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The Decline of Oil Power in Middle East Geopolitics

OilPrice

Despite expectations, the recent geopolitical turbulence in the Middle East—especially the events of October 7, 2023, and the escalation between Israel and Iran—did not deliver a severe blow to global energy markets. Compared to past regional crises or major global shocks like the Russia–Ukraine war, the impact was surprisingly muted.

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How has the U.S. energy use changed since 1776?

Oil & Gas 360º

(EIA) – In 2024, the United States consumed about 94 quadrillion British thermal units (quads) of energy, a 1% increase from 2023, according to our Monthly Energy Review. Fossil fuels—petroleum, natural gas, and coal—accounted for 82% of total U.S. energy consumption in 2024. In 2022, U.S.

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Putin Extends Russian Oil Export Ban to Price Cap Countries Through 2025

OilPrice

Russian President Vladimir Putin has extended a ban on the sale of Russian oil and petroleum products to buyers that comply with the Western-imposed price cap, pushing the restriction through the end of 2025.

Oil 162
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US withdrew oil from strategic reserve last week for first time since 2023, EIA shows

BOE Report

The United States withdrew oil from its Strategic Petroleum Reserve for the first time last week since December 2023, data from the Energy Information Administration showed on Wednesday. 300,000 barrels of crude oil were taken out of the reserve last week, the data showed.

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Nigeria’s GEIL exports first crude from new onshore terminal

Oil & Gas 360º

The company broke ground on the construction of the facility in February 2023, with the development of storage facilities and the associated pipeline advancing in February 2024. Improved fiscals introduced through Nigeria’s Petroleum Industry Act in 2021 further enticed investments by both international and regional players.

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Iraq Expands Gas Projects to Curb Flaring

Iraq Business News: Oil & Gas

In liquefied petroleum gas (LPG), production rose from 2 million tonnes in 2024 to 3 million tonnes in 2025. Exports also surged from 250,000 tonnes in 2023 to 1 million tonnes in 2025. LPG systems were installed in over 41,000 homes and more than 38,000 vehicles.

Gas 59
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Iraqi Cabinet Approves Measures on Kurdish Oil Delivery

Iraq Business News: Oil & Gas

A separate team will assess any excess in actual spending relative to the KRG's budget share for 2023-2025. A new joint committee will oversee the localisation of salaries in the Region within three months, as required by a federal court ruling. All timelines specified in this resolution are effective from the date of the Cabinet's approval.

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