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…

Crude oil inventories in the United States saw a decrease of 2.7 million barrels during the week ending April 25, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading down prior to the crude data release by the U.S. Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a sizeable build in US crude oil inventories of 3.76 million barrels in U.S. crude oil inventories with draws in gasoline and distillate stocks. At 10:29 am in New York,…

Natural gas production from the massive discovery in the Black Sea offshore Romania is expected to begin in 2027, Austria’s energy giant OMV said on Wednesday, adding that the project, Neptun Deep, is advancing as scheduled. Drilling for the first of ten wells began in March this year and is anticipated to take two to three months, OMV said in its first-quarter results release. Initial gas production at Neptun Deep is planned for 2027. The development concept of Neptun Deep includes ten production wells – four in the Pelican South field…

Natural gas production from the massive discovery in the Black Sea offshore Romania is expected to begin in 2027, Austria’s energy giant OMV said on Wednesday, adding that the project, Neptun Deep, is advancing as scheduled. Drilling for the first of ten wells began in March this year and is anticipated to take two to three months, OMV said in its first-quarter results release. Initial gas production at Neptun Deep is planned for 2027. The development concept of Neptun Deep includes ten production wells – four in the Pelican South field…

Natural gas production from the massive discovery in the Black Sea offshore Romania is expected to begin in 2027, Austria’s energy giant OMV said on Wednesday, adding that the project, Neptun Deep, is advancing as scheduled. Drilling for the first of ten wells began in March this year and is anticipated to take two to three months, OMV said in its first-quarter results release. Initial gas production at Neptun Deep is planned for 2027. The development concept of Neptun Deep includes ten production wells – four in the Pelican South field…

Natural gas production from the massive discovery in the Black Sea offshore Romania is expected to begin in 2027, Austria’s energy giant OMV said on Wednesday, adding that the project, Neptun Deep, is advancing as scheduled. Drilling for the first of ten wells began in March this year and is anticipated to take two to three months, OMV said in its first-quarter results release. Initial gas production at Neptun Deep is planned for 2027. The development concept of Neptun Deep includes ten production wells – four in the Pelican South field…

US Secretary of State Marco Rubio warned on April 29 that unless Russia and Ukraine put forward specific plans for ending the war in Ukraine, the United States will curtail its efforts to mediate. State Department spokeswoman Tammy Bruce cited Rubio as saying that the time had been reached at which "concrete proposals need to be delivered by the two parties on how to end this conflict." If there is not progress, the United States “will step back as mediators in this process," Bruce told reporters. Later on April 29 at a UN Security Council…

Equinor is considering its legal options after the Trump Administration ordered its major offshore wind project off New York halted, the Norwegian energy major’s chief executive, Anders Opedal, said on Wednesday. “We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful,” Opedal said in the company’s press release on the Q1 earnings. “This is a question of the rights and obligations granted under legally issued permits, and security…

Canadian energy producers are focusing more on natural gas as oil prices suffer the combined effects of the U.S. president’s tariff offensive against the world and OPEC+’s decision to change tack and boost output. The Western Canadian Select benchmark dived from about $59 per barrel at the start of April to just $50 per barrel now. Yet drillers started turning to natural gas to regain their balance much earlier than April. Bloomberg this week cited data from the Alberta Energy Regulator showing that new well-drilling licenses issued…

First it was grey, then it was blue, later it was green, now it’s white—these color codes for types of hydrogen depending on sourcing have seen a lot of hype in recent years. Grey hydrogen produced from fossil fuels and blue hydrogen produced from natural gas with accompanying carbon capture and storage (CCS) are by no means clean energy sources. The cleanest type of hydrogen production, via electrolysis to separate water molecules using renewable electricity – color-coded green hydrogen – was the best bet for companies…

