Europe’s gas inventories have depleted at the fastest rate for eight years, as the region has experienced repeated bouts of colder-than-normal temperatures and low wind speeds since the start of the winter heating season. Combined inventories in underground storage across the European Union and the United Kingdom dropped by 83 terawatt-hours (TWh) between the official start of winter on October 1 and November 26. Stocks have fallen more than four times faster than the average over the last ten years, and by the most for any year since 2016,…

A small group of major oil-producing countries, including the leaders of the OPEC+ alliance – Saudi Arabia and Russia – have blocked a United Nations-backed summit from agreeing on a binding treaty to put limits on the production and use of plastics. To address plastics pollution, the UN convened a summit in Busan, South Korea, where delegates have been discussing the idea of a plastics treaty since November 25. The UN has said that the talks would be “essential” to deal with plastics pollution, but these talks and the summit…

A small group of major oil-producing countries, including the leaders of the OPEC+ alliance – Saudi Arabia and Russia – have blocked a United Nations-backed summit from agreeing on a binding treaty to put limits on the production and use of plastics. To address plastics pollution, the UN convened a summit in Busan, South Korea, where delegates have been discussing the idea of a plastics treaty since November 25. The UN has said that the talks would be “essential” to deal with plastics pollution, but these talks and the summit…

The Pentagon just got a painful wake-up call.Its stockpiles of crucial armaments are depleting at a record pace as the war in Ukraine drags on, and its poorly armed allies are even worse off. Intelligence officers in Germany said that the country has only two days’ worth of ammunition in case of a military threat. In March 2024, the European Union allocated 500,000,000 Euros under the Act in Support of Ammunition Production (ASAP) to boost output capacity to 2 million shells annually by the end of 2025.But the Western militaries have a major…

OPEC+ has been withholding 2.2 million barrels of oil supply daily for well over a year now—and it might have to start thinking about these cuts as a long-term policy. The market just keeps refusing to respond to them as OPEC+ wants. The idea of the production cuts was the same as the idea of all OPEC cuts before them: curb supply, let demand take care of any perceived or real surplus, watch prices go up, and then release the withheld supply. It has always worked before. It should have worked again. But it didn’t. It isn’t working…

Four years ago, the European Commission unveiled the landmark European Green Deal wherein it laid out a series of policies aimed at making the region a “climate-neutral bloc” by 2050. Among the key policies, Europe set a target to consume 20 million tons/year (Mt/y) of renewable hydrogen and install 62 GW in electrolyzer capacity by 2030. Unfortunately, the continent is quickly acknowledging a cold reality: hydrogen, really, is a hard sell. In its latest annual report, the EU Agency for the Cooperation of Energy Regulators (ACER) paints…

Saudi Arabia’s Neom is perhaps the world’s most controversial architectural project at present, covering 10,200 square miles – almost the size of Belgium – and incorporating renewable energy projects and advanced smart technologies in the middle of the desert. Following several construction delays, rising costs, and criticism over structural aspects of the project, many are wondering whether the Kingdom’s ambitious plan can become a reality.  The crown prince of Saudi Arabia, Mohammed bin Salman, announced plans…

Chinese scientists have uncovered a "supergiant" deposit of high-quality gold ore hidden near some of the country's existing gold mines. The vast reserve, which could be the largest single reservoir of the valuable metal left anywhere on Earth, could end up being the largest known deposit of the precious metal anywhere in the world, and is worth more than $80 billion. As LiveScience reports, the new deposit was uncovered at the Wangu gold field in the northeast of Hunan province, representatives from the Geological Bureau of Hunan…

Argentina’s Vaca Muerta shale play reached a new oil production record of 400,000 barrels per day (bpd) in the third quarter and is on track to hit 1 million bpd by 2030, according to Rystad Energy’s latest analysis. The 35% year-on-year surge in third-quarter production was driven by improved productivity and expanded takeaway capacity, led by flagship operator Yacimientos Petrolíferos Fiscales (YPF) and bolstered by local independent producers. YPF, which accounted for nearly 55% of Vaca Muerta’s oil production last quarter,…

