Fossil Fuels

By Ross Kerber Dec. 10 - Financial leaders and corporate leaders will soon learn if U.S. president Donald Trump is going to continue his Republican crusade aimed at giant index funds. Washington trade groups expected last month that the White House would issue an executive directive to reshape corporate governance by imposing new limitations on proxy advisers, and big passive index funds. Republicans claim that the "Big Three", passive firms, including?BlackRock?,?Vanguard? and State Street? "use shareholder voting to advance a political agenda" according to the 2022 staff report of the Senate Banking Committee?s Republican staff. Since 2022, the votes of...

Investors waited for a decision by the U.S. Federal Reserve on interest rates and watched progress in Russia-Ukraine talks. Brent crude futures rose 7 cents or 0.1% to $62.01 per barrel at 0500 GMT. U.S. West Texas Intermediate Crude was trading at $58.32 per barrel, an increase of 7 cents or 0.1%. Suvro Sarkar is a DBS Bank energy analyst and said that the American Petroleum Institute reported a decline in U.S. oil inventories. Oil prices could be supported by the U.S. Fed's rate-cut policy, which is another macro-driver. Citing market sources The API numbers are a good way to...

Elon Musk’s SpaceX will?be pursuing an initial public offer next year. The company is looking to?raise more than $25 billion with a valuation of over $1 trillion. SpaceX has begun discussions with banks regarding the public listing. This could happen around June or July. Musk said in 2020 that SpaceX would list Starlink a few years later, once revenue growth was "smooth and predictable". SpaceX didn't?immediately reply to a comment request. Saudi Aramco is the only IPO that has?achieved a value of $1 trillion or higher. It debuted 'in December 2019 and had an estimated market capitalization of $1.7 billion....

The Energy Information Administration announced on Tuesday that U.S. production of oil is likely to be higher than expected this year. The EIA raised its forecast of 2025 oil production to 13.61 million barrels a day, which is the highest ever recorded. The EIA, however, lowered its estimate for 2026 total production by 50,000 barrels per day to 13.53 millions bpd. The EIA's 'update' in the U.S. production estimate for this year adds to the expectation that oil?markets are heading towards a supply?overhang. The Department of Energy’s statistical arm also raised its oil consumption estimate for?2025 by 100,000 bpd, to...

The Senate of Nigeria approved President Bola Tinubu’s deployment of troops to Benin Republic on Tuesday after Benin’s government asked for assistance from its larger neighbour on Sunday. Tinubu wrote to legislators that Benin had requested "exceptional and urgent air support" from Nigerian armed forces following a report of an "attempted unconstitutional seizure and disruption of democratic institution." According to Nigerian law?the president is required to seek Senate approval before deploying troops into a foreign country. Benin's Government said on Monday that Nigerian fighter jets carried out airstrikes in order to?thwart an attempted coup by mutinying troops who tried to...

Smackover Lithium, the joint venture between Standard Lithium and Equinor announced on Tuesday that it had attracted more than $1 billion of financing interest for its southwest Arkansas Lithium project. Three export credit agencies including EXIM, Export Finance Norway and Export Finance Sweden have expressed interest in providing debt financing to the project. Standard Lithium's U.S. listed shares rose 5% during premarket trading. The joint venture seeks up to $1.1billion in senior secured debt for the majority of the $1.45billion cost of constructing the first phase of the project. Export credit agencies would provide loans and guarantees, while commercial banks...

HF Sinclair forecast capital expenditures for '2026 of $775 million. This is a 11% drop from 'its estimated spending this year. After operating at full capacity in 2022 due to supply shortages resulting from Russia's invasion, U.S. refineries have focused on maintenance. The company's budget would be reduced by $325 million, which is less than the $410 millions it had forecasted for 2025. The independent refiner based in Dallas, Texas, said that it was considering expanding its pipeline system across the Rocky Mountain range and West Coast, to "bolster fuel supplies" for markets such as California and Nevada. The West...