Amazon (NASDAQ:AMZN) and Nvidia (NASDAQ:NVDA) have said that all options, including oil and gas, are on the table as tech giants continue to grapple with surging power demand by AI workloads. Energy and tech executives have gathered at the Hamm Institute for American Energy in Oklahoma City to discuss how the U.S. can meet the growing energy needs for AI data centers. Over the past decade, Big Tech companies have mostly invested in renewable power as they strive to cut their carbon dioxide emissions; however, they are now adopting a more pro-fossil…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.76 million barrels in the week ending April 25, after analysts had estimated a much smaller 390,000-barrel build. The API reported a 4.565 million barrel dip in the prior week. So far this year, crude oil inventories are up more than 23 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.76 million barrels in the week ending April 25, after analysts had estimated a much smaller 390,000-barrel build. The API reported a 4.565 million barrel dip in the prior week. So far this year, crude oil inventories are up more than 23 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million…

Africa is set to play a pivotal role in the global gas industry in the coming years as the world’s liquefied natural gas (LNG) production capacity soars from 486 million tonnes per annum (Mtpa) last year to 755 Mtpa in 2030, according to Rystad Energy’s latest projections. This explosive growth will be fueled by rising gas demand in regions with limited local production or access to pipeline supplies. Africa hosts about 20% of the 477 Mtpa total —around 93 Mtpa— of global LNG capacity in the pipeline, comprising under-construction…

Azerbaijani media outlets are characterizing a recent visit to Baku by the EU’s top foreign policy official as a “landmark event” during which Brussels demonstrated a desire to “abandon previous stereotypes and recognize Azerbaijan as a key partner.” Kaja Kallas, the EU’s High Representative for Foreign Affairs and Security Policy, held talks with President Ilham Aliyev, Foreign Minister Jeyhun Bayramov and other top officials on April 25. Official statements from both sides arising out of those discussions contained…

Post-pandemic demand and the Ukraine invasion delivered windfall profits for oil and gas supermajors—but the rebound was short-lived. Falling prices, rising volatility, and accelerating clean energy investment have exposed structural weaknesses. To stay competitive, incumbents must rethink strategy. Emerging and state-backed players are already leading the way, leveraging diversification and innovation to future-proof their positions.BP logged a record $28 billion profit in 2022, which dropped to $13.8 billion in 2023 and $8.9 billion in…

Via Metal Miner   In the past month, the cost of importing aluminum into the United States has risen sharply. This occurred as aluminum market delivery premiums, the added charges above the base metal price for physical shipments, came close to record highs. This surge in costs stems primarily from a combination of fresh U.S. tariffs, global shipping delays, rising freight costs and widespread supply chain issues. Trump Tariffs Drive U.S. Aluminum Premiums to Record Highs On April 9, tariffs of 20% on goods from the EU and 10% on UK goods…

Post-pandemic demand and the Ukraine invasion delivered windfall profits for oil and gas supermajors—but the rebound was short-lived. Falling prices, rising volatility, and accelerating clean energy investment have exposed structural weaknesses. To stay competitive, incumbents must rethink strategy. Emerging and state-backed players are already leading the way, leveraging diversification and innovation to future-proof their positions.BP logged a record $28 billion profit in 2022, which dropped to $13.8 billion in 2023 and $8.9 billion in…

Over the past week, European nations largely represented by France, Germany, and the United Kingdom have tried their best to engage in talks between the United States, Ukraine, and Russia. There were a number of rather successful high-level meetings in Paris on April 17 and one in London six days later that ended up being politically downgraded after Secretary of State Marco Rubio and special envoy Steve Witkoff pulled out. The snub reportedly came over Kyiv's unwillingness to agree to a peace plan involving the recognition of Russia's illegal…

INEOS founder Sir Jim Ratcliffe has slammed UK net zero policies as unaffordable and claimed carbon taxes are “killing manufacturing”.  The Manchester United co-owner described payments to be made by INEOS’ Grangemouth as part of the UK Emission Trading Scheme (ETS), which puts a financial cost on carbon emissions, as “yet another tax bill” that would prevent investment in green technology.  Ratcliffe claimed that Grangemouth faced a tax bill of £15m due to emissions by petrochemicals infrastructure…