India bought more Russian ESPO Blend oil in April than any month since August 2024, stepping in to scoop up what weakening Chinese demand for the blend has left behind, Reuters reported on Monday, citing LSEG data.  In April, the Reuters report shows Indian ports taking in around 400,000 metric tons of Russian ESPO, up from only 100,000 metric tons the month prior. Another 200,000 metric tons is set to ship to India in May, according to LSEG data.  Chinese demand for Russian ESPO dipped due to sanctions on Russian companies that led Chinese…

Labour’s push for EVs and heat pumps fail to account for a crucial detail – reality, says Matthew Bowles British Prime Minister Keir Starmer has reinstated the 2030 ban on the sale of all new petrol and diesel cars, after the previous government relaxed it to 2035. This follows a government review of the current Zero-Emission Vehicle (ZEV) mandate. The ZEV mandate is a policy tool requiring car manufacturers to sell a certain percentage of electric vehicles yearly to avoid fines. Initially, this was a yearly target, with the percentage…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

Libya’s Prime Minister Abdulhamid Dbeibeh has called for an urgent inquiry into the killing of Brigadier General Ali Ramadan Al-Rayani, who was fatally shot on Sunday by unidentified gunmen, instructing the military prosecutor to oversee the investigation. Al-Rayani was fatally shot early on April 27 after unidentified gunmen stormed his residence in the Khallet Al-Furjan district, south of Tripoli, shortly after he returned from dawn prayers, the Libya Observer reported.  Libya’s Al-Wasat news outlet cited witnesses as saying…

A sunny weekend in northwest Europe plunged power prices in the region to hundreds of euros below zero on Sunday afternoon as solar generation soared. Spot power prices in Belgium sank to as low as -$302 (-266 euros) per megawatt-hour (MWh) between 1 p.m. and 2 p.m. on Sunday, according to data from Epex Spot SE cited by Bloomberg. During the same hour, power prices in Netherlands plunged to -$215.60 (-189.90 euros), while prices in Germany dropped to -$147.40 (-129.81) per MWh. Negative power prices, while beneficial for some consumers in some…

Germany remains committed to a single power market in its area and doesn’t like the recommendation from a new report to split the market into five separate bidding zones. Entso-e, the association of EU transmission system operators, released a report on Monday evaluating bidding zone configurations with the purpose of establishing "optimal bidding zone configurations in Europe to maximize economic efficiency and cross-zonal trading opportunities, while maintaining security of supply.” For the Central Europe region, which includes the…

Germany remains committed to a single power market in its area and doesn’t like the recommendation from a new report to split the market into five separate bidding zones. Entso-e, the association of EU transmission system operators, released a report on Monday evaluating bidding zone configurations with the purpose of establishing "optimal bidding zone configurations in Europe to maximize economic efficiency and cross-zonal trading opportunities, while maintaining security of supply.” For the Central Europe region, which includes the…

US President Donald Trump said he wants Russian leader Vladimir Putin to "stop shooting" and agree to a peace deal to end the war in Ukraine, a day after his face-to-face meeting with Ukraine's Volodymyr Zelenskyy on the sidelines of Pope Francis’s funeral. "Well, I want him to stop shooting, sit down, and sign a deal," Trump told reporters on April 27 in response to a question on what actions he was seeking from Putin. Trump also said his meeting with Zelenskyy on April 26 had gone well, but he added that he thinks Zelenskyy is ready to…

Crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude. Reuters’ Clyde Russell reported that 1.74 million barrels daily went into storage last month in China, citing official data from Beijing and noting that this is the highest rate of storage inflows since June 2023. Run rates at Chinese refineries during the same month averaged…

Crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude. Reuters’ Clyde Russell reported that 1.74 million barrels daily went into storage last month in China, citing official data from Beijing and noting that this is the highest rate of storage inflows since June 2023. Run rates at Chinese refineries during the same month averaged…

