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Tanker Rates Soar to Record as Oil Crisis Becomes Shipping Crisis
The cost of shipping crude oil soared to record highs last month as the Iran war reshuffled trade ro...
Emergency Oil Releases Risk Draining the World’s Last Supply Cushion
Earlier this week, the International Energy Agency, after consulting with G7, said it would release ...
Southeast Asia Needs More Power, But Its Weak Grid Could Be a Problem
The war in Iran has exposed a critical vulnerability in Southeast Asia’s energy markets. The region ...
Iraq’s Oil Lifeline Reopens — But Can Baghdad Trust Turkey for Even One Year?
With over 90% of Iraq’s annual budget still coming from oil exports and historically around 95% of that crude shipped through the Strait of Hormuz, securing an alternative export route while the Strai ...
America's $4 Billion Wind Retreat Is a Bet on Permanently Cheap Gas
The strangest part of America's latest offshore-wind retreat is not that several projects have been cancelled. Some were early-stage, expensive and increasingly difficult to permit. Weak projects shou ...
BofA: Hormuz Needs 10 Times More Ships to Stabilize Oil Markets
Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already ...
Indian Refiners Cut LPG Losses in August
The biggest Indian state-controlled refiners that have been selling liquefied petroleum gas (LPG) on the retail market have seen their losses on these sales narrow so far in August, an Indian energy m ...
Bullish Oil Bets Shrink for a Second Week Running, COT Data Show
Money managers have reduced their bullish bets on both Brent and WTI crude futures over the past two weeks despite little progress on a potential reopening of the Strait of Hormuz. In the latest repor ...
Heat Waves Could Cost the EU 1% of GDP, Dutch Bank Says
This year’s heat waves and related productivity declines and lower agricultural output could erase as much as 1% of the gross domestic product of the European Union, wiping out most of the EU’s econom ...
Hungary’s Nuclear Power Returns as Rain Lifts Danube Water Levels
Hungary expects its only nuclear power plant to resume producing electricity as early as Monday evening after one of the turbines at the Paks nuclear plant is switched on, Prime Minister Peter Magyar ...
Ukrainian Drone Strike Kills 12 in Major Attack on Russian Refining Hub
A Ukrainian drone attack on a city in Russia’s Tatarstan region killed 12 people and wounded at least another 39 in a massive strike that also hit one of the most technologically advanced oil refineri ...
Oil Traders Stay Bearish Despite Deepening Middle East Disruptions
Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might ge ...
Russia’s Labor Shortage Worsens as Central Asian Workers Stay Away
The bad economic news keeps coming for the Russian economy. An analysis of Russian government data by the business daily Vedomosti shows that the influx of Central Asian labor migrants to Russia fell ...
Citi Lifts Brent Outlook but Still Sees Oil Falling in 2027
Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of H ...
Norway’s $2.3-Trillion Fund Opposes SEC Idea to Rescind Climate Reporting
The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, does not support the U.S. Securities and Exchange Commission’s (SEC) proposal to scrap requirements fo ...