Despite a slight recovery from May, Asia’s crude oil imports remain at multi-month lows in June amid constrained Middle Eastern flows and high prices for alternative supply. Asia’s crude oil imports in the three months before the Iran war started on February 28 averaged as much as 26.79 million barrels per day (bpd), according to estimates by Reuters columnist Clyde Russell. In contrast, the expected crude imports in June are at just 20.71 million bpd, per Kpler data cited by Russell. These would be higher than the imports of 20.39…

Despite a slight recovery from May, Asia’s crude oil imports remain at multi-month lows in June amid constrained Middle Eastern flows and high prices for alternative supply. Asia’s crude oil imports in the three months before the Iran war started on February 28 averaged as much as 26.79 million barrels per day (bpd), according to estimates by Reuters columnist Clyde Russell. In contrast, the expected crude imports in June are at just 20.71 million bpd, per Kpler data cited by Russell. These would be higher than the imports of 20.39…

The White House issued a stark warning in July 2025: Without $1.4 trillion in new infrastructure investment, electricity prices could surge as much as 58% by 2030. That’s driven mostly by the insatiable power demand from the rise of AI data centers and cryptocurrencies like Bitcoin. According to Axios, new reports show that power demand is set to grow up to 10x between now and 2030. The grid we’ve relied on for decades simply can't keep pace, and that’s threatening to put a major strain on both the AI and Bitcoin booms that have…

The war in the Middle East has cost the world over a billion barrels in cumulative supply losses. Yet luckily, China had built a reserve of about the same size before the closure of Hormuz, so it stopped buying so much oil, arresting the inevitable price jump. Now, everyone wants to build an oil reserve—or needs to replenish the ones they already have. Back in March, soon after the U.S. and Israeli attacks on Iran began, prompting the latter to retaliate by closing the Strait of Hormuz, the International Energy Agency said it would release…

After weeks of trying to downplay the impact of Ukrainian drone strikes on Russian refineries, the Kremlin acknowledged this weekend that Russia faces fuel shortages and a fuel crisis that needs further government intervention to solve. A few weeks ago, regional governors across Russia rushed to downplay the fuel crisis, seeking to assure residents that supply is tight only at limited gas stations and there is no need to panic about shortages. Apparently, this narrative couldn’t be contained for too long as Ukraine is stepping up attacks…

The United States and Iran have stepped back from the brink of all-out war, but the ceasefire that followed nearly four months of fighting is still being tested by flare-ups around the Strait of Hormuz. One outcome of the crisis, though, is already clear: the clean energy transition is speeding up, and shows no sign of slowing. The war is just the latest in a string of conflicts to send shockwaves through oil and gas markets in recent years, leaving global leaders increasingly wary of dependence on fossil fuel imports and underscoring the energy…

A recent social media post from a meteorologist with a large following made a claim that deserves a closer look. The post argued that it is a myth that China is responsible for rapidly rising carbon dioxide emissions, and it has been shared hundreds of times. The following graphic attached to the post, from Our World in Data, showed annual carbon dioxide emissions by world region. It also showed something that undercut the claim: China’s emissions have surged this century and now represent the largest single-country contribution to annual…

Abu Dhabi’s XRG, the international investment arm of the Abu Dhabi National Oil Company (ADNOC), and Italy’s Eni S.p.A. (NYSE:E) have officially signed agreements to acquire minority stakes in three upstream gas blocks linked to the Argentina LNG export project. The transaction involves the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas unconventional gas blocks located in Argentina’s prolific Vaca Muerta shale basin. Under the newly signed Sale and Purchase Agreements (SPAs), XRG and Eni will each own a 32% stake,…

Abu Dhabi’s XRG, the international investment arm of the Abu Dhabi National Oil Company (ADNOC), and Italy’s Eni S.p.A. (NYSE:E) have officially signed agreements to acquire minority stakes in three upstream gas blocks linked to the Argentina LNG export project. The transaction involves the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas unconventional gas blocks located in Argentina’s prolific Vaca Muerta shale basin. Under the newly signed Sale and Purchase Agreements (SPAs), XRG and Eni will each own a 32% stake,…

Following the June 2026 primary elections in NYC, in which democratic socialist Mayor Mamdani’s preferred slate enjoyed considerable electoral success, much has been written about the political implications. Our take is really simple. The last time the democratic socialists gained power, especially in major US cities, many of their policies were adopted by Progressives or New Dealers. In either case, that meant a far more intrusive regulatory environment for utilities. The Progressives laid the foundation for our existing regulatory apparatus…

