This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook. China's Economic Slowdown Hits Demand…

Politics, Geopolitics, & Conflict - Malaysia on Thursday said its state-run oil company, Petronas, would continue to explore for oil and gas in its South China Sea EEZ, against China’s wishes. Malaysia’s EEZ overlaps with territory China claims is its own. Tensions have escalated recently, and the Malaysian PM is also under a significant amount of public pressure to take a tougher stance with Beijing. China, by way of protest at Petronas’ oil exploration, has been circling near Malaysian oil and gas projects with Coast Guard…

We are closely watching Libya, as we have cautioned readers against pricing in stable oil production in Libya beyond the near-term. Rumors have been circulating via Libyan social media about the alleged resignation of the chairman of the board of the country’s National Oil Company (NOC), Farhat Bengdara. Rumors are wide and varied, ranging from source commentary that he is ill to speculation that he is no longer able to appease both the Haftar and Dbeibah clans (the family clans that essentially represent Libya’s rival eastern and western…

In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. Libyan Exports Recover After Embargo, However Disruption Risks Remain - Libya’s oil production has recovered to pre-embargo levels and the North African country’s crude exports returned to their normal pace of 1 million b/d, however, the internecine strife…

Hydropower is the largest source of clean energy in the world, generating more electricity than all other renewable energy resources combined. However, the global rate of hydropower expansion is falling, and the technology faces an existential threat in many parts of the world due to changing weather patterns associated with climate change. This could spell major trouble for global decarbonization efforts as net-zero scenarios rely on a strong continued role for hydropower with an ideal annual growth rate of around 4%.  “In the last…

Chinese road fuel demand has been struggling this year as EV sales are soaring and diesel sales are falling. The rise of electric vehicles and the growing use of LNG in trucking have combined with slower-than-expected economic growth and activity to dent China’s oil demand growth and undermine earlier forecasts of global oil demand this year. OPEC has been wrong-footed by the surge in electric mobility in China, the International Energy Agency (IEA) said in its World Energy Outlook 2024 report this week. Chinese Oil Demand Overestimated Indeed,…

The Alberta government is wary of major new wind and solar energy developments due to their potential impact on the environment. However, critics say that the government is restricting green energy growth to focus on the continued production of oil and gas.  Last year, the Alberta government introduced a seven-month moratorium on green energy projects, including wind, solar, hydropower, biomass, and geothermal ventures, to focus on agricultural growth. The province’s Premier Danielle Smith said the government would be putting “agriculture…

Ukrainian President Volodymyr Zelensky told his parliament while presenting his 'victory plan' on Wednesday that future membership in the NATO alliance is a central part of the plan. The military bloc’s secretary general Mark Rutte, who recently took over after Stoltenberg's term expired, responded in a generally positive manner to this, expressing that his vision is for Ukraine to eventually become a member; however, comments made 'between the lines' which were intended as a message caution are sure to disappoint Kiev. Referencing the Washington-hosted…

As the U.S. strives to develop stronger regional supply chains for several key components supporting the green transition, both the U.S. and Mexico are constructing large-scale microchip manufacturing facilities. The U.S. is increasingly looking to move away from its dependence on China for critical minerals and manufactured components vital to a green transition. North America is expected to become a major hub for microchip manufacturing, despite playing a relatively minimal role in the global market at present. The global demand for semiconductors…

With the result of Kazakhstan's controversial nuclear power referendum being a resounding "yes," attention now turns to which country will build the facility. Kazakhstan's government has spoken in favor of an international consortium of nuclear energy companies taking up the task while noting that a final decision will not be made until next year. But if Kazakhstan were to ignore Russia's Rosatom completely, it would be bucking a global trend. Amid the war in Ukraine, and Moscow's increased diplomatic isolation, nuclear energy projects in foreign…

Global LNG markets are poised for growth, with demand continuing to rise and Greek ownership expanding. According to a recent report by maritime consultancy Veson Nautical, VesselsValue, Greek shipowners invested approximately $13.8 billion in 59 newly built LNG vessels in 2021. Additionally, Greek owners have invested around $18 billion in new gas vessels, diversifying their fleets beyond traditional tanker, bulker, and container asset classes to include LNG and gas. The Veson Nautical report has identified a $4 billion investment in 41 LPG vessels,…