Russian gas giant Gazprom is cutting its planned investments for next year by 7% compared to 2024 levels as more natural gas flows out of Russia are now headed to China instead of Europe. Gazprom’s investment is now geared toward developing gas fields and processing facilities in eastern Russia and the Yamal peninsula, as the Russian firm is pivoting to supplying more gas to China than to Europe, which was its main export market until the Russian invasion of Ukraine and Gazprom cutting off supply to many European countries. Russian gas sales…

Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming oil glut may be scaring off would-be investors. The last few years have seen a boom of offshore oil projects across the US, Brazil, and Guyana, with some growth in Africa and Asia as well. As a result, the floating oil rig business has gone gangbusters, with the average…

Rising global trade barriers threaten to drag on global economic growth and unsettle the stability of the UK’s financial system, the Bank of England has warned today. In its half-yearly financial stability report, the central bank said the financial system could be hit by disruption to cross-border capital flows and a reduced ability to diversify risk. While Threadneedle Street did not refer directly to the threat of US tariffs, fears over the direction of American trade policy have grown since Donald Trump won the Presidency…

Mexico’s recently elected President Claudia Sheinbaum was just named as one of the 100 most influential climate leaders in business for 2024 by Time magazine. With a PhD in energy engineering and extensive experience rolling out renewable energy projects as mayor of Mexico City, there are high hopes that she will be the one to put Mexico on track for a green transition. However, many expect Sheinbaum to follow in the footsteps of former President Andres Manuel Lopez Obrador (AMLO), who led the Morena political party for the last six years…

Libya’s National Oil Corporation (NOC) said it has hit a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). That brings Libya’s total production to 1,589,047 barrels per day—a major milestone for the oil-rich nation. The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel. The US benchmark WTI is trading at $68.58. Last month, Libya’s National Oil Company said its crude oil production…

Libya’s National Oil Corporation (NOC) said it has hit a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). That brings Libya’s total production to 1,589,047 barrels per day—a major milestone for the oil-rich nation. The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel. The US benchmark WTI is trading at $68.58. Last month, Libya’s National Oil Company said its crude oil production…

Libya’s National Oil Corporation (NOC) said it has hit a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). That brings Libya’s total production to 1,589,047 barrels per day—a major milestone for the oil-rich nation. The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel. The US benchmark WTI is trading at $68.58. Last month, Libya’s National Oil Company said its crude oil production…

Libya’s National Oil Corporation (NOC) said it has hit a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). That brings Libya’s total production to 1,589,047 barrels per day—a major milestone for the oil-rich nation. The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel. The US benchmark WTI is trading at $68.58. Last month, Libya’s National Oil Company said its crude oil production…

U.S. liquefied natural gas (LNG) plants are running near full throttle, with demand from export facilities hitting 14.6 billion cubic feet (bcf) on Friday. That’s just shy of the all-time record of 14.7 bcf set last December, according to data from LSEG. The surge comes as cooler weather settles in and outages at key facilities, like Freeport LNG, ease. The second-largest LNG exporter in the United States, Freeport LNG, was expected to draw just over 2 bcf on Friday after resolving several outages earlier this year. The plant is closely watched…

Brazil has announced the permanent offering of 91 oil blocks across key basins, aiming to attract significant investment and bolster energy security. The Ministry of Mines and Energy revealed that the next auction cycle, slated for 2025, could bring in an estimated 2.4 billion reais ($394 million) in signing bonuses. The blocks are spread across strategic regions: 39 in Minas Gerais’ São Francisco Basin, 41 and a marginal accumulation field in the Potiguar Basin, and 11 in the coveted pre-salt area. Companies can express interest in…

Brazil has announced the permanent offering of 91 oil blocks across key basins, aiming to attract significant investment and bolster energy security. The Ministry of Mines and Energy revealed that the next auction cycle, slated for 2025, could bring in an estimated 2.4 billion reais ($394 million) in signing bonuses. The blocks are spread across strategic regions: 39 in Minas Gerais’ São Francisco Basin, 41 and a marginal accumulation field in the Potiguar Basin, and 11 in the coveted pre-salt area. Companies can express interest in…