OPEC does not project an oil supply surplus for 2026, the secretary-general of OPEC, Haitham al Ghais, told CNBC today, slamming the media for covering its Monthly Oil Market Report inaccurately. “There was a misrepresentation by some media about our monthly market report,” al Ghais said, “specifically regarding the messages and a narrative that was being created out of reading some of our numbers. For example, things related to the market being in a surplus next year.” Indeed, as Oilprice reported last week, OPEC said in…

LNG carrier rates for the Atlantic route between the U.S. and Europe have surged close to a two-year high on strong demand for American liquefied gas as Europe fills up its storage ahead of winter. The spot rate hit $98,250 per day on Monday, Bloomberg reports, which was a 19% increase and the highest in over a year, according to price trackers. The European Union’s gas storage is now 81.94% full, which is less than the 90% target the bloc had for November, before the winter colds begin. Most of the gas that the EU uses in winter comes from…

Over the past couple of years, uranium and nuclear energy markets have enjoyed a renaissance thanks to surging global power demand and the global energy crisis triggered by Russia’s war in Ukraine. Uranium is no longer trading on legacy sentiment, with prices moving more on fundamentals characterized by tight physical supply, underbuilt production pipelines, and a policy-driven nuclear revival that’s accelerating faster than commodity markets anticipated. The uranium market is experiencing a structural supply deficit, creating potential…

The expected surge in liquefied natural gas export capacity in the United States is on course to boost gas consumption significantly, from around 18 billion cu ft right now to as much as 40 billion cu ft—and that 18 billion cu ft is already an all-time high. The United States turned into the world’s largest exporter of LNG in a matter of years as energy companies raced to build new liquefaction trains along the Gulf Coast in response to the surge in demand for a lower-emission alternative to coal. Last month, the U.S. became the first…

Iran is blocking the International Atomic Energy Agency (IAEA) from inspecting multiple sites of interest in its nuclear weapons development programme, a senior source in the European Union’s (E.U.’s) security complex exclusively told OilPrice.com late last week. “These include the major sites targeted during the U.S. and Israeli strikes on its nuclear programme facilities in June, including Fordow and Natanz, and another site in particular -- close to Natanz that seems to be the focus of significant Iranian activity since then,”…

In the coming days, the media will push themes related to the upcoming meeting between Saudi Crown Prince Mohammed bin Salman (MBS) and US President Trump in Washington. While most will be looking at the possibilities of Saudi investments in US LNG via Aramco or defense deals, Saudi Arabia’s mineral strategy and opportunities will also be on the table. Geopolitically, Washington will also be interested in Saudi Arabia’s international mining investment strategy, through its national champion, Ma’aden, or its sovereign wealth fund,…

A new gas discovery in Egypt’s Western Desert has added another timely boost to the country’s strained upstream portfolio. The well, identified as Gomana-1, encountered several gas-bearing intervals based on electric-log data, with early tests indicating output of around 36 million cubic feet per day, according to the Daily News Egypt.  The find is now undergoing reserve evaluation before being mapped into the operator’s development sequence. The well is operated by Khalda Petroleum Company, one of Egypt’s larger onshore…

A new gas discovery in Egypt’s Western Desert has added another timely boost to the country’s strained upstream portfolio. The well, identified as Gomana-1, encountered several gas-bearing intervals based on electric-log data, with early tests indicating output of around 36 million cubic feet per day, according to the Daily News Egypt.  The find is now undergoing reserve evaluation before being mapped into the operator’s development sequence. The well is operated by Khalda Petroleum Company, one of Egypt’s larger onshore…

Mining giant BHP has been found liable for a dam disaster under both environmental law and the Brazilian civil code, in a significant ruling handed down by the High Court. The case stems from a deadly dam disaster in Brazil. On 5 November 2015, the Fundao dam in the south-eastern part of Brazil, operated by Samarco, a 50:50 joint venture owned by BHP and its peer Vale, failed, unleashing a deluge of thick, red, toxic mud that wiped out the village of Bento Rodrigues.The collapse of the Fundao dam killed 19 people and is the worst environmental…

We spend a lot of our time talking about reserves and capacity in the energy sector. But for the serious money, the most critical asset isn't the price of oil or the megawatt. It’s the paper that guarantees how those resources will be sold. A company’s contract portfolio, not its latest discovery, is often times the real barometer of its financial stability. This distinction forces a fundamental choice: are you betting on a company fully exposed to merchant risk, relying entirely on whatever price the spot market offers today? Or are…

