https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Mon, 13 Jul 2026 16:55:25 -0500 https://oilprice.com/Energy/Natural-Gas/Why-the-UAE-Is-Taking-a-Bigger-Piece-of-Americas-LNG-Crown-Jewel.html oilprice-article-44910 As might be expected in the zero-sum game of global energy, there is much more than meets the eye to the acquisition by Abu Dhabi-headquartered international investment company XRG of an additional equity interest in Trains (self-contained production facilities) 4 and 5 of the U.S.’s flagship Rio Grande liquefied natural gas (LNG) project at the Port of Brownsville, Texas. In practical terms, this gives the firm that is wholly owned by the UAE’s oil and gas giant Abu Dhabi National Oil Company (ADNOC) much deeper exposure to one of… Mon, 13 Jul 2026 16:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Simon Watkins https://oilprice.com/Alternative-Energy/Geothermal-Energy/Two-Geothermal-Bets-Are-Starting-to-Undercut-Nuclear-on-Cost.html oilprice-article-44906 While the Trump administration keeps pushing domestic energy addition through funding vehicles and executive orders aimed at grid reliability and AI-driven demand growth, two next-generation geothermal developers just posted updates that move past announcements and into measurable progress on drilling and capital formation. Fervo announced that its third-generation well design at Cape Station in Utah has lifted drilling rates by 143% compared with the first Cape well.  The latest well, Sawtooth 7, reached 19,448 feet measured depth, including… Mon, 13 Jul 2026 15:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 OilPrice.com https://oilprice.com/Energy/Energy-General/Americas-Biggest-Utility-Sees-Blackouts-Ahead.html oilprice-article-44908 The CEO of America’s largest utility, EXELON, foresees blackouts in the US in 2027. To boost power supply Calvin Butler wants states to allow his utility to build new power plants. Opponents will object, saying this would saddle utility consumers with the risks. Whereas now, the builders take the risks. Meanwhile, we are scratching our heads because economists have long theorized that utilities build excess rate base in order to raise earnings. We would amend this to argue that utility managers only deploy excess capital when they can earn… Mon, 13 Jul 2026 14:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-8-After-Trump-Reimposes-Iran-Blockade.html oilprice-news-44910 Oil prices jumped more than 8% on Monday after U.S. President Donald Trump announced the United States would reinstate its blockade on Iran, forcing traders to once again price in the risk of prolonged disruption to energy flows through the Strait of Hormuz. Brent crude climbed above $82 per barrel during afternoon trading, gaining more than 8%, while West Texas Intermediate (WTI) surged past $77 per barrel.  Monday’s surge wiped out most of the losses that followed last month’s ceasefire, pushing Brent back above $82 and West… Mon, 13 Jul 2026 13:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Charles Kennedy https://oilprice.com/Geopolitics/Europe/EU-Drops-Sanctions-on-Lukoil-Founder-and-Russian-Patriarch.html oilprice-article-44904 The European Union will not impose sanctions on the head of the Russian Orthodox Church and the chief of Russia’s largest private oil company, after Bulgaria vetoed the proposal. Patriarch Kirill, a vocal supporter of President Vladimir Putin and public backer of the war on Ukraine, had been expected to be included in the latest round of financial penalties that the 27-member bloc was considering. Kirill “consistently justified and supported Russia’s aggressive war against Ukraine,” calling it “sacred,” according… Mon, 13 Jul 2026 13:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/Dubai-Is-Already-Planning-for-the-Next-Strait-of-Hormuz-Crisis.html oilprice-news-44908 The Strait of Hormuz reopened less than a month ago, but Dubai is already planning for the next closure. DP World is reportedly in talks to build a new multipurpose port and container terminal in Fujairah on the UAE's east coast, creating another shipping route that avoids Hormuz altogether. According to the Financial Times, construction could take as little as 18 months. The company has acknowledged it is pursuing diversification projects to get through future disruptions. That timeline says plenty. Ports are built to solve problems measured in… Mon, 13 Jul 2026 12:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Julianne Geiger https://oilprice.com/Energy/Crude-Oil/Iraqs-Oil-Lifeline-Has-Been-Saved-But-For-How-Long.html oilprice-article-44907 The clock that was ticking down to economic disaster for Iraq on 27 July has been paused, with Turkey agreeing to a one-year temporary arrangement that ensures the continuation of critical oil exports running via pipelines from northern Iraq into the Turkish port of Ceyhan. The new one-year protocol covers the entire Iraq-Turkey Pipeline (ITP) corridor – comprising two separate oil pipelines – treating it as a single, unified mechanism, in line with the original 1973 ‘Crude Oil Pipeline Agreement’. These routes were made… Mon, 13 Jul 2026 12:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Simon Watkins https://oilprice.com/Energy/Energy-General/IEA-Chief-Slams-Europes-Slow-Electrification-as-Energy-Crisis-Deepens.html oilprice-article-44903 The head of the International Energy Agency has warned Europe made a “major mistake” by failing to end its economy reliance on imported fossil fuels quickly enough since the 2022 energy crunch. Fatih Birol said Europe’s low electrification rate, electricity’s share of