Ecopetrol, the state-run energy company in Colombia, announced on Friday that it had signed a new contract with Parex Resources to explore and produce hydrocarbons in the Piedemonte Llanero area. Ecopetrol said in a press release that operations will be conducted in areas covered by existing contracts within the departments of Boyaca e Casanare. DEAL DETAILS * This new agreement is in addition to the five other agreements Ecopetrol and Parex signed in December of 2024 for hydrocarbon exploration in two major Colombian basins. * The agreement includes drilling of the Florena-Huron well which is expected increase the domestic gas...

Three sources with knowledge of the matter have confirmed that MOL, a Hungarian oil company, has informed U.S. officials of its interest in purchasing international assets from sanctioned Russian oil giant Lukoil. This adds to a growing number of potential buyers. In October, the United States imposed sanctions against Russia's largest private oil producer as part of its efforts to press Moscow to end their war in Ukraine. This forced Lukoil into announcing the sale of foreign assets. Sources have confirmed that Lukoil has been in talks with oil majors Exxon Mobil, Chevron, and Middle Eastern investors before the December...

Turkey has finalised an extension of one year to its gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, according to the energy minister. Both import contracts with Gazprom expire by the end of the year. Turkey's share of Russian gas has steadily decreased, and is now below 40%. Turkey, Russia's final major gas market in Europe has signed deals to buy long-duration LNG, a large part of which is from the U.S. This takes advantage of the expected global abundance of LNG over the next couple of years. Bayraktar, the...

Chevron announced on Wednesday that its capital expenditures for 2026 would be between $18 and $19 billion. The oil major is focusing on investments in Guyana and production in the U.S. The range falls at the lower end of the previous guidance, which put annual investments between $18 billion to $21 billion until 2030. Last month, the second-largest U.S. producer of oil outlined a strategy to reduce costs, increase efficiency and boost returns to investors by the end decade. In a recent statement, Chevron CEO Mike Wirth stated that the 2026 capital program would focus on opportunities with the highest...

Two sources with knowledge of the matter claim that Bernd Bergmair (former majority owner of adult entertainment group Pornhub) has approached the U.S. Treasury to buy international assets from sanctioned Russian oil giant Lukoil. As part of its efforts to press Moscow to end the war in Ukraine, the U.S. imposed Sanctions on Lukoil - Russia's largest private oil producer. Exxon Mobil, Chevron, and other oil giants have approached U.S. authorities to get permission to speak to Lukoil. Bergmair, through his lawyer, declined to say which assets he is interested in. He also refused to confirm whether he has already...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

Vitalii Maltskyi, the mayor of Kremenchuk in central Ukraine, said that Russian forces had launched a combined airstrike overnight on infrastructure, causing water and power outages. Kremenchuk, located on the Dnipro River in Ukraine, is a major industrial center and home to a large oil refinery. The city was repeatedly targeted by Russian missiles. In 2022, a strike on a busy shopping mall killed at least 21. Maletskyi stated in a post on social media that the details of the strike's consequences would be revealed later Sunday, after damage assessments are completed. He added that city services were working on...

The Russian president, Vladimir Putin, landed at New Delhi airport on Thursday. He was welcomed by Indian Prime Minister Narendra Modi. This is the first time the Russian leader has visited India since the beginning of the conflict in Ukraine four years ago. Putin will be accompanied on his two-day visit by senior Russian ministers, as well as a large Russian delegation of businessmen. Moscow and New Delhi are looking to expand their economic relations beyond defence and energy. Modi will host Putin at a private dinner Thursday, and the two leaders are scheduled to hold a summit on Friday....

OPEC+ said that members of the group will be assessed annually for their oil production capacities starting in 2020. This assessment is to be used by 2027. The goal is to align output quotas with each country's actual capacity. The agreement was reached on Sunday, which is a significant step forward in resolving a thorny problem for OPEC+ that has plagued the group for many years. It will also boost its credibility with investors and other oil market participants. Some members, such as the United Arab Emirates, have increased their production capacity and want to increase their targets. Others such...

