To date, the runaway growth of the Artificial Intelligence agency has proven itself to be all but ungovernable. As the technology has taken over the tech sector like wildfire, regulators have been largely impotent to stay ahead of its spread and evolution. Questions about the reach and responsibility of Artificial Intelligence are being bandied around, but there are few answers to go around. And then there is the issue of the sector’s gargantuan and growing energy footprint and associated carbon emissions, which are now so significant that…

In the evolving global energy landscape, renewable sources are becoming increasingly cost effective. Even without subsidies, renewables are often the cheapest option available. This chart, created by Visual Capitalist's Selin Oguz and Ryan Bellafontaine, in partnership with the National Public Utilities Council, shows which electricity sources are the most and least expensive in 2024, using data by Lazard. Onshore Wind and Solar: A Bargain with Subsidies Onshore wind power effectively costs $0 per megawatt-hour (MWh) when subsidies included in…

European Commission President Ursula von der Leyen has announced that the European Union will send Ukraine 1.5 billion euros ($1.63 billion) that represent revenues from Russian assets frozen by the 27-member bloc. "Today we transfer 1.5 billion in proceeds from immobilized Russian assets to the defense and reconstruction of Ukraine," von der Leyen wrote on X. "There is no better symbol or use for the Kremlin's money than to make Ukraine and all of Europe a safer place to live."Following Moscow's unprovoked invasion of Ukraine in February 2022,…

Nigeria's largest refinery, the Dangote Petroleum Refinery, is reselling crude oil cargoes from both the United States and Nigeria. Reuters sources indicate that this move, unusual for refineries, stems from technical challenges at the plant. The refinery, which began production in January 2024, aims to be the largest in Africa and Europe once fully operational. It's designed to shift Nigeria from a fuel importer to a fuel exporter. However, recent events suggest the refinery is grappling with operational issues, specifically with its crude distillation…

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 3 to 589 this week, compared to 664 rigs this same time last year. The number of oil rigs rose by 5 this week, after falling by a single rig in the week prior. Oil rigs now stand at 482—down by 47 compared to this time last year. The number of gas rigs fell by 2 this week to 101, a loss of 27 active gas rigs from this time last year. Miscellaneous rigs stayed…

Oil prices slumped on Friday, with Brent crude falling 1.57% in afternoon trading as the oil demand outlook out of China continues to weigh on market sentiment. Oil prices are set to finish out a loss for the week, a weak starting point for OPEC as they prepare for their Joint Ministerial Monitoring Committee meeting scheduled for August 1. China’s refinery utilization has sagged this month, down 3.5% from this same time last year, and its crude oil imports have also been done 325,000 year over year through June. This disappointing crude…

  Canada’s federal government plans to postpone the sale of the state-owned Trans Mountain oil pipeline for after the 2025 general election amid politics, regulations, and slow progress in talks with indigenous groups, Bloomberg reported on Friday, quoting officials with knowledge of the discussions within the cabinet.   The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the…

It's been a volatile week in oil markets as concerns over Chinese demand pressured prices despite a decline in U.S. crude inventories and wildfires in Canada.Friday, July 26th, 2024A rollercoaster of the week has left most market watchers guessing as to what might be coming up next for oil. Canada’s wildfires, continuously decreasing US oil stocks, and GDP figures in the States coming in well above expectations should have lifted sentiment, but the signals went mostly unnoticed amidst a widespread tech stock selloff and a commodity-wide…

Chinese electricity consumption in the data services industry and for charging and battery services soared in the first half of 2024, driven by technology and electric vehicles, data from the China Electricity Council has shown. Power consumption in data centers, big data, and cloud computing jumped by 33% between January and June compared to the same period of 2023, according to the data cited by China Daily. China’s electricity consumption for charging and battery swapping services surged by 63.7% in the same period, Jiang Debin, deputy…

Mexico is scouring the U.S. and Asian fuel markets for more imports of gasoline and diesel in 2024 and 2025 as the country’s newest refinery is struggling to start up, several traders have told Reuters. The Olmeca refinery, also known as Dos Bocas, is a flagship project of outgoing Mexican President Andrés Manuel López Obrador, who sought to reduce Mexico’s dependence on fuel imports from the United States. The 340,000 barrels per day (bpd) refinery, however, has seen multiple delays and budget overruns and is…

