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2026-10-27 18:30:00 UTC

Russia’s Crude Exports Set to Fall as Diesel Production Rises
Russia's crude exports from its western ports could fall by as much as 200,000 barrels per day in November as refiners increase diesel production under Moscow's new agreement with Washington, according to preliminary loading schedules cited by Reuters on Tuesday. Two traders expect shipments from Russia's Baltic and Black Sea ports to decline by 100,000 to 200,000 bpd from October. The estimates include Kazakh crude transported through Russian pipelines. Russian refineries have increased processing since the October 9 diesel agreement between Presidents…
https://oilprice.com/Latest-Energy-News/World-News/Russias-Crude-Exports-Set-to-Fall-as-Diesel-Production-Rises.html

2026-10-27 18:00:00 UTC

What Happens When America's Power Grid Becomes a Last Resort?
Good news. Electric grid reliability was a lot better in 2025 than in 2024. But one swallow does not make a spring, as Aristotle noted, a number of years ago. Grid reliability, we believe, has been trending downward since the turn of the century, that is, since deregulation really got rolling. Okay, you could argue, as a good logician, that this is an example of a post hoc ergo propter hoc fallacy, that is, because event B took place after event A must mean that A caused B. We admit that. We’re just pointing out the chronology,…
https://oilprice.com/Energy/Energy-General/What-Happens-When-Americas-Power-Grid-Becomes-a-Last-Resort.html

2026-10-27 17:00:00 UTC

45,000 Nvidia Blackwell GPUs Cleared for Kazakhstan Data Center
Kazakhstan marked perhaps the high point of its presidentially proclaimed “year of artificial intelligence” with a visit by technology titan, Jensen Huang, CEO of Nvidia, who said the Central Asian state has the potential to become “a global hub for Physical AI.” Huang and Kazakh President Kassym-Jomart Tokayev met on October 23 for talks aimed at bolstering collaboration between the chipmaking giant and Kazakh companies. Huang praised the Kazakh tech ecosystem as possessing all the prerequisites to become an AI…
https://oilprice.com/Energy/Energy-General/45000-Nvidia-Blackwell-GPUs-Cleared-for-Kazakhstan-Data-Center.html

2026-10-27 16:37:35 UTC

Oil Markets Brace for a New Iran Escalation After U.S. Midterms
Brent holds near $115 as Iran war tensions and escalating Saudi-Houthi hostilities keep oil markets on edge ahead of U.S. midterms. Hormuz Becomes Even More Dangerous — and More Expensive - October has seen the most acute escalation in maritime attacks since the US-Iran war started eight months ago, with already more than 30 incidents recorded in the Strait of Hormuz and surrounding waterways, up from 14 in September. - The most recent addition to the list of maritime targets is a crude tanker in Iraq’s exclusive economic…
https://oilprice.com/Energy/Crude-Oil/Oil-Markets-Brace-for-a-New-Iran-Escalation-After-US-Midterms.html

2026-10-27 16:00:00 UTC

U.S. Military Eyes Nuclear Reactors to Survive 90 Days Without the Grid
The Department of Defense is preparing for a potential "doomsday" scenario in which America's power grid collapses, supply chains grind to a halt, and military installations are forced to operate for three months without outside support, according to Fox News. The unprecedented plan, branded FORTRESS by Pentagon planners, aims to make major military bases across the continental United States capable of functioning independently for at least 90 days, according to documents obtained by the news outlet. U.S. Air Force airmen and civilian contractors…
https://oilprice.com/Alternative-Energy/Nuclear-Power/US-Military-Eyes-Nuclear-Reactors-to-Survive-90-Days-Without-the-Grid.html

2026-10-27 14:30:00 UTC

OPEC+ Set to Keep Oil Quotas Unchanged
The key OPEC+ producers managing their collective oil production are expected to keep quotas unchanged for December when they meet on Sunday, sources familiar with the plans told Reuters on Tuesday. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have kept their targeted output unchanged after completing in September the phased rollback of 1.65 million barrels per day (bpd) of supply cuts first agreed in 2023. These targets have been only on paper in the past eight months as the Middle East conflict disrupted crude oil supplies…
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Set-to-Keep-Oil-Quotas-Unchanged.html

2026-10-27 14:00:00 UTC

Iran Turns to Russia for Nuclear Power as IAEA Oversight Falters
Russia and Iran are expanding their nuclear cooperation as both countries face Western sanctions and international isolation. Their partnership includes the construction of nuclear power plants, fuel supplies, and broader technological cooperation. While Bushehr, Iran’s first operating nuclear power station, has long been the centerpiece of their relationship, Moscow and Tehran are planning new nuclear facilities and cooperation in other areas of technology, raising questions about the ability of international agencies to monitor Iran’s…
https://oilprice.com/Geopolitics/Middle-East/Iran-Turns-to-Russia-for-Nuclear-Power-as-IAEA-Oversight-Falters.html

2026-10-27 13:30:00 UTC

Investors From 119 Countries Pile Into Dangote’s Record Refinery IPO
The initial public offering of Nigeria’s Dangote refinery has reached its target to raise $1.6 billion in funds from domestic and retail investors alone, sources with knowledge of the IPO process told Bloomberg on Tuesday. Demand from international investors is set to significantly exceed even the $2.1-billion target with a 30% over-allotment option, according to the sources. The Dangote refinery is going public as Africa’s richest man, Aliko Dangote, is targeting 10 million retail investors in the “IPO for the people” pitch…
https://oilprice.com/Latest-Energy-News/World-News/Investors-From-119-Countries-Pile-Into-Dangotes-Record-Refinery-IPO.html

2026-10-27 11:30:00 UTC

Diesel Drives India's Fuel Export Windfall as Earnings Reach $12.6 Billion
Soaring diesel and gasoline prices hiked the value of India’s fuel exports by 50% between April and September, while the world was grappling with the worst of the Middle East crisis so far. India earned 2.59 trillion Indian rupees, or $27.2 billion, from fuel exports in the six months to September, per oil ministry data cited by The Economic Times. The surge in rupee terms was 50% compared to the same period last year, also driven by the weakening Indian currency against the U.S. dollar. The value of diesel, gasoline, and other fuel exports…
https://oilprice.com/Latest-Energy-News/World-News/Diesel-Drives-Indias-Fuel-Export-Windfall-as-Earnings-Reach-126-Billion.html

2026-10-27 09:35:00 UTC

Trump Moves to Ease Methane Regulations for U.S. Oil Producers
The Trump Administration is set to announce easing of the federal methane regulations for oil and gas production in a bid to boost U.S. domestic energy production and lower costs for producers and consumers. President Donald Trump is set to unveil the proposal at a campaign rally in Lubbock, Texas, America’s biggest-oil producing state. The top U.S. oil industry lobby, the American Petroleum Institute (API), and many oil and gas companies have long called for changes to the Biden administration’s 2024 methane emissions standards, arguing…
https://oilprice.com/Latest-Energy-News/World-News/Trump-Moves-to-Ease-Methane-Regulations-for-US-Oil-Producers.html

2026-10-27 07:30:00 UTC

India’s Oil Buyers Squeezed by $123 Crude and Weak Rupee
The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.S. dollars, a weaker Indian currency swells the bill further. The combination of a war premium on international oil prices and a weak rupee caused Indian fuel marketers to lose money despite the increase in gasoline and diesel prices, the Financial Express…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Buyers-Squeezed-by-123-Crude-and-Weak-Rupee.html

2026-10-27 06:15:57 UTC

Oil Prices Drop Despite Threat of New U.S. Strikes on Iran
Crude oil prices moved lower today after reports about renewed diplomatic efforts to achieve peace in the Middle East, with Saudi, Turkish, and Pakistani officials travelling to Tehran to discuss the prospects of an end to hostilities. At the time of writing, Brent crude was trading at $114.85 per barrel, with West Texas Intermediate at $100.87 per barrel. That’s down from over $117 for Brent crude at the end of last week, and over $103 for WTI, on peace hopes and traders taking profit. However, continued Houthi attacks on Saudi energy infrastructure…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Drop-Despite-Threat-of-New-US-Strikes-on-Iran.html

2026-10-27 00:00:00 UTC

UK Weighs Scrapping Its Largest Untapped Oilfield With Oil Over $100
Britain is deciding whether to drill its largest untapped oilfield in the middle of an oil shock, with Brent above 100 and more than 70% of its oil already coming from abroad. Rosebank, west of Shetland, is an £8.7 billion (~11.6 billion) development that its operator says would pump about 69,000 barrels a day at peak, roughly a tenth of the country’s expected oil output. The production vessel has been on site since June, and Ithaca Energy, which owns a fifth of the field, says it will likely stop investing in Britain if the government…
https://oilprice.com/Energy/Crude-Oil/UK-Weighs-Scrapping-Its-Largest-Untapped-Oilfield-With-Oil-Over-100.html

