Tesla has denied reports that its board is seeking a replacement for chief executive Elon Musk, after a Wall Street Journal report claimed the company had began a search for its new chief executive, amid mounting concerns on his political entanglements. In a post early Thursday on X, the social media owned by Musk, Tesla chair Robyn Denholm dismissed the claims in the report that the company had contacted recruitment firms to initiate a CEO search as “absolutely false”. “The CEO of Tesla is Elon Musk and the board is highly confident…

President Donald Trump’s executive order to access critical deep-seabed minerals is raising concerns among the international authorities with jurisdiction over resources in international waters. Last week, President Trump issued an executive order to “unleash America’s offshore critical minerals and resources.” The executive order prioritizes U.S. leadership in seabed mapping and mineral exploration with the aim of ensuring reliable access to critical minerals like manganese, nickel, cobalt, and rare earth elements. Days…

President Donald Trump’s executive order to access critical deep-seabed minerals is raising concerns among the international authorities with jurisdiction over resources in international waters. Last week, President Trump issued an executive order to “unleash America’s offshore critical minerals and resources.” The executive order prioritizes U.S. leadership in seabed mapping and mineral exploration with the aim of ensuring reliable access to critical minerals like manganese, nickel, cobalt, and rare earth elements. Days…

President Donald Trump’s executive order to access critical deep-seabed minerals is raising concerns among the international authorities with jurisdiction over resources in international waters. Last week, President Trump issued an executive order to “unleash America’s offshore critical minerals and resources.” The executive order prioritizes U.S. leadership in seabed mapping and mineral exploration with the aim of ensuring reliable access to critical minerals like manganese, nickel, cobalt, and rare earth elements. Days…

President Donald Trump’s executive order to access critical deep-seabed minerals is raising concerns among the international authorities with jurisdiction over resources in international waters. Last week, President Trump issued an executive order to “unleash America’s offshore critical minerals and resources.” The executive order prioritizes U.S. leadership in seabed mapping and mineral exploration with the aim of ensuring reliable access to critical minerals like manganese, nickel, cobalt, and rare earth elements. Days…

Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data. Last month, the country holding the world’s largest crude oil reserves exported just 700,000 barrels per day (bpd) of crude and fuels, according to the data. A total of 32 vessels departed from Venezuela’s ports in April, shipping an average of 698,767 bpd of crude and fuel, as well as…

Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.  Three weeks ago, eight OPEC+ countries unveiled plans to phase-out their voluntary oil output cuts by ramping up output in May by 411,000 barrels per day--equivalent to three monthly increments. The announcement came at a time when U.S. President Donald…

Winter is over in the northern hemisphere, and demand for heating is in decline, to the likely chagrin of LNG exporters. Demand for the fuel in the key Asian and European markets has weakened this month as peak demand season eases—but the weakening is temporary. Europe imported a record 7.04 million tons of liquefied natural gas from its top supplier, the United States, last month, but this has dropped to 5.88 million tons this month, data from Kpler, cited by Reuters’ Clyde Russell has shown. This is still significantly higher than…

Noble Corp, (NYSE:NE) turned in a pretty solid report for Q-1 this week, and gave a forecast that caused the stock to rally sharply, up 12%, on the news. Over the course of the day, where oil prices had dropped to around $60, it managed to hold onto a good chunk of that gain. Key among the salient points of the release was the announcement of a $2.0-$2.5 bn addition to the company's backlog in the quarter, bringing the total to $7.5 bn on the upside. Anytime you can announce a 30% increase in future contracted revenues, you're doing something right…

Worldwide, governments and private companies are attempting to improve passenger transport in response to growing populations and the need to cut carbon emissions. For several countries, train travel is the best mode of transport for moving people quickly and sustainably from A to B.  The development of electric metro systems has helped cities around the globe provide low-emissions urban commuter transport and reduce the number of cars on the roads, while high-speed, long-distance routes have helped provide an alternative to flying. Greater…

The global oil industry for much of the 20th century was controlled by a powerful cartel of private companies known as the "Seven Sisters." This group long dominated production, pricing, and access to reserves from the Middle East to Latin America. They shaped markets, dictated terms to host countries and built the foundations of the modern energy system. But the balance of power has since shifted—dramatically.   Today, the center of gravity in global oil lies not with the Western supermajors, but with National Oil Companies (NOC). State-owned…