The Russian President Vladimir Putin is scheduled to visit India for a summit this week with Indian Prime Minister Narendra modi. The meeting will focus on boosting energy, defense and economic ties as Moscow tries to secure oil sales despite tighter Western sanctions. Energy exports from Moscow are a major source of revenue, but sanctions that were imposed following its invasion of Ukraine in 2022 have started to impact its oil sales. India and Russia are likely to discuss the following issues: OIL PURCHASES Moscow wants India to continue buying more oil after Indian refineries stopped importing due to sanctions....

Five Iraqi sources who are directly involved in the matter confirmed that Exxon Mobil had approached the Iraqi Oil Ministry to express their interest in purchasing the majority stake of Russian company Lukoil in the West Qurna 2 giant oilfield. Exxon is expanding its presence in Iraq, as the U.S. company returns to the country after sanctions imposed by the U.S. Exxon refused to comment, while Lukoil did not respond to the request for comment. The U.S. Treasury has given potential buyers permission to speak to Lukoil up until December 13 but will require approval for specific transactions. Last month,...

U.S. officials and Ukrainian officials had what both sides described as productive talks about a Russia-Peace Deal on Sunday. Secretary of State Marco Rubio expressed optimism about the progress made despite challenges in ending the war that has lasted more than three years. Rubio met a Ukrainian delegation headed by a newly appointed chief negotiator at his home in Florida. He said the talks were to help Ukraine maintain its sovereignty and independence. Rubio, after the end of the talks, told reporters that "we continue to be realistic about how difficult this situation is but optimistic." "It's about securing Ukraine’s...

Rosneft, Russia's biggest oil producer, reported a 70% drop in net income from January to September, falling by $3.57 billion or 277 billion Russian roubles. The company attributed the decline to high interest rates and cheaper oil, as well as a stronger rouble. Shell and TotalEnergies have seen their quarterly profits fall due to lower oil prices. Rosneft stated that the increased "anti-terror" security was putting additional pressure on its results. The company didn't elaborate on specific security measures. Ukraine has increased drone attacks against Russia's energy infrastructure. Rosneft reported that its revenues dropped 17.8% to 6.29 trillion rubles in...

Two delegates and a source with knowledge of OPEC+ meetings said that OPEC+ will likely leave oil production levels unchanged during its Sunday meeting and agree on a method to measure members' maximum capacity to produce. Two delegates stated that the eight OPEC+ nations who have gradually increased output in 2025 will keep their policy of halting hikes in the 1st quarter of 2026. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia and pumping about half the oil in the world, has been discussing production capacity figures for years, against...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...

The oil prices fell on Tuesday, as fears that Russian shipments would remain under sanctions despite the inconclusiveness of talks to end Ukraine's war outweighed concerns about supply exceeding demand. Brent futures dropped 27 cents or 0.4% to $63.10 per barrel at 0500 GMT. West Texas Intermediate crude (WTI), which is a blend of crude oil from Texas, fell 23 cents or 0.4% to $58.61. The two crude benchmarks both gained 1.3% Monday, as rising doubts over a peace agreement to end the Russia/Ukraine conflict reduced expectations of an unrestricted flow of Russian fuel and crude oil supplies. These are...

Five sources familiar with this process said on Monday that the U.S. oil giant Chevron was examining options to purchase global assets from sanctioned Russian oil company Lukoil. Last week, the U.S. Treasury cleared potential buyers to speak to Lukoil regarding foreign assets. Chevron will join Carlyle, and other firms to compete for Lukoil's portfolio of at least $20 billion. Last month, the United States imposed sanctions against Russia's two largest oil companies, Lukoil & Rosneft, in an effort by President Donald Trump’s administration to force Moscow to peace talks with Ukraine. Five sources confirmed that Chevron was looking at...