Analysts are not ruling out the possibility that some oil and gas supermajors could announce as soon as this week reduced share buyback programs for this year compared to the guidance from early 2025, before the oil price slide. Investors will be more focused to learn how Big Oil plans to cope with the 12% decline in oil prices so far this year and whether the dividend and share repurchases still stand as pledged at the Q4 earnings calls, than on the exact number of billions of U.S. dollars the firms made in the first quarter, analysts at investment…

Mergers and acquisitions in the U.S. shale industry got off to a strong start this year. Oil was trading at pretty reasonable prices—unless you’re OPEC—there was a pro-oil president in the White House, and the outlook was bright. For a while. Then, prices took a dive, markets panicked about tariffs, and everyone started predicting economic catastrophe. The outlook is no longer so bright. The first quarter of 2025 saw shale oil and gas deals worth a total of $17 billion, Enverus reported this week. This made the quarter the second-best…

The U.S. stock market remains deeply in the red, with a barrage of on-and-off tariff announcements by U.S. President Donald Trump creating confusion and uncertainty. Two weeks ago, Trump unveiled steep tariff hikes, before turning around and issuing a 90-day pause on what the administration calls ‘reciprocal tariffs.’ Trump announced that a baseline tariff rate of 10% would remain in effect during the negotiation period. Energy (-3.3% YTD) is among the nine sectors of the stock market in the red so far in the year, with only Utilities…

The annual COP climate summits aim to progress international efforts to reduce the impact of climate change, support a green transition, and decarbonise economies worldwide. However, the organisers have come under fire in recent years for failing to prevent the environmental degradation associated with the conference. Unsustainable development in host countries, high numbers of fossil fuel lobbyist attendees, and the use of private jets to attend the event are just some of the criticisms of the summit.  This year’s COP30 climate summit…

If you’ve filled your tank in California lately, you’ve felt the sting—gas prices there aren’t just high, they’re consistently the highest in the nation. As of April 14, 2025, the average price of a gallon of regular unleaded in California was $4.67—more than 55% above the national average. In some counties, including Mono and Alpine, prices exceed $5.80 a gallon. That’s nearly 90% more than what drivers are paying in states like Texas or Mississippi. These aren’t short-term spikes—they’re…

The U.K. has ambitious nuclear power plans and is developing several small- and large-scale projects. While opposition, high costs, and other factors have slowed development in the past, EDF has been facing another problem at its Hinkley Point C construction – a rat infestation.  In early April, the Unite and GMB trade unions for workers at Hinkley Point C in Somerset, in the south of England, informed the developer, French energy giant EDF, that the facility was overrun with rats. The unions said that immediate action was needed as…

The operator of the largest gas-fired electricity generation fleet in America believes that renewables will be vital to meet the rise in power demand driven by AI and the reshoring of manufacturing.   NextEra Energy – whose 72 gigawatts (GW) operating portfolio consists of 55% renewables, 36% gas, and 8% nuclear power generation – says that America will need all forms of energy to meet the expected surge in demand. And wind, solar, and battery storage can act as the “bridge” energy source until new natural gas…

The U.K. Labour government has introduced several policies aimed at advancing the country’s green transition since coming into power last July. New climate and green energy policies, coupled with higher levels of national funding for renewables, are helping to attract billions in private investment. The government now aims to use the current geopolitical situation with the United States to encourage even more financing for energy projects.  The U.K. government hopes to attract green investors to the country as they look for alternative…

Kazakhstan and Kyrgyzstan have joined Azerbaijan in hardening their attitudes towards Russian soft power entities. On April 22, RFE/RL reported that an employee of Russia House in the southern Kyrgyz city of Osh had been taken into custody on suspicion of illegally trying to recruit locals to join the Russian army to fight in Ukraine. Russia House in Osh is operated by Rossotrudnichestvo, a state agency that funds a variety of Kremlin soft-power projects. A Kyrgyz court has ordered the Kyrgyz national, identified as Natalia Sekerina, to remain…