the energy consumed in the EU, of roughly 23 per cent is holding back its competitiveness and economic “sovereignty”. Speaking to the Financial Times, Birol said: “This is in my view a major mistake for Europe. “In general, I would have… Mon, 13 Jul 2026 11:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 OilPrice.com https://oilprice.com/Alternative-Energy/Solar-Energy/Utility-Scale-Solar-Costs-Rise-18-but-Remain-Cheapest-Power-Source.html oilprice-article-44905 The cost of unsubsidized utility-scale solar rose by 18% to $40-$98/MWh, driven by higher capital costs, interest rates, tariffs, and supply chain pressures, a Lazard's Levelized Cost of Energy+ analysis has found. However, even with these hikes, solar remains the cheapest new-build generation technology globally, even when factoring in auxiliary firming costs due to the intermittent nature of solar energy. Levies on solar panels, batteries, and inverters, particularly affecting equipment from Asia, have directly elevated import costs. U.S. markets… Mon, 13 Jul 2026 10:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Alex Kimani https://oilprice.com/Latest-Energy-News/World-News/EUs-Russian-LNG-Imports-Hit-Record-High-Ahead-of-2027-Ban.html oilprice-news-44906 The European Union imported a record 9.97 million metric tons of liquefied natural gas (LNG)  worth €5.96 billion (~$6.82 billion) from Russia's Yamal LNG facility in the first half of 2026, marking a 16% increase compared to the same period in 2025 as they front-loaded Russian energy supplies ahead of impending phase-out bans. Kpler data shows that European buyers absorbed over 97% of the Siberian facility's total output during the first half of the year, despite years-long efforts to overcome dependency on Russian energy. Overall EU… Mon, 13 Jul 2026 09:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Alex Kimani https://oilprice.com/Latest-Energy-News/World-News/Why-Renewed-Iran-Tensions-Could-Keep-Fuel-Prices-Elevated.html oilprice-news-44907 The oil market has officially entered its mixed-signals era. Crude prices had erased most of their wartime gains as barrels returned to the market and fears of oversupply resurfaced. But renewed U.S.-Iran hostilities have sent prices climbing again, underscoring just how quickly geopolitical risk can return to the market. Gasoline and diesel are telling a completely different story. According to the International Energy Agency's latest monthly report, refining margins surged to four-year highs in early July as product markets tightened even while… Mon, 13 Jul 2026 09:17:48 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Julianne Geiger https://oilprice.com/Energy/Energy-General/Global-Emissions-Hit-Another-Record-High-Despite-Clean-Energy-Boom.html oilprice-article-44902 The Energy Institute has released the 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney. The Statistical Review, previously published for more than 70 years by BP, remains one of the most important annual references for global energy data. The full report and data can be found at this link. As I do each year, I dig into the report’s major categories, including oil, natural gas, coal, renewables, electricity, and carbon emissions. Today, I want to start with the emissions… Mon, 13 Jul 2026 09:00:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Robert Rapier https://oilprice.com/Latest-Energy-News/World-News/Masdar-Secures-51-Billion-for-Worlds-Largest-Solar-and-Battery-Energy-Project.html oilprice-news-44905 Masdar on Monday announced it had lined up financing for the world’s first gigascale Round-the-Clock renewable energy project, which the renewable energy giant of the United Arab Emirates is developing in Abu Dhabi. The project, which will need a total capital investment of $6.1 billion, will see Masdar funding $1 billion of the equity. The company now reached financial close on a $5.1 billion financing package backed by a consortium of 13 leading international and local banks.   The banks include Abu Dhabi lenders, as well as financial… Mon, 13 Jul 2026 08:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Charles Kennedy https://oilprice.com/Latest-Energy-News/World-News/France-Cuts-64-GW-of-Nuclear-Power-as-Heatwave-Grips-the-Country.html oilprice-news-44904 France’s nuclear power generation was slashed by 6.4 gigawatts (GW) on Monday amid a prolonged and intense heatwave that hiked river temperatures and limited the ability of the power plants to use the water to cool reactors. As many as eight reactors in France, which is Europe’s leader in nuclear power generation, were forced to curtail power output, according to data from the plants’ operator EDF and grid operator RTE cited by Reuters. The 6.4 GW of curtailed power output was equivalent to 14% of France’s overall power… Mon, 13 Jul 2026 07:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Michael Kern https://oilprice.com/Latest-Energy-News/World-News/Nigerias-Oil-Production-Hits-Six-Year-High-as-Middle-East-Risks-Return.html oilprice-news-44901 Nigeria’s crude oil production hit a six-year high in June, as operations continued to stabilize and no major outage incidents occurred, just as the new flare-up in Iran threatens flows through the Strait of Hormuz again. Nigeria pumped 1.56 million barrels per day (bpd) of crude oil last month, the largest average monthly production volume since April 2020, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Total crude oil and condensate production rose for the fourth consecutive month to 1.735 million… Mon, 13 Jul 2026 06:30:00 -0500 Mon, 13 Jul 2026 16:55:25 -0500 Tsvetana Paraskova