2026-10-26 23:00:00 UTC

Beijing Pushes Domestic Oil Production as Iranian Supply Dries Up
China needs its biggest oil and gas producers to drill more, explore more, and build strategic supply bases as the Iran war forces Beijing to confront an uncomfortable reality: even the world's largest crude stockpile cannot replace a dependable supply of oil indefinitely. China's National Energy Administration has called on PetroChina, Sinopec, CNOOC, and other domestic producers to expand production capacity, increase investment, and accelerate the development of national oil and gas supply bases. The directive, issued following an October 21…
https://oilprice.com/Energy/Crude-Oil/Beijing-Pushes-Domestic-Oil-Production-as-Iranian-Supply-Dries-Up.html

2026-10-26 22:00:00 UTC

Alleged Russian Funding Prompts Executive Exodus at U.S. LNG Firm
The top executives of U.S. energy startup Polar LNG have all resigned in recent weeks, just six months after the company was launched, amid a controversy over alleged funding and control of the venture’s strategy by Russia’s biggest LNG developer and exporter, privately-held Novatek. The senior managers who left Polar LNG say they resigned in September after learning earlier during the month that Novatek was at least partly funding the U.S. company, which looks to build a project on Alaska’s North Slope. Polar LNG was created…
https://oilprice.com/Energy/Natural-Gas/Alleged-Russian-Funding-Prompts-Executive-Exodus-at-US-LNG-Firm.html

2026-10-26 21:00:00 UTC

Asia Needs $1 Trillion a Year to Avoid the Next Energy Shock
Oil and gas may be flowing through the Strait of Hormuz again, but the impacts of its months-long closure will be felt for years to come. For Asia, in particular, regulating markets and shoring up energy security to avoid the next energy shock will require trillions of dollars in the coming years as energy demand projection rates continue to rise sharply across the region. When traffic through the Iranian-controlled Strait of Hormuz stopped overnight back in February in response to a military offensive by the United States and Israel, one-fifth…
https://oilprice.com/Energy/Energy-General/Asia-Needs-1-Trillion-a-Year-to-Avoid-the-Next-Energy-Shock.html

2026-10-26 20:00:00 UTC

Iran War Pushes Trump's Average Gasoline Prices Above Biden's
The average price Americans have paid for gasoline during President Donald Trump's second term has now surpassed the average recorded during Joe Biden's presidency, marking a politically significant milestone just days before the November 3 midterm elections. According to AAA data cited by Reuters, regular gasoline has averaged $3.472 per gallon since Trump returned to office in January 2025, compared with $3.471 during Biden's four-year presidency. The difference is marginal, but it represents a striking reversal for a president who campaigned…
https://oilprice.com/Energy/Crude-Oil/Iran-War-Pushes-Trumps-Average-Gasoline-Prices-Above-Bidens.html

2026-10-26 19:00:00 UTC

Brussels Takes Aim at Chinese Imports as Europe's Industrial Crisis Deepens
Europe's political elite is belatedly confronting the electoral cost of deindustrialization, as right-wing gains in local elections expose surging voter anger over globalist policies that have crushed the industrial base. The push to curb cheap Chinese imports suggests Brussels is scrambling for political survival, as Nomura analysts recently said elections across the continent over the next year and a half are expected to shift right. Bloomberg reports that the EU is preparing restrictions on imports of chemicals, furniture, and machinery from…
https://oilprice.com/Energy/Energy-General/Brussels-Takes-Aim-at-Chinese-Imports-as-Europes-Industrial-Crisis-Deepens.html

2026-10-26 18:00:00 UTC

The Iran War Just Added $39 Billion to the World's LNG Bill
The Middle East conflict has disrupted global energy flows, forcing countries to rethink supply routes and strengthen energy security. As more buyers turn to the spot market to replace disrupted volumes, Rystad Energy estimates that global LNG importers will spend at least $39 billion more on contracted and spot supplies in 2026, despite purchasing 60.7 million tonnes less. Disruptions to Qatari and UAE exports through the Strait of Hormuz are forcing buyers to secure replacement volume at higher prices. Total portfolio costs are expected to reach…
https://oilprice.com/Energy/Natural-Gas/The-Iran-War-Just-Added-39-Billion-to-the-Worlds-LNG-Bill.html

2026-10-26 17:00:00 UTC

Kazakhstan Faces $12 Billion Oil Setback as New Investment Plans Take Shape
Kazakhstan had reason to cheer after receiving a commitment from the International Finance Corporation to help develop infrastructure projects worth $3 billion. But that happy foreign investment news was offset by an international arbitration court’s decision to throw out $12 billion in Kazakh claims against Western oil giants in a dispute over the development of the Kashagan oil field. The IFC, the World Bank’s private-sector wing, will get involved in projects covering the 2026-31 period, focusing on fostering public-private partnerships…
https://oilprice.com/Energy/Energy-General/Kazakhstan-Faces-12-Billion-Oil-Setback-as-New-Investment-Plans-Take-Shape.html

2026-10-26 16:30:00 UTC

EQT Bets on Record U.S. Gas Demand With $50 Billion Range Takeover
EQT Corp. (NYSE:EQT) will buy Range Resources (NYSE:RRC) in an all-stock deal valued at more than $50 billion, including debt. The combined company will produce more than 9 billion cubic feet equivalent a day of Appalachian gas, and the two companies call it the largest vertically integrated natural gas producer in the United States. Range shareholders will receive 0.987 EQT shares for each share they hold, an implied $54.91 a share and a 20.6% premium to Friday’s close. That values Range’s equity at about $12.8 billion, according…
https://oilprice.com/Latest-Energy-News/World-News/EQT-Bets-on-Record-US-Gas-Demand-With-50-Billion-Range-Takeover.html

2026-10-26 16:00:00 UTC

Why Saudi Just Abandoned Its Core Oil Rule
Few could argue with U.S. President Donald Trump’s key objective in launching ‘Operation Epic Fury’ against Iran on 28 February -- to prevent Iran from ever being able to develop a nuclear weapon. All members of his Cabinet fully backed this aim at the time, as they did the other three: to effect regime change, to critically degrade Iran’s ballistic missile capability, and to neutralise the ability of its proxies, especially Hamas and Hezbollah, to cause mayhem across the Middle East and the world. The degree to which these…
https://oilprice.com/Energy/Crude-Oil/Why-Saudi-Just-Abandoned-Its-Core-Oil-Rule.html

2026-10-26 15:00:00 UTC

Is Wall Street Getting It All Wrong About AI, Oil, and Bonds?
It seems that everywhere you look in the financial media these days, there is persistent hype about artificial intelligence (AI) and the companies developing it. Right alongside this great investment boom is doom and gloom about the future value of bonds. Oil, too, is frequently covered for two reasons: the inability of oil futures prices—which seem suspiciously low—to reflect the long-term effects of what is happening in the Persian Gulf, and the high prices of refined products such as gasoline and diesel, where the real squeeze seems…
https://oilprice.com/Energy/Energy-General/Is-Wall-Street-Getting-It-All-Wrong-About-AI-Oil-and-Bonds.html

2026-10-26 14:30:00 UTC

India’s BPCL to Cut Russian Oil Imports Due to Higher Prices
Bharat Petroleum Corporation Limited (BPCL), one of the biggest Indian state-owned refiners, will reduce its purchases of crude oil from Russia in November as high freight costs and premiums for Russia’s crude undermine the attractiveness of Moscow’s oil compared to Middle Eastern offers. BPCL will buy lower volumes of Russian crude in November as the Middle East grades are more commercially attractive for the company now, BPCL’s head of finance, Vetsa Ramakrishna Gupta, said on Monday, discussing the refiner’s quarterly…
https://oilprice.com/Latest-Energy-News/World-News/Indias-BPCL-to-Cut-Russian-Oil-Imports-Due-to-Higher-Prices.html

2026-10-26 14:00:00 UTC

Super El Niño May Soften Winter Energy Squeeze
We extensively covered the unusually strong El Niño, its weather impacts by region, and the risks this adverse weather poses to crop production and global food inflation. UBS's energy team hosted a call Tuesday with meteorologist James Block to assess El Niño impacts for weather markets. The discussion comes amid a global refining crisis and continued disruptions to Strait of Hormuz energy flows, with European natural gas futures approaching 90 euros per megawatt-hour this week. Block offered some relief to energy consumers…
https://oilprice.com/Energy/Energy-General/Super-El-Nio-May-Soften-Winter-Energy-Squeeze.html