I've put the word "evacuation" in the title of this piece in quotes because it's not clear where Tehran's 9.8 million people, or some significant number of them, would evacuate to as water supplies run dangerously low. Iranian President Massoud Pezeshkian has been criticized for saying out loud how bad the situation is: "If it does not rain in Tehran by December, we should ration water; if it still does not rain, we must empty Tehran." Doubtless, Iranian water authorities will force severe restrictions on Tehran's residents if the rains—which…

Global lithium prices surged on Monday after a demand upgrade from China led traders to revisit near-term supply assumptions across the battery-materials market. The move followed an update highlighted by the Financial Post, which reported renewed buying interest after Ganfeng Lithium’s chairman outlined stronger expectations for 2026 battery-grade consumption. Chinese market data detailed the shift, with a report from STCN noting that multiple lithium-mining and processing stocks posted sharp gains as trading desks reacted to projections…

Global lithium prices surged on Monday after a demand upgrade from China led traders to revisit near-term supply assumptions across the battery-materials market. The move followed an update highlighted by the Financial Post, which reported renewed buying interest after Ganfeng Lithium’s chairman outlined stronger expectations for 2026 battery-grade consumption. Chinese market data detailed the shift, with a report from STCN noting that multiple lithium-mining and processing stocks posted sharp gains as trading desks reacted to projections…

Iran, having seen its key nuclear facilities blown up by the Israeli and US surprise attacks of last June, and having long been under Washington and Western-led sanctions, could now be signaling a major olive branch. It is telling the West that there is nothing to worry about in terms of allegations of uranium enrichment or that it is striving toward a nuclear weapon. Iranian Foreign Minister Abbas Araghchi said Sunday that the Islamic Republic has been unable to enrich uranium since the 12-day US-Israeli war. In a very blunt and direct answer…

Chevron is evaluating a potential bid for Lukoil assets placed under pressure following recent U.S. sanctions, according to an exclusive report from Reuters, adding another major Western operator to the group reviewing opportunities created by Russia’s forced divestments.  The review covers a range of refining, fuel-marketing and upstream positions once held by Lukoil across Europe, the Middle East and Mexico.  Several international firms are analyzing the portfolio after Washington tightened measures on Rosneft and Lukoil last…

The international companies part of the deal to restart Kurdistan’s oil exports have seen the lifting of the first cargo from the semi-autonomous Iraqi region for export from the Turkish terminal of Ceyhan since pipeline exports to the Mediterranean port resumed at the end of September.  London-listed Gulf Keystone Petroleum confirmed on Monday that a first lifting of Kurdistan crude allocated to it and other international oil companies for pipeline exports during September and October 2025 had been completed by the nominated trader…

Kyrgyzstan is going into low power mode in the hopes of staving off a heating and electricity crisis this winter, precipitated by low water levels in reservoirs used to generate hydropower. In a comprehensive address on the state of the nation’s power supply system, Kyrgyz President Sadyr Japarov announced a bevy of energy-saving measures in response to an anticipated electricity deficit and pleaded with citizens to be patient with government efforts to address structural problems. Japarov reported that the country’s…

Another Russian overnight massive drone and missile attack on Ukraine has had some serious spillover effects, as the Turkish flagged LPG tanker "Orinda" carrying thousands of metric tons of liquefied petroleum gas was reportedly struck at the port of Izmail in Odesa. The Turkish vessel was reportedly struck directly by a Russian drone, prompting the immediate evacuation of all 16 crew members, with no casualties reported. Stillframe, aftermath of strike Other civilian vessels were also damaged, with firefighting and emergency crews…

Another Russian overnight massive drone and missile attack on Ukraine has had some serious spillover effects, as the Turkish flagged LPG tanker "Orinda" carrying thousands of metric tons of liquefied petroleum gas was reportedly struck at the port of Izmail in Odesa. The Turkish vessel was reportedly struck directly by a Russian drone, prompting the immediate evacuation of all 16 crew members, with no casualties reported. Stillframe, aftermath of strike Other civilian vessels were also damaged, with firefighting and emergency crews…

The price of Russia’s flagship Urals crude at the Black Sea plunged to as low as $36.61 per barrel at the end of last week, the lowest in nearly three years, as the U.S. sanctions on the two biggest Russian producers and exporters, Rosneft and Lukoil, are slated to take effect from Friday.  On Thursday last week, the price of Urals loaded at the Novorossiysk port in the Black Sea slumped to $36.61 per barrel, before recovering slightly on Friday, according to data from Argus Media and Bloomberg. That’s the lowest Urals has traded…