Fossil Fuels

In a letter to the United Steelworkers union on Monday, Lyondell Basll Industries announced that layoffs would begin at the refinery in Houston which was closed. Estalee Russi wrote in a letter to USW International president David McCall that "Employment Separations - including (USW) local 13-227 represented employees - will begin at or around April 17, 2025." Tuesday, the letter was examined. A spokesperson for Lyondell did not respond to a comment request. There are around 400 Lyondell employees working at the 263,776 barrel-per-day-capacity Houston refinery, with about 70% of them being hourly workers represented by the Steelworkers. On Tuesday,...

A video was shown to Chevron's employees at a town hall meeting held last week. The video highlighted the success of the oil giant in Colorado, where it is the largest producer of oil and natural gas in the state. In less than 30 minutes, the executives announced their plans to reduce up to 20% of global staff. Chevron, despite progress made in safety and financial performance has fallen behind its competition, the company's leaders informed employees at a meeting held on February 12th. On the webcast, they stated that Chevron's business was becoming too complex, costs were creeping up,...

Reliance Consumer products, an Indian company, launched Campa Cola in the United Arab Emirates on Tuesday. This was the first time the brand had entered the global market, which is dominated by the U.S. beverage companies PepsiCo, and Coca-Cola. The FMCG arm Mukesh Ambani’s Reliance Group announced that it had partnered with UAE food and beverage company Agthia Group to launch the product, but refused to disclose any financial details. This is the first international expansion for Campa Cola since Reliance Industries revived it in 2023. In the 1970s and 80s, it was a popular brand. However, its popularity waned...

Diamondback Energy, an oil and gas company, announced on Tuesday that it will buy certain units from EnCap-backed energy producers Double Eagle for approximately $4.08 billion in cash-and stock deal. Diamondback would gain access to 40,000 acres of land in the Permian Basin (the largest oil field in America), one of the last major assets. Diamondback said it would reduce its pro-forma debt by selling at least $1.5 Billion of non-core assets. The shale oil producer plans to reduce net debt to $10 Billion and maintain leverage between $6 Billion to $8 Billion over the long-term. Double Eagle, a Texas-based...

The operator of the national gas transmission system revealed that Ukraine will increase natural gas imports on Tuesday by 8%, to 26,7 million cubic metres. Gas imports have increased by almost tenfold in the last few months after Russian missiles targeted Ukraine's natural gas facilities. "Shelling continues of gas distribution and production facilities. "We are doing all we can to make sure we have enough fuel to last through the heating season," said Prime Minister Denys Schmyhal at a government gathering. After Russian missiles attacked its gas installations, Ukraine asked its allies for help in importing more natural gas. A...

On Monday morning the benchmark Dutch gas contract traded in a narrow range, as higher wind speeds reduced gas demand for electricity generation. Meanwhile the market was monitoring updates on the U.S. and Russian talks to end war in Ukraine. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub was nearly flat at 50.75 Euros per megawatt hour, or $15.59/mmBtu by 1004 GMT. Last week, the contract dropped to 49.25 Euros/MWh - its lowest level since 29 January. The British day-ahead contracts fell 1.25 pence to 124.55 pence/therm, while the Dutch contract lost 0.32 euros at...

Oil prices were little altered on Monday, as investors awaited developments in a possible Russia-Ukraine deal that may ease sanctions disrupting the global supply flow. Brent crude futures were up 7 cents to $74.81 per barrel at 0430 GMT. U.S. West Texas intermediate crude was unchanged at $70.75 per barrel. After U.S. president Donald Trump and officials of his administration announced that they had begun talks with Russia to end war in Ukraine, the market kept a close eye on the progress of peace negotiations. If negotiations result in a resolution, then more Russian barrels will enter the global supply,...

The Trump administration announced on Friday that it would delay the implementation of energy and water efficiency standards for appliances such as central air conditioners and washing machines. The Department of Energy has announced that it will delay seven appliance efficiency standards set by former president Joe Biden. The Environmental Protection Agency announced that it will overhaul its "water-sense" efficiency standards labels for toilets and shower heads. Both agencies' heads said that the move would lower prices for consumers. Chris Wright, Energy Secretary said: "Today's news will encourage consumer choice and lower costs - this is a win all Americans."...