Mexico is scouring the U.S. and Asian fuel markets for more imports of gasoline and diesel in 2024 and 2025 as the country’s newest refinery is struggling to start up, several traders have told Reuters. The Olmeca refinery, also known as Dos Bocas, is a flagship project of outgoing Mexican President Andrés Manuel López Obrador, who sought to reduce Mexico’s dependence on fuel imports from the United States. The 340,000 barrels per day (bpd) refinery, however, has seen multiple delays and budget overruns and is…

Even as independent Chinese refiners have reduced the intake of Iranian crude amid low refining margins, China has continued to import near-record levels of Iranian oil this year as a new demand center emerged in the northeast of the country, Reuters reported on Friday, quoting trading sources and tanker-tracking firms. The port city of Dalian, which has 6% of China's crude processing capacity, has seen only sporadic shipments of oil from Iran in the past few years, oil flow tracking firms Vortexa and Kpler have told Reuters. But Dalian has recently…

Even as independent Chinese refiners have reduced the intake of Iranian crude amid low refining margins, China has continued to import near-record levels of Iranian oil this year as a new demand center emerged in the northeast of the country, Reuters reported on Friday, quoting trading sources and tanker-tracking firms. The port city of Dalian, which has 6% of China's crude processing capacity, has seen only sporadic shipments of oil from Iran in the past few years, oil flow tracking firms Vortexa and Kpler have told Reuters. But Dalian has recently…

The next U.S. president will have a very limited set of tools to materially boost oil supply in the United States, according to investment bank Goldman Sachs. Whoever wins the presidential election in November will have to contend with low stocks in the Strategic Petroleum Reserve (SPR). Moreover, any regulatory easing on the U.S. oil industry – expected if Donald Trump wins – would only have an impact on the longer-term U.S. crude oil production, not on immediate supply, analysts at Goldman Sachs wrote in a note carried by Reuters.…

Oil Market Rollercoaster: A Week of Twists and Turns The crude oil market experienced a turbulent week, with prices oscillating as traders weighed economic data, global events, and supply-demand shifts. The week began cautiously, saw a mid-week upturn, and then faced renewed pressure as various factors came into play. Despite the volatility, a key development emerged: traders demonstrated respect for technical support levels, particularly as positive U.S. economic news surfaced. This interplay of technical and fundamental factors allowed light…

Politics, Geopolitics & Conflict Palestinian factions Hamas and Fatah have signed a declaration for the formation of a joint government in talks mediated by Beijing this week. The two factions have agreed to an interim reconciliation government should a ceasefire deal be reached with Israel in the Gaza Strip. (12 other Palestinian factors also signed the declaration). The declaration is meant to ensure that Israel has a reduced pathway to establishing an alternative structure of power in Gaza. Hamas seized control of Gaza from Fatah in 2006,…

It has often been said that a week is a long time in politics, but the last few weeks in American politics have each seemed like decades in terms of the changing landscape. Just a month ago, the overwhelming winner of the Democratic primary, the incumbent President Joe Biden, was neck and neck in the race with Donald Trump. Then, following a disastrous performance in the first televised debate, Biden’s ability to run was called into question, even by previously loyal Democrats. That led to Trump taking a lead in the polls, a lead that extended…

As of the time of writing, the most likely outcome of Sunday elections in Venezuela is impossible to predict. All indications are that the opposition is gaining momentum in a dangerous threat to Maduro, who has ruled since 2013. If Maduro wins again, and it is determined to not have been free and fair, Venezuelans are concerned things could turn into a bloodbath. Maduro himself has suggested a bloodbath was in store, which he will blame on the opposition. It will start with protests if he wins in a sham vote, and this will be all that Maduro needs…

1. US Becomes Europe’s Leading Diesel Supplier- US diesel exports to Europe are set to reach an all-time high this month, undeterred by loading delays caused by Hurricane Beryl earlier this month and blazing a trail to European customers despite weakening middle distillate cracks. - Platts expects the volumes of the transatlantic middle distillate trade to soar above 500,000 b/d, benefitting from Saudi Arabian exports edging lower in June-July, with Valero and ExxonMobil taking the lead. - The United Kingdom is by far the largest buyer of…

Chinese energy and chemicals giant Sinochem Group is in discussions to sell its 40% stake in a producing oilfield offshore Brazil, Bloomberg reported on Friday, citing sources with knowledge of the talks. Sinochem, which paid $3.07 billion for a 40% stake in the Peregrino oil and gas field in the Campos basin in 2011, is now in talks to sell the stake to independent producer Prio SA. It is not certain that the talks will lead to an agreement, while the price of a potential deal is unclear, according to Bloomberg’s sources. Norway’s…