Finance and markets: business, quotes, gold, energy and releases.
Found 1787 articles
Facing a fiscal crisis triggered by the blockade of the Strait of Hormuz, Iraq is considering a withdrawal from OPEC to unilaterally increase oil production. Baghdad’s government is currently weighing the risks of market instability against the desperate need to boost export revenues and stabilize its oil-dependent state budget.
Declaring that consumers are being gouged, President Donald Trump has singled out Exxon, Chevron, Shell, and BP for failing to lower pump prices in step with the recent collapse in crude oil costs. The president has ordered the Department of Justice to investigate the industry’s pricing practices.
Tesla has finalized a multi-year agreement to supply over 25 gigawatt-hours of utility-scale battery storage to NatPower, fueling a rapid expansion of energy infrastructure across Europe. This deal represents the initial phase of a larger program aimed at deploying 100 GWh of capacity to stabilize grids and support renewable energy.
A fresh cargo of Al-Shaheen crude has been sold to a Taiwanese refiner, marking the latest recovery in Persian Gulf energy exports. The deal, confirmed by trading sources, follows recent sales to Indian buyers and signals a broader uptick in regional oil flows despite escalating logistical costs.
While Norwegian petroleum production retreated in May from April’s peak, the sector continues to outperform official expectations. Crude oil output reached 1.722 million barrels per day, finishing 7.2% above forecasts and cementing the nation’s status as a critical, stable energy supplier for a volatile European market.
Secretary of State Marco Rubio touched down in Abu Dhabi on June 23, launching a high-stakes diplomatic mission to the UAE, Kuwait, and Bahrain. The visit aims to stabilize regional nerves as Gulf leaders seek clarity on the fragile cease-fire framework recently brokered between Washington and Tehran.
With the Strait of Hormuz open and production at Qatar’s Ras Laffan hub beginning to recover, global natural gas markets are poised to rebalance by the third quarter. Philip Mshelbila, head of the Gas Exporting Countries Forum, anticipates a stabilization of flows that could finally suppress prices after months of volatility.
A coalition of major energy exporters, led by the United States and Qatar, has issued a blunt warning to Brussels: the European Union’s stringent methane regulations threaten to trigger a severe gas shortage and drive prices higher, as key suppliers refuse to sign contracts that violate the bloc's new compliance demands.
With a flurry of new agreements signed in Baku on June 22, Azerbaijani President Ilham Aliyev and Turkmen leader Serdar Berdymukhamedov have signaled a shift toward integrating the notoriously isolated Turkmenistan into the Middle Corridor, a burgeoning trade route designed to bridge Central Asia and European markets.
Researchers at the Korea Institute of Geoscience and Mineral Resources have bypassed the energy-intensive drying phase of biochar production by using damp coffee grounds. By leveraging internal moisture to trigger rapid carbonization, the team has transformed a common waste product into a potent, clean-burning energy source.
Commercial crude inventories in the United States plummeted by 6.1 million barrels for the week ending June 19, according to the Energy Information Administration. Despite this significant draw, which leaves stockpiles at 412.1 million barrels—7% below the five-year seasonal average—oil markets reacted with a sharp sell-off on Wednesday morning.
A 953-tonne slab of concrete and steel lowered into a 35-meter shaft at Ontario’s Darlington site marks the end of a decade of planning and the beginning of the Western world’s first grid-scale Small Modular Reactor project, signaling a shift toward more flexible, decentralized nuclear power.
China's crude oil imports plummeted to 7.82 million barrels per day in May, marking their lowest level since February 2018. This sharp 29% year-on-year decline signals a pivot toward strategic reserves, acting as a significant anchor on global oil prices already strained by geopolitical tension and shifting supply dynamics.
The Trump administration is launching a $17.5 billion low-interest loan program to accelerate the deployment of Westinghouse Electric’s AP1000 reactors. Energy Secretary Chris Wright aims to secure five two-reactor projects, a move intended to shave three years off construction timelines and meet surging power demand from the AI sector.