Arctic Express, a newly flagged Russian LNG tanker, has picked up a cargo of liquefied natural gas from a floating storage facility used by ‌Arctic LNG 2 project, marking the latest addition to Russia’s dark fleet as LNG output from the U.S.-santioned project ramps up, Reuters reported on Monday. The 19-year old vessel was previously called the Queen Cassiopeia and sailed under a Sierra Leone flag while managed by a Greek firm; however, its ownership was transferred to St. Petersburg-based SMP Techmanagement LLC around mid-May, at which…

Arctic Express, a newly flagged Russian LNG tanker, has picked up a cargo of liquefied natural gas from a floating storage facility used by ‌Arctic LNG 2 project, marking the latest addition to Russia’s dark fleet as LNG output from the U.S.-santioned project ramps up, Reuters reported on Monday. The 19-year old vessel was previously called the Queen Cassiopeia and sailed under a Sierra Leone flag while managed by a Greek firm; however, its ownership was transferred to St. Petersburg-based SMP Techmanagement LLC around mid-May, at which…

China widened its trade dragnet on Japan Monday, adding 20 more entities, including units of Mitsubishi Electric, Mitsubishi Heavy Industries and Komatsu, to its export control blacklist. The timing undercuts Beijing's argument that Tokyo has nowhere else to turn. Three days earlier, Canada wrapped up its largest-ever trade mission to Japan with a pointed pitch: build the next critical minerals supply chain with Ottawa instead. International Trade Minister Maninder Sidhu, who led roughly 300 delegates from nearly 175 Canadian companies and organizations…

Global oil prices have collapsed back to pre-war levels, trading down near $70 per barrel, with a potential peace deal between the U.S. and Iran helping calm global markets and prompting the removal of massive war risk premiums from energy valuations. However, oil prices edged higher on Monday, with Brent crude for August delivery climbing 0.74% to trade at $72.54/bbl at 9.25am ET, with escalating military tensions between the United States and Iran sparking fresh fears of shipping disruptions in the vital Strait of Hormuz. And now, ING Research…

At around the same time as OPEC raised its long-term oil demand forecast for the third consecutive year — now expecting global consumption to rise 19 million barrels per day (bpd), or 18%, by 2050 — Libya’s state-owned National Oil Corporation (NOC) announced that the country’s oil production is now at the highest level in 13 years. Its current 1.487 million bpd crude output is just a whisker away from the NOC’s short-term strategy of producing 1.5 million bpd of oil, which opens the way for the long-term strategic…

Philippines to the highest in the world since the Iran war began, according to customs data cited by Reuters. Amid soaring electricity prices and a supply crunch in fossil fuels, many Filipinos have opted to install rooftop solar panels over the past three months. The spending on solar panels in the Southeast Asian country, which has been one of the worst-hit Asian economies in the energy supply crisis triggered by the Middle East conflict, topped $407 million between March 1 and May 31, per China customs data compiled by Reuters. The Netherlands…

Russian President Vladimir Putin acknowledged what outside experts, many regional officials, and everyday citizens have already noticed: Russia is facing energy shortages, causing major problems for citizens and industries. "You are well aware that ‌problems for drivers and for businesses persist," Putin said on June 28. "Unfortunately, there are still lines at gas stations." "We have to reduce to a minimum the impact of terrorist attacks on our civilian targets and infrastructure," apparently referring to Ukrainian drone strikes deep inside…

Pakistan will raise its imports of liquefied petroleum gas (LPG) from Iran and considers the idea of importing cheaper crude oil from the Islamic Republic, Pakistani Minister of Petroleum, Ali Pervaiz Malik, has said. Pakistan, which is a key mediator in the U.S.-Iran negotiations, has kept close relations with Iran throughout the latest Middle East crisis, and has relied on negotiating directly with Iran safe passage of LNG carriers from Qatar bound for Pakistan during the crisis. Now that the U.S. has waived the sanctions on Iranian petroleum…

Pakistan will raise its imports of liquefied petroleum gas (LPG) from Iran and considers the idea of importing cheaper crude oil from the Islamic Republic, Pakistani Minister of Petroleum, Ali Pervaiz Malik, has said. Pakistan, which is a key mediator in the U.S.-Iran negotiations, has kept close relations with Iran throughout the latest Middle East crisis, and has relied on negotiating directly with Iran safe passage of LNG carriers from Qatar bound for Pakistan during the crisis. Now that the U.S. has waived the sanctions on Iranian petroleum…

Brent crude has fallen more than 20% in the past month, sliding from triple digits during the worst of the Iran war to around $72 a barrel today. WTI sits near $70. That kind of move usually means one thing: the crisis is over. It isn't, not quite. The Strait of Hormuz, the chokepoint that carries roughly a fifth of the world's seaborne oil, spent nearly four months effectively shut after the U.S. and Israel struck Iran on Feb. 28. Iran mined the strait, fired on tankers and closed the lane to anyone it considered hostile. The U.S. and Iran signed…