https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Mon, 31 Aug 2026 23:30:53 -0500 https://oilprice.com/Energy/Energy-General/New-Tech-Breakthrough-Aims-To-Solve-The-Worlds-Plastic-Waste-Problem.html oilprice-article-45366 Plastics remanufacturing is the industry everyone wishes they’d gotten into earlier, with McKinsey seeing as much as $75 billion in economic opportunity by 2035 for technologies capable of putting the world’s plastic waste back to work. And Denovia has just taken its biggest step toward capturing a piece of that market, signing a strategic framework with a major international polyester producer that could eventually take its technology into billions of pounds of annual processing capacity. The agreement starts with a planned commercial… Mon, 31 Aug 2026 19:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Tom Kool https://oilprice.com/Energy/Energy-General/Why-More-Venezuelan-Oil-Wont-Solve-Americas-Gasoline-Problem.html oilprice-article-45371 Venezuela has the largest proven oil reserves in the world, and its heavy crude is particularly well suited to the sophisticated refineries lining the U.S. Gulf Coast. More Venezuelan oil should help U.S. refiners, but that doesn’t translate directly into lower prices at the pump. Trump announced Friday that the U.S. had secured majority control over Venezuelan fields containing more than 65 billion barrels of oil, saying the agreement would greatly increase U.S. supply and substantially lower gasoline prices “long into the future.”… Mon, 31 Aug 2026 18:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Charles Kennedy https://oilprice.com/Energy/Energy-General/Iran-War-Triggers-Billions-in-New-Oil-Pipeline-and-Port-Investment.html oilprice-article-45370 The severe disruption of oil and gas flows out of the Persian Gulf resulting from the war between the U.S. and Israel and Iran, has saddled energy-importing nations with soaring bills, supply uncertainty, and a murky outlook. However, there has been a silver lining: a rush to build alternative conduits for bringing oil and gas out of the Middle East. The global total energy import bill swelled by $330 billion over the six months between March and August, Finnish climate outlet Centre for Energy Research and Clean Air reported earlier this month.… Mon, 31 Aug 2026 16:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Irina Slav https://oilprice.com/Metals/Commodities/Canada-Tariffs-Deepen-North-Americas-Steel-and-Aluminum-Squeeze.html oilprice-article-45369 The renewed trade war between the United States and Canada adds even more uncertainty to the complex steel and aluminum supply chains critical for heavy manufacturing and North America’s automotive industry. Last week’s breakdown in trade talks led to a quick escalation of tariffs and counter-tariffs, which the two close trading partners announced on each other’s imports. The trade war escalation will hit trade in key metals such as steel and aluminum and force producers and importers to seek longer-term solutions to the heightened… Mon, 31 Aug 2026 16:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Tsvetana Paraskova https://oilprice.com/Energy/Energy-General/Norway-Wants-Europes-Energy-Market-Without-Sharing-Its-Trade-Offs.html oilprice-article-45368 Norway is supposedly breaking with Brussels. Energy Minister Terje Aasland says the country will continue exploring for oil and gas in the Barents Sea despite European Union support for an Arctic drilling moratorium. He has also dismissed the old ambition for Norway to become Europe’s “green battery” as a flawed idea. Placed together, the statements create a compelling political story: a sovereign energy producer finally resisting European climate restrictions and refusing to sacrifice its reservoirs for an unreliable continental… Mon, 31 Aug 2026 15:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Leon Stille https://oilprice.com/Latest-Energy-News/World-News/Chevron-ONGC-and-GE-Vernova-Near-Final-Venezuela-Energy-Deals.html oilprice-news-45371 Chevron, India’s ONGC, GE Vernova, Eni and GeoPark are preparing to sign final energy agreements in Venezuela, bringing new foreign investment into the country’s oilfields and power infrastructure, Reuters reported Monday, citing five sources close to the preparations. Venezuela has spent the past six months rewriting existing oil contracts under its amended hydrocarbons law, giving foreign companies more operational flexibility over fields previously dominated by PDVSA.  The new terms allow companies to export their own crude… Mon, 31 Aug 2026 14:30:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Charles Kennedy https://oilprice.com/Energy/Crude-Oil/Trumps-Historic-Deal-With-Venezuela-Isnt-Fooling-Oil-Traders.html oilprice-article-45365 Two days after President Trump called his new Venezuela agreement “the biggest oil deal in world history,” the story has already moved past the barrels themselves. A Pentagon spokesman contradicted the reported ownership structure. The company positioned to run the fields changed hands under murky circumstances just weeks before the deal was announced. And the revenue figures Caracas released over the weekend fall apart under basic math. Trump announced the deal Friday on Truth Social, saying Secretary of State Marco Rubio and Defense… Mon, 31 Aug 2026 14:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Michael Kern https://oilprice.com/Latest-Energy-News/World-News/BP-Adds-80-MMcfd-to-Egypts-Gas-Supply-Two-Years-Ahead-of-Schedule.html oilprice-news-45370 Roughly two years ahead of schedule, BP has started production from the Fayoum-4 well in Egypt’s West Nile Delta, adding around 80 million cubic feet per day of natural gas to a market where declining domestic production has forced Cairo back into large-scale LNG imports, Egyptian media reported on Monday.  