Last week, OPEC+ announced it will once again accelerate the pace of unwinding of production cuts, with output targets for June increasing by 411,000  barrels per day, equivalent to three monthly increments. This follows a similar move in April, with the organization appearing willing to stay the course amid low oil prices and fears of weakening demand. We reported that global crude inventories remain low enough, thus giving OPEC+ a window to scale back its voluntary cuts until the market surplus finally arrives. Saudi Arabia appears intent…

The European Union wants to quit all forms of Russian energy imports by the end of 2027. The EU has spoken a lot about this, but action has been mostly absent, with Russia still the second-biggest supplier of gas to the bloc. Now, a non-EU country’s gas ambitions could make Brussels’ task of quitting Russian gas even harder. The European Commission this week announced plans to bring Russian natural gas imports to zero. This will, apparently, happen by the central government of the EU banning member states from signing new supply contracts…

Last week’s worst blackout Europe has ever seen in modern times was a wake-up call for the EU – and the rest of the world – that regardless of booming renewable energy capacity installations, power supply will not be secure unless grids are capable and flexible enough to accommodate clean energy and meet rising demand.   Renewable energy proponents have been touting for years the record-breaking solar and wind capacity additions in Europe and elsewhere, calling at the same time for more investments in grids. With headline-grabbing…

U.S. and Russian officials are quietly exploring pathways to restore Russian natural gas flows to Europe—an initiative that, if realized, would mark a seismic shift in post-Ukraine war energy dynamics, according to an exclusive report by Reuters on Thursday.  The talks, still in preliminary stages, are reportedly linked to ongoing peace negotiations and could involve U.S.-backed intermediary arrangements to facilitate pipeline transit through Ukraine or even Nord Stream infrastructure, Reuters reported. Europe's Russian gas dependency…

There are growing doubts over the government’s ability to meet its net zero targets after the company behind one of Britain’s biggest-ever wind farms abruptly pulled the plug on the project, citing overwhelming cost pressures. Denmark-based Ørsted, which won the contract to develop the 2.4GW Hornsea 4 offshore windfarm last year, said it took the decision due to “supply chain costs, higher interest rates, and an increase in the risk to construct and operate Hornsea 4 on the planned timeline.” The move marks the latest…

As it turns out, a trade war with your biggest customer isn’t the death knell some made it out to be. U.S. exports of natural gas liquids (NGLs) hit an all-time high in April, defying concerns that the escalating trade war with China would choke off demand. Ship tracking data from Kpler and Vortexa pegged NGL exports at 2.9 million barrels per day (bpd)—a record level—even as exports to China tumbled 35% month-over-month. NGLs like ethane, propane, and butane—key inputs for everything from plastics to home heating—have…

As it turns out, a trade war with your biggest customer isn’t the death knell some made it out to be. U.S. exports of natural gas liquids (NGLs) hit an all-time high in April, defying concerns that the escalating trade war with China would choke off demand. Ship tracking data from Kpler and Vortexa pegged NGL exports at 2.9 million barrels per day (bpd)—a record level—even as exports to China tumbled 35% month-over-month. NGLs like ethane, propane, and butane—key inputs for everything from plastics to home heating—have…

Taiwan is walking an energy tightrope. The island nation’s isolated energy grid supports a population the size of Australia’s at 23 million and one of the most advanced and energy-intensive tech sectors in the world. And not only is it being pushed to its absolute limit by economic factors, it’s also facing an existential threat from potential Chinese aggression.  “As the age of energy-hungry artificial intelligence dawns, Taiwan is facing a multifaceted energy crisis: It depends heavily on imported fossil fuels; It…

Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude.  All in all, we’re looking at refining margins for the first-quarter of this year that are better than 2024, even as upstream margins weaken and the industry at large expresses concern over…

Despite slumping oil prices, global refiners are turning in strong first-quarter earnings, thanks to a sharp rebound in profit margins, Reuters reports, with U.S. Gulf Coast refiners processing Mars crude enjoying a doubling of margins to some $16 per barrel, $7 margins in Singapore for Dubai crude, and a 36% margin jump in Asia for Arab Light crude.  All in all, we’re looking at refining margins for the first-quarter of this year that are better than 2024, even as upstream margins weaken and the industry at large expresses concern over…

Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters. Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions. However, in March and April, the U.S.…

