Russia is heading into 2026 with a familiar problem wearing a sharper edge: the oil revenues that bankroll its budget — and its war — are shrinking fast. According to Reuters calculations released Friday, Russia’s tax proceeds from crude oil production in January could fall to about 380 billion roubles …
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Ukraine has hit an empty oil tanker of Russia’s shadow fleet in the Mediterranean in the first such drone attack in this sea in another escalation of the Ukrainian strikes on Russian vessels. The Qendil tanker, flying the flag of Oman, was targeted and hit by drones, Ukraine said on …
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The economics of shipping additional volumes of heavy crude from Iraq to compensate for a potential loss of Venezuela’s supply are just not there at present, Shafaq News reported on Friday, quoting Iraqi economist Nabil Al-Marsoumi. Concerns in the heavy crude market are that the U.S. blockade of tankers carrying …
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China’s exports of refined petroleum products last month booked a 2.2% decline on the year to 5.12 million tons, which was an increase on October, by 13.3%. Exports of refined petroleum products over the first 11 months of the year were also lower on an annual basis, by 3.2%. The …
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Japan’s JAPEX has struck a deal to buy shale oil and gas asset owner Verdad Resources Intermediate Holdings for $1.3 billion, Reuters has reported, adding the company will finance the deal with a combination of cash and debt. Verdad Resources Intermediate Holdings has assets in Wyoming and Colorado, which currently …
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Global electricity demand is on track to more than double by 2050. Maintaining energy security and keeping energy affordable without throwing climate goals out the window will require a whole lot more renewable energy capacity, but – just as importantly – it will also require a huge leap in energy …
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The price of Russia’s crude has tumbled over the past three months to its lowest level since Russia invaded Ukraine in early 2022, weighed down by intensified U.S. sanctions and falling international benchmarks. Russian crude shipped out of all major export terminals on the Black Sea, Baltic Sea, and Far …
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Amid major policy shifts, next year will see the first-ever decline in annual solar power capacity installations, following the weakest growth in seven years in 2025, according to BNEF’s Global PV Market Outlook. Developers are set to add globally a total of 649 gigawatts (GW) of solar power capacity in …
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Oil tanker rates are set to stay elevated in early 2026 as crude supply is rising while the number of available vessels is shrinking due to the U.S. sanctions on Russia, Venezuela, and Iran, officials and analysts in the shipping industry tell Reuters. The daily rates for chartering a vessel …
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Kazakhstan expects a court ruling on its $3.5-billion lawsuit against international majors by the end of this year, Energy Minister Yerlan Akkenzhenov said on Monday as the country is suing Big Oil in several separate proceedings with total compensation and damage claims of more than $160 billion. The first arbitration …
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