Fayoum-4 was connected to BP’s existing West Nile Delta processing facilities through the Giza-Fayoum pipeline, eliminating the need for new subsea infrastructure. BP operates the facilities with an 82.75% interest, while Harbour… Mon, 31 Aug 2026 13:30:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Charles Kennedy https://oilprice.com/Energy/Crude-Oil/Russian-Oil-Is-No-Longer-Indias-Easy-Bargain.html oilprice-article-45367 India’s crude imports fell in August, and Russia’s share declined with them, exposing a supply problem that seasonal refinery patterns alone cannot explain. The usual maintenance period at Indian plants comes toward the end of the monsoon, when domestic diesel and gasoline demand typically eases, but most refiners have largely postponed this year’s work because the current market crisis has produced strong margins on refined products. Demand has also remained unusually resilient. The more consequential shift is on the other side… Mon, 31 Aug 2026 13:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Natalia Katona https://oilprice.com/Latest-Energy-News/World-News/SLB-Makes-34-Billion-Bet-on-AI-Data-Center-Boom.html oilprice-news-45369 The world’s largest oilfield services company is spending $3.4 billion to expand into the infrastructure behind the AI power boom. SLB said Monday it will acquire German cooling equipment maker Kelvion, more than doubling the revenue opportunity per gigawatt of delivering capacity, according to the company.  SLB will pay approximately $3.4 billion in cash to acquire Kelvion and assume another $700 million of debt. The transaction is expected to close in the first half of 2027, subject to regulatory approvals. SLB expects $120 million… Mon, 31 Aug 2026 12:30:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Charles Kennedy https://oilprice.com/Energy/Energy-General/Conflict-and-Climate-Are-Driving-Food-Prices-Higher.html oilprice-article-45363 Two weeks ago, I wrote about how conflict and climate change are combining to impede navigation across the globe. That same combination is also pushing food supply down and prices up worldwide. Climate change is no longer coming; it's here, and we're mixing it with our human folly in war in ways that make matters worse. A single headline can only tell a fragment of the story. For example, "Britain faces food shortages within months, warn farmers," one article blares. Why? The writer explains: "The worst harvest since 1984 and a spike in livestock… Mon, 31 Aug 2026 12:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Kurt Cobb https://oilprice.com/Latest-Energy-News/World-News/Europe-Gas-Prices-Jump-5-to-Highest-Level-Since-2023.html oilprice-news-45368 European benchmark natural gas prices jumped by 5% in early morning trade on Monday as the re-escalation of hostilities between the United States and Iran intensified concerns about LNG supply from the Middle East. The benchmark price at the Dutch Title Transfer Facility (TTF) soared by 5% in morning trade in Amsterdam, and the price topped 70 euros, or $81.20, per megawatt-hour (MWh), after the U.S. and Iran resumed trading strikes for the first time in more than a month. This was the highest price the front-month benchmark futures have seen in… Mon, 31 Aug 2026 11:30:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Michael Kern https://oilprice.com/Geopolitics/Middle-East/Iran-Weakened-but-Defiant-After-6-Months-of-War.html oilprice-article-45362 Six months after US and Israeli air strikes against Iran launched a conflict that has shaken energy markets and disrupted global shipping, there is still no clear end to the confrontation. While Iran's military capabilities have suffered major damage, it retains leverage in the Strait of Hormuz. Experts interviewed by RFE/RL from across Washington's policy spectrum see the next phase being shaped by four questions: how long Iran can withstand economic pressure, can diplomacy turn military gains into a durable settlement, what happens to Hormuz,… Mon, 31 Aug 2026 11:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/China-Coking-Coal-Prices-Set-for-Record-46-Monthly-Surge.html oilprice-news-45367 Supply issues have been tightening the Chinese coking coal market for months, pushing the price of the key steelmaking raw material a record 46% in August alone, the biggest surge on record. Coking coal futures on China’s Dalian exchange were rising by 6% on Monday afternoon local time amid persistent supply issues following the mining disaster in May and increased safety checks on other Chinese mines. But more importantly, the futures were on track to post a record-setting 46% monthly surge, the biggest on record since the Dalian coking… Mon, 31 Aug 2026 10:30:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Michael Kern https://oilprice.com/Geopolitics/Asia/Is-Taiwan-The-Only-Leverage-The-US-Has-In-Getting-China-To-Toe-The-Line-In-Ira.html oilprice-article-45364 There is always a winner in any major global oil crisis. In 1973/74, it was Saudi Arabia and its OPEC brothers who shifted the balance of power in the market away from the previous arrangement dominated by the West’s ‘Seven Sisters’ to the oil producers of the Middle East. After the 2014-2016 Oil Price War, it was the U.S. whose earlier nascent shale oil sector resisted the threat to its very existence from Saudi Arabia and OPEC, reorganising into a meaner, leaner, lower-cost oil production machine. The U.S. was the winner again… Mon, 31 Aug 2026 10:00:00 -0500 Mon, 31 Aug 2026 23:30:53 -0500 Simon Watkins