2026-10-26 13:30:00 UTC

IEA’s Birol: Energy Prices Won’t Return to Pre-War Levels in 2027
The Middle East conflict has tightened energy markets so much that crude oil, fuel, and natural gas prices are unlikely to return to pre-war levels in 2027, Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday. “I am afraid I don't see any credible pathway that the markets will go next year, where we were before this war has started,” Birol said at the Singapore International Energy Week conference, as carried by Reuters. In a speech at the event, Birol cautioned that energy markets are…
https://oilprice.com/Latest-Energy-News/World-News/IEAs-Birol-Energy-Prices-Wont-Return-to-Pre-War-Levels-in-2027.html

2026-10-26 13:00:00 UTC

Russia's Arctic Oil Shortcut Runs Into a Wall of Ice
A group of sanctioned Russian tankers dropped anchor some 1,300 kilometers north of the Arctic Circle in July after getting stuck and hunkered down for a long wait in the frozen waters at the top of the world. Help from two nuclear-powered icebreakers was several days' voyage away. The ships were stuck near the Vilkitsky Strait, a 55-kilometer-wide choke point between the coast of northern Siberia and Bolshevik Island, on Russia's Northern Sea Route (NSR) to China. The Kremlin has heavily invested in the promise that retreating Arctic sea ice opens…
https://oilprice.com/Energy/Energy-General/Russias-Arctic-Oil-Shortcut-Runs-Into-a-Wall-of-Ice.html

2026-10-26 12:30:00 UTC

Saudi Oil Output Jumps 12.2% to 8 Million Bpd in September
Crude oil production in Saudi Arabia rose by 12.2% in September from a month earlier, to reach 8 million barrels per day (bpd), data by Al Rajhi Capital Research cited by TradeArabia showed on Monday. Following the very low levels of crude oil output in the spring and early summer, when all Gulf producers slashed output due to inability to ship crude cargoes via the Strait of Hormuz, production has started to recover as Saudi Arabia boosted ship-to-ship (STS) transfers outside the Strait and redirected most exports through its Red Sea port of Yanbu.…
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Oil-Output-Jumps-122-to-8-Million-Bpd-in-September.html

2026-10-26 10:30:00 UTC

U.S. Army Says It Has Helped 1.5 Billion Barrels of Oil Out of Hormuz
U.S. forces have helped Persian Gulf producers move more than 1.5 billion barrels out of the Strait of Hormuz since the Iran war began, Adm. Brad Cooper, the commander of U.S. Central Command (CENTCOM), said during a visit to the Strait of Hormuz on Sunday. More than 3,000 commercial vessels have successfully transited the Strait of Hormuz with support from CENTCOM forces over the last six months, the U.S. military said. “We continue to stand shoulder to shoulder with our Gulf partners and the shipping industry,” said Cooper. “This…
https://oilprice.com/Latest-Energy-News/World-News/US-Army-Says-It-Has-Helped-15-Billion-Barrels-of-Oil-Out-of-Hormuz.html

2026-10-26 08:30:00 UTC

India's Stock Market Feels the Heat From High Oil Prices
The latest jump in oil prices has disturbed Indian equities, with both major indices starting the week with losses and 12 out of India’s 16 sectors booking losses, Reuters reported earlier in the day. With Brent crude trading at over $114 per barrel, it is not hard to see why investor sentiment in the world’s third-largest importer of crude is not exactly optimistic, pushing Sensex down by 0.46 today, and Nifty 50 down by 0.5. IT stocks specifically shed 1.1%, the report said. “Concerns over supply disruptions due to escalating…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Stock-Market-Feels-the-Heat-From-High-Oil-Prices.html

2026-10-26 07:15:00 UTC

Saudi Arabia Turns to Singapore for Oil Storage
Saudi Arabia has struck a deal with the Singaporean government to store crude oil in underground caverns in the city-state, Bloomberg reported today. The report follows the latest Houthi attacks on Saudi infrastructure over the weekend, which included oil facilities among their targets. The Saudi crude will be stored in the Jurong Rock Caverns, which are part of a petrochemical complex in southern Singapore, with deliveries to the caverns set to begin in the second half of next year. The caverns have a capacity of 1.47 million cu m of crude oil,…
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Turns-to-Singapore-for-Oil-Storage.html

2026-10-26 06:03:45 UTC

Oil Prices Dip but Hold Above $100 as Middle East Supply Threats Mount
Crude oil prices began trading with a dip this week but remain significantly elevated as hostilities between Yemen’s Houthis and Saudi Arabia, as well as Iranian attacks on tankers in the Persian Gulf, continue. At the time of writing, Brent crude was trading at $114.42 per barrel, down from over $116 per barrel last week but up from around $60 per barrel at the end of 2025. West Texas Intermediate remained above $100 per barrel, despite the dip from Friday’s close, trading at $100.97 per barrel at the time of writing, down from a 2026…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Dip-but-Hold-Above-100-as-Middle-East-Supply-Threats-Mount.html

2026-10-26 00:00:00 UTC

The Pentagon's Rare Earth Deadline Is Almost Here. Is Anyone Ready?
For years, the rare earth industry has been talking about January 1, 2027 as the date that changes everything. That date is now less than 75 days away. On January 1, new Pentagon procurement rules take effect that will restrict the use of Chinese-origin rare earth materials in American weapons systems. The restrictions cover the full supply chain, from mining and refining through separation, melting, and production. Every defense contractor currently sourcing rare earth magnets or magnet materials from China will need a compliant domestic alternative.…
https://oilprice.com/Energy/Energy-General/The-Pentagons-Rare-Earth-Deadline-Is-Almost-Here-Is-Anyone-Ready.html

2026-10-25 23:00:00 UTC

Oil Prices Rise Despite Middle East Export Recovery
Reports about recovering oil flows in the Persian Gulf and the Red Sea have dominated headlines over the past couple of weeks. Yet oil prices have only moved higher, suggesting barrel numbers alone are not enough to convince the world everything’s back to normal. It isn’t. According to the latest Kpler numbers, October oil exports out of the Middle East in total are in fact higher than they were before the U.S. and Israel launched their first strikes on Iran at the end of February. Flows out of the Strait of Hormuz alone have averaged…
https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Rise-Despite-Middle-East-Export-Recovery.html

2026-10-25 23:00:00 UTC

Asia Is Building the World’s Next $15 Trillion Energy Market
The global energy transition is increasingly becoming an Asian story, and Asia is unlikely to follow the path envisioned in Washington or Brussels. The region’s governments will have enormous influence over the future of coal, oil, natural gas, renewables and energy storage. What happens next in Asia will determine whether the transition actually reduces global fossil fuel consumption or simply adds vast amounts of renewable power to an energy system that keeps getting bigger. Asia requires $1 trillion annually in energy investments over…
https://oilprice.com/Energy/Energy-General/Asia-Is-Building-the-Worlds-Next-15-Trillion-Energy-Market.html

2026-10-25 19:00:00 UTC

Britain's Renewable Energy Boom Is Hitting a Grid Bottleneck
The United Kingdom has invested heavily in expanding its renewable energy capacity in recent years to reduce its dependence on fossil fuels and support a green transition. However, one major problem stands in the way of it achieving this goal – its unprepared transmission infrastructure. Despite several new wind and solar projects coming online, the U.K. still relies heavily on natural gas due to grid inefficiencies that are delaying the shift to green energy. The U.K. is spending up to £50 million a day to balance its power grid, as…
https://oilprice.com/Energy/Energy-General/Britains-Renewable-Energy-Boom-Is-Hitting-a-Grid-Bottleneck.html

2026-10-25 17:00:00 UTC

World Is on Track for Up to 2.8 Degrees of Warming Despite Clean Energy Boom
The United Nations says that it is now an inevitability that the world will fail to meet the legally binding goals set forth by the Paris climate accord as a result of “decades of insufficient climate action”. The Paris Agreement, ratified in 2015, targeted limiting global warming to 1.5 degrees Celsius above pre-industrial averages, with a fallback target of 2?, with the understanding that this looser allowance would lead to far more devastating consequences for global ecosystems, human health, the economy, and future generations.…
https://oilprice.com/Energy/Energy-General/World-Is-on-Track-for-Up-to-28-Degrees-of-Warming-Despite-Clean-Energy-Boom.html

