zangezur corridor, which would establish a direct link between Azerbaijan proper and the Nakhchivan exclave via Armenian territory. The corridor issue has proven a major stumbling block for the peace process. Last summer, both sides agreed to set the issue aside, but a few weeks ago, Azerbaijani leader Ilham Aliyev unexpectedly…

BP is about to make a big bet on Iraq—again. After years of false starts, geopolitical chaos, and stalled negotiations, the British oil major is reportedly gearing up to invest up to $25 billion in Iraq’s Kirkuk oil and gas fields. That’s according to a senior Iraqi official who spoke to Reuters in an exclusive.   That’s a hefty price tag for a region that’s seen more than its fair share of conflict and instability—but with crude prices hovering near the $75 mark and Iraq eager to reclaim its position as…

The European Commission last week sent out to EU member states its proposal for the next round of sanctions on Russia and Belarus, with a goal to have the package unanimously agreed by the time of the third anniversary of the full-scale invasion of Ukraine in late February. The proposal, seen by RFE/RL, would mean more sanctions targeting Russian aluminum, media, and the so-called "shadow fleet" but would lack any more meaningful restrictions on Russian energy. Brussels is clearly mindful that some member states are wary about soaring energy prices…

Via Metal Miner According to the World Steel Association, global crude steel production in 2024 declined by about 1% year-on-year. With the data released, organizations now want to determine where steel prices might go for the rest of 2025. On January 24, the Brussels-based association stated that total volumes for the year were just over 1.88 billion metric tons against almost 1.9 billion metric tons in 2023. Those figures account for the 71 nations that report to Worldsteel. Asia and Oceania China, the world’s largest steel producer, poured…

Abu Dhabi’s ADNOC is moving some of its natural gas and green energy assets in the United States into its recently created $80-billion international energy investment company, the CEO of the national oil company of the United Arab Emirates says. At the end of last year, the company pumping nearly all the oil of the UAE announced the launch of a new firm, XRG, an international lower-carbon energy and chemicals investment company with an enterprise value of over $80 billion. XRG was planned to formally commence activities in the first quarter…

India reduced its imports of coal in 2024. On the face of it, this would have been wonderful news for power sector emissions in the world’s second-largest coal consumer, if we don’t analyze what’s behind lower coal imports. India has been looking to cut its dependence on foreign coal supply to meet its surging power demand and has hiked domestic production. While coal is abundant in domestic mines, it is typically of lower quality and contains lower levels of energy when burnt compared to most imports. Therefore, India needs to…

Abu Dhabi’s ADNOC is moving some of its natural gas and green energy assets in the United States into its recently created $80-billion international energy investment company, the CEO of the national oil company of the United Arab Emirates says. At the end of last year, the company pumping nearly all the oil of the UAE announced the launch of a new firm, XRG, an international lower-carbon energy and chemicals investment company with an enterprise value of over $80 billion. XRG was planned to formally commence activities in the first quarter…

Despite declining refining margins, Marathon Petroleum Corp. (NYSE: MPC) on Tuesday reported higher-than-expected earnings for the fourth quarter of 2024, driven by stronger performance in the midstream and renewable diesel divisions. Marathon Petroleum booked an adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024. This is significantly lower compared to the adjusted net income of $1.5 billion, or $3.98 per share, for the fourth quarter of 2023. However, the Q4 2024 earnings of $0.77 per share beat by…

Ukraine launched another large-scale drone attack on Russian territory overnight targeting oil refineries and infrastructure. Russia's defense ministry confirmed the widespread nature of the attack, saying it shot down over 70 of the inbound drones. Drones reportedly struck an oil refinery Russia’s southern Volgograd region as part of the larger attack. Infrastructure in the southern Astrakhan region was also targeted, including gas facilities. The damaged refinery in Volgograd appears to belong to Russian oil giant Lukoil. This marks the…

Despite declining refining margins, Marathon Petroleum Corp. (NYSE: MPC) on Tuesday reported higher-than-expected earnings for the fourth quarter of 2024, driven by stronger performance in the midstream and renewable diesel divisions. Marathon Petroleum booked an adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024. This is significantly lower compared to the adjusted net income of $1.5 billion, or $3.98 per share, for the fourth quarter of 2023. However, the Q4 2024 earnings of $0.77 per share beat by…

Oil prices took a sharp turn today as traders weighed President Trump’s latest “maximum pressure” push against Iran. Brent crude rose to $76.34 per barrel (+0.50%), while WTI’s loss from early in the day shrunk to just a 0.31% dropoff at $72.93 per barrel. While a quick glance at today’s oil prices could suggest traders aren’t convinced just yet that the Iran situation could have a profound effect, oil prices are indeed on the rise from their earlier downward trend—a rather quick turn, in fact. Trump’s…

Shell has restored oil and gas production from the Penguins field in the UK North Sea with a new floating, production, storage and offloading (FPSO) facility, the UK-based supermajor said on Tuesday, days after a court ruled that government approvals for two planned UK fields were unlawful. The new Shell-operated FPSO facility will be the new export route for the Penguins field’s oil and gas production, replacing the previous export route via the Brent Charlie platform, which ceased production in 2021, and is being decommissioned. As a result,…

Shell has restored oil and gas production from the Penguins field in the UK North Sea with a new floating, production, storage and offloading (FPSO) facility, the UK-based supermajor said on Tuesday, days after a court ruled that government approvals for two planned UK fields were unlawful. The new Shell-operated FPSO facility will be the new export route for the Penguins field’s oil and gas production, replacing the previous export route via the Brent Charlie platform, which ceased production in 2021, and is being decommissioned. As a result,…

While potential tariffs on Canada and Mexico have been making all the headlines recently, it is the threat of a prolonged trade war between China and the U.S. that has sparked demand fears and pushed prices down.- Canada’s oil industry has dodged the bullet with the United States’ 25% tariff threat, only to be penalized by a 10% levy on Saturday and then subsequently lifted for a grace period of 30 days, taking oil sands producers to a rollercoaster of emotion this week.- Almost all of Canada’s 4 million b/d flow to the United…

Following a power outage, Equinor on Tuesday suspended all production at the huge 755,000-bpd Johan Sverdrup oilfield in the North Sea, Western Europe’s biggest, a spokesperson for the Norwegian energy major told Reuters. Equinor has already started work to repair the outage in the offshore system feeding power to the massive field. “Repair work has been initiated, and we are working on a restart plan,” the company’s spokesperson told Reuters, without giving further details. An outage at the huge oilfield could curb some…