Gulf of Mexico Oil and Gas Auction yields Far Fewer Bids Than First Trump Sale
According to a document posted on the government's website, the second auction of oil and natural gas leases in the Gulf of Mexico by the Trump administration in three months drew far less interest from the industry than the one held in December.
Patterson-UTI, an oilfield services firm, says that higher oil prices won't spur more US production.
Andy Hendricks, CEO at?oilfield service company 'Patterson-UTI', stated on Tuesday that a surge in energy costs caused by the war between the United States and Israel with Iran would not lead to an increase in U.S. production of oil without the necessary market predictability.
LNG Canada increases production as Iran's war threatens global supplies
LSEG data shows that LNG Canada, a Shell venture, has increased production and exports to Asia in the past month. This is because 'the iran war' threatens Asian gas supplies, which are especially vulnerable to global disruptions.
EIA: US power consumption will surpass previous records in 2026 and '27, as AI usage surges.
?U.S. The Energy Information Administration (EIA), in its Tuesday Short-Term Energy Outlook, said that power consumption will continue to rise in 2026-2027. The EIA projects that the power demand in 2025 will reach a record of 4…
LNG Canada increases production as Iran's war threatens global supplies
LNG Canada, a Shell venture, increased production?and exported to Asia in this month. LSEG data shows that the Iran 'war' threatens Asian natural gas supply, which is particularly vulnerable to disruptions on a global scale.
EIA: US natgas production to reach record highs in 2026 while demand declines
The U.S. Energy Information Administration said in its short-term energy outlook on Tuesday that U.S. gas production will reach a record high in 2026 while demand will decrease. EIA predicted dry gas production would rise from…
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and the attacks of Iran on Gulf neighbours has caused oil and natural gas production to stop in the Middle East. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global oil and LNG supplies.
Hungary Central Bank to use reserves to fund energy imports
In a Tuesday statement, the central bank of Hungary said it would?provide foreign exchange liquidity from its reserves in excess of 60 billion euros to cover increased foreign currency imports. Central Europe's import-dependent financial markets were shaken by the U.S.
Repsol, a Spanish company, may attract new investors to the US renewables unit
Josu Imaz, CEO of Spanish energy company Repsol, said that the group is reviewing its approach to renewable power generation and may welcome new investors. Repsol, as part of a larger strategy to transition from a traditional oil and gas company into a multi-energy provider…
Zambia seeks global investors to triple copper production by 2031
Zambia is wooing investors from around the world, including those in the United States. It aims to triple its copper production to 3 million tons by 2031. Washington wants to work with the second largest copper producer in Africa, Africa's Democratic Republic of Congo.
S&P: Central Europe is more resilient to supply shocks in the face of Iran war
S&P Global reported?on Tuesday that Central and Eastern Europe is more resilient to energy?shocks as a result of efforts to diversify the sources of energy since Russia's invasion in?Ukraine 2022. This provides buffers against economic impacts of the war in the Middle East.
Qatar is looking to strengthen its security partnership with the US following Iran's attacks
Qatar wants to strengthen its defense partnership with the United States after Iranian air strikes on Qatari territory, said the spokesperson for the Foreign Ministry on Tuesday. Qatar also sees the current deal as a deterrent.
G7 and EU discuss energy prices and strategic reserves
Officials said that the G7 energy minsters will discuss the soaring prices of energy due to the war in Iran during a Tuesday call. A group of European Union Leaders will also do the same later in the day. On Monday, oil?prices soared to $119 per barrel…
VEGOILS - Palm oil drops more than 3%, as crude and rival oils slump
Malaysian palm futures dropped more than 3% on Monday, following declines in rival edible oils traded in Dalian, Chicago and Dalian markets, as well as crude oil. This was a day after they had posted their largest jump in three-years.
Sources say that Bangladesh has secured diesel supplies amid major disruptions in energy supply
After the U.S. - Israel war 'on 'Iran, which disrupted shipments to garments and other industries, Bangladesh began receiving diesel from suppliers such as?China, India, officials said. The country has enough fuel for about a?month worth of demand.
EUROPE GAS - European prices fall in line with crude oil as Middle East hopes for de-escalation are raised
Dutch and British wholesale gasoline prices fell from their 3-year highs in the morning of?Tuesday, mirroring oil market movements after?U.S. Donald Trump claimed that the Middle East conflict would end "soon". Data from Intercontinental Exchange (ICE)…
Indian restaurants are warning of closures due to the shortage of cooking gas as a result of the Iran war
The Iran war has caused a shortage of cooking gas in India, and restaurants and hotels have warned that they may be forced to close their doors. Authorities have set up a committee to review the requests of industry. Fuel shortages are a result of the U.S.
Aramco warns of 'catastrophic' consequences for oil in the Strait of Hormuz if shipping is not resumed
Saudi Arabia's Aramco, the world's largest oil exporter, said on Tuesday there would be "catastrophic" consequences for the oil markets of the world if the Iran War continues to disrupt shipping through the Strait of Hormuz.
Aramco announces first buyback after announcing a drop in profit
Saudi Arabia's Aramco reported a 12% decline in annual profits due mainly to lower crude prices. However, it announced that up to $3 billion worth of shares would be repurchased in its first ever buyback. The buyback will take place over the next 18-months.
Russell: Quality is important as coal prices rise amid LNG spikes on Iran War
The rise in spot prices of liquefied gas (LNG), but only in higher-quality grades, has led to a price increase for seaborne thermal coal. Last week, the spot price of LNG in Asia nearly doubled as the market digested a loss of…