About 2,300 people were laid off by the U.S. Interior Department is part of Trump's government job cuts. Three sources with knowledge of the matter confirm this. Interior Department administers oil and gas leasing onshore and off-shore programs, which account for around one quarter of U.S. production. According to one source, the Bureau of Land Management is among the 800 employees who have been laid off. The Bureau manages millions of acres of federal land for uses such as oil and gas exploration, timber harvesting, cultural conservation and recreation. Sources asked to remain anonymous when discussing the issue. The Interior...

Two sources with knowledge of the matter confirmed on Friday that the administration of Donald Trump laid off between 1,200 and 2,000 employees at the Department of Energy. This includes workers in the Nuclear Security Administration (NSA) and the Loans Office. Democratic lawmakers said that the layoffs also included workers at national laboratories, hydroelectric plants and Cold War-era nuclear sites which pose safety risks. DOE employs approximately 14,000 federal workers and 95,000 contractors. Two sources claim that the layoffs occurred after Elon Musk's Department of Government Efficiency, which is led by three representatives of the billionaire Elon Musk, arrived at...

Viktor Orban, the Prime Minister of Hungary, said on Friday that Russia would be "reintegrated into" the global economy and European energy system after a peace agreement is reached and the conflict in Ukraine ends. Orban, a close ally of Donald Trump, stated that "if the U.S. President comes and creates a peace deal, then there will be a deal. I believe Russia will be reintegrated in the world economy...the European security system, and even the European energy and economic system, which will give a big boost to the Hungarian's economy." We will gain a lot from a peace agreement....

The oil prices in Asian trade rose on Friday. They were poised to end a three-week decline. This was boosted by the rising fuel demand, and expectations that U.S. tariffs for reciprocal global tariffs will not be implemented until April. This would give more time to avoid trade wars. Brent futures rose 23 cents (0.3%), or to $75.25 per barrel, by 0505 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), gained 16 cents (0.2%), or to $71.45. Brent and WTI both rose by 0.5% this week. U.S. president Donald Trump ordered officials from the Department of Commerce and Economics to...

J.P. Morgan has said that equity markets in Argentina, Turkey and other countries could see returns of over 20% this year. This is due to policy reforms designed to reduce inflation. In a note published on Tuesday, J.P. Morgan analysts said that the lifting of capital controls could be a positive for Argentina. They also noted that Turkey's continued path towards lower inflation and interest rates may boost its equity market. According to JPM estimates, Argentina's Merval index is currently trading at nine-times its 12-month price-to earnings (PE) ratio. The BIST 100 Index in Turkey trades at seven-times. Both indexes...

The International Energy Agency (IEA), which released data on Thursday showing that China's road and air transportation fuels have likely reached their peak, said the agency. Data showed that China's consumption for gasoline, jet fuel and gasoil had decreased marginally by 2024. In a report published monthly, the IEA stated that the combined consumption of three fuels was 8.1 million barrels a day in China in 2018. This was 200,000 bpd less than 2021 levels and was only marginally higher than 2019 levels. It said that "this strongly suggests fuel consumption in the country has reached a plateau, and may...

OPEC reiterated its prediction of a relatively strong increase in global oil consumption in 2025. It said that air travel and road travel will support consumption, and trade tariffs are not expected to affect economic growth. In a report published monthly, the Organization of Petroleum Exporting Countries (OPEC) said that the world's oil demand would rise by 1,45 million barrels a day (bpd), in 2025, and by 1,43 million bpd, in 2026. Both forecasts were unchanged since last month. OPEC believes that oil demand will continue to rise in the coming years. This is contrary to the International Energy Agency,...

The world's biggest nuclear power pipeline could help Europe, the top coal-fired polluter in Europe, boost its power output and reduce future emissions. Global Energy Monitor (GEM) reports that Turkey is developing 4,800 megawatts of nuclear power generation capacity, which is the world's third largest pipeline. There are currently no nuclear power plants in operation. Once fully operational, the plant will generate 10% of Turkey's electrical needs. The Russia-built facility, on the South Coast, has experienced numerous delays and costs overruns, raising questions about its likelihood of starting up in time for the four planned stages. The country is experiencing...