2026-10-25 15:00:00 UTC

COP31 Host Urges NATO Nations to Spend More on Climate Than Defense
The host of the United Nations’ COP31 climate summit, Turkey, is encouraging wealthy countries participating in the conference to spend more on climate support than on defence. This follows Turkey’s announcement in September that it plans to invest heavily in developing its renewable energy capacity in the coming years. However, Turkey also intends to expand its oil and gas production, which could be at odds with its climate aims. COP31 will be held in the southern Turkish province of Antalya from 9th – 20th November with a first-of-its-kind…
https://oilprice.com/Energy/Energy-General/COP31-Host-Urges-NATO-Nations-to-Spend-More-on-Climate-Than-Defense.html

2026-10-24 23:00:00 UTC

Record Tanker Rates Cripple U.S. Crude Oil Flows to Asia
The Iran war has made oil tanker voyages so inefficient that vessel availability has crumbled and freight costs have soared to record-highs, all but erasing the incentive for shipping crude oil from the U.S. Gulf Coast to Asia. The cost of shipping crude oil from the U.S. Gulf Coast to China soared to as high as $80 million earlier this month. That’s ten times the average tanker rates that had held for years before the Iran war. Freight rates have eased from the record highs seen in early October, but they were still about $60 million for…
https://oilprice.com/Energy/Crude-Oil/Record-Tanker-Rates-Cripple-US-Crude-Oil-Flows-to-Asia.html

2026-10-24 21:00:00 UTC

Fuel Oil Becomes Asia’s Next Cost Shock
Singapore’s shipping-fuel market is adding another layer of cost to Asian trade. Disrupted supplies from the Middle East and Russia, resilient bunker demand and prohibitive freight rates have pushed high-sulphur fuel oil above the price of the crude used to produce it. Seasonal relief from Gulf producers and additional Chinese export allowances could ease the squeeze towards year-end, particularly for very-low-sulphur fuel oil. But with replacement cargoes expensive to transport and Russian supplies vulnerable to further disruption, a return…
https://oilprice.com/Energy/Crude-Oil/Fuel-Oil-Becomes-Asias-Next-Cost-Shock.html

2026-10-24 19:00:00 UTC

Syria's Energy Comeback Could Reshape Middle East Oil and Gas
Syria is undergoing countrywide reconstruction after more than a decade of conflict, which caused extensive infrastructure damage and led to millions of people being displaced. As Syrians rebuild their lives, the government has big plans for economic diversification and growth to support long-term recovery. Thanks to its favourable geographic position, this includes the development of a strong energy sector that could help eventually establish Syria as a regional hub. Syria is now led by President Ahmed al-Sharaa, who formed a transitional government…
https://oilprice.com/Energy/Energy-General/Syrias-Energy-Comeback-Could-Reshape-Middle-East-Oil-and-Gas.html

2026-10-24 17:00:00 UTC

Can Undersea Volcanoes Power Cities? A Seattle Startup Just Took the First Step
A geothermal startup aiming to source energy directly from undersea volcanoes just hit a major milestone that could bring round-the-clock clean energy to cities on the northwest coast of the United States and serve as a critical proof of concept for other regions, with particular relevance for the other 14 countries situated along the Pacific Ring of Fire. Seattle-based energy startup Endurance Energy just announced that it successfully created net-positive energy from its underwater geothermal plant in a world first. The company successfully…
https://oilprice.com/Energy/Energy-General/Can-Undersea-Volcanoes-Power-Cities-A-Seattle-Startup-Just-Took-the-First-Step.html

2026-10-24 15:00:00 UTC

Trump Targets $6.2 Billion Offshore Wind Project Nearing Completion
United States President Donald Trump has repeatedly targeted offshore wind since coming into office last year, as he strives to expand the country’s fossil fuel sector and shift the focus away from renewable energy. Trump has sought to halt the development of several offshore wind projects and has even resorted to paying companies to relinquish their leases on areas off the U.S. coast to instead invest in oil and gas projects. Now, Trump is looking to rescind approval for Connecticut’s first offshore wind project, Revolution Wind, as…
https://oilprice.com/Alternative-Energy/Wind-Power/Trump-Targets-62-Billion-Offshore-Wind-Project-Nearing-Completion.html

2026-10-23 23:00:00 UTC

Trump's Reverse Nixon Strategy: Bring Russia In, Shut China Out
On October 9, hours after a phone call between President Trump and President Putin, the Treasury Department issued a six-month waiver allowing Russian diesel to be sold on the global market. The stated aim is to bring down fuel prices before the November 3 midterms. But I believe the deal is more consequential than that. It fits a larger strategy: for the United States to control as much of the world’s energy supply as possible, while denying it to its chief rival, China. A pattern, not a one-off The strategy began in Venezuela. Since US…
https://oilprice.com/Energy/Energy-General/Trumps-Reverse-Nixon-Strategy-Bring-Russia-In-Shut-China-Out.html

2026-10-23 22:00:00 UTC

Why Trump and Carney Haven’t Touched Energy in Their Tariff War
The United States and Canada are locked in an energy trade war – sort of. Although United States President Donald Trump and Canadian Prime Minister Mark Carney have lobbed plenty of blisteringly high tariffs, not to mention threats and insults, at each other over the course of their respective tenures, they have not touched one very important commodity – oil and gas. This is because the nations are simply too dependent on each other to sever the ties between their respective fossil fuel empires, making true independence a purely pyrrhic…
https://oilprice.com/Energy/Energy-General/Why-Trump-and-Carney-Havent-Touched-Energy-in-Their-Tariff-War.html

2026-10-23 20:00:00 UTC

NASA's Freeze-Resistant Moon Battery Could Eventually Reach EVs
The United States’ National Aeronautics and Space Administration (NASA) has developed a revolutionary new battery that could power the country’s return to the moon while potentially also revolutionizing the way that we power electric vehicles here on Earth. The new technology can function at extremely cold temperatures, opening new possibilities for powering lunar rovers and tools, and could eventually make batteries for terrestrial applications safer, more versatile, and more efficient. “The technology could eventually…
https://oilprice.com/Energy/Energy-General/NASAs-Freeze-Resistant-Moon-Battery-Could-Eventually-Reach-EVs.html

2026-10-23 17:20:00 UTC

6 Million Barrels in Two Minutes Draws CFTC Scrutiny
Oil traders sold futures equivalent to at least 6 million barrels of crude in just two minutes on March 23, shortly before President Donald Trump backed away from threats to strike Iranian power plants. Now, the federal regulator overseeing those trades says it has been looking into the activity. Commodity Futures Trading Commission Chairman Michael Selig said Friday that the agency's enforcement division has been examining oil trading during the Iran war, including the unusual surge preceding Trump's announcement. "Our enforcement division has…
https://oilprice.com/Latest-Energy-News/World-News/6-Million-Barrels-in-Two-Minutes-Draws-CFTC-Scrutiny.html

2026-10-23 17:16:20 UTC

U.S. Rig Count Holds Steady as Oil Prices Surge
The total number of active drilling rigs for oil and gas in the United States remained unchanged for the second week in a row this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 603, up 53 from this same time last year. The number of active oil rigs rose by 1, to 460 during the latest reporting period, according to the data. This is 40 above this same time last year. The number of gas rigs fell by 1 to 132, which is 11 more than this time last year. Miscellaneous rigs stayed the…
https://oilprice.com/Energy/Energy-General/US-Rig-Count-Holds-Steady-as-Oil-Prices-Surge.html

2026-10-23 16:30:00 UTC

$120 Oil Is Almost Here, and Trump Has Few Good Options
Brent crude nears $120 as escalating Saudi-Houthi tensions fuel another weekly oil price rally, putting fresh pressure on Trump. Friday, October 23, 2026 The slow creep of oil prices towards the $120 per barrel mark is a nightmarish scenario for US President Trump, even though there has been little fundamental change in the crude oil markets. A slight drop in freight rates and a ubiquitous flattening of backwardated curves lowered differentials of most grades globally, offsetting some of the pressures coming from higher crude benchmarks. Be that…
https://oilprice.com/Energy/Energy-General/120-Oil-Is-Almost-Here-and-Trump-Has-Few-Good-Options.html

2026-10-23 16:00:00 UTC

Space War Fears Rise as Russian Satellite Makes Dangerous Maneuver
US officials publicly accused Russia of threatening a Finnish-operated commercial satellite that provides imagery and intelligence to Ukraine and other nations, calling the move "deliberately reckless." In response to the accusations, made during a United Nations debate on October 21, Russia broadly described US claims as "absurd" and accused Washington of its own "aggressive military space ambitions." The back-and-forth came days after a Russian military satellite known as Kosmos-2612 moved "dangerously" near to ICEYE-X36, a satellite registered…
https://oilprice.com/Energy/Energy-General/Space-War-Fears-Rise-as-Russian-Satellite-Makes-Dangerous-Maneuver.html

