QatarEnergy is in talks with Japanese energy companies over a long-term supply deal for liquefied natural gas from the expanded North Field. According to an exclusive Reuters report that cited unnamed sources, the volume under discussion is a minimum of 3 million tons annually, to be split between several Japanese companies, which include heavyweights JERA and Mitsui & Co. Qatar is already the largest supplier of LNG to resource-scarce Japan. The deal, over the Reuters sources, would strengthen the Gulf state’s dominant position on the…

Crude oil prices staged a rebound earlier today on reports that China had signaled it wants to negotiate with the Trump administration on tariffs. The country’s commerce ministry said it was considering a proposal made by Washington to discuss the tariffs. Even this slim chance of a de-escalation in the tariff war energized oil traders, leading to Brent crude rising to $62.53 per barrel at the time of writing, with West Texas Intermediate at $59.67 per barrel. Despite the rise, both benchmarks are set to end the week lower than they started…

Republicans in Congress have drafted plans for a significant increase in oil, gas, and coal lease sales in order to foot the bill for President Trump’s tax cut plans, Bloomberg has reported, citing the draft. Per that document, the House Natural Resources Committee is eyeing at least four lease sales for the coastal plain of the Alaska Arctic National Wildlife Refuge over the next ten years. The plan also envisages a restart of the lease sales in the National Petroleum Reserve of Alaska plus quarterly onshore oil and gas lease sales and new…

At the end of April, crude oil prices settled at the lowest in four years. The immediate reason was a report that Saudi Arabia was fed up with production cuts and was willing to give cheaper oil for a longer go. The other reason: Trump’s tariffs. Ironically, the tariff fear pressuring prices is related to economic growth prospects. Yet cheap oil is a great fuel for economic growth—which is why oil importers are happy. Exporters, not so much. Reuters reported earlier this week, citing unnamed sources, that Saudi Arabia had no intention…

Although the ‘No Iranian Energy Act’ was introduced to U.S. lawmakers on April Fools’ Day it is no joke as far as the Americans are concerned and the Iraqis will find little cause for merriment in its contents either. As highlighted by Chairman of the Republican Study Committee, Congressman August Pfluger, this legislation is part of President Donald Trump’s maximum pressure campaign against Iran’s leaders. “[These] are the world’s most dangerous state sponsors of terrorism, [and] the Iranian regime is…

Monday’s massive power outage in Spain and Portugal, Europe’s worst blackout, triggered a lot of questions, concerns, and a blame game of who done it. On Monday midday, a sudden massive outage hit the electricity transmission systems of Spain and Portugal, and briefly parts of France, in a very rare blackout in Europe, whose causes are yet to be determined. The blackout, which began at around 12:00 PM GMT on Monday, hit major cities and transportation networks, leaving authorities scrambling to restore power and ascertain…

Global oil markets are entering a pivotal phase as exploration-driven reserve replacement lags. With only a few bright spots like Namibia and Guyana, estimates suggest that just 25–30% of the oil consumed each year is currently being offset by new discoveries. This growing shortfall, combined with forecasts that US shale production will peak in the 2030s, sets the stage for a tightening global supply outlook. If no major new discoveries are made, the world could face an 18 million barrels per day deficit by 2040, assuming demand projections…

The United States and Ukraine have signed an agreement giving the US access to Ukraine’s valuable rare minerals in a deal that Ukraine hopes will ensure continued American support for Kyiv in its war with Russia. The agreement establishes the United-States-Ukraine Reconstruction Investment Fund, which the US Treasury Department said will allow the two countries to “work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.” US Treasury…

The nationalization of the Kumtor gold mine in Kyrgyzstan has not lived up to official billing, in terms of expanding the flow of revenue into state coffers and driving growth. Company figures show production has steadily fallen in recent years, and income for the state budget has declined. President Sadyr Japarov’s administration took over management of the mine in 2021 from Centerra Gold, a Canadian firm, amid allegations of environmental hazards and mismanagement, as well as a dispute over profit-sharing arrangements. In 2022, after a…

Venezuela’s oil lifeline is unraveling—and it’s not just because of collapsing infrastructure or chronic mismanagement. It’s geopolitics, sanctions, and desperation, all swirling around Caracas as the U.S. slams the door shut. Last week, Venezuelan Vice President Delcy Rodríguez showed up in Beijing with an urgent ask: Buy more oil. Fast. With President Trump booting Chevron and other foreign firms out of the country by May 27 and slapping 25% tariffs on anyone who dares to buy Venezuelan crude, Caracas is scrambling…

