(Oil Price) – Just five years ago, no one could predict the surge in electricity demand that the United States is currently experiencing because of the proliferation of data centers as AI takes center stage in the tech industry. Many, however, predicted that nuclear is due for a renaissance—and it is getting it, in both conventional form and, in the future,
(Oil Price)– Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday. “Production is growing… Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying. Russia’s oil production in August was
(Oil Price)– On the evening of October 2, a massive fire broke out at Chevron’s El Segundo refinery just southwest of Los Angeles. The blaze was visible across the South Bay and drew a large emergency response, but it was ultimately contained without injuries. While the fire was limited to a single process unit, the facility’s importance to California’s fuel supply means the incident
(Oil Price)– The OPEC+ group continues to return modest volumes of supply to the market, cautious not to sink oil prices as demand weakens after the summer. The production hikes are estimated to be lower than the headline figures suggest—some producers lack the capacity to boost output further, while others are compensating for previous overproduction. While the lower-than-planned production increases
Weekly Crude Oil Storage as of October 3, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.7 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Investing)– The U.S. government is considering canceling billions of dollars in funding for clean energy programs, including awards for auto manufacturing and carbon capture, according to a list of targeted projects seen by Reuters. Projects on the list include two major direct air capture hubs that received billion-dollar awards from former President Joe Biden’s administration, including one that involves oil
(BOE Report)– Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of the proposed deal to C$29.80 per share, in an attempt to match a rival bid from Strathcona Resources. The revised terms valued MEG at about C$8.6 billion ($6.16 billion), including debt, the company said, adding that it is Cenovus’ “best and final” offer. Last month, MEG
(Investing.com)– Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC’s second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Iraqi Prime Minister
