Ukrainian drones targeted a Russian oil refinery hundreds of kilometers from the Ukrainian border, the latest in a campaign of deep strikes aimed at disrupting Russia’s oil industry. The May 31 overnight attacks on the facility in the central Saratov region -- the second since March -- did not appear to have caused any casualties. But a large fire and thick black smoke were reported at the plant belonging to the state-owned oil company Rosneft. Ukraine’s military said its drones targeted the Saratov refinery, along with several other…

The surge in international oil and gas prices amid the Iran war hiked Pakistan's inflation to the highest level in two years as energy import costs ballooned. Pakistan's general inflation jumped to 11.7% in May from a year earlier, accelerating from 10.9% annual inflation in April, according to data from the Pakistan Bureau of Statistics published on Monday. The core inflation, which excludes food and energy, jumped by 9% year over year and by 8% month over month in May for urban areas, the statistics data showed. The biggest annual increases in…

A potential strike over wages could threaten smooth operations offshore Norway, Western Europe's top oil and gas producer, at a time when the world is scrambling for oil and gas supply amid the Middle East crisis. Almost 8% of oil and gas workers offshore Norway could go on a strike from June 5 if trade union negotiations with industry fail to reach an agreement in a government-brokered mediation process, according to data from the labor unions on Monday. More than 600 workers out of about 8,100 in total offshore Norway could begin a strike later…

After more than three months of fighting and stop-start negotiations, Washington and Tehran are now reportedly on the verge of a deal that would end the conflict. However, according to well-placed sources in Washington, Tehran, and London exclusively spoken to in the past few days by OilPrice.com, the sound and fury of the past few weeks may ultimately amount to a tale of sound and fury signifying nothing. “It’s pretty likely that we’ll [the U.S.] wind up with the same sort of deal we had in the JCPOA [Joint Comprehensive Plan…

Trump Toughens the Terms of Potential Deal Fresh Sunday reporting in the NY Times says President Trump has responded to Iran's refusal to budge on giving up its nuclear material by tightening US conditions as part of a Memorandum of Understanding to get back to the peace negotiating table. "President Donald Trump has toughened the terms of a potential framework for a deal to end the war in Iran, and has sent those proposed changes back to Iran for consideration, according to three officials," NY Times writes, but didn't disclose what the precise…

Russia is banning exports of jet fuel through November 30, 2026, as it looks to ensure domestic supply amid intensifying Ukrainian drone attacks on the Russian refining infrastructure. Russia on Monday announced it is temporarily banning jet fuel exports until the end of November to keep sufficient domestic aviation fuel supplies. Supplies under intergovernmental agreements are exempted from the ban, the Russian government said today. The ban is not expected to be felt on the tight international jet fuel market as Russia is a small exporter of…

A Danish shipyard has remained the single EU facility that services LNG carriers that transport gas from Novatek’s Yamal LNG terminal, the Financial Times has reported, citing a local NGO. According to data from the organization, Urgewald, the Fayard shipyard is providing dry dock services to the Arc7 class LNG carriers specially designed to navigate Arctic waters, with six of the 15 such vessels in operations scheduled to receive repairs at the Danish port this summer, despite opposition from the Danish government, the report said. The vessels…

The Iran war suddenly turned what had started as a year of oversupply in global oil and LNG markets into the worst oil and gas supply disruption in history. Three months after the U.S.-Israeli strikes on Iran began on February 28, the world has already lost 1 billion barrels of crude oil supply, oil and gas prices have found a new, much higher floor, and whipsaw with violent volatility nearly every day, trade routes have shifted, and tanker rates have spiked. Actual supply shortages are emerging in Asia, while global crude and fuel inventories…

The United Kingdom is focused on diversifying its energy mix away from fossil fuels to boost energy security and support decarbonisation aims. This includes expanding its nuclear power capacity with the development of two large-scale nuclear plants - Sizewell C and Hinkley Point C, as well as developing small modular reactors (SMR). However, its nuclear ambitions have not quite gone to plan, following years of delays and rising construction costs. Sizewell C in Suffolk, eastern England, received its planning approval in 2022, was greenlit in 2025,…

Nuclear fuel is becoming a geopolitical battleground as the world increasingly turns to nuclear energy to contend with skyrocketing energy demand projections. The combination of an oil-based energy crisis emanating out of the Strait of Hormuz, the enormous and ballooning energy needs of artificial intelligence, and the urgent imperative of decarbonization is garnering a renewed interest in nuclear energy as a carbon-free, efficient, and round-the-clock power source. Moreover, nuclear energy can be produced pretty much anywhere, making it a strategic…