Igor Sechin, head of state-controlled oil giant Rosneft, has urged President Vladimir Putin to mandate that domestic energy firms refine at least 30% of their crude within Russia. The proposal aims to stabilize a fuel market fractured by persistent drone strikes on infrastructure and dwindling supply chains across the country.
Extensive structural damage from repeated Ukrainian drone strikes in mid-June has crippled the Moscow Oil Refinery, pushing the facility’s expected return to full production into 2027. The shutdown of the Gazprom Neft plant, which normally processes 11.6 million metric tons of crude annually, exacerbates a deepening national fuel supply crisis.
Households across the UK remain vulnerable to volatile fossil fuel prices due to a sluggish shift toward electrification, according to the Climate Change Committee. The independent panel warns that without accelerated heat pump deployment and grid reforms, the country risks missing vital carbon targets and sustaining unnecessarily high utility bills.
The euro dropped to $1.135 against the dollar on Wednesday, marking a one-year low as receding geopolitical friction between the United States and Iran cools global energy markets. With oil prices sliding, investor confidence in further European Central Bank rate hikes has evaporated, fueling a sharp divergence in monetary policy.
A super El Niño is emerging as a potent inflationary catalyst, threatening to collide with high energy costs and global supply chain disruptions. As climate patterns shift across the tropical Pacific, economists warn that the resulting agricultural volatility could force central banks to rethink their cooling inflation narratives.
Daily earnings for very large crude carriers have surged to nearly $470,000, as importers scramble to secure vessels in the hope that a tentative memorandum of understanding between the U.S. and Iran will allow for the safe transit of oil cargoes through the Strait of Hormuz.
Gautam Adani plans to establish his conglomerate as India’s largest private nuclear developer, aiming for 10 gigawatts of capacity by 2035. The move follows the government’s decision to open the civil nuclear sector to private capital, signaling a shift in how the nation sources round-the-clock clean energy.
Refinery run rates among China’s independent operators, known as teapots, have collapsed to 50.5% in Shandong province, marking the lowest utilization levels since 2017. This sharp downturn reflects a punishing combination of expensive feedstock, anemic domestic fuel demand, and government-imposed restrictions on exports.
India is pivoting its power infrastructure away from global markets, forcing plants originally designed for imported coal to switch to domestic supplies. This strategic transition, driven by surging local production and renewable energy growth, has pushed thermal coal imports to a four-year low during the first five months of the year.
Qatar expects to restore normal liquefied natural gas production within weeks, provided shipping lanes through the Strait of Hormuz stabilize. Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani confirmed that repair crews are already active, though one damaged facility at the Ras Laffan complex will remain offline for a longer period.
SpaceX is launching a $20 billion bond offering, marking the company's first foray into the investment-grade debt market. The capital will refinance bridge loans linked to the 2026 acquisition of xAI and provide the necessary runway for the firm’s pivot toward large-scale orbital computing and data center infrastructure.
Suriname is inching closer to becoming a regional energy powerhouse as Malaysia’s state firm Petronas confirms a fresh natural gas discovery in Block 52. With President Chan Santokhi eyeing a final investment decision by year-end, the discovery signals a critical shift in the nation’s quest for industrial diversification.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” President Trump wrote in a social media post, ordering the Department of Justice to investigate fuel stations for allegedly failing to pass on recent crude oil savings to consumers.
The Trump administration’s decision to grant a 60-day sanctions waiver on Iranian crude has failed to trigger a market price collapse, leaving traders to grapple with uncertainty. While the move allows for renewed exports, market participants remain wary of whether non-Chinese refiners possess the risk appetite to resume purchases.
While the United States struggles with aging infrastructure and stalled projects like Plant Vogtle, China is rapidly cementing its status as the world’s nuclear powerhouse. With nearly half of all global reactors currently under construction located within its borders, Beijing is on track to dominate the sector by 2035.
The Interior Department is aggressively dismantling Biden-era energy regulations, slashing well-plugging bond requirements from $500,000 to $25,000. By gutting methane tracking mandates and truncating public leasing review periods to just 10 days, the administration aims to remove financial hurdles and incentivize immediate expansion on federal lands.