Category Archives: Energy industry

Can the IEA put a lid on the price per barrel by releasing oil stockpiles?

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Despite rare act of multilateralism, there is no guarantee the IEA’s release of 400m barrels from reserves will depress prices

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.

Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.

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Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon

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Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storage

Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.

The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues.

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Great Britain has only two days of gas stored, while Iran war threatens to disrupt supplies

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National Gas insists storage broadly in line with levels for time of year despite disruption for tankers carrying LNG

Great Britain has only two days of fossil gas stored after a decline in energy reserves, as more tankers carrying liquefied natural gas (LNG) are diverted from their course to Europe towards Asia because of the Iran war.

Great Britain had 6,999 gigawatt hours (GWh) of fossil gas stored on Saturday, according to figures from National Gas, which owns and operates the gas national transmission system. This compares with 9,105 GWh a year earlier.

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White House worries as gas prices jump amid ongoing US-Israel war on Iran

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US drivers are largely insulated from higher oil prices caused by Middle East turmoil – but only to a point

Across the US, the average cost of a gallon of regular gasoline has jumped nearly 27 cents in a week, to $3.25, and American consumers are bracing for higher prices at the gas pump as the US-Israel conflict with Iran threatens to disrupt the global oil supply.

That fear has entered the White House too, where Donald Trump’s chief of staff, Susie Wiles, is reportedly hunting for ideas to lower gasoline prices and officials are getting “screamed at” to bring good news, according to Politico.

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Philippines orders energy cuts in response to Middle East war

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South-east Asian country limits air conditioning and travel for public officials amid soaring fuel prices

The Philippines is searching for ways to conserve energy in response to surging fuel costs, with public officials ordered to cut back on air conditioning usage and reduce travel.

All national government agencies, state universities and colleges, and local government branches have been told to reduce fuel consumption by at least 10% in response to the crisis in the Middle East.

Government offices have been told to adopt flexible work arrangements, and to set air conditioning units no lower than 24 degrees.

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US and Venezuela move to restore diplomatic ties two months after Maduro’s capture

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Re-establishing diplomatic relations will support Venezuela’s economy, US state department claims, amid push for minerals access

Venezuela and the US are restoring diplomatic ties, the two countries announced Thursday, in a new sign of thawing relations after Washington ousted former president Nicolás Maduro.

The announcement came as US interior secretary Doug Burgum wrapped up a two-day trip to Venezuela, part of US president Donald Trump’s push for greater access to the country’s mineral wealth.

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Oil price continues to rise amid Middle East crisis but stock markets rebound across Asia

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Reports of attack on US registered tanker in Gulf lifts crude by 3% to $84 a barrel as gas price also starts to climb

Stock markets have rebounded in Asia after days of heavy losses driven by the war in the Middle East, but oil and gas prices have continued to climb amid disruption to supplies.

South Korea’s KOSPI, which posted its biggest ever fall on Tuesday of 12%, rose by almost 10% on Thursday, while Japan’s Nikkei climbed by 1.9%. MSCI’s Asia-Pacific index excluding Japan jumped by 2.7%.

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China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs

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Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as number of crossings drops 60% in one day

The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared.

Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran.

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Switching energy deal can save £200 as price cap falls, say experts

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Households on a default dual-fuel tariff in Great Britain could cut costs by moving to a fixed deal

Experts have told households whose energy bills are pegged to the price cap not to “rest on their laurels” as they could save more than £200 a year on a fixed deal.

This week, Ofgem said the price cap in Great Britain would drop by 7% from April. This usually only matters if you are on a default tariff, but this time the reduction applies to everyone because the government is removing green charges from bills.

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Hinkley Point C nuclear plant delayed to 2030 as costs climb to £35bn

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French utility company EDF says operations in Somerset will start a year later as delay costs firm €2.5bn

Britain’s first new nuclear plant in a generation at the Hinkley Point C site will face further delay, at a cost of €2.5bn to the French utility company EDF.

EDF said the first reactor at the site in Somerset will begin operations in 2030, a year later than planned – almost 13 years after construction work began – after a series of delays to the project.

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Household energy bills in Great Britain forecast to fall by £117 a year

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Consultancy’s prediction comes after Rachel Reeves said green subsidy costs would be removed from domestic bills

Household energy costs in Great Britain are expected to tumble by an average of £117 a year from April after Rachel Reeves announced in November’s budget that the cost of green subsidies would be removed from domestic bills.

The government’s quarterly cap on energy bills is forecast to fall after the chancellor’s decision to shift the levies used to support renewable energy projects into general taxation, and scrap a bill payer-funded energy efficiency scheme, according to Cornwall Insight, a leading energy consultancy.