2026-10-23 14:30:00 UTC

Oil India Strikes Natural Gas in Shallow Offshore Basin
State explorer Oil India Limited (OIL) has found natural gas in a previously unexplored formation in the shallow Krishna-Godavari Basin, the Indian company said on Friday. OIL has made the discovery at the Godavari-1 appraisal well in the Matsyapuri formation in the Krishna-Godavari Basin off India’s east coast, recording a peak test flow of 200,000 standard cubic meters per day (SCMD). The company, however, did not reveal an estimate of the potential reserves it had encountered. OIL is now preparing to test the next zone in the basin for…
https://oilprice.com/Latest-Energy-News/World-News/Oil-India-Strikes-Natural-Gas-in-Shallow-Offshore-Basin.html

2026-10-23 14:00:00 UTC

The Hidden $40-Per-Barrel Cost Driving Oil Prices Higher
When Americans think about the price of oil, they usually focus on the number quoted every day in financial markets. If Brent crude is trading above $100 a barrel or West Texas Intermediate is near $100, those numbers become shorthand for whether oil is expensive or cheap. But that market price is only part of what ultimately determines the cost of getting crude oil to a refinery. But transportation has become a cost that has become impossible to ignore. Reuters recently reported that shipping roughly 2 million barrels of crude from the United…
https://oilprice.com/Energy/Energy-General/The-Hidden-40-Per-Barrel-Cost-Driving-Oil-Prices-Higher.html

2026-10-23 12:30:00 UTC

U.S. Partner in Venezuela Oil Deal Looks to Hike Crude Production
The privately held company that’s partnering with the U.S. Administration to boost oil production in Venezuela has raised output by about 20,000 barrels per day (bpd) since August and plans to soon add more rigs to further hike production. North American Blue Energy Partners (NABEP), announced by the White House in August as one of the U.S. Administration’s partners in “the biggest oil deal in world history”, will soon activate three rigs in the fields it now operates, doubling the number of active rigs in its projects,…
https://oilprice.com/Latest-Energy-News/World-News/US-Partner-in-Venezuela-Oil-Deal-Looks-to-Hike-Crude-Production.html

2026-10-23 11:30:00 UTC

Why Smart Investors Are Selling Oil Stocks and Buying MLPs
It is often said that a very high percentage of individuals who trade in their own investment or brokerage accounts go broke within the first year. There have been several studies affirming that, so I don’t doubt that it is true, but to me the more interesting question than whether it is true is why it might be so. If you are attempting to take on the pros and trade intraday moves, then I get it. You are at a huge disadvantage in terms of order visibility, trade execution time, trade size, and a whole host of other things. But if you are…
https://oilprice.com/Energy/Energy-General/Why-Smart-Investors-Are-Selling-Oil-Stocks-and-Buying-MLPs.html

2026-10-23 11:30:00 UTC

Oil Prices Hold Near $100 as Middle East Risks Offset Peace Hopes
December WTI crude oil is nearly unchanged for the week, but the flat result hides a rough ride. The contract opened at $99.04, rallied to $101.37, then broke to $95.25 before recovering back to its opening level. At 00:19 GMT, December WTI crude oil is trading at $99.29, up $0.25 or +0.25% for the week. The high matched the June contract high. The low came on peace-talk headlines. Neither side won the week. Buyers could not hold the breakout, but sellers could not keep the market under pressure after the break. The Peace-Talk Trade Did Not Stick…
https://oilprice.com/Energy/Energy-General/Oil-Prices-Hold-Near-100-as-Middle-East-Risks-Offset-Peace-Hopes.html

2026-10-23 11:30:00 UTC

Renewables Boom Pushes Australia’s Gas Power to Quarter-Century Low
Record renewable power generation and a surge in grid-scale battery capacity pushed Australia’s gas-powered generation to its lowest for any third quarter since 2000, the Australian Energy Market Operator (AEMO) said in its Quarterly Energy Dynamics (QED) report on Friday. Despite lower heating requirements, Australia’s electricity demand rose by 1.3% in the July-September winter quarter, amid ongoing electrification, higher industrial demand, and increasing data center consumption, AEMO said. “Electricity use…
https://oilprice.com/Latest-Energy-News/World-News/Renewables-Boom-Pushes-Australias-Gas-Power-to-Quarter-Century-Low.html

2026-10-23 11:30:00 UTC

Egypt Moves to Defend Saudi Arabia as Iran War Threatens to Widen
Saudi Arabia was already the most exposed country in the US-Iran war, and Iran has now explicitly listed Saudi refineries, data centers, and undersea communications cables as the next targets should Washington strike again. That day may be nearly upon us, with the New York Times reporting on Thursday that Washington and Israel have drawn up a short, intensive bombing campaign for post-November 3 (and post-October 27 elections for Israel), with exercises already running, more U.S. forces moving into the region, and a target list covering…
https://oilprice.com/Energy/Energy-General/Egypt-Moves-to-Defend-Saudi-Arabia-as-Iran-War-Threatens-to-Widen.html

2026-10-23 11:00:00 UTC

How Elon Musk’s SpaceX Became a Gatekeeper of Modern Warfare
Politics, Geopolitics & Conflict On October 13, Ukrainian drones began falling out of the sky after SpaceX imposed new restrictions on the satellite connections that control them. Some lost contact with their operators when they reached 90 km/hour; others had to fly slowly enough to remain connected, making them easier targets for Russian air defenses. Ukraine also lost the ability to use some of its interceptor drones against Russian attacks. CBS News and the Wall Street Journal claim Musk personally ordered the restrictions, while Reuters…
https://oilprice.com/Energy/Energy-General/How-Elon-Musks-SpaceX-Became-a-Gatekeeper-of-Modern-Warfare.html

2026-10-23 10:30:00 UTC

European Natural Gas Prices Surge to Highest Level Since 2022
The benchmark European natural gas price jumped by 3% at opening in Amsterdam on Friday as the Middle East escalation continues to restrict Qatari LNG flows and some EU countries started tapping gas in storage as temperatures drop. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, jumped by 3% at 7 a.m. Amsterdam time on Friday, as oil prices also rose, and Brent hit a five-month high of $114 per barrel as concerns grow that Houthi attacks could hit Saudi Arabian energy facilities. At…
https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Prices-Surge-to-Highest-Level-Since-2022.html

2026-10-23 08:30:00 UTC

UK Rules Out Winter Energy Shortages as Gas Prices Soar
There is no risk of power or gas outages during this winter in the UK, as there will be sufficient generation and gas supply, the National Energy System Operator has said in its early winter outlook. In fact, NESO said it expected surplus electricity output at 5.5 GW for the period between October 31 and March 31 next year, “with an 8.8% buffer over expected peak demand.” Things may yet change, however, the grid operator also said, noting factors to watch such as electricity generation in continental Europe, gas market developments,…
https://oilprice.com/Latest-Energy-News/World-News/UK-Rules-Out-Winter-Energy-Shortages-as-Gas-Prices-Soar.html

2026-10-23 07:00:00 UTC

Japan Weighs Gasoline Subsidy Cuts as Energy Costs Soar
The Japanese government may start reducing its financial support for retail gasoline prices from December as payments become difficult to sustain, Reuters has reported, citing unnamed sources from the ruling party in the country. Introduced in March, soon after the war in the Middle East began, subsidies for gasoline are costing Tokyo several billion dollars every month, the report said, as the government aimed to keep the average national price at $1.09 per liter. According to plans currently being discussed by the government and the ruling party,…
https://oilprice.com/Latest-Energy-News/World-News/Japan-Weighs-Gasoline-Subsidy-Cuts-as-Energy-Costs-Soar.html

2026-10-23 05:33:50 UTC

Brent Hits $114 as Houthi Attacks Threaten Saudi Energy Infrastructure
Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today. At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in the Middle East remain front-page news for oil traders. The focus, however, seems to be on Houthi attacks on Saudi infrastructure, including Aramco facilities.…
https://oilprice.com/Latest-Energy-News/World-News/Brent-Hits-114-as-Houthi-Attacks-Threaten-Saudi-Energy-Infrastructure.html