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China will decline in March compared to the previous month after the kingdom raised its prices to their highest level in over two years. A tally of Saudi Aramco's allocations to Chinese refiners revealed that the company will ship around 41 million barrels in March. This is down from 43.5 million barrels in February. This is the second consecutive month that Aramco has seen its allocation to China drop. The sources stated that Sinopec, a joint venture between Aramco and the Chinese state-owned company, and Aramco’s joint venture Fujian...

The oil prices recovered on Monday, after a third consecutive week of declines. Investors remained concerned that U.S. president Donald Trump could start a new trade war. Brent crude futures rose $1.30 or 1.7% to $75.96 per barrel at 11:51 am. ET . U.S. West Texas Intermediate Crude added 1.9% and rose $1.36 to reach $72.36. Gains could be due to bargain-hunting after prices dropped 2.75% in the previous week as a result of global trade concerns. Tariff uncertainty is the main issue. Harry Tchilinguiran, of Onyx Capital, said that this affects risk appetite and spillover effects to oil. Some...

The oil prices rose on Monday as investors considered the latest threat from U.S. president Donald Trump to impose tariffs on all steel imports and aluminium, which could slow down global economic growth. Brent crude futures rose 40 cents or 0.5% to $75.06 per barrel at 0133 GMT, while U.S. West Texas intermediate crude was $71.38 per barrel, up by 38 cents or 0.5%. Last week, the market saw its third consecutive decline on worries about a trade war. Trump announced that he would announce 25% tariffs on steel and aluminum imports to the U.S. on Monday, in yet another...

Scientists from Cyprus have recruited children to recycle used cooking oils into biofuel as part of an international-acclaimed initiative. The "Tiganokinisi" initiative, or frying pan, visits schools with a caravan. It performs experiments and encourages the children to bring used cooking oil to school. This is collected, filtered, and then sold to be used for biodiesel. Cyprus wants to play its part in tackling a global problem that sees millions litres used cooking oil being thrown out every year. This often clogs drains, causes fires at landfills or pollutes underground water. The logistics of collecting this half-litre cooking oil (from...

In a Wednesday post on X, Sheikh Mohammed bin Rashid Al Maktoum stated that the United Arab Emirates non-oil goods trade will reach a record of 3 trillion dirhams (816.86 million dollars) by 2024. Post on X reported that the non-oil exports of the Gulf State increased by 14.6% from the year before. The UAE is considered the tourism and business center of the Gulf Region. It has made significant investments in infrastructure and policy to support long-term growth. Since 2021 it has initiated a number of bilateral trade agreements, investments and cooperation deals, called Comprehensive Economic Partnership Agreements. It...

Fuel oil margins rose after U.S. president Donald Trump reimposed tougher policies on Iran. However, trade sources expect the rally to be short-lived due to an unclear disruption in supply, and weaker China demand, as well as broader tariff worries, weighed on sentiment. As traders have considered various factors and pondered the uncertainty of supply, there has been a volatile movement in the market this year, especially for high-sulfur fuel. A fuel oil trader stated that the recent increase in crack spread or traded margin was more of an emotional reaction. He added that Chinese demand remains a negative factor....

A survey released on Wednesday showed that the UAE's private non-oil sector expanded strongly at the beginning of 2025 despite capacity challenges and competition. The S&P Global UAE Purchasing Managers' Index, adjusted for season, was 55.0, which is slightly lower than December's nine month high of 55.4, but still well above the 50.0-mark, indicating growth. The business activity and new order indexes rose strongly, mainly due to the favourable market conditions. However, at a slower pace. In January, it slowed down slightly, as the sub-index for new orders dropped from 59.3 in December. David Owen, Senior Economic Analyst at S&P...

According to a press release from the president's offices, Lebanon President Joseph Aoun told Qatari Premier Sheikh Mohammed Bin Abdulrahman Al Thani on Tuesday that he hoped TotalEnergies would soon resume oil exploration off the coasts of Lebanon. In 2023, the state-owned QatarEnergy will join France's TotalEnergies (ENI.MI), and Italy's Eni in a consortium of three to search for oil and natural gas in two marine blocks off Lebanon's coast. Two sources who were directly involved in the matter said that no hydrocarbons had been found after the exploratory drilling offshore in 2023. TotalEnergies didn't respond to a comment request...