Oil prices are set to average below $60 per barrel next year, investment banks have said in their latest forecasts in recent weeks.  In 2026, both Brent Crude and WTI Crude are expected to slip from current levels of $63 per barrel and $60 a barrel, respectively, as the emerging oversupply will overwhelm the market, analysts say.  Geopolitical factors will certainly play into the price of oil next year, and these will be centered on Venezuela, Russia, and Iran.  Despite the many geopolitical uncertainties, the U.S. Energy Information…

Iraq’s Oil Ministry has revealed that it has sent out exclusive invitations to several major U.S. energy firms to develop the country’s huge West Qurna 2 oilfield following the withdrawal of Russian oil number two Lukoil after Washington ratcheted up sanctions on Moscow. “It’s a huge turnaround in the trajectory it [Iraq] had been headed with Russia and China, marking a massive win for us [the U.S.] and Europe,” a senior legal source who works closely with the U.S. Treasury Department exclusively told OilPrice.com…

On January 1 next year, a new tax will come into effect in the European Union. Dubbed the carbon border adjustment mechanism, the tax will be imposed on imports from non-EU countries with less strict emission reduction standards. Those countries are already speaking out against the tax—and the EU is about to face some unforeseen consequences. Last week, Reuters reported that Indian steel exporters were looking for new markets to replace the European Union, which currently absorbs as much as two-thirds of Indian steel exports. India’s…

Ukrainian President Volodymyr Zelenskyy met with European leaders seeking to ensure a US-led effort to end Russia's war on Ukraine does not result in a lopsided deal that would reward Moscow for its aggression against its neighbor and leave Kyiv vulnerable to future attacks. In a media briefing after the meeting Zelenskyy said that Ukraine has no right to cede territories "neither under Ukrainian law, nor under international law, nor from the moral standpoint." He added that Russia was exerting pressure to make Kyiv give up its territories, but…

The European Union has drawn a line in the sand. By 2027, the bloc intends to phase out Russian natural gas imports completely.  But as the policy ink dries in Brussels, a new challenge is emerging in the real economy… We might not have enough hands to build the infrastructure that replaces it. International Energy Agency (IEA) Executive Director Fatih Birol stood alongside European Commission President Ursula von der Leyen last week and called it the "end of an era." But he also delivered a warning.  The transition away from Russian…

The national average price of gasoline has continued on a downward trend after dropping below $3 a gallon a week ago, sinking to their lowest level since 2021. The median U.S. gas price is now $2.79 per gallon, with the national average 4 cents lower from a week ago. However, prices vary widely by state, with motorists in Oklahoma paying $2.366 per gallon compared to $4.469 in California. Diesel prices have seen an even steeper decline, with the national average price of diesel currently standing at $3.671 per gallon, 5.1 cents lower than a week…

The national average price of gasoline has continued on a downward trend after dropping below $3 a gallon a week ago, sinking to their lowest level since 2021. The median U.S. gas price is now $2.79 per gallon, with the national average 4 cents lower from a week ago. However, prices vary widely by state, with motorists in Oklahoma paying $2.366 per gallon compared to $4.469 in California. Diesel prices have seen an even steeper decline, with the national average price of diesel currently standing at $3.671 per gallon, 5.1 cents lower than a week…

Tesla shares slipped more than 4% on Monday after Morgan Stanley cut its rating on the stock to Equal-weight from Overweight, even as the firm raised its price target to $425 from $410. With Tesla changing hands around $455 into the move, the new target implies modest downside and a more balanced risk-reward profile in the eyes of the bank’s analysts. The downgrade also coincides with a notable change in coverage leadership. Longtime Tesla watcher Adam Jonas is no longer the primary analyst on the name. Coverage is now being assumed by a…

The European Commission’s announcement of the first-ever EU-wide industrial electrification auction marks more than a new funding mechanism; it represents a philosophical shift in how Europe intends to decarbonize its industries, and a signal that, at least for now, electrons are pulling ahead of molecules in the energy transition race. With a budget of €1 billion under the Innovation Fund, the pilot auction will subsidize the direct electrification of industrial process heat, one of the most stubborn and carbon-intensive parts of the…

When we hear the word "byproduct," it often designates something unwanted or even negative coming out of a decision or process that provides some product or outcome we do want. In the world of mining, however, byproducts are often valuable minerals produced in the course of extracting other desired minerals from their ores. For example, zinc mines often also produce profitable quantities of lead and silver. And, it can be the other way round; gold, silver and copper mines can sometimes also contain profitable quantities of zinc. I mention zinc,…