Around two years after the U.S. and Europe imposed sanctions on Russian energy, following the Russian invasion of Ukraine, Russia is still evading international sanctions by using shadow tankers and other clandestine methods to transport its crude. Despite strict sanctions on Russian energy, several world powers have found it difficult to ensure they are not importing Russian oil due to the complexities of tracking the crude through the refining process and to its final destination. Now, recent studies show that Russia is still exporting large…

  The oil price outlook has recently shifted from bearish to bullish, largely due to escalating tensions in the Middle East. As conflicts in the region intensify, it has become increasingly difficult for suppliers and buyers across the oil and gas supply chain to plan effectively for 2025. Although there may be near-term challenges in the world of project sanctioning and contract awards, the floating production, storage and offloading (FPSO) sector is undergoing a significant transformation to secure a position front and center in the future…

The energy secretary will speed up oil and gas workers being able to transition to jobs in the renewable energy industry via a “skills passport” as workforce shortages are “hindering” the sector. Energy security and net zero secretary Ed Miliband confirmed his department will “provide project management advice” to Offshore Energies UK (OEUK) and Renewable UK. The industry bodies have been overseeing the creation of the passport, supported by the UK and Scottish governments, which aims to align standards, recognise…

Iran is closer to finding a way to circumvent the crucial Strait of Hormuz when it comes to oil exports. The Jask oil terminal,  officially opened a few years ago, has seen but limited activity so far. However, recent satellite imagery reveals it has partially filled the facility with crude oil in what is being construed as a significant development in Tehran's oil export strategy. The importance of Jask has increased as of late as tensions with Israel grow. During periods of unrest, Iran has routinely threatened to shut down the Strait of…

Iran is closer to finding a way to circumvent the crucial Strait of Hormuz when it comes to oil exports. The Jask oil terminal,  officially opened a few years ago, has seen but limited activity so far. However, recent satellite imagery reveals it has partially filled the facility with crude oil in what is being construed as a significant development in Tehran's oil export strategy. The importance of Jask has increased as of late as tensions with Israel grow. During periods of unrest, Iran has routinely threatened to shut down the Strait of…

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 this week to 585, compared to 624 rigs this same time last year. The number of oil rigs rose by 1 this week to 482—down by 20 compared to this time last year. The number of gas rigs fell by 2 this week to 99, a loss of 19 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4. Meanwhile, U.S. crude oil production rose to new highs…

Russia appears to be trying to evade Western sanctions on its LNG tanker fleet by transferring ownership of vessels to a newly-created firm based in a free trade zone in Dubai, Bloomberg reported on Friday. Three LNG tankers, previously managed by the Russian companies Gazprom and Sovcomflot, now have a new owner, a Dubai-based firm. The vessels Velikiy Novgorod, Pskov, and La Perouse saw aspects of their management transferred to Matias Ship Management, the newly established company in Dubai, in September, Bloomberg reported, citing global shipping…

Russia appears to be trying to evade Western sanctions on its LNG tanker fleet by transferring ownership of vessels to a newly-created firm based in a free trade zone in Dubai, Bloomberg reported on Friday. Three LNG tankers, previously managed by the Russian companies Gazprom and Sovcomflot, now have a new owner, a Dubai-based firm. The vessels Velikiy Novgorod, Pskov, and La Perouse saw aspects of their management transferred to Matias Ship Management, the newly established company in Dubai, in September, Bloomberg reported, citing global shipping…

German utility giant Uniper warns that a lack of infrastructure threatens the Dutch hydrogen dreams. In a leading article in the Dutch newspaper De Telegraaf, the German giant bluntly states that the future of the Dutch green hydrogen network is bleak as long as no new pipelines are being built. The warning comes when the Dutch government and parliament discuss the industry strategy for the coming years. Uniper, as a significant partner in the Port of Rotterdam, is very critical about the progress or implementation of the multi-billion energy transition…