2026-10-23 02:00:00 UTC

Why Trump Can't Afford to Lose The Rare Earth Race
For years, the West has searched for a technological escape hatch from rare earths. Engineers have developed new motor designs, alternative magnet chemistries, and materials that reduce or even eliminate the need for some critical minerals. Every time China tightens export controls, those efforts receive another burst of attention. They're worth pursuing. But they don't answer the question manufacturers have to solve today. Production capacity has become the number one scarce asset. That realization is driving one of the most ambitious industrial…
https://oilprice.com/Energy/Energy-General/Why-Trump-Cant-Afford-to-Lose-The-Rare-Earth-Race.html

2026-10-23 00:00:00 UTC

LNG Canada Doubles Capacity as Asia Looks Beyond the Gulf
Last month, Shell (NYSE:SHEL), alongside Malaysia's PETRONAS, China's PetroChina, Mitsubishi Corporation and KOGAS, officially approved the Final Investment Decision (FID) for the LNG Canada Phase 2 expansion project, doubling the facility's capacity to 28 million tons per annum (mtpa) and reinforcing the country's potential as a significant long-term supplier to Asian markets. Together with Cedar LNG and Woodfibre, both currently under construction, Canada is expected to export 33 mtpa of LNG by the end of the current decade. According to…
https://oilprice.com/Energy/Natural-Gas/LNG-Canada-Doubles-Capacity-as-Asia-Looks-Beyond-the-Gulf.html

2026-10-22 23:00:00 UTC

Rising Crude Oil Imports Reduce China’s Need to Draw from Stocks
China has relied on its huge crude oil inventories since the Iran war hiked oil prices to above $100 per barrel. The world’s biggest crude importer has drawn from its 1.3-billion-barrel stash for most of the months after March as it slashed imports amid soaring prices. The stock draws, and the reduced imports in the spring and summer, have even kept benchmark crude oil prices in check despite the major disruption to flows from the Middle East, as China’s crude supply management was one of the key buffers the market has had since the…
https://oilprice.com/Energy/Energy-General/Rising-Crude-Oil-Imports-Reduce-Chinas-Need-to-Draw-from-Stocks.html

2026-10-22 22:00:00 UTC

EU’s Arctic Strategy Excludes Oil and Gas
The European Union will shun crude oil and natural gas produced from fields in the Arctic, recommending that these “stay in the ground” under its new Arctic strategy released this week. The reiteration of the EU’s stance on Arctic hydrocarbons comes amid a severe fuel crisis and soaring gas prices ahead of winter peak demand season. The update on the Arctic strategy of the bloc that has quite limited geographical exposure to the Arctic comes five years after the last one, as the Arctic draws increasing attention, notably from…
https://oilprice.com/Energy/Natural-Gas/EUs-Arctic-Strategy-Excludes-Oil-and-Gas.html

2026-10-22 21:00:00 UTC

Electric Giants Say They Already Have the Tools to Fix the AI Power Crunch
The energy demand boom being driven by the artificial intelligence era is placing unprecedented strain on global energy infrastructure. Not only are the world’s energy production capacities – and especially clean energy production capacities – dwarfed by projected data center energy demand curves in coming years, the physical infrastructure needed to build and sustain never-before-seen rates of electrification and energy consumption growth is woefully underdeveloped. At present, the world’s energy grids and transmission…
https://oilprice.com/Energy/Energy-General/Electric-Giants-Say-They-Already-Have-the-Tools-to-Fix-the-AI-Power-Crunch.html

2026-10-22 20:00:00 UTC

Asia Needs $1 Trillion a Year to Secure Energy Supplies
Asia will need as much as $1 trillion annually in energy investment over the next 15 years to meet rising demand and reduce its exposure to supply disruptions, according to a McKinsey report released Thursday. That amounts to $15 trillion through 2040, with the Iran war exposing just how vulnerable the region remains to disruptions in oil and gas shipments through the Strait of Hormuz. McKinsey now expects Asian energy demand to reach 370 million terajoules by 2040, a 15% increase over its forecast from just a year ago. The region is expected to…
https://oilprice.com/Latest-Energy-News/World-News/Asia-Needs-1-Trillion-a-Year-to-Secure-Energy-Supplies.html

2026-10-22 20:00:00 UTC

Why Fossil Fuel Demand Can Rise Even as Clean Energy Wins Terrain
French historian Jean-Baptiste Fressoz has offered energy-transition skeptics an appealing historical argument. In More and More and More, he argues that humanity has never really moved from one energy source to another. Wood was joined by coal, coal by oil, oil by gas and all of them by renewables. Energy sources accumulate rather than replace one another. Global primary-energy charts make the argument look convincing. Fossil use remains near record levels after trillions in clean-energy investment. Biomass did not disappear when coal arrived,…
https://oilprice.com/Energy/Energy-General/Why-Fossil-Fuel-Demand-Can-Rise-Even-as-Clean-Energy-Wins-Terrain.html

2026-10-22 19:00:00 UTC

Strathcona Pitches 250,000-Bpd Oil Export Route to Asia
Canadian oil producer Strathcona Resources wants to export up to 250,000 barrels per day of crude from British Columbia’s northern coast using rail shipments and a new marine terminal to reach Asian markets. But first, it needs Ottawa to make an exception to its oil tanker ban. Strathcona Chairman Adam Waterous told Bloomberg that the company plans to approach Prime Minister Mark Carney’s government as early as next week with a proposal to move crude by rail to a new export terminal in Prince Rupert. Waterous believes exports could…
https://oilprice.com/Energy/Crude-Oil/Strathcona-Pitches-250000-Bpd-Oil-Export-Route-to-Asia.html

2026-10-22 18:00:00 UTC

EU’s Proposed Shipping Subsidies Could Make BioLNG Cheaper Than Fuel Oil
Europe’s carbon market could soon start paying shipowners to switch fuels, but the support on offer is far from equal. In July, the European Commission proposed a revision of the European Union’s Emissions Trading System that would reserve up to 110 million allowances between 2028 and 2040 for a new Sustainable Maritime Alternative Propulsion (SMAP) mechanism, which is meant to cover part of the price gap between fossil marine fuels and sustainable alternatives. Rystad Energy’s analysis shows that, combined with the EU ETS…
https://oilprice.com/Energy/Energy-General/EUs-Proposed-Shipping-Subsidies-Could-Make-BioLNG-Cheaper-Than-Fuel-Oil.html

2026-10-22 17:00:00 UTC

Tehran Turns to Central Asia for Trade as Conflict With U.S. Simmers
Iran is making a push to expand connectivity with Central Asian states, with high-level Iranian officials engaging their counterparts from four of the five regional states over the past week alone. On the sidelines of the October 19 Shanghai Cooperation Organization meeting in Dushanbe, Tajik leader Emomali Rahmon talked trade with Iranian First Vice President Mohammad Reza Aref. Without providing specific numbers, Aref claimed that bilateral volume had increased 50 percent since the start Tehran’s low-boil conflict with the United States.…
https://oilprice.com/Geopolitics/International/Tehran-Turns-to-Central-Asia-for-Trade-as-Conflict-With-US-Simmers.html

2026-10-22 16:30:00 UTC

Norway's $2.3 Trillion Oil Fund Loses $30 Billion in Third Quarter
The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, booked a loss of $30 billion for the third quarter as higher interest rates and market turbulence hit both its fixed-term and equity investments. Norway’s Government Pension Fund Global (GPFG), which is commonly referred to as 'Norway's oil fund' because it was created with oil and gas revenues, is a shareholder in many large companies in the world, with more than half of the value of its equity investments in the U.S. market. The…
https://oilprice.com/Latest-Energy-News/World-News/Norways-23-Trillion-Oil-Fund-Loses-30-Billion-in-Third-Quarter.html

2026-10-22 16:00:00 UTC

Britain Finally Creates an Oil Wealth Fund—50 Years Too Late
The United Kingdom has finally established an oil-backed investment fund, decades after neighboring Norway began transforming its North Sea petroleum revenues into one of the world's largest sovereign wealth funds. The British government's new £2 billion Energy Wealth Fund, announced Wednesday alongside approval of the Jackdaw gas field, will channel North Sea oil and gas tax revenues into renewable energy and low-carbon infrastructure. But the announcement has revived an uncomfortable question: What if Britain had started saving its oil…
https://oilprice.com/Energy/Energy-General/Britain-Finally-Creates-an-Oil-Wealth-Fund50-Years-Too-Late.html

2026-10-22 15:30:00 UTC

Ofgem Approves Deal to Keep UK Gas Import Capacity From Europe
The UK’s energy market regulator, Ofgem, is looking to keep Britain’s gas import capacity from mainland European connectors to preserve flexibility to import gas in case of strong demand. Ofgem on Thursday approved Interconnector Limited entering into an agreement, under its license, with National Gas Transmission plc to reinforce gas import capability through the Great Britain-Belgium interconnector. The UK is connected to mainland Europe with several interconnectors, through which gas can flow in both directions depending on where…
https://oilprice.com/Latest-Energy-News/World-News/Ofgem-Approves-Deal-to-Keep-UK-Gas-Import-Capacity-From-Europe.html

