Escalating trade hostilities between China and the United States are putting drone supplies critical to Ukraine’s war effort in the crosshairs. U.S. media reports suggest Chinese manufacturers are limiting the sale of vital drone components to companies in the United States and the European Union that supply the parts to Ukraine. The Chinese restrictions could hinder Ukraine on the battlefield, where drones have played a pivotal role. Kyiv’s arsenal of cheap but effective drones is used for reconnaissance, dropping explosives on targets,…

Diesel prices are set to rise next year from the currently depressed levels as several refineries in developed countries are scheduled to cease production of fuels, analysts and traders have told Reuters. After rising in November to multi-month highs, refining margins for diesel have dropped over the past two weeks in all regions, including in the United States, Europe, and Asia. Next year, an estimated 1 million barrels per day (bpd) of refining capacity across Europe and the U.S. is set to close permanently. But another 800,000 bpd or slightly…

Diesel prices are set to rise next year from the currently depressed levels as several refineries in developed countries are scheduled to cease production of fuels, analysts and traders have told Reuters. After rising in November to multi-month highs, refining margins for diesel have dropped over the past two weeks in all regions, including in the United States, Europe, and Asia. Next year, an estimated 1 million barrels per day (bpd) of refining capacity across Europe and the U.S. is set to close permanently. But another 800,000 bpd or slightly…

The global oil market will find itself in a large surplus next year, even as OPEC+ has decided to defer the start of production increases to April, the International Energy Agency (IEA) said on Thursday. The OPEC+ group last week decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025. The group also extended the period in which it would unwind all these cuts into the following year, until September 2026. While the OPEC+ decision “has materially reduced the potential supply overhang…

Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second…

Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second…

Two months ago, we reported that Baiju Bhatt, one of the co-founders of the investing app Robinhood, debuted space solar power company Aetherflux. The startup plans to build a constellation of Low-Earth Orbit (LEO) satellites that will use infrared lasers to transmit power to small ground stations on Earth. The startup notes that space solar power can revolutionize energy distribution, especially where delivering power is expensive, challenging, or dangerous. Powering hard-to-reach places like remote military bases, islands, or areas hit by disasters…

Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It’s time for a new shale boom. Crude oil production in the Vaca Muerta play reached an all-time high of 400,000 barrels daily in the third quarter of this year, Rystad Energy wrote at the end of November, predicting that the play…

With an estimated 14.2 trillion cubic metres (Tcm) of gas reserves in place plus 18 billion barrels of gas condensate, Iran’s 3,700-square kilometre (sq.km) South Pars gas field is one part of the world’s largest gas field. The other is Qatar’s 6,000-square km North Dome, with around 36.8 Tcm of gas reserves in place and about 32 billion barrels of gas condensate. Split into 24 Phases for development, with production targets ranging from 28 million cubic metres per day (mcm/d) to 57 mcm/d, it is the fortunes of Iran’s South…

As President-elect Donald Trump outlines his priorities for the new administration – falling back on his old habit of announcing major policy initiatives and plans through social media – governments, think tanks and politicians have begun recalibrating their expectations for the next four years. His latest views on tariffs on the US’s three largest trading partners were shared on social media platform Truth Social. Policy action by the world’s most powerful nation has ramifications worldwide, and it will require other nations…

The world continues to "warm" back up to nuclear, with the latest example coming out of Japan, where its Shimane nuclear power station in western Japan has been restarted for the first time since the 2011 Fukushima meltdown. Japan's long-delayed restart of the 820 MW No. 2 reactor at the Shimane plant, shut down since January 2012, raises the number of operational reactors to 14, with a total capacity of 13,253 MW, according to Reuters. Tohoku Electric Power also recently resumed operations of its 825 MW No. 2 reactor at the Onagawa plant, reducing…

Back in 2020, the European Union gave the go-ahead to a project looking into the viability of extracting geothermal energy from oil wells. The idea: diversify low-carbon energy sources beyond wind and solar. Now, they are doubling down on heat from the ground. Reuters reported this week that the 27 members of the bloc had drafted a document demanding a commitment to the reduction of emissions from cooling and heating systems, and with it, a commitment to explore the potential of geothermal energy as a replacement for hydrocarbons in power generation…

The U.S. consumer price index (CPI) jumped 0.3% in November, the largest gain since April after increasing by 0.2% for four straight months. Most of the increase in inflation came from higher food prices as well as more expensive motel and hotel rooms. Meanwhile, rents defied their recent trend after increasing at the slowest pace since July 2021. Food prices increased 0.4% in November, up from 0.2% in October while grocery store food prices surged 0.5%, with the cost of eggs soaring 8.2% amid an avian flu outbreak. However, prices of cereals and…

The U.S. consumer price index (CPI) jumped 0.3% in November, the largest gain since April after increasing by 0.2% for four straight months. Most of the increase in inflation came from higher food prices as well as more expensive motel and hotel rooms. Meanwhile, rents defied their recent trend after increasing at the slowest pace since July 2021. Food prices increased 0.4% in November, up from 0.2% in October while grocery store food prices surged 0.5%, with the cost of eggs soaring 8.2% amid an avian flu outbreak. However, prices of cereals and…

President-elect Donald Trump’s plan to hit imports from China, Canada and Mexico with tariffs could deal a blow to companies across North America and trigger negative consequences for the global supply chain, according to experts. Trump said that on his first day back in office on Jan. 20, he will impose 25% tariffs on goods from Mexico and Canada. The tariffs are aimed at pressuring those countries to stop drugs and illegal migrants from crossing into the U.S., Trump posted on Truth Social on Nov. 25. He has also said he’ll impose…

The full effects from the swift collapse of Bashar al-Assad's regime in Syria is still playing out on the ground, but his sudden fall is set to shake up the Middle East and beyond. Here's what it means for China. Finding Perspective: China has been aligned with Assad since Syria's civil war began in 2011 but largely through its close ties to Russia and Iran, which backed the Syrian leader. At the United Nations, Beijing has often voted with Moscow, blocking condemnations of Assad as well as cross-border aid. Beijing supported the Assad regime with…

U.S. oil and gas giant Exxon Mobil Corp. (NYSE:XOM) has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently. According to Exxon CEO Darren Woods, the increased project spending is expected "to generate returns of more than 30% over the life of the investments."  Woods says that Exxon is focusing on growing production from low-cost fields…

U.S. oil and gas giant Exxon Mobil Corp. (NYSE:XOM) has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently. According to Exxon CEO Darren Woods, the increased project spending is expected "to generate returns of more than 30% over the life of the investments."  Woods says that Exxon is focusing on growing production from low-cost fields…

Crude oil production from all OPEC members rose by 104,000 barrels per day (bpd) in November compared to October, the organization’s Monthly Oil Market Report (MOMR) showed on Wednesday. Total OPEC-12 crude oil production averaged 26.66 million bpd last month, as output in Libya, Iran, and Nigeria increased, according to OPEC’s secondary sources used to track supply to the market. Of the three countries where production rose the most in November from the previous month, two – Libya and Iran – are exempted from the OPEC+…

OPEC has cut oil demand growth forecasts for 2024 and 2025 for a fifth straight month, with the latest cut so far the deepest. OPEC has cut 2024 demand growth by 210,000 barrels a day to 1.6 million barrels a day, 27% below its first estimate made in July, Bloomberg reported.  The OPEC secretariat said the revision takes “into account recently received bearish data” for the third quarter,” including “downward revisions to OECD Americas and OECD Asia Pacific.” Different energy agencies have been issuing varying…