Midway through autumn 2025, Russian crude oil continues to dominate Turkey’s refinery feedstock, defying both geopolitical pressure and the Trump administration’s assertive diplomacy. September import data show Russian volumes flowing to Turkey above monthly averages at 410,000 b/d, extending a pattern that began in early summer and shows little sign of reversing. On 25 September, when US President Donald Trump met his Turkish counterpart Recep Tayyip Erdo?an at the White House for the first time in six years, the conversation predictably…

Germany could suffer economic losses of around 40 billion euros if this winter turns out colder than average, gas utility Uniper has warned in a report that said such a development could plunge Germany into a recession. Every year, as October begins and with it, quite often, heating season, Europe begins a race to fill its gas storage facilities in time to secure a comfortable level of stocks ahead of peak demand for electricity and heat. Norway stands ready to step up gas exports to the European Union, U.S. LNG producers stand ready to boost cargoes…

We are at a time when there seems to be far more conflict than in the past. At least part of the problem is that slowing growth in the world economy is making it more difficult to repay debt with interest, especially for governments. A related issue is that government promises for pensions and healthcare costs are becoming more difficult to pay. Donald Trump is trying to make numerous changes that are distasteful both to other countries and to many people living within the US. What is going wrong with the economy? In my view, major cracks are developing…

Strife-torn South American country Colombia is not only suffering from a new wave of violence but is also facing an energy crisis. Dwindling oil and natural gas production is crimping domestic energy supplies and impacting Colombia’s troubled economy. There is a grave threat of a serious natural gas shortage. A lack of exploration drilling, diminishing reserves and plummeting production are weighing on economically crucial natural gas supplies. The shortage of fossil fuel is exacerbated by rising consumption and natural gas’s increasingly…

The last few months have seen gold soar to record highs above $4,000 amid the so-called “debasement trade,” with investors flocking to the perceived safety of alternates while pulling away from major currencies. It’s a monetary regime change – if market participants are trading anything it’s getting rid of a fiat currency (“it’s the denominator, stupid”) for a store of value – and we’re seeing it in spades with Bitcoin and gold: However, quietly on the side, silver has been outperforming…

Scientists have dreamed of putting solar panels in outer space since the late 1960s, and have known that space-based solar power was technologically feasible since the 1970s. But the true race for space-based solar has only just begun, driven by the intensifying need to produce more electricity to meet rapidly growing energy demand. As more of the world becomes electrified, big data and AI become omnipresent, and decarbonization deadlines draw closer, innovative energy solutions are needed more than ever. As a result, space-based solar power is…

Washington is flexing again—this time hitting China in a fresh sanctions blitz aimed at choking off Iran’s oil cash flow and tightening the screws on Moscow’s influence in the Balkans. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned: the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

Washington is flexing again—this time hitting China in a fresh sanctions blitz aimed at choking off Iran’s oil cash flow and tightening the screws on Moscow’s influence in the Balkans. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of Iranian crude since 2023. Also sanctioned: the Rizhao Shihua Crude Oil Terminal at Lanshan Port, accused of handling Iran’s…

We are entering the final innings of the 2025 financial year, and the U.S. stock market continues to defy bearish expectations. Nearly all 11 major sectors remain in positive territory; gold is surging, the dollar is sliding, and Bitcoin has roared back, even as job losses mount and the government remains partially shut down. Much of this resilience has been fueled by the ongoing AI-driven investment boom, which continues to reshape capital flows across industries from semiconductors to energy infrastructure. Yet the Energy sector has lagged. With…

Serbia’s oil system came under immediate strain Thursday after Washington let a sanctions waiver for Naftna Industrija Srbije (NIS) lapse, exposing the Gazprom Neft-linked refiner to U.S. measures and putting crude flows via Croatia’s JANAF pipeline on a short OFAC license that runs to October 15. Reuters reported that the move followed weeks of extensions, confirming the waiver’s expiry and its immediate operational impact. NIS operates the Pan?evo refinery and supplies about 80% of Serbia’s gasoline and diesel and over…

Serbia’s oil system came under immediate strain Thursday after Washington let a sanctions waiver for Naftna Industrija Srbije (NIS) lapse, exposing the Gazprom Neft-linked refiner to U.S. measures and putting crude flows via Croatia’s JANAF pipeline on a short OFAC license that runs to October 15. Reuters reported that the move followed weeks of extensions, confirming the waiver’s expiry and its immediate operational impact. NIS operates the Pan?evo refinery and supplies about 80% of Serbia’s gasoline and diesel and over…