2026-10-22 15:00:00 UTC

Iran's Hardliners Push for Nuclear Weapons as U.S. War Drags On
It was once taboo in Iran to publicly speak about developing nuclear weapons. The authorities would often point to former Supreme Leader Ayatollah Ali Khamenei's religious edict barring the development of weapons of mass destruction. Iranian officials have long insisted the country's nuclear program is solely for civilian purposes. Open calls for a bomb from sitting lawmakers and senior security officials would have been unthinkable a few years ago. But with the war with the United States in limbo, that's no longer the case. After almost eight…
https://oilprice.com/Geopolitics/Middle-East/Irans-Hardliners-Push-for-Nuclear-Weapons-as-US-War-Drags-On.html

2026-10-22 14:30:00 UTC

European Natural Gas Prices Rise on Middle East Escalation
Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid historically low inventories at the start of the heating season. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, had jumped by 2.7% at 9 a.m. Amsterdam time on Thursday, tracking a 3% surge in oil prices as…
https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Prices-Rise-on-Middle-East-Escalation.html

2026-10-22 14:00:00 UTC

What Jackdaw’s Approval Means for the Future of North Sea Drilling
A lot has happened since 1 June 2022, the date when ministers first granted permission to tap the Jackdaw gas field. The Conservatives were halfway through their ill-fated final term of three. Kwasi Kwarteng was the business secretary, with equally ill-fated aspirations for higher office. And the Department for Energy Security and Net Zero – now responsible for overseeing all major energy policy decisions – did not even exist. In the more than four years since then, Britain has been treated to five new energy secretaries and six Chancellors.…
https://oilprice.com/Energy/Energy-General/What-Jackdaws-Approval-Means-for-the-Future-of-North-Sea-Drilling.html

2026-10-22 13:00:00 UTC

Grid Constraints Curtailed 119 GW of Renewables in India in September
Grid, flexibility, and transmission constraints amid limited battery storage forced India to curtail as much as 118.6 gigawatts (GW) of solar and wind power capacity in September, data by India’s JMK Research & Analytics showed. A total of 118.6 GW of renewable energy capacity was affected by curtailment last month, including 96.9 GW of solar and 21.7 GW of wind capacity, according to data from regulator Grid-India. “Key reasons for RE curtailment include demand-generation mismatches, transmission constraints,…
https://oilprice.com/Latest-Energy-News/World-News/Grid-Constraints-Curtailed-119-GW-of-Renewables-in-India-in-September.html

2026-10-22 12:00:00 UTC

Record Fuel Prices Accelerate Europe’s EV Sales
Record-high gasoline and diesel prices across Europe are accelerating a shift toward electric vehicles and hybrids while new registrations of conventional cars continue to plummet by double digits in key markets. Total car sales in Europe, including the UK, Norway, and Switzerland, rose by 10.2% in September from a year earlier, data from the European Automobile Manufacturers’ Association (ACEA) showed on Thursday. Battery electric vehicle (BEV) sales jumped by 60%, plug-in hybrid sales rose by 24%, and hybrid electric vehicle sales went…
https://oilprice.com/Latest-Energy-News/World-News/Record-Fuel-Prices-Accelerate-Europes-EV-Sales.html

2026-10-22 11:00:00 UTC

India's Middle East Oil Imports Jumped 32% in September
India saw its crude oil imports from the Middle East rebound in September to pre-war levels amid higher volumes exiting the Strait of Hormuz, while competition from China for Russian oil resulted in declining imports from Russia. India’s crude oil imports from the Middle East jumped to 2.8 million barrels per day (bpd) in September, up by 32% compared to August and the highest level since February, according to vessel-tracking data compiled by Reuters. Middle Eastern oil accounted for 54% of all Indian imports last month as Indian…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Middle-East-Oil-Imports-Jumped-32-in-September.html

2026-10-22 08:30:00 UTC

India Ramps Up Coal Supplies to Record High as Power Crisis Looms
Coal supply for power plants in India is ramping up and will soon normalize, an unnamed senior official from the energy ministry in New Delhi said, as quoted by Reuters. At the moment, coal power generators are getting 2.6 million tons of coal daily, which is a record high, the official also said. The news comes on the heels of a warning that as many as 96 coal power plants in the country only had coal stocks for three days of consumption, according to data from India’s Central Electricity Authority. A three-day stock is a critically low…
https://oilprice.com/Latest-Energy-News/World-News/India-Ramps-Up-Coal-Supplies-to-Record-High-as-Power-Crisis-Looms.html

2026-10-22 07:00:00 UTC

Iran’s Oil Reserves Run Dry as U.S. Naval Blockade Tightens
Iranian oil in floating storage has been drained amid the U.S. Navy blockade, the Wall Street Journal has reported, citing Kpler data that suggests further tightening in global oil supply. “There’s no more oil to discharge to China anymore,” Kpler’s head of crude oil analysis, Homayoun Falakshahi, said, as quoted by the WSJ. Before the United States imposed a blockade on Iranian ports in April, Iran had close to 150 million barrels in floating storage, the report said. That dipped to less than 50 million barrels by mid-June,…
https://oilprice.com/Latest-Energy-News/World-News/Irans-Oil-Reserves-Run-Dry-as-US-Naval-Blockade-Tightens.html

2026-10-22 05:30:00 UTC

Oil Prices Surge Above $111 as Houthis Strike Saudi Targets
Crude oil prices extended their earlier gains today, with Brent crude keeping above $111 per barrel after the latest reports from the Middle East, featuring more Houthi attacks on Saudi targets. An order by the U.S. federal government for non-emergency personnel in the kingdom to leave contributed to the perception of an unstable security situation in a key oil region. At the time of writing, Brent crude was trading at $111.10 per barrel, with West Texas Intermediate at $98.98 per barrel, both up by more around 2% from Wednesday, after the Yemeni…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-Above-111-as-Houthis-Strike-Saudi-Targets.html

2026-10-22 00:00:00 UTC

Aluminium Gives Up Its War Premium, Copper Stays Elevated
LME Week 2026 kicked off in London on Monday, with industry leaders focused on the macroeconomic outlook for base metals, AI and energy transition demand, as well as critical mineral supply chain resilience. This year's discussions have come at a time when the London Metal Exchange is robustly healthy, recording a 16% year-on-year increase in average daily turnover from January through September. Standard Chartered's commodity analysts expect mixed results for base metals in the coming months. Prices will follow macroeconomic conditions (risk…
https://oilprice.com/Metals/Commodities/Aluminium-Gives-Up-Its-War-Premium-Copper-Stays-Elevated.html

2026-10-21 23:00:00 UTC

Big Oil Eyes Record Profits but Keeps Spending in Check
Oil supermajors have been raking it in since the war in the Middle East began. They are now set to report another robust quarter, even as some jurisdictions where they operate plan to slap windfall taxes on them. The question now is what Big Oil will do with these profits. The answer: it probably won’t be a spending spree. They sure have the money for a spree. If the second quarter is any indication—and it is—oil and gas majors are having a really strong year. Out of all S&P 500 sectors, Energy booked annual growth of 128.2%…
https://oilprice.com/Energy/Energy-General/Big-Oil-Eyes-Record-Profits-but-Keeps-Spending-in-Check.html

2026-10-21 22:00:00 UTC

U.S. Energy Red Tape Gives China an Edge
Congress needs to pass the bipartisan bill on permitting reform to accelerate energy infrastructure buildout so that the United States can compete economically and industrially with China, say former economic policy and national security officials who have served six U.S. presidents. The Bipartisan American Affordability and Jobs Act of 2026 was introduced in the Senate at the end of September and is expected to be debated after the mid-term elections when Congress returns from the recess on November 9. The bill would reinforce statutory deadlines…
https://oilprice.com/Energy/Energy-General/US-Energy-Red-Tape-Gives-China-an-Edge.html

2026-10-21 21:00:00 UTC

S&P Global Warns Hormuz Energy Shock Could Become a Global Food Crisis
The world’s ongoing energy crisis is quickly turning into a global food security crisis. Ongoing conflict between some of the world’s most prominent economies on two major fronts – Russia’s war in Ukraine and the United States’ and Israel’s war in Iran – is creating geopolitical shockwaves through critical global trade routes and threatening some of humanity’s most essential commodities, from oil and gas to grain and fertilizer. A "multidirectional squeeze on world agriculture" is taking form,…
https://oilprice.com/Energy/Energy-General/SP-Global-Warns-Hormuz-Energy-Shock-Could-Become-a-Global-Food-Crisis.html

