https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Wed, 17 Jun 2026 17:09:15 -0500 https://oilprice.com/Energy/Energy-General/The-Diesel-Demand-Shock-Nobody-Is-Pricing-In.html oilprice-article-44682 The Truck Exception Isn't as Big as You Think When I recently argued that the internal combustion engine may already have passed its peak, many readers responded with a familiar objection. Cars are one thing, they argued, but trucks are different. Passenger vehicles can be electrified because they drive predictable distances, return home every evening, and increasingly benefit from lower operating costs. Long-haul trucking, by contrast, depends on heavy payloads, long distances, and energy densities that batteries supposedly cannot provide. While… Wed, 17 Jun 2026 17:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Leon Stille https://oilprice.com/Energy/Energy-General/Clean-Energy-Investment-Hits-22-Trillion-Nearly-Double-Fossil-Fuels.html oilprice-article-44679 Despite historic political headwinds against the global decarbonization effort, clean energy spending continues to see a meteoric rise around the world. The International Energy Agency’s World Energy Investment 2026, published in May of this year, projects that of the $3.4 trillion dollars that the world will spend on energy investments this year, $2.2 trillion will go to clean energy, and just $1.2 trillion will go to fossil fuels. This marks a historic shift in energy spending and in energy security priorities on a global level. Worldwide,… Wed, 17 Jun 2026 16:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Haley Zaremba https://oilprice.com/Energy/Energy-General/Whatever-Happened-to-the-Promise-of-Cheaper-Electricity.html oilprice-article-44680 As readers of Adam Smith know, the market functions to provide consumers with goods and services at the lowest price (within limits set by law). Yet, several years ago, we submitted a piece claiming that restructuring the electricity industry had not produced noticeable consumer benefits, and the irate peer reviewer (we suspect a big shot restructuring maven ) retorted that you can’t prove a negative but added, “Who said that restructuring was supposed to benefit consumers?” On the first point, we simply opined that consumer benefits… Wed, 17 Jun 2026 15:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 OilPrice.com https://oilprice.com/Energy/Crude-Oil/How-the-Oil-Sands-Became-the-Lowest-Cost-North-American-Producer.html oilprice-article-44681 After the oil price crash of 2014-15, global energy majors like BP (NYSE:BP), Chevron (NYSE:CVX), and TotalEnergies (NYSE:TTE) sold their interests in the Canadian oil sands, at the time classifying their Canadian operations as among the most expensive and least profitable. Thus, the majors redirected capital to cheaper oil production, favoring US shale for its quicker drilling time and returns. They may end up regretting that decision. According to a recent report, via the Canadian Energy Centre, the oil sands have become one of North America’s… Wed, 17 Jun 2026 14:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Andrew Topf https://oilprice.com/Energy/Energy-General/Kazakhstan-Bets-10-Billion-on-AI-With-Nvidia-Backed-Data-Center-Valley.html oilprice-article-44675 The Kazakh government has inked a $10 billion deal with US chip-making giant Nvidia and an Armenian-American cloud company to develop a 'Data Center Valley' in the country’s northern Pavlodar region. The deal is seen as anchoring a broader effort to turn Kazakhstan into a global digital hub. Kazakhstan recently adopted a development strategy called “Digital Qazaqstan“ to guide the country’s transformation into a cognitive economy through 2029.  “Digital Qazaqstan represents a fundamental transition of Kazakhstan… Wed, 17 Jun 2026 13:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/IEA-Sees-Massive-Oil-Surplus-In-2027-As-Middle-East-Supply-Returns.html oilprice-news-44682 The global oil market could swing from one of the largest supply disruptions in history to a surplus of more than 5 million barrels per day next year if Middle East production and exports recover following the U.S.-Iran peace agreement, the International Energy Agency (IEA) said on Wednesday, as reported by Reuters. In its first outlook for 2027, the Paris-based agency forecast global oil supply growth of 8 million barrels per day, far outpacing projected demand growth of just 2 million bpd. The result would be a supply surplus of roughly 5 million… Wed, 17 Jun 2026 12:30:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Charles Kennedy https://oilprice.com/Alternative-Energy/Geothermal-Energy/Artificial-Intelligence-Is-Driving-a-Geothermal-Energy-Boom.html oilprice-article-44676 The artificial intelligence boom is fueling an energy revolution. The extreme electricity demands of the fast-growing sector are kicking the research and development of a huge number of next-gen energy alternatives into overdrive, with particular attention to clean energy sources that can provide power 24/7. As a result, the private and public sectors alike funnel billions into nuclear fusion and enhanced geothermal, among other future-facing baseload energy sources. In recent years, geothermal has emerged as a majorly promising solution for round-the-clock… Wed, 17 Jun 2026 12:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Haley Zaremba https://oilprice.com/Latest-Energy-News/World-News/Exxon-Set-to-Supply-LNG-to-South-Africas-First-Import-Terminal.html oilprice-news-44681 ExxonMobil and the company developing