Serbia’s oil system came under immediate strain Thursday after Washington let a sanctions waiver for Naftna Industrija Srbije (NIS) lapse, exposing the Gazprom Neft-linked refiner to U.S. measures and putting crude flows via Croatia’s JANAF pipeline on a short OFAC license that runs to October 15. Reuters reported that the move followed weeks of extensions, confirming the waiver’s expiry and its immediate operational impact. NIS operates the Pan?evo refinery and supplies about 80% of Serbia’s gasoline and diesel and over…

A new report produced by the watchdog group Greenpeace documents how Russia’s environmental policies and practices are causing global harm.  The report, titled Fossil Fuel Empire: The Environment of Post-2022 Russia and the Kremlin’s Threat to Domestic and Global Stability and Sustainability, shows how Russia, in confronting environmental challenges over the past few decades, has gone from “active engagement in the 1990s to deliberate detachment and obstructionism in recent years.”  Negative trends in a variety…

China is expanding the list of rare earth elements under export control and is adding curbs on manufactured products that have used Chinese refining and magnet-making technology, in a move that further tightens China’s dominant control of critical materials. Holmium, erbium, thulium, europium, and ytterbium are now also part of the export control list, for which foreign entities must seek licenses from the Chinese authorities to import. China’s Commerce Ministry said on Thursday that companies connected to foreign militaries or placed…

Ukraine’s drone attacks on Russian refineries have resulted in a fuel crunch in Russia, where the shortage is estimated at up to 20% of demand, Ukrainian Volodymyr Zelenskyy said on Thursday.   “According to our data, the enemy’s gasoline shortage is up to around 20% of needs. Estimates vary from 13 to 20%, but it is confirmed that the shortage is already significant. In our view, it is about 20% today,” Zelenskyy wrote on X.  “Our weapons are delivering tangible results,” the Ukrainian president…

Faced with numerous headwinds, Ørsted will slash its workforce numbers by 2,000 by 2027, eliminating a quarter of its current roles, the world’s largest offshore wind developer said on Thursday.   Fresh off its $9.35 billion rights issue to raise funds from existing shareholders, Ørsted announced today it is taking another step in the execution of its strategic priorities by reducing its organization by about 2,000 positions by the end of 2027.??  The company will slash jobs as it will focus more on Europe and…

Faced with numerous headwinds, Ørsted will slash its workforce numbers by 2,000 by 2027, eliminating a quarter of its current roles, the world’s largest offshore wind developer said on Thursday.   Fresh off its $9.35 billion rights issue to raise funds from existing shareholders, Ørsted announced today it is taking another step in the execution of its strategic priorities by reducing its organization by about 2,000 positions by the end of 2027.??  The company will slash jobs as it will focus more on Europe and…

Energy prices for consumers across the UK rose again this month.   Ofgem, the energy regulator, set the maximum annual rate for an average household for gas and electricity at £1,755 until the end of the year.  The cap is now over £600 higher than when it was first introduced in 2019.  Under the cap, the average price of gas is significantly cheaper than electricity at 6.3p per kilowatt hour (p/kWh) compared to 25.7p/kWh. New data on Tuesday also showed that the industrial electricity price paid for UK industry was…

BP has started up the Murlach oil and gas field in the UK North Sea, the sixth major project the supermajor has launched so far this year, as part of its goal to have ten new oil and gas fields operational by 2027.  Murlach adds a peak net production of around 15,000 barrels of oil equivalent per day (boed) to the BP-operated Eastern Trough Area Project (ETAP) in the central North Sea, a hub that has been operating for 27 years, the supermajor said on Thursday.  The Murlach project received government and regulatory approvals in 2023…

The amount of oil on tankers in transit has jumped to the highest since 2016, and this is cause for concern because it means there is too much oil around and it is not being consumed. That’s the message that Bloomberg had this week, citing Votexa data. Yet China had a different message: it is building more oil tanks to boost its inventories, a lot more. And that tells a different message. The Vortexa data that Bloomberg cited said that there were 1.2 billion barrels of crude oil currently at sea, being moved from one place to another. Bloomberg’s…