What the commodity markets can look forward to from the Trump-Xi Summit
The trade in agricultural products, energy, and rare earths have become the major bargaining cards in the trade dispute between the United States and China. They are likely to be discussed again next week when President Donald Trump hosts his counterpart Xi Jinping at the White House. What else do we know? Agri-products, including soybeans, are one of the largest US exports to China.
PetroChina's H1 net profit increases by 22% as fuel sales and oil prices spike.
PetroChina, China's largest gas and oil company, reported a 22% increase in its?first-half?net profit on Sunday, thanks to higher oil prices, and stronger fuel sales. A filing at the Hong Kong Stock Exchange showed that net profit attributable shareholders was 103.94 billion Yuan ($14.65?billion), up from 84?billion Yuan a year ago, and revenue rose?5.3%, to 1.5 trillion Yuan.
Energy Minister: Norway will drill in Arctic regardless EU's position
Norway will develop its oil and natural gas resources in Barents Sea despite the European Union’s support for a moratorium of Arctic hydrocarbon supplies. Energy Minister Terje Aasland said Norway no longer views itself as Europe’s “green?battery”. Norway is now Europe's biggest natural gas supplier, and supplies around 30% of the demand for gas in both Europe and Britain.
ConocoPhillips claims that any delays in the Qatar LNG project are likely to be limited to a few months.
ConocoPhillips announced on Thursday that it expects any delays to its Qatar LNG project will 'likely' be in the months rather than a year and does not anticipate any impact on cash flow. The U.S. gas and oil producer is a?partner in QatarEnergy’s main LNG project. This includes?offshore installations in the North Field, and onshore at?Ras Laffan.
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Donald Trump has increased the pressure on India to reduce its Russian oil purchases. It could cost Moscow vital revenues, but will mainly push more Russian crude oil onto an ever-growing shadow market. The U.S. President said that Indian Prime Minister Narendra modi had pledged on Wednesday to stop purchasing oil from Russia. India has not yet confirmed this agreement.
Sheinbaum, a Mexican company, is weighing pilot fracking to boost gas production.
According to four sources familiar with the discussion, Mexican President Claudia Sheinbaum has been evaluating possible pilot fracking in the northern states of Coahuila & Tamaulipas that could boost domestic gas production. Mexico produces crude oil and natural gas via fracking. However, the government and the…
Argentina's paradoxical growth: Shale wealth grows as jobs disappear elsewhere
Ramiro Ramirez is a mechanic who found work within a month in Vaca Muerta (Argentina), home to one of the largest shale gas and oil reserves. He earns ten times more than he did as a cook. It is not an easy job. Ramirez, 25, leaves Neuquen Province at 5 am for the daily two-hour drive to the oil fields near the dusty, small town of Anelo.
Equinor profits soar on high oil and gas prices during wartime
As expected, Equinor reported on Wednesday a steep rise in profits for the second quarter, boosted by the surge in gas and oil prices, as the Middle East war disrupted the global energy supply. Equinor's poll of 17 analysts predicted that the Norwegian group would earn $11.48 billion in the period from April to June, a significant increase over the $6.54 billion it earned a year ago.
US Russia sanctions bill reduces tariffs on China, India
The U.S. Senate on Tuesday released an updated version of the Russia sanctions legislation, championed?by the late Senator Lindsey Graham. This revised bill eases the original proposal?s?tariff?threat to China, India, and other importers?of Russian oil and gas. The bill, which is supported by both Republican senators and Democratic Senators…
US Russia sanctions bill reduces tariffs on China, India
The Republican and Democratic U.S. Senators unveiled a revised version of the 'Russian sanctions legislation' championed by late Senator Lindsey Graham. They sought to impose sanctions on Russian officials, and to use tariffs to pressurize China and India into reducing their dependency on Russian oil and natural gas.
Bolivia: Petrobras could return to oil production and help YPFB restructure
Energy Minister Marcelo Blanco announced on Thursday that Bolivia would begin technical discussions next week with Brazil’s state-owned oil?firm Petrobras about its possible return to exploration?and production in the country. The company is also willing help restructure the state?energy?firm YPFB. After years of falling gas production…
US Energy Chief urges data center supporters to fight back against their opponents
Chris Wright, the U.S. Energy secretary, said that critics of data centers are "overblown" at a?Amazon Web Services event on Tuesday. Wright listed the concerns that opponents have raised regarding the boom of the facilities, including the use of water and electricity and that artificial intelligence will harm communities and take away jobs.
The U.S. seeks to waive sanctions on Serbia's NIS Oil Company, which is owned by Russians.
The company announced on Friday that Serbia's Russian owned NIS (NIIS.BEL), the only oil refinery in the country, had applied for a new U.S. sanctions waiver to continue 'operations' after July 1, when the existing one expires. NIS cannot import or process crude oil without the waiver. NIS supplies up to 80% the Serbian market, and is majority owned by Russia’s Gazprom and?Gazprom.
Russia and Iran lead the surge in gas flaring, reducing global hopes for ending the practice
According to data from the World Bank, global?gas flaring reached a six-year peak in 2025. This was largely due to increases in Russia, Iran and other countries. These trends are preventing efforts to stop the burning of?gas alongside oil?by the decade's end. According to the World Bank’s Global Gas Flaring Tracker…
EUROPE GAS-European gas prices fall amid weaker demand, peace talk uncertainty
Dutch and British gas prices fell on Tuesday morning, as forecasts for strong wind power output lowered demand. The market also awaited more news regarding the U.S. Iran peace talks. ICE data shows that the benchmark Dutch front-month contract was EUR0.93 lower at EUR48.16/MWh? or around $16.44/mmBtu - by 0819 GMT.
US states sue Trump Administration and TotalEnergies for offshore wind cancellation
Seven U.S. States led by New York filed a lawsuit against the Trump administration on Tuesday for?cancelling an offshore wind lease near New York's coast. The lawsuit filed in Washington, D.C., challenges the March 23 decision of the U.S. Dept. of the Interior to cancel the lease of a subsidiary company of France's TotalEnergies…
Norway's Equinor buys back shares twice as much due to cash flow from the Iran war
Equinor, a Norwegian company, announced on Tuesday that it would increase its share-buybacks. This will return more cash to shareholders as the Middle East war has increased the price of gas and oil. Equinor, a majority state-owned company, said it would spend $3 billion this year to buy back its own shares. This…
Russia warns Armenia that it may stop cheap fuel supplies to Armenia if Yerevan continues EU-course
Russia warned Armenia on Wednesday that it would halt or cancel a deal to supply cheap gas and oil if the country decided to pursue its EU bid. Moscow warned ahead of an election scheduled for June 7, with opinion polls showing the Civil Contract Party of Prime Minister Nikol Pahinyan, who has forged a closer relationship with the West, much to Moscow's annoyance.
Suriname's Block 52 could become commercial for oil in 18 months, Staatsolie says
The managing director of Staatsolie, the state-owned oil and gas company in Malaysia, said that Petronas was exploring for oil in offshore 'Block 52' in Suriname. This area had been declared "commercially viable" for the development of a natural gas field late last year after large discoveries were made in the region.
EU to waive penalties on oil and gas companies that violate methane laws for three years
A draft document seen by revealed that the European Union would ask its member states to waive penalties for three years on oil and gas companies who 'breach their methane emission law' in response to disruptions to energy supplies caused by the Iran War. The move was made in response to pressure from the U.S. Government and oil and gas industry associations…