Author: Graham Foster

The energy landscape is shifting, as seen from London, where recent news indicates that the International Energy Agency has reduced its estimates for oil demand growth this year by roughly 300,000 barrels per day. This cut follows the chaotic trade environment spurred by U.S. President Donald Trump’s recent policy changes. In Canada, oil producers are maintaining a hopeful outlook despite the challenges posed by Trump’s trade policies, which have contributed to instability in global markets and a decline in crude prices. The Canadian Association of Petroleum Producers (CAPP) recently held an investor conference in Toronto, where it was emphasized that…

Globalization is based on a straightforward and appealing principle: produce items in places where it is most affordable and then transport them as needed. However, this system only functions effectively if the trade environment remains stable. If one of your trading partners can misuse their position to pressure you, it may be wiser to spend a bit extra to maintain control over essential resources. A clear example of this shift from prioritizing cost-effectiveness to ensuring reliability can be seen in the steel industry. Recently, the UK decided to take over British Steel from its Chinese owner, Jingye, in a move…

The UK government has taken significant action to rescue British Steel, the operator of the nation’s last two blast furnaces located in Scunthorpe, Lincolnshire. In an urgent move, Parliament was summoned back from recess to approve emergency legislation. This new law allows the government to take control of the plant while securing vital iron ore and coal supplies to keep operations running. There is now a strong possibility of temporary nationalisation, but a clear plan for the future remains unclear. The current owner, Jingye from China, demanded double the £500 million the government was willing to provide to support the…

Dive Brief: According to a recent report from Deloitte, new nuclear power could fulfill about 10% of the expected increase in electricity demand from data centers by 2035. Deloitte predicts that data centers will consume roughly 30%, or between 11 GW to 19 GW, of the forecasted new nuclear capacity expected to grow to between 35 GW and 65 GW over the next decade. This capacity will come from upgrades at current power plants, along with the restart of some recently retired reactors and new installations at existing sites. The majority of new nuclear capacity is expected to connect through…

The International Energy Agency (IEA) has reported a significant slowdown in oil demand growth for this year. In their latest forecast, they predict that demand will rise by only 730,000 barrels per day (b/d), a reduction of about one-third from their earlier estimate of 1.03 million b/d. This revision was largely prompted by the negative effects of tariffs imposed by the United States on trade. According to the IEA, around half of the expected decline, which amounts to 300,000 b/d, is anticipated to come from reduced demand in the US and China. The agency explained that while oil, gas, and…

Sidara has offered £242 million to purchase Wood Group, marking a shift less than a year after withdrawing from a £1.5 billion bid for the struggling UK oil services and engineering firm. On Monday, Wood announced that Sidara, a UAE-based company, had submitted a “nonbinding conditional proposal” to buy the firm at 35 pence per share, reflecting a 40% premium over last week’s closing price of 25 pence. This offer also includes a potential $450 million investment by Sidara into Wood. The board at Wood indicated it would likely recommend that shareholders accept a definitive offer from Sidara, which operates…

The European Union (EU) is looking to the United States for increased natural gas supplies as it navigates energy challenges, particularly amid tariffs imposed by the U.S. government. Dan Jørgensen, the EU’s energy commissioner, stated that while the region aims to boost renewable energy, it may also consider purchasing more liquefied natural gas (LNG) from the U.S. to ease tensions with President Trump. The European Commission is optimistic about hitting a record for renewable energy capacity by 2025, despite ongoing global economic struggles. Jørgensen highlighted that this green energy initiative does not rule out potential agreements for more U.S. LNG,…

Italy’s largest oil refinery is currently facing significant challenges, following its sale by Lukoil, a Russian company, after European Union sanctions blocked access to Russian oil. The new majority stakeholder, Greek billionaire George Economou, alongside the global commodities trader Trafigura, are reportedly at odds over the terms of their crude supply agreement. In 2023, GOI Energy purchased the ISAB facility located in Priolo, Sicily, with the backing of Trafigura. The transaction was facilitated by Beny Steinmetz, a notable mining billionaire. While the Italian government approved the sale, it has remained somewhat opaque regarding the identity of the investors involved. Documents…

The U.S. Energy Information Administration (EIA) has announced a significant increase in solar energy production, projecting a 35% rise in 2025 and an additional 18% in 2026. This information was included in their latest short-term energy outlook published recently. Alongside the growth in renewable energy sources, the EIA anticipates an increase in electricity prices, a slight rise in demand, and a temporary boost in coal generation. The EIA had postponed the release of its monthly report by two days to update its models in response to recent market trends. They noted that rising natural gas costs compared to last year…

Ørsted, the leading developer of offshore wind power worldwide, has urged European nations to enhance support for an industry facing serious challenges. The call comes amid new tariffs from Donald Trump that are adding pressure to its struggling operations in the United States. Rasmus Errboe, Ørsted’s CEO, highlighted that the offshore wind sector in Europe is in a “difficult situation” due to increasing costs, supply chain issues, and uncertainty regarding electricity pricing. He pointed out that Trump’s recent tariffs would significantly affect project costs in the U.S., where Ørsted has encountered notable obstacles. In a recent report, Errboe urged European…