Oil & Gas








Asia

North America

Crude Oil

Investors rush to safe havens as oil prices spike after US bombs Iran's nuclear sites

Investors said that a U.S. strike on Iranian nuclear sites could trigger a knee-jerk response in global markets upon their reopening, sending oil costs higher and triggering an exodus to safety. They were assessing how this latest escalation would affect the global economy. The attack announced by Donald Trump via the social media website Truth Social deepens U.S. participation in the Middle East conflict. Investors were considering a variety of market scenarios as they headed into the weekend. They expected that the U.S. involvement would cause a selloff of equities, and possibly a bid for the dollar or other safe-haven...

Power Markets

Rosneft's head says OPEC+ can increase oil production by a year

Igor Sechin said that the OPEC+ group, which includes major oil producers around the world, could accelerate its production increases by a year compared to their initial plan. He said the decision of OPEC+ to increase output now looks far-sighted and justifiable in light of the conflict between Israel and Iran. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices by more than originally planned. "The...

Carbon Emissions

Fuel producers can challenge California emission standards in US Supreme Court

The U.S. Supreme Court agreed on Friday that the legal challenge against California's vehicle emission standards and electric cars, under a federal law on air pollution, should not have been dismissed. In a 7-2 decision, the justices overturned a lower-court's dismissal of a lawsuit filed by a Valero Energy affiliate and groups from the fuel industry. The lower court concluded that plaintiffs did not have the legal standing required to challenge the 2022 U.S. Environmental Protection Agency's decision to allow California to set its own regulation. The dispute revolved around an exception given to California under former Democratic President Joe...

Energy Markets

Oil prices on the rise as tensions in the Middle East flare

Brent crude oil has risen by around 20% in June and is set to make its biggest monthly increase since 2020, as tensions between Israel/Iran flare up. The rise in oil prices, although relatively modest, has been noticed just three years after the Russian invasion of Ukraine. This triggered an increase in energy costs that pushed up global inflation rates and led to aggressive interest rate increases. What does the rising price of oil mean for global markets? How high is it? Investors are comforted by the fact that oil production has not been disrupted, and so prices have increased...

Oil & Gas

Gold Reserve group makes bid for Citgo parent

Gold Reserve's subsidiary Dalinar Energy Corporation submitted a better bid on Wednesday for the parent company of Venezuelan-owned refiner Citgo Petroleum, as part of an auction organized by a U.S. federal court. The mining company announced this in a press release. The deadline to improve the bid of Contrarian Funds affiliate Red Tree Investments for Citgo Holding's parent company PDV Holding was set by a federal judge in Delaware on June 18. This bid, worth $3.7 billion, had been selected earlier in the year as the opening bid. The court wants to reach a settlement to compensate companies for expropriations...

Nuclear Power

The US Supreme Court sides up with the federal agency in nuclear waste facility licensing

The U.S. Supreme Court ruled Wednesday against Texas and the oil industry in their challenge of Nuclear Regulatory Commission's authority to license certain facilities for nuclear waste storage. The ruling, which was 6-3 in favor of the NRC, reversed an earlier court decision that declared a license granted by the NRC for a company named Interim Storage Partners operating a nuclear waste facility in western Texas illegal. The NRC regulates nuclear power in the United States. The NRC granted a license to Interim Storage Partners, a joint venture between France's Orano and Dallas' Waste Control Specialists in 2021 for the...

Oil & Gas

Wall Street falls as Middle East conflict escalates

Wall Street's major indexes fell on Tuesday, as the Israel/Iran conflict entered its 5th day. This weakened investor confidence globally ahead of the Federal Reserve’s upcoming decision regarding monetary policy. The conflict between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has caused concern that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend Report, chief technical analyst. Oil prices remain high due...

Oil & Gas

Wall Street to open at lower levels as Middle East conflict continues

Wall Street's major indexes are on course for a lower opening on Tuesday, as the Israel/Iran conflict enters its fifth day. This has dented global investor confidence in advance of the Federal Reserve’s upcoming decision on monetary policy. The air war between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has raised fears that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend...

Fossil Fuels

Wall Street futures fall as Mideast conflict continues

U.S. index futures fell on Tuesday, as the Israel/Iran conflict entered its 5th day. This dampened global investor confidence in advance of the Federal Reserve’s upcoming decision regarding monetary policy. The air war between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has raised fears that it could cause bottlenecks in oil exports to the oil-rich Middle East. Energy stocks in the United States rose in premarket trade as oil prices continued to rise due to uncertainty. Chevron, Exxon, Occidental Petroleum, and Devon Energy all gained 0.7%. The rise in oil prices coincides with the Fed's...

