OPEC on Monday cut its oil demand growth estimate for a third consecutive month, due to actual consumption data so far this year and expectations of slightly lower demand in some regions. OPEC now expects global oil demand to grow by 1.93 million barrels per day (bpd) in 2024, down by 106,000 bpd compared to last month’s assessment, the cartel’s Monthly Oil Market Report (MOMR) for October showed on Monday. The third consecutive downward revision of global oil demand growth largely reflected “actual data received combined with…

Chinese imports of coal surged to a monthly high in September, driven by increased consumption and falling international coal prices. China imported last month a total of 47.59 million metric tons of coal, a 13% increase from September 2023, data from the country’s General Administration of Customs showed on Monday. Coal-fired power generation has returned to growth in China in recent weeks, while coal demand from the chemicals sector has also been boosting consumption, analysts have told Reuters. Amid increasing demand and a drop in international…

The United States has expanded sanctions against Iran’s oil and petrochemicals sectors, including targeting ships and ship owners that have illicitly transported Iranian petroleum. The U.S. Treasury and State Department have designated several companies, based in Suriname, India, Malaysia, and China, for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.” Suriname-based Strong Roots Provider NV, Suriname-based Glazing Future…

Crude oil prices were falling at the start of the week following the latest economic news from China which was interpreted as bearish for oil demand. That latest news was inflation data for September, which showed consumer prices had only gone up modestly, by 0.4%, falling short of economist expectations of 0.6% as shared with Reuters. The September consumer price figure was also the slowest price rise in three months, Reuters noted in its report. Lower consumer prices are normally bullish for oil prices because the lower the prices, the stronger…

Electric vehicles have undoubtedly gone mainstream, heralded as the answer to our environmental woes and the future of transportation. But while it might seem like a sudden, revolutionary breakthrough, EVs have actually been around for over a century. Their story is one of bursts of innovation, long stretches of stagnation, and then fresh surges in popularity thanks to a mix of technological advances and growing environmental awareness.  More recently, demand for electric vehicles has dropped dramatically, with their gasoline counterparts…

AI could cause a catastrophic collapse of under-prepared electric grids and walk back advancements in the decarbonization of the tech industry – or, it could be the sector’s saving grace. Artificial Intelligence requires a stunning amount of energy to train and power its complex computations. As the sector explodes, the computational power necessary to sustain its growth is doubling every 100 days, approximately. Experts project that at a global level, the AI secor alone will be responsible for 3.5 percent of all energy consumption…

The United States has been applying heavy pressure on Georgia, its erstwhile close ally, as the Caucasus state has continued to escalate its anti-Western and authoritarian rhetoric. The United States imposed financial sanctions on two Georgian security officials and visa restrictions on more than 60 other Georgians, including (so far unnamed) senior government officials, the U.S. State Department announced on September 16. The U.S. government has also prepared a separate package of financial sanctions against the founder and still de facto leader…

As the world gradually undergoes a green transition, we will increasingly rely on undersea connectivity in the future to share green energy resources. Many countries around the globe are rapidly developing their renewable energy capacity in a bid to transition away from a reliance on fossil fuels and tackle climate change. The biggest issue with the most-used green energy sources is the lack of reliability. For example, solar and wind farms only deliver energy when the sun is shining, or the wind is blowing. While many energy companies are investing…

The U.K. has been gradually boosting its energy security by increasing its renewable energy capacity while continuing to produce natural gas. It has done this while also moving away from the ‘dirtiest’ fossil fuel, coal. The diversification of the U.K.’s energy mix is helping the island country to develop its resilience and help it accelerate the green transition. Now, the government must ensure that the country’s transmission infrastructure is prepared for an influx of new clean energy projects in the coming years, and…

The data center boom is driving increased demand for natural gas in the United States, with the AI and tech industry set to account for the largest share of new demand in America.   That’s the forecast of the biggest U.S. natural gas producer, EQT Corporation, which is bullish on the short and long-term demand prospects as power utilities scramble to provide electricity to the new data centers. EQT looks to tap new gas customers in Virginia, the center of the AI boom, chief executive officer Toby Rice told Bloomberg in a recent interview.…