2026-10-21 20:00:00 UTC

As BP Leaves the North Sea, These Independents Are Buying In
Back in July, UK oil and gas major BP Plc. (NYSE:BP) announced that it was putting its entire UK North Sea oil and gas business up for sale as part of a broader $20-billion portfolio overhaul, marking the end of a 60-year era as a leading player in Europe's largest oil basin. BP's North Sea operations produced about 117,000 barrels of oil equivalent per day in 2025 (roughly 5% of BP's total global output) and employed around 1,100 people. BP is hardly alone. Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) have sold their UK North Sea assets in recent…
https://oilprice.com/Energy/Energy-General/As-BP-Leaves-the-North-Sea-These-Independents-Are-Buying-In.html

2026-10-21 19:00:00 UTC

Russia’s Northern Sea Route Workaround Supplying Asian Buyers
Asia-bound Russian crude and fuel supplies are being rerouted as the US-Israeli war on Iran and disruptions in the straits of Hormuz and Bab al-Mandab choke off traditional crude flows from the Persian Gulf. Indeed, Russia increased oil and LNG shipments via the Northern Sea Route (NSR) and utilized shadow fleets to bypass chokepoints and fulfill Asian demand. Reuters reports that Russia’s oil exports through its NSR in 2026 have already exceeded last year’s by nearly 50%, with 20 million barrels shipped to Asia from the July to mid-October…
https://oilprice.com/Energy/Crude-Oil/Russias-Northern-Sea-Route-Workaround-Supplying-Asian-Buyers.html

2026-10-21 18:00:00 UTC

Washington’s Central Asia Charm Offensive Yields $12 Billion in Deals
Central Asia’s two economic drivers, Kazakhstan and Uzbekistan, seem satisfied with the results of US Secretary of State Marco Rubio’s visit to the region. But Astana and Tashkent both want to see more done to “translate political agreements into concrete investments.” Rubio led a large American delegation that participated in a business forum in the Uzbek city of Samarkand on October 19. The same day he met with the foreign ministers of all five Central Asian states within the C5+1 format and held one-on-one talks with…
https://oilprice.com/Geopolitics/Asia/Washingtons-Central-Asia-Charm-Offensive-Yields-12-Billion-in-Deals.html

2026-10-21 17:30:00 UTC

Saudi Crude Exports Hit Five-Month High as Production Falls to Record Low
Saudi Arabia's crude exports rose about 7.9% in August from July to 4.451 million barrels per day, the highest since March, while its oil production fell to a record low of 6.24 million bpd, the Joint Organizations Data Initiative (JODI) showed Wednesday, Reuters reported. Production was 8.135 million bpd in July and 6.560 million bpd in May. Exports were 4.125 million bpd in July. In March, they were 4.974 million bpd, JODI data showed in May. Refinery crude throughput fell by 181,000 bpd to 2.297 million bpd in August from 2.478 million bpd in…
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Crude-Exports-Hit-Five-Month-High-as-Production-Falls-to-Record-Low.html

2026-10-21 17:00:00 UTC

Why Are Rare Earth Stocks Falling When Prices Keep Rising?
Here is a question that should be harder to answer than it is: China still controls the rare earth spigot, the latest Trump-Xi summit did nothing to loosen its grip, Japan is about to run out of yttrium, Washington has put a $110/kg floor under NdPr, and Western buyers are paying anywhere from 5x to 346x the Chinese price for heavy rare earths. So why are rare earth stocks down on the year? That is the question Canaccord's critical minerals team led by Reg Spencer asks in an overnight note titled "Rare Earths: Equity disconnect from strong…
https://oilprice.com/Metals/Commodities/Why-Are-Rare-Earth-Stocks-Falling-When-Prices-Keep-Rising.html

2026-10-21 16:00:00 UTC

UK Greenlights Major North Sea Gas Field After Years of Legal Battles
A major gas field in the North Sea has been re-approved by the government following years of legal rows with environmental campaigners. The Jackdaw site, a large offshore natural gas field 150 miles east of Aberdeen, has received the official stamp of approval from the government and is expected to supply gas to the UK “by the end of the month”. The project was first green-lit back in 2022, but has faced successful legal challenges from activists over its climate impact. Multiple industry bodies and US President Donald Trump have urged…
https://oilprice.com/Energy/Energy-General/UK-Greenlights-Major-North-Sea-Gas-Field-After-Years-of-Legal-Battles.html

2026-10-21 15:30:00 UTC

India’s Top State Refiner to Reduce Middle East Term Oil Purchases
India’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply from the region, an anonymous source with knowledge of the plans told Reuters on Wednesday. IOC initially planned to procure 47% of its crude oil from the Middle East for the coming fiscal year, but it would now “slightly” reduce this share, according to Reuters’ source. Refiners in India…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Top-State-Refiner-to-Reduce-Middle-East-Term-Oil-Purchases.html

2026-10-21 14:30:00 UTC

Higher Oil Availability Pressures Middle East Crude Benchmarks
Robust crude oil flows out of the Middle East in recent weeks have started to pressure the key metric of strength for physical supply out of the region. The premium of Oman crude over Dubai, the measure of Middle East’s market strength, has slumped this week to the lowest level since the end of July, to $4.22 per barrel, according to data by General Index cited by Bloomberg. The Oman-Dubai crude differential had soared to as high as $65 in March when the Strait of Hormuz was at a virtual closure and no crude cargoes were moving out of the…
https://oilprice.com/Latest-Energy-News/World-News/Higher-Oil-Availability-Pressures-Middle-East-Crude-Benchmarks.html

2026-10-21 13:00:00 UTC

Ukraine Welcomes Restored U.S. Intelligence Amid Russian Attacks
Ukrainian President Volodymyr Zelenskyy has said he is thankful to the US as intelligence on Russian missile strikes "works now," after talks with US envoys Steve Witkoff and Jared Kushner in Oslo. Zelenskyy had previously said that Washington had temporarily paused some intelligence sharing with Kyiv before resuming it. "We are thankful that intelligence works.... I'm speaking about early warning, what is very important for our people, for children, adults, civilians, because we can hear when ballistic [missiles are] coming," Zelenskyy told reporters…
https://oilprice.com/Geopolitics/Europe/Ukraine-Welcomes-Restored-US-Intelligence-Amid-Russian-Attacks.html

2026-10-21 12:30:00 UTC

Russia to Send First Diesel Tanker to U.S. on Thursday
Russia will send its first diesel tanker to the US on Thursday under the agreement between Presidents Donald Trump and Vladimir Putin, Deputy Prime Minister Alexander Novak told reporters Wednesday, according to TASS and Prime. Novak did not name the port. He gave the tanker's displacement as 40,000 tons and said additional shipments will follow. "We will meet the United States' needs, to the extent of our capabilities," RIA quoted him as saying, via Reuters. Putin told US envoy Steve Witkoff on Wednesday that the first tanker, which he also put…
https://oilprice.com/Latest-Energy-News/World-News/Russia-to-Send-First-Diesel-Tanker-to-US-on-Thursday.html

2026-10-21 10:30:00 UTC

UK Approves Jackdaw Gas Field as Energy Crisis Deepens
The UK government on Wednesday approved the long-delayed Jackdaw gas field in the first approval of a new North Sea project since the Iran war hiked energy prices. Jackdaw will start to supply gas to British homes and businesses from the end of this month, after the UK Energy Secretary agreed that the regulator can grant consent for gas to be produced at the field, Andy Burnham’s Labour government said in a statement. The Jackdaw project, led by Adura, the new company Shell and Equinor have created by merging their oil and gas assets in the…
https://oilprice.com/Latest-Energy-News/World-News/UK-Approves-Jackdaw-Gas-Field-as-Energy-Crisis-Deepens.html

2026-10-21 08:30:00 UTC

India’s Coal Crisis Deepens as Power Demand Surges
Indian power generators are bracing for a coal supply squeeze, with half of the country’s coal power plant fleet operating with critically low stocks, Reuters has reported, citing higher than usual demand for electricity because of warmer than usual weather for this time of year. As many as 96 coal power plants in the country only have stocks for three days of consumption, the publication wrote, citing data from India’s Central Electricity Authority. This is up from 60 power plants operating with critically low stocks as of mid-September.…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Coal-Crisis-Deepens-as-Power-Demand-Surges.html