Fossil Fuels

Wall Street futures fall as Mideast conflict continues

U.S. index futures fell on Tuesday, as the conflict in the Middle East entered into its fifth day. This dampened global investor confidence before the Federal Reserve’s upcoming policy meetings. The air war between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has raised fears that it could cause bottlenecks in oil exports to the oil-rich Middle East. Oil prices remain high due to uncertainty, and this has led to a rise in the premarket price of U.S. energy shares. Chevron shares and Exxon stock both rose by nearly 1%. The rise in oil prices coincides...

Fossil Fuels

Analysts say that Le Vot and Stellantis' Picat could be included in Renault's search for a new CEO.

The sudden departure of Luca de Meo as CEO of Renault has sparked a search for a successor. Analysts have mentioned longtime insider Denis Le Vot, and Maxime Picat from Stellantis rival as candidates to continue the French carmaker's turnaround. Investors worried about Renault's future with de Meo gone, pushed the shares down by up to 8%. This was the biggest percentage drop in a single day since February 2022. Kering shares, where de Meo will be CEO, rose. Picat, the head of global procurement and supply chains for Stellantis, was in the running to be the CEO at the...

Oil & Gas Exploration

MEG Energy board urges shareholders not to accept Strathcona’s $4.42 billion bid

MEG Energy, a Canadian oil company, urged Monday its shareholders to reject Strathcona Resources' hostile takeover bid of nearly C$6 Billion ($4.42 Billion), calling it inadequate and not in the best interests of their shareholders. The board launched a review of strategic alternatives to MEG's plan to become a separate company. Strathcona Resources, a Canadian oil and natural gas company, announced in May that it would launch a hostile bid to take over MEG Energy. Strathcona Resources valued MEG Energy's shares at C$23.27 each. MEG's closing price was C$25.71. MEG later advised its shareholders not to take any action regarding...

Europe

Oil & Gas

The US refinery capacity will grow to 18,4 million bpd by 2024

The U.S. Energy Information Administration reported on Friday that the capacity of U.S. refineries to process crude oil will increase by almost 40,000 barrels a day in 2024, reaching 18.4 million bpd. According to a report, the Port Arthur plant of Motiva Enterprises in Texas became the world's largest refinery based on capacity, with 640,500 barrels per day. It passed Marathon Petroleum's Galveston Bay Refinery, located in Texas City. Motiva increased its capacity by 14,500 bpd over the past year due to improved operating efficiency. The report for next year may show a drop of up to 402,476 bpd due...

Coal

Russia signs an investment agreement with Myanmar and sees offshore oil prospects

The Russian government signed an agreement on Friday with Myanmar that could provide new opportunities to Russian energy companies operating in the country. After signing the agreement with Kan Zaw (Minister of Investment and Foreign Economic Relations of Myanmar), the Myanmar Minister of Foreign Economic Relations and the Economy, Maxim Reshetnikov, said: "We particularly note the Myanmar side's readiness to attract Russian companies for the development of offshore gas and oil fields." The deal will help speed up projects, including those in Myanmar's Dawei Special Economic Zone where a 660MW coal-fired thermoelectric power plant is under construction. Russia is building...

Oil & Gas

Libya objects to Greek tenders for hydrocarbon exploration offshore Crete

Libya's internationally recognized government of national unification has objected Greece's approval for an international tender to explore hydrocarbons off the island Crete. It said that some of the blocks violated its maritime zone. Both countries are trying to repair their strained relations after an agreement signed in 2019 by the Libyan government with Greece's regional competitor Turkey. The accord mapped out a large sea area that they share near the Greek island. Greece opposed the agreement. It said it had no legal foundation, as it was seeking to create an economic zone exclusive from Turkey's southern Mediterranean coast to Libya's...

Western Europe

Middle East

Fossil Fuels

Israeli Defense Minister: Military killed the head of Palestine Corps in IRGC’s overseas arm

Israel Katz, Israel's Minister of Defense, said that the Israeli military killed a veteran commander from the Iranian Revolutionary Guards overseas arm in an attack on a Qom apartment. Katz released a statement about the veteran commander Saeed Izadi who led the Palestine Corps Quds Force. The IRGC has not confirmed this. The Quds force built up an alliance of Arab allies, known as Axis of Resistance. In 1982 it established Hezbollah and supported the militant Islamist Palestinian group Hamas. Hezbollah and the Palestinian group Hamas have both been weakened by Israeli offensives following Hamas attacks against Israel on October...

Pollution

What is the risk of nuclear contamination from Israel's attack on Iran?

Experts say that Israel's attacks on Iran's nucleonic installations have so far only posed limited contamination risks. They warn, however, that an attack on Iran's Bushehr nuclear power plant could lead to a nuclear catastrophe. Israel claims it wants to prevent a nuclear catastrophe in the region, which is home to millions of people as well as producing much of the world’s oil. It is determined to destroy Iran’s nuclear capability in its military campaign. Israel's military announced that it had hit a Bushehr site on the Gulf Coast, home to Iran’s only nuclear power plant. But later they said...

