Author: Graham Foster

Observing Energy Trends: US-Iran Tensions Impact Oil Prices Greetings! Today’s focus is on oil market dynamics amid rising tensions between the US and Iran. Recently, the price of Brent crude reached $72.50, the highest in over six months, before settling at $70.69 by Tuesday morning. The recent meeting of energy ministers in Paris showcased differing views on energy policies. The US promotes increased fossil fuel drilling, while many European nations are shifting their focus toward renewable energy. U.S. Energy Secretary Chris Wright expressed concerns that European countries have strayed from effective energy policies, leading to a lack of consensus during…

The eastern coastline of the UK is facing rapid erosion, with significant damage occurring in areas like Thorpeness, Suffolk. This alarming trend is not only threatening homes but also raises concerns for the nearby Sizewell C nuclear power plant under construction. Norfolk and Suffolk’s coastline is recognized as one of the fastest-eroding areas in Europe, and recent months have seen an even quicker deterioration, particularly near the Sizewell C site. Since December 2024, more than 27 meters of cliff have been lost in Thorpeness, as reported by East Suffolk Council. This erosion surpasses the typical rate of 2 meters per…

US oil giant Chevron has announced it is in exclusive negotiations to acquire a stake in one of the largest oilfields in the world, following sanctions on Russian company Lukoil. Pending approval from both the US and Iraq governments, Chevron aims to negotiate for an undisclosed portion of the West Qurna 2 field, which currently produces close to 500,000 barrels of crude oil each day. This accounts for about 10% of Iraq’s total oil output. Previously, Lukoil owned three-quarters of this field but has been forced into selling its international assets due to sanctions imposed last October. Earlier this year,…

Greece is stepping up to be a key player in Europe’s energy scene, aiming to become the primary entry point for liquefied natural gas (LNG) imports. This shift comes as the European Union prepares to stop all gas supplies from Russia by 2027. By leveraging its geographical position, enhanced LNG facilities, and strong relations with the US, Greece sees an opportunity to play a major role in Europe’s gas market post-Russia. Before Russia’s invasion of Ukraine, they supplied about 40% of the EU’s gas; this figure plummeted to around 11% by 2024, largely replaced by US LNG, which now makes…

An IT error has unveiled a suspected smuggling operation that has allegedly trafficked over $90 billion worth of Russian oil, playing a pivotal role in financing the Kremlin’s military actions in Ukraine. An investigation revealed that 48 companies, seemingly operating independently from various locations, are working in unison to mask the origins of oil from Rosneft, a major state-controlled entity in Russia. This network was uncovered when they were found to all share a single private email server. The tactic of routing oil through intermediary entities serves to obscure any blacklisted companies associated with transactions. The need to conceal where…

Overview: A group of 13 state attorneys general has initiated a lawsuit in the Northern District of California. They are contesting the termination of funding for various energy and infrastructure programs that were set up under the Inflation Reduction Act and the Infrastructure Investment and Jobs Act. The suit points out that almost $8 billion has been cut from clean energy initiatives, which the Department of Energy (DOE) announced last October. The lawsuit claims that the Trump administration has quietly stopped projects established by significant energy legislation from the previous administration. California Attorney General Rob Bonta remarked, “The President is…

EDF has delayed the start of the much-anticipated Hinkley Point C nuclear plant in the UK, pushing the opening date to 2030. This change follows a charge of €1.8 billion and escalates the total cost of the project, which has already faced multiple setbacks. The French energy giant announced that the first of the two reactors, part of a 3.2 gigawatt project in Somerset, will now be operational in 2030 due to delays in various electromechanical tasks. This new date is a shift from its earlier target of 2029, which was already postponed from an original 2025 timeline set when…

Canada Shifts Focus to Asia for Energy Exports Good morning and welcome to an update on Canada’s energy landscape. Executives in the oil industry are feeling the pressure to outline their future growth plans. With concerns about peak oil demand, major companies like ExxonMobil, Chevron, Shell, BP, and TotalEnergies are now expected to demonstrate the sustainability of their oil reserves. Turning our attention to Canada, the country is making strides to pivot away from its traditional reliance on the United States for oil exports, seeking new opportunities in Asia, particularly in India and China. Canada’s Energy Push in Asia Prime…

Energy ministers recently concluded a two-day meeting in Paris organized by the International Energy Agency (IEA), but they did not reach a consensus on strategies to combat climate change. This gathering was marked by a strong criticism of net-zero goals from the U.S. Energy Secretary Chris Wright. For the first time in several years, the ministers failed to put forth a united statement, highlighting divisions stirred up by the U.S. They emphasized the need for renewable energy sources, with countries like the UK, France, and Spain underscoring their importance. The chair of the meeting, Dutch energy minister Sophie Hermans, noted…

Global corporate clean energy procurement experienced a decline in 2025, hitting 55.9 gigawatts (GW), a drop from the previous year’s record of 62 GW. This decrease has been attributed to fluctuating power prices and policy uncertainties, as reported by BloombergNEF. Among the regions, only the Americas maintained steady clean energy deal volumes, although in the U.S., purchases became concentrated among larger companies. BNEF noted that while the U.S. still leads with 29.5 GW of deals—largely driven by major tech companies turning to nuclear, hydro, and geothermal sources—the number of unique corporate buyers fell by 51% year-on-year, reducing to just 33…