Independent Chinese refiners have started to experience difficulties in procuring cheap Iranian crude oil while others have stopped purchases from Iran, after the United States sanctioned two independent refiners in the past two months, sources with knowledge of the issue have told Reuters. Chinese crude oil imports topped 12 million barrels per day (bpd) in March, the highest volume since August 2023, as flows of Iranian and Russian crude rebounded from the lows seen early this year with the U.S. sanctions. However, in March and April, the U.S.…

China’s rapid embrace of renewable energy is bad news for natural gas producers like Russia, Turkmenistan, and Kazakhstan. But it might have decent ramifications for Uzbekistan’s clean energy agenda. China controls over 70 percent of global manufacturing capacity in every major category of clean energy production except hydrogen electrolyzers, according to a recently published research report produced by BloombergNEF, titled Energy Transition Supply Chains 2025. The report finds that “mainland China also dominates…

1m ago 11:09am CST US-UK Trade Deal Overview President Trump announced a landmark US-UK trade deal, calling it a "breakthrough" with one of America’s "most cherished allies." The agreement is set to drive billions of dollars in export opportunities for both nations. Key Details: The US will eliminate its 25% tariffs on UK steel and aluminum imports, easing costs for British manufacturers. Tariffs on up to 100,000 UK cars exported to the US will be reduced from 27.5% to 10%, boosting the UK automotive sector. The deal covers agricultural products…

Kazakhstan doesn’t have any plans to cut its crude and condensate production in May, its energy ministry said on Thursday, as the OPEC+ producer continues to give the group headaches with continuously busting its quota in the deal. Kazakhstan, one of the biggest overproducers under the agreement alongside OPEC’s second-largest producer, Iraq, plans to keep its crude oil and condensate production levels in May the same as in April and slightly higher than in March, Kazakhstan’s energy ministry told Bloomberg via email. The second…

Russia is in an active stage of talks with China over the Power of Siberia 2 gas pipeline to bring more Russian gas to China, Russia’s Energy Minister Sergei Tsivilev said while Chinese President Xi Jinping is visiting Moscow. Despite the touted “active” talks, it is unlikely that Russia and China will sign an agreement on the proposed gas pipeline before May 9, Russian news agency TASS quoted Tsivilev as telling reporters. Xi flew to Moscow on Wednesday, will hold talks with Vladimir Putin on Thursday, and will attend a planned…

Russia is in an active stage of talks with China over the Power of Siberia 2 gas pipeline to bring more Russian gas to China, Russia’s Energy Minister Sergei Tsivilev said while Chinese President Xi Jinping is visiting Moscow. Despite the touted “active” talks, it is unlikely that Russia and China will sign an agreement on the proposed gas pipeline before May 9, Russian news agency TASS quoted Tsivilev as telling reporters. Xi flew to Moscow on Wednesday, will hold talks with Vladimir Putin on Thursday, and will attend a planned…

Russia is in an active stage of talks with China over the Power of Siberia 2 gas pipeline to bring more Russian gas to China, Russia’s Energy Minister Sergei Tsivilev said while Chinese President Xi Jinping is visiting Moscow. Despite the touted “active” talks, it is unlikely that Russia and China will sign an agreement on the proposed gas pipeline before May 9, Russian news agency TASS quoted Tsivilev as telling reporters. Xi flew to Moscow on Wednesday, will hold talks with Vladimir Putin on Thursday, and will attend a planned…

The European Union member states are looking to include energy laws and regulations in wider efforts to cut bureaucracy aimed at boosting the bloc’s competitiveness, a draft document seen by Reuters showed on Thursday. Earlier this year, the European Commission proposed measures to cut red tape and simplify legislation for EU businesses and citizens. The plans to simplify rules “is a major step forward in creating a more favourable business environment to help EU companies grow, innovate, and create quality jobs,” the Commission…

Germany’s wind and solar power output has slumped to the lowest in ten years since the start of the year, at just 80 TWh over the first four months of 2025, data from climate think tank Ember has shown. As a result, Europe’s biggest economy has ramped up gas and coal generation by 10% from a year ago, with the share of hydrocarbons in its energy mix rising to the highest in seven years. The main reason for the drop in wind and solar generation was low wind speed, which hit total wind power output hard: generation was down 31% on the…