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UK energy bill payers will hand £2bn a year to EDF for new power stations

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French government-owned company to receive funding for Hinkley Point C and Sizewell C

UK energy bill payers will hand over £2bn a year in subsidies to EDF, the French company building two new nuclear power stations, according to government figures.

EDF, owned by the French government, will be entitled to £1bn in annual payments as soon as Hinkley Point C, in Somerset, comes on to the grid in 2030.

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Fossil fuel lobbyists outnumber all Cop30 delegations except Brazil, report says

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One in every 25 participants at 2025 UN climate summit is a fossil fuel lobbyist, according to Kick Big Polluters Out

More than 1,600 fossil fuel lobbyists have been granted access to the Cop30 climate negotiations in Belém, significantly outnumbering every single country’s delegation apart from the host Brazil, new analysis has found.

One in every 25 participants at this year’s UN climate summit is a fossil fuel lobbyist, according to the analysis by the Kick Big Polluters Out (KBPO) coalition, raising serious questions about the corporate capture and credibility of the annual Cop negotiations.

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State-sanctioned fuel smuggling cost Libya $20bn over three years – report

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Policy body calls for western-backed investigation into oil officials known to be at heart of illegal enterprise

A surge in state-sanctioned fuel smuggling between 2022 and 2024 cost the Libyan people about $20bn (£15bn) in lost revenue – an alarming sum that demands decisive international sanctions against those responsible, according to the most comprehensive report published on how Libya’s primary revenue source has been systematically pillaged.

The report by the investigative and policy body the Sentry states that “politicians and security leaders who claim to serve the public and fight organised crime have, in fact, acted as the chief architects of Libya’s fuel-smuggling industry, often with backing from foreign states”. Some of the imported fuel has also been smuggled into Sudan, where it has prolonged that country’s civil war.

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Supply boom in cheaper renewables will seal end of fossil fuel era, says IEA

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Watchdog’s flagship report says rise in low-carbon electricity will make transition ‘inevitable’, despite Trump’s calls to carry on drilling

Renewables will grow faster than any major energy source in the next decade, according to the world’s energy watchdog, making the transition away from fossil fuels “inevitable”, despite a green backlash in the US and parts of Europe.

The world is expected to build more renewable energy projects in the next five years than has been rolled out over the last 40, according to the flagship annual report from the International Energy Agency (IEA).

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Ukraine’s energy sector faces wide-scale investigation over ‘kickback’ allegations

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Anti-corruption agency says state nuclear power operator Energoatom taking illicit payments of 10-15%

Ukraine’s anti-corruption bureau said on Monday that it was conducting a large-scale investigation into the country’s energy sector, alleging kickbacks in transactions involving the state nuclear power operator, Energoatom.

The bureau, which operates independently of the government, alleged that several senior figures were involved. Ukrainian media identified one of them as Timur Mindich, a businessman and associate of Ukraine’s president, Volodymyr Zelenskyy.

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‘Loophole’ in sanctions allowing Russian oil to be imported to Australia through port part-owned by Macquarie Bank

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Australia stopped buying fuel directly from Russia after its invasion of Ukraine but has imported more than 3m tonnes of its oil products since 2023

Millions of tonnes of Russian oil have been traded through a port part-owned by Macquarie Bank and potentially sold on to Australian businesses, new data shows.

The identification of a new link between Australia and the trade in Russian-origin products exposes further gaps in government sanctions, as Australia lags behind the EU and the UK in tightening import rules.

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UK politics: Worries about immigration are ‘manufactured panic’ says charity as poll shows issue not a local concern – as it happened

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YouGov poll say only 26% of people say immigration is an issue locally but more than half believe it to be a national issue

There were six council byelections yesterday. Here are the results, from Election Maps UK.

Reform gained two seats, from Labour and from an independent group.

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Trump sanctions have swift impact but will world stop buying Russian oil and gas?

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Analysts say president’s war on Russia’s fossil fuel revenues is a chance to bring peace to Ukraine and profit to US

Donald Trump’s stated mission to broker peace in Ukraine could come down to this simple question: can the US president convince the world to stop buying Russia’s fossil fuels?

Last week, Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in an effort to damage Moscow’s ability to fund its war machine.

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US demands EU reverse new climate rules to allow surge in gas imports

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US and Qatar say new rules will hinder imports of LNG, posing ‘existential threat’ to European economies

The US has demanded that the European Union roll back its climate and human rights rules in order to allow greater imports of liquefied natural gas (LNG), as the Trump administration approved a controversial gas export hub along the Gulf of Mexico coast.

A letter jointly sent by the US and Qatar, two of the three largest LNG exporters in the world, warned the EU that its new rules pose an “existential threat” to European economies as they would hinder imports of gas from countries such as theirs.

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