Crude flow from Lukoil’s West Qurna-2 storage tanks has resumed toward the major Tuba depots after a weekend shutdown, two energy sources told Quantum Commodity Intelligence. Full field operations are expected to be restored between 1 a.m. and 2 a.m., following a precautionary halt triggered by a pipeline leak. West Qurna-2 is one of the world’s largest oilfields, producing roughly 460,000 barrels per day and holding an estimated 13 billion barrels of recoverable reserves—about 10% of Iraq’s total output. Lukoil operates…

Crude flow from Lukoil’s West Qurna-2 storage tanks has resumed toward the major Tuba depots after a weekend shutdown, two energy sources told Quantum Commodity Intelligence. Full field operations are expected to be restored between 1 a.m. and 2 a.m., following a precautionary halt triggered by a pipeline leak. West Qurna-2 is one of the world’s largest oilfields, producing roughly 460,000 barrels per day and holding an estimated 13 billion barrels of recoverable reserves—about 10% of Iraq’s total output. Lukoil operates…

In recent weeks, the European Union has seemed to be upping the ante regarding its addiction to Russian hydrocarbons. Internal pressure and market realities seem to be forcing Brussels to close the door to Moscow, full stop. As indicated by the new agreement to phase out all Russian gas imports by 2027 and LNG by the end of 2026, European leaders reiterated that the EU is finally severing the last remaining pipelines, literal and political, that it still binds to Moscow. Even though all statements are emphatic, stating an ambitious timeline and…

Total fuel demand in India, the world’s third-biggest crude oil importer, surged in November to the highest level in six months as construction and agriculture activity picked up after the end of the monsoon season.  India consumed 21.27 million tons of fuels of all kinds in November, up by 3% from a year earlier, and the highest level since May 2025, before the monsoon season began, data from India’s Petroleum Ministry showed.   Gasoline demand fell from the festive month of October in November, but was 2.6% higher last month…

Total fuel demand in India, the world’s third-biggest crude oil importer, surged in November to the highest level in six months as construction and agriculture activity picked up after the end of the monsoon season.  India consumed 21.27 million tons of fuels of all kinds in November, up by 3% from a year earlier, and the highest level since May 2025, before the monsoon season began, data from India’s Petroleum Ministry showed.   Gasoline demand fell from the festive month of October in November, but was 2.6% higher last month…

Brent crude has drifted into the low-$60s, a price corridor OPEC+ has spent the better part of two years trying to defend through disciplined supply management. Yet the market’s center of gravity is shifting. Independent forecasts now point to a looming surplus of 2.1–4 million barrels per day in early 2026. Against that backdrop, OPEC+ has chosen what it calls a “strategic pause,” rolling over production quotas rather than deepening cuts. The decision is meant to stabilize prices. But it raises a more fundamental question:…

The United Arab Emirates is growing its LNG exports to meet surging global demand that will outpace investment in supply, according to the UAE’s Energy Minister Suhail al-Mazrouei. “We intend not only to satisfy our local demand, but we are also growing our export of LNG,” the minister told Reuters on the sidelines of the Abu Dhabi Financial Week. “I agree with his excellency, Minister of Qatar, that the demand is going to be much, much more than the projects that we are seeing,” the UAE official added. This weekend,…

The United Arab Emirates is growing its LNG exports to meet surging global demand that will outpace investment in supply, according to the UAE’s Energy Minister Suhail al-Mazrouei. “We intend not only to satisfy our local demand, but we are also growing our export of LNG,” the minister told Reuters on the sidelines of the Abu Dhabi Financial Week. “I agree with his excellency, Minister of Qatar, that the demand is going to be much, much more than the projects that we are seeing,” the UAE official added. This weekend,…

The United Arab Emirates is growing its LNG exports to meet surging global demand that will outpace investment in supply, according to the UAE’s Energy Minister Suhail al-Mazrouei. “We intend not only to satisfy our local demand, but we are also growing our export of LNG,” the minister told Reuters on the sidelines of the Abu Dhabi Financial Week. “I agree with his excellency, Minister of Qatar, that the demand is going to be much, much more than the projects that we are seeing,” the UAE official added. This weekend,…

Ukrainian President Volodymyr Zelenskyy was set to meet with key European allies after US President Donald Trump accused him of not reading the latest peace proposal. The December 8 talks in London follow three days of negotiations between Ukrainian and US officials near Miami as negotiators try to find agreement following the release of a US draft peace proposal last month. The 28-point plan was seen as heavily favorable to Russia, and Kyiv has pushed back on some of the more strident, hard-line demands that President Vladimir Putin has pushed…