Via Metal Miner   A striking aspect of the aluminum premium and the aluminum market turmoil currently unfolding after Trump’s aluminum tariffs is how differently it’s playing out in the U.S. versus other regions. While premiums inside of the U.S. are rising, outside the United States, aluminum premiums are actually falling. With U.S. tariffs shutting out or discouraging some imports, those metal volumes are being redirected elsewhere, leading to relative oversupply abroad.  In Europe, for instance, the going premium for aluminum…

US benchmark WTI crude is down nearly 4% as Saudi Arabia reports emerge that not only can the Saudis sustain today’s low oil prices, but output increases are likely to be announced next week, for June output, sources speaking to both Reuters and Bloomberg have indicated.  On Wednesday, Reuters cited five unnamed sources as saying that the Saudis have no intention of boosting oil markets with further supply cuts, as Riyadh’s budget can tolerate sustained low prices. On the contrary, sources are suggesting that the Saudis could start…

US benchmark WTI crude is down nearly 4% as Saudi Arabia reports emerge that not only can the Saudis sustain today’s low oil prices, but output increases are likely to be announced next week, for June output, sources speaking to both Reuters and Bloomberg have indicated.  On Wednesday, Reuters cited five unnamed sources as saying that the Saudis have no intention of boosting oil markets with further supply cuts, as Riyadh’s budget can tolerate sustained low prices. On the contrary, sources are suggesting that the Saudis could start…

If energy secretary Ed Miliband still believes that critics of his dash to Net Zero are peddlers of “nonsense and lies” he has a new name to add to his list of dangerous misinformation merchants: Tony Blair. I do appreciate that some people believe that his name belongs on exactly that kind of list, but I’ll leave that to one side and focus instead on the latest contribution of his eponymous institute, which has released a new report called The Climate Paradox. The former Prime Minister has penned a foreword in which he notes…

Raindrops could hold the key to next generation renewable energy. Scientists in Singapore recently managed to generate electricity from rain-like water droplets with a surprisingly promising amount of efficiency. If this scientific breakthrough proves to be scalable and, eventually, commercially viable, this could have major implications for the global decarbonization movement, and could provide a new form of residential clean energy production. In a revolutionary first, a team of researchers from the National University of Singapore generated…

The United States and Ukraine are set to finalize a landmark critical minerals agreement as early as Thursday, in a move that could reshape the geopolitical landscape of critical raw materials, but questions remain as to exactly how each party will benefit, and what Russia’s response will be.  Early on Wednesday, an Ukrainian government source told Reuters that Ukraine was ready to sign a mineral resources deal with the U.S., and that Ukrainian First Deputy Prime Minister Yulia Svyrydenko was en route to Washington for that express purpose.Later…

As if China’s solar panels and equipment companies haven’t already been reeling from low product prices and overcapacity, the U.S.-China trade war and the triple-digit tariffs are adding insult to injury to the profitability of the Chinese solar manufacturing industry. All top Chinese solar equipment producers booked losses for the first quarter of the year, and blamed the continued losses on low product prices and the trade and tariff turbulence with the new U.S. President Donald Trump. JinkoSolar, for example, booked a net loss of…

Spanish energy major Repsol is committed to keeping its previously announced shareholder remuneration policy for this year despite the volatile market, trade tensions, and OPEC+ plans to raise production. Repsol reported on Wednesday an adjusted income of $740 million (651 million euros) for the first quarter, a plunge of 48.6% compared to the same quarter of 2024. Still, the figure was slightly higher than the company-provided analyst consensus estimate of $730 million (642 million euros). These numbers were in line with the annual guidance, Repsol…

Spanish energy major Repsol is committed to keeping its previously announced shareholder remuneration policy for this year despite the volatile market, trade tensions, and OPEC+ plans to raise production. Repsol reported on Wednesday an adjusted income of $740 million (651 million euros) for the first quarter, a plunge of 48.6% compared to the same quarter of 2024. Still, the figure was slightly higher than the company-provided analyst consensus estimate of $730 million (642 million euros). These numbers were in line with the annual guidance, Repsol…