Venezuela’s oil lifeline is unraveling—and it’s not just because of collapsing infrastructure or chronic mismanagement. It’s geopolitics, sanctions, and desperation, all swirling around Caracas as the U.S. slams the door shut. Last week, Venezuelan Vice President Delcy Rodríguez showed up in Beijing with an urgent ask: Buy more oil. Fast. With President Trump booting Chevron and other foreign firms out of the country by May 27 and slapping 25% tariffs on anyone who dares to buy Venezuelan crude, Caracas is scrambling…

Venezuela’s oil lifeline is unraveling—and it’s not just because of collapsing infrastructure or chronic mismanagement. It’s geopolitics, sanctions, and desperation, all swirling around Caracas as the U.S. slams the door shut. Last week, Venezuelan Vice President Delcy Rodríguez showed up in Beijing with an urgent ask: Buy more oil. Fast. With President Trump booting Chevron and other foreign firms out of the country by May 27 and slapping 25% tariffs on anyone who dares to buy Venezuelan crude, Caracas is scrambling…

Just one week ago, China seemingly couldn't get enough of gold, and the price of spot briefly touched a record $3500 as a result of, among other things, staggering inflows into Chinese gold ETFs such as the Huaan Yifu, Bosera and Guotai gold ETFs. But, as with all things momentum-based in China, it's easy come, easy go in the land of Dragons, and as Goldman commodity trader Adam Gillard writes, China liquidated what it bought last week ahead of the Labor Day holiday, resulting in total onshore positioning now 5% off the ATH. And while China’s…

OPEC just pulled a plot twist. Instead of raising production as planned, the cartel’s April output dropped by 200,000 barrels per day (bpd) to 27.24 million bpd, according to a new Bloomberg survey published on Thursday. Half the decline came from Venezuela, where Chevron and other producers are winding down ahead of renewed U.S. sanctions. But the real head-scratcher? The UAE and Saudi Arabia—who had clearance to pump more—barely budged. The UAE actually cut oil production by 80,000 bpd, despite securing a carve-out to raise…

OPEC just pulled a plot twist. Instead of raising production as planned, the cartel’s April output dropped by 200,000 barrels per day (bpd) to 27.24 million bpd, according to a new Bloomberg survey published on Thursday. Half the decline came from Venezuela, where Chevron and other producers are winding down ahead of renewed U.S. sanctions. But the real head-scratcher? The UAE and Saudi Arabia—who had clearance to pump more—barely budged. The UAE actually cut oil production by 80,000 bpd, despite securing a carve-out to raise…

Via Metal Miner Over three years into its invasion of Ukraine, and despite the subsequent sanctions, Russian producers continue to generate significant revenues from exports. This is especially true of metals and minerals, including pig iron and semi-finished steel products, which Russia continues to supply to the European Union.  Russian Pig Iron Imports Surged in January In 2024, for example, Russian exports exceeded €2.5 billion (approximately US $2.75 billion). However, according to recent figures, imports of pig iron by the EU from…

California’s 2035 gas car ban just got torched by the U.S. House, which voted 246–164 on Thursday to kill the EPA waiver that let the Golden State set stricter tailpipe rules than the federal government. The decision doesn’t just mess with California—it upends the dozen other blue states that hitched their EV ambitions to Sacramento’s regulatory wagon. Now the Senate will get a turn at the wheel, but it’s already swerving around a ruling from the Senate parliamentarian that says this repeal isn’t even allowed.…

Europe’s goal to pursue a net-zero agenda is depriving citizens of reliable and affordable energy in a choice made by politicians, U.S. Energy Secretary Chris Wright says. Years ago, Western Europe, as well as the Biden administration, chose one side of a fork in the road which deprives consumers of choice, Secretary Wright said this week in a keynote address at the Three Seas Business Forum in Warsaw, Poland. The energy transition policies imposed by the UK government and the European Union (EU) institutions have reduced greenhouse gas emissions,…

The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. “Across the region, rising trade tensions and policy uncertainty are adding to the impact of conflicts and extended oil production cuts to weaken growth prospects,” the IMF said on Thursday in its Regional Economic Outlook for the Middle East and Central Asia. The IMF expects oil prices to decline in 2025 to $66.90 per barrel, nearly $6 below the…

The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. “Across the region, rising trade tensions and policy uncertainty are adding to the impact of conflicts and extended oil production cuts to weaken growth prospects,” the IMF said on Thursday in its Regional Economic Outlook for the Middle East and Central Asia. The IMF expects oil prices to decline in 2025 to $66.90 per barrel, nearly $6 below the…