In just seven years, Guyana has become one of the fastest-growing oil exporters and global economies and an oil-producing powerhouse with nearly 1 million barrels per day of production capacity. And the war in Iran is only turning up the heat even more. Since ExxonMobil launched production from the offshore Stabroek block in 2019, Guyana’s economy has quadrupled. Oil revenues and royalties have boosted income for the state coffers and gross domestic product (GDP) linked with oil-related activities. Now Guyana, which was one of the poorest…

Green hydrogen has been hyped as a silver bullet solution to decarbonize hard-to-abate sectors like steelmaking and industrial shipping for decades now. It can be combusted at high heats like fossil fuels, but leaves behind nothing but water vapor when it burns, rather than world-heating greenhouse gas emissions. So why does green hydrogen still represent less than one percent of all hydrogen production in the United States? The simple answer is that producing green hydrogen is expensive, and usually an inefficient use of the clean energy resources…

Can it be real? Utility stocks offer a super combination of high dividends, steady growth, and potential total returns that exceed the cost of capital? All that with captive customers and the government standing by to make sure it all works out that way. Too good to be true? What about risks? Risk in business has two meanings: the possibility of loss (or what might cause that loss) or the possibility that investments do not earn expected returns (or the cause of that underperformance).  Utility planning tends to assume continuance of prevailing…

Turkey and Azerbaijan are looking to create an electricity corridor to boost energy connectivity between Azerbaijan and southeast Europe, Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, said on Monday. "We are going to create the electricity version of TANAP," the Turkish official said at the Baku Energy Week in Azerbaijan, referring to the Trans-Anatolian Natural Gas Pipeline (TANAP), the first pipeline leg of the Southern Gas Corridor that ships gas from Azerbaijan to Europe through Turkey. Turkey also plans to upgrade…

Turkey and Azerbaijan are looking to create an electricity corridor to boost energy connectivity between Azerbaijan and southeast Europe, Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, said on Monday. "We are going to create the electricity version of TANAP," the Turkish official said at the Baku Energy Week in Azerbaijan, referring to the Trans-Anatolian Natural Gas Pipeline (TANAP), the first pipeline leg of the Southern Gas Corridor that ships gas from Azerbaijan to Europe through Turkey. Turkey also plans to upgrade…

For the past several years, Europe’s industrial debate has been dominated by a single word: decline. Factories are closing. Energy prices remain structurally higher than in competing regions. Germany’s industrial machine is under pressure. Steel, chemicals, fertilizers, and other energy-intensive sectors continue to struggle with the aftershocks of the gas crisis triggered by Russia’s invasion of Ukraine. The conclusion often seems self-evident: Europe is deindustrializing. But reality is becoming far more complicated than the…

BP Plc.(NYSE:BP) has officially launched commercial production of natural gas from the deeper reservoirs of the Azeri-Chirag-Gunashli (ACG) block, Azerbaijan's largest oilfield. Additionally, the British energy giant is looking to expand its regional footprint by preparing to take over as the operator of the massive offshore Babek gas field. Energy market observers will view the dual aim here as significantly deepening Western energy integration in the Caspian Sea, strengthening Azerbaijan's role as a vital alternative gas supplier to Europe. The…

When can a deal involving Russia be considered as done? When it comes to Russia’s agreement to build Kazakhstan’s first nuclear power plant, it is hard to determine. Kazakh officials announced almost a year ago that Russia’s nuclear energy entity, Rosatom, would build Kazakhstan’s first nuclear plant on the shores of Lake Balkhash. Yet on May 28, Russian leader Vladimir Putin, on a state visit to the Central Asian country, signed an agreement covering the “basic principles and conditions of…

An acute re-escalation in the U.S.-Iran conflict and a prolonged blockage of the Strait of Hormuz could drive global crude oil prices to $180 per barrel by August, Jorge León, Head of Geopolitical Analysis at Rystad Energy, has projected on CNBC's Squawk Box Europe. According to Rystad's León, this extreme bull-case scenario would materialize in the form of prolonged military strikes, physical damage to infrastructure or full Strait of Hormuz blockade. León says that whereas recent de-escalation talks and temporary ceasefires…

The Middle East conflict has triggered sweeping, multi-commodity supply shocks, profoundly impacting global energy, petrochemicals, agriculture and shipping industries, among others. The disruption of shipping through the Strait of Hormuz--which handles nearly 27% of the global maritime oil trade--has triggered historic shortages and long-term operational strain on Gulf energy infrastructure, with estimates that repairing damaged liquefied natural gas (LNG) facilities in Qatar could take up to five years. Even with ongoing de-escalation efforts,…

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…

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…

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…