Oil & Gas

Israel will resume natural gas exports once the military determines that it is safe, says energy minister

Israel's Energy Minister Eli Cohen announced on Wednesday that the country will resume natural gas exports once its military deems it safe. The air battle between Israel & Iran is now in its sixth day. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of the exports to Egypt & Jordan have been closed. The older leaves are still in use Field used mostly for domestic supply. Cohen stated that he had been in touch with Egpyt, Jordan and Jordan regarding the...

Oil & Gas

Santos’ Barossa Liquefied Natural Gas project is progressing towards its final commissioning plan

Santos announced on Wednesday that it has progressed towards the final commissioning of its Barossa LNG Project following the arrival and deployment of a floating storage, production and offloading vessel (FPSO) at the Barossa Gas Field. The number two independent gas producer in Australia said that five of the six wells have been drilled. The final well is expected to be finished by the third quarter. In a press release, Australia's No. 2 independent gas producer stated that five wells of the six-well programme have been drilled. The final well is expected to be completed in the third quarter. Santos...

Energy Markets

IEA: World oil demand will continue to grow this decade despite China's peak in 2027

The International Energy Agency announced on Tuesday that global oil demand would continue to grow until the end of the decade, despite a peak in China's top importer in 2027. Cheaper gasoline and a slower adoption of electric vehicles in the United States will support oil consumption. The IEA which advises industrialised nations did not alter its prediction that oil demand would peak in this decade. This is a stark contrast to the view of the producer group, the Organization of the Petroleum Exporting Countries, who say consumption will continue to grow and have not predicted a peak. A table...

Energy Markets

Costa: It's not the right time to mess up with EU-US Trade

John Irish KANANASKIS (Alberta), June 15, 2015 - Instead of creating economic insecurity through trade tensions between the United States and Europe, the European Union's President Antonio Costa stated on Sunday. Costa, speaking to reporters alongside European Commission President Ursula von der Leyen before a G7 gathering in the Canadian Rockies was a chance to discuss "some problems" among allies and friends. Costa, in response to Washington's shift of its foreign policy away from China, said that the main issue between Europe, and the United States, is European defence. We should concentrate on this. "Since this is the primary issue,...

Oil & Gas

G7 needs to raise pressure on Russia, von der Leyen says

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

Oil & Gas

The US-China trade negotiations have made progress with major Gulf markets.

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

Mining

Sudanese Army accuses Libyan Haftar forces border attack

Tuesday, the Sudanese Army accused the forces of eastern Libyan commander Khalifa Hastar of attacking Sudanese borders posts. This is the first time the army has directly accused its northern neighbour of involvement in the two-year conflict. Multiple foreign countries have been drawn into the war between Sudan's military and the paramilitary Rapid Support Forces (whom the military has also accused of being involved), while international efforts to bring about peace so far have failed. Early in the war, Sudan accused Haftar from eastern Libya of supporting RSF through weapons deliveries. The Sudan has accused Haftar and his ally, the...

Oil & Gas

Saudi Arabia's GDP grew by 3.4% in the first quarter, exceeding flash estimates

Saudi Arabia's economy grew more than anticipated in the first quarter 2025, according government data estimates. Lower oil prices had a less significant impact on the economy than originally forecast. The Saudi General Authority for Statistics released a flash estimate of 2.7% in May. This was a significant improvement over the initial estimates. Monica Malik is the chief economist of Abu Dhabi Commercial Bank. She said that "the upward revision" was due to both a smaller contraction in the oil sector each year and a stronger growth in private sector. Initial estimates showed a contraction of 1.4%. The non-oil sector...

Fossil Fuels

Saudi Arabia cuts prices on the back of US stockpile building

The oil prices fell in the early hours of Thursday's trading after an increase in gasoline and diesel stocks in the United States and Saudi Arabia lowering its July crude prices for Asian buyers. Brent crude futures dropped 21 cents or 0.3% to $64.65 per barrel at 0047 GMT. U.S. West Texas Intermediate Crude lost 29 cents or 0.5% to drop to $62.58. The price of oil closed about 1% lower Wednesday, after data revealed that U.S. gasoline stocks and distillate inventories grew more rapidly than expected. This was due to a weaker demand for the top economy in the...

Mineral Resources

UAE firm IRH purchases majority stake in Congo tin mining company Alphamin

International Resources Holding, based in the UAE, has agreed to purchase a controlling interest in Alphamin Resources, a major tin producer in Africa. The deal is valued at C$503million ($367million), and comes as it expands its presence on the continent. IRH, a division of International Holding Co., has entered into an agreement with Tremont Master Holdings to purchase a 56% share in Alphamin for C$0.70 or approximately $367 million. The companies announced the deal in a joint press release. Alphamin's Bisie mine is located in eastern Democratic Republic of Congo, an area rich in tantalum and tungsten, as well as...