Gulf Cooperation Council (GCC) countries are deeply alarmed by Israel's current threats of launching a major counter-attack on Iran, which would likely involve ballistic missiles and fighter jet strikes on key infrastructure, both energy and military. The Biden White House has this week sought to talk the Israelis down from hitting oil and gas sites. Gulf countries including Saudi Arabia, Qatar, and United Arab Emirates are now also lobbying the US and Israel to avoid hitting Iran's oil sites, on fears that with such an escalation Tehran would…

Russian President Vladimir Putin is holding talking with his Iranian counterpart, Masud Pezeshkian, as the crisis in the Middle East continues to threaten to spin out of control. The two leaders are meeting in Ashgabat on October 11 on the sidelines of a conference in the capital of the tightly controlled Central Asian country of Turkmenistan. It's the first of two meetings between the two, with another scheduled at the BRICS summit in the Russian city of Kazan that runs October 22-24.Kremlin Spokesman Dmitry Peskov told reporters ahead of the…

Natural gas demand is set to increase more than previously expected, the International Energy Agency reported recently. Demand will remain strong next year as well, the agency predicted, warning that this might lead to a problematic situation with supply—because that’s not growing fast enough. Just a year ago, the International Energy Agency predicted that oil and gas demand would peak before 2030. That prediction had the IEA saying there was no need for further investments in the production of either hydrocarbon. Now, it appears there…

Despite the growing pressure to stop funding fossil fuel companies and support decarbonization efforts, several private equity firms are still pumping billions of dollars into the oil and gas industry. Meanwhile, most of these firms are overstating their support for a green transition and the decarbonization of the economy. The lack of transparency in the sector is allowing many firms to make risky investment decisions and finance some of the dirtiest fossil fuel projects with few repercussions.  A new report from Americans for Financial Reform…

The rare earths market is experiencing a period of significant volatility, driven primarily by China's recent export restrictions.  These restrictions, which came into effect on October 1, 2024, have already led to an 8.33% increase in the prices of many critical resources.  China's Dominance and the Impact of Export Restrictions China is the world's leading producer of rare earth elements, a group of 17 metals crucial for various technologies, including electric vehicles, renewable energy systems, consumer electronics, and defense applications. …

Iran's crude oil exports have dramatically slowed in October as the country braces for possible retaliation following its October 1 missile attack on Israel. With Israeli strikes on Iranian oil facilities a topic of discussion, Iran's exports dropped to around 600,000 barrels per day in the first 10 days of the month—about a third of recent months' volumes. Typically, 5-8 tankers would load during this period, but this month only 3-4 vessels were loaded, according to Vortexa oil risk analyst Armen Azizian. Iran has moved several empty tankers…

Iran's crude oil exports have dramatically slowed in October as the country braces for possible retaliation following its October 1 missile attack on Israel. With Israeli strikes on Iranian oil facilities a topic of discussion, Iran's exports dropped to around 600,000 barrels per day in the first 10 days of the month—about a third of recent months' volumes. Typically, 5-8 tankers would load during this period, but this month only 3-4 vessels were loaded, according to Vortexa oil risk analyst Armen Azizian. Iran has moved several empty tankers…

Iran's crude oil exports have dramatically slowed in October as the country braces for possible retaliation following its October 1 missile attack on Israel. With Israeli strikes on Iranian oil facilities a topic of discussion, Iran's exports dropped to around 600,000 barrels per day in the first 10 days of the month—about a third of recent months' volumes. Typically, 5-8 tankers would load during this period, but this month only 3-4 vessels were loaded, according to Vortexa oil risk analyst Armen Azizian. Iran has moved several empty tankers…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 1 this week to 586, compared to 622 rigs this same time last year. The number of oil rigs rose by 2 this week to 481—down by 20 compared to this time last year. The number of gas rigs fell by 1 this week to 101, a loss of 16 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4. Meanwhile, U.S. crude oil production rose in the week…

The world’s progress to reach the goal of tripling renewables capacity by 2030 is falling short and needs another tripling, of investments, from $570 billion in 2023 to $1.5 trillion every year between 2024 and 2030, the International Renewable Energy Agency (IRENA) said in a new report on Friday. Despite the significant acceleration of renewable capacity installations, the current pace of growth and progress is still falling short of targets, IRENA said. According to the current plans and targets of individual countries, the goals set would…