Over the last two decades, solar panels have fallen in price while efficiency has increased. Greater uptake and high levels of investment in research and development have led to vast improvements in solar power technology. As panel prices fall and governments worldwide look to diversify their energy mix and cut emissions, several developers are now launching mega-projects to meet the growing demand. Most major solar projects developed in recent years provide hundreds of megawatts of clean power. However, as operators become more ambitious and governments…

China has been cited as an example of a country that has managed to insulate itself relatively well against oil crises. With over a billion barrels in estimated inventories before the war in the Middle East started, China was the poster child of forward planning in energy security. But this could change, and if it does, it would make an already severe crisis even worse. Kpler sounded the alarm about that prospect earlier this month, reporting that Chinese refiners have reduced their purchases of oil from overseas because of the price surge caused…

The Iran war has handed the United States a rare opportunity: a new dawn of energy dominance in an increasingly fractured world. With coordinated US-Israeli strikes disrupting the Strait of Hormuz from late February, roughly 20% of global LNG supply has been stripped from the market since early March. Prices have surged across Asia and Europe. And into that vacuum, American gas has flowed. The numbers speak for themselves. US LNG exports to Asia jumped sharply in April, with nearly a quarter of all American cargoes heading to a region that simply…

Cuba has been experiencing a worsening energy crisis for several years, which previously led it to rely heavily on Venezuela for its fuel. Following the United States’ intervention in Venezuela in February, the energy crisis has grown even worse, as Cubans face regular blackouts and the economy suffers. Cuba requires about 100,000 barrels a day to power its grid and meet the regular transportation demands. It fulfils just 40 percent of this demand domestically. In January, the Trump administration imposed a fuel blockade on Cuba, which led…

Russia and Afghanistan’s Taliban government have signed a military agreement, in a move that signals deepening cooperation between the sides, experts said. The deal was signed on May 27 by Sergei Shoigu, secretary of Russia’s Security Council, and the Taliban’s defense minister, Mohammad Yaqub, on the sidelines of a security forum outside of Moscow, Russian media reported. Neither side has released the text of the military cooperation agreement or offered details about its scope, making it difficult to gauge whether the deal represents…

Morocco is rapidly becoming a renewable energy powerhouse thanks to its favourable weather conditions and proximity to Europe. The North African country has rapidly developed its solar energy sector and is now looking to become a major green hydrogen and sustainable shipping hub. Morocco has long been heavily dependent on fossil fuel imports and continues to use coal to produce around 60 percent of its electricity. However, in recent years, it has been working to develop its renewable energy sources, with high levels of private investment in the…

Three decades ago, I had just graduated from Texas A&M University and taken my first job as a chemical engineer in Corpus Christi, Texas. At the time, few people would have expected that this Gulf Coast city would one day sit at the center of the global energy system. Corpus was an important regional hub—refineries, chemical plants, steady industrial activity—but it wasn't viewed as a strategic asset on the world stage. Today, it is exactly that. The Port of Corpus Christi has become the largest crude oil export hub in the United…

Colombia’s rapidly approaching 2026 presidential election is generating considerable concern about the economy, notably the country’s oil industry. Gustavo Petro, a former guerrilla who won the 2022 election to become Colombia’s first left-wing president, introduced policies aimed at reducing the country’s reliance on fossil fuels. While this spurred the development of renewable energy, it is responsible for sparking an energy crisis in Colombia. There is hope that a new president will revive Colombia’s economically…

Federal Reserve Bank of Kansas City President Jeffrey Schmid has warned that the current global energy shock cannot simply be dismissed as transitory, given already-elevated baseline inflation. Speaking at a conference in Iceland, Schmid pointed out that inflation has stalled near 3% and remained above the Fed's 2% target for a long time, making it challenging for the central bank to "look through’’ surging oil prices. Schmid has argued that current monetary policy may not be restrictive enough, reinforcing his hawkish stance on monetary…

Federal Reserve Bank of Kansas City President Jeffrey Schmid has warned that the current global energy shock cannot simply be dismissed as transitory, given already-elevated baseline inflation. Speaking at a conference in Iceland, Schmid pointed out that inflation has stalled near 3% and remained above the Fed's 2% target for a long time, making it challenging for the central bank to "look through’’ surging oil prices. Schmid has argued that current monetary policy may not be restrictive enough, reinforcing his hawkish stance on monetary…