South Africa’s first LNG import terminal have signed a preliminary agreement for the U.S. supermajor to supply LNG to the proposed import terminal at the Port of Richards Bay, Zululand Energy Terminal (ZET) said on Wednesday. The Zululand Energy Terminal is being developed as a joint venture between Vopak Terminal Durban and Transnet Pipelines, and is expected to be South Africa’s first LNG import facility, enabling the import, storage, regasification, and distribution of LNG to both power generation… Wed, 17 Jun 2026 11:30:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Charles Kennedy https://oilprice.com/Energy/Oil-Prices/Shipping-Industry-Remains-Wary-Despite-US-Iran-Agreement.html oilprice-article-44677 Shipping firms remain reluctant to navigate the Strait of Hormuz sea passage despite this week’s peace deal, according to a boss of the industry’s lobby group who warned that trade volumes will not return to full capacity until next year. Peter Aylott, director of policy at the UK Chamber of Shipping, told City AM that firms would need to see a “fairly robust string of evidence” that tankers stuck in the Persian Gulf could leave free from before they would have the confidence to sail through the strait after the deal. “We’re… Wed, 17 Jun 2026 11:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Saudi-Refinery-Wont-Fully-Recover-Until-2027.html oilprice-news-44679 A major Saudi Arabian refinery damaged during the Iran conflict will not return to full operations until early 2027, according to TotalEnergies CEO Patrick Pouyanné, raising fresh concerns about the pace of recovery in global fuel markets even as a U.S.-Iran peace agreement moves forward. Speaking before France’s National Assembly on Wednesday, Pouyanné said the 460,000-barrel-per-day SATORP refinery in Saudi Arabia is still operating at only 70% capacity after being struck by three drones in April. “Our Saudi Arabian… Wed, 17 Jun 2026 10:30:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Michael Kern https://oilprice.com/Energy/Crude-Oil/US-Crude-Oil-Gasoline-Inventories-Still-Falling-EIA.html oilprice-article-44678 Crude oil inventories in the United States decreased by 8.3 million barrels during the week ending June 12, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 418.2 million barrels, according to government data, which is now 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 8.33 million barrels in the period.… Wed, 17 Jun 2026 09:43:41 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Julianne Geiger https://oilprice.com/Latest-Energy-News/World-News/Poland-Moves-To-Tax-Fuel-Windfalls-Earned-During-Iran-War.html oilprice-news-44678 Poland’s government has approved a one-off windfall tax on fuel companies that benefited from soaring energy prices during the U.S.-Iran-Israel war, seeking to recover part of the billions spent protecting consumers from higher fuel costs. The proposed levy would impose a 60% tax on excess profits generated between March and December 2026, during the closure of the Strait of Hormuz. The Polish Finance Ministry estimates the measure will raise around 4 billion zloty (~$1.1 billion). Under the proposal, excess profits would be calculated using… Wed, 17 Jun 2026 09:30:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Michael Kern https://oilprice.com/Geopolitics/Europe/Trump-Signals-Renewed-Focus-on-Ukraine-After-Iran-Deal-Breakthrough.html oilprice-article-44674 US President Donald Trump held a "very good meeting" with his Ukrainian counterpart, Volodymyr Zelenskyy, at the G7 summit in France, he told journalists on June 16, adding that "Russia should make a deal" while hinting that Europe's largest conflict since World War II might be moving up his priority list. US efforts to broker peace in the conflict that has raged since Russia's full-scale invasion of Ukraine in 2022 have largely stalled in recent months, particularly since US and Israeli air strikes began the war with Iran on February 28. But Trump… Wed, 17 Jun 2026 09:00:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/Falling-Murban-and-Dubai-Prices-Open-Arbitrage-to-US-and-Europe.html oilprice-news-44680 Crashing prices of Middle East’s key benchmark crudes in the wake of the U.S.-Iran deal have opened arbitrage for shipping oil from the Middle East to the United States and Europe, traders told Reuters on Wednesday. The earlier spot premiums of prices of the Dubai, Murban, and Oman crudes to swaps slumped into discounts this week after the market began pricing in an imminent reopening of the Strait of Hormuz following the tentative U.S.-Iran agreement. As a result of weakening Middle East crude prices and discounts of spot supply, the arbitrage… Wed, 17 Jun 2026 08:46:25 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Charles Kennedy https://oilprice.com/Latest-Energy-News/World-News/ECB-Iran-Peace-Deal-Wont-Erase-Europes-Energy-Price-Shock.html oilprice-news-44677 Europe will have to contend with the energy price shock for months despite the tentative U.S.-Iran agreement to end the war and reopen the Strait of Hormuz, European Central Bank (ECB) officials said this week. The ECB last week raised key interest rates for the euro area for the first time since 2023 as the Middle East conflict hiked energy prices that have started to feed into core inflation. The ECB raised the key interest rate by 25 basis points to 2.25%, its first hike since 2023. Eurozone annual inflation climbed to 3.2% in May, from 3.0%… Wed, 17 Jun 2026 07:30:00 -0500 Wed, 17 Jun 2026 17:09:15 -0500 Tsvetana Paraskova