Thu.Jul 03, 2025

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Russia’s Oil and Gas Revenues Dip to January 2023 Low

OilPrice

Russia saw its revenues from oil and gas for the budget crash by 33.7% in June from a year earlier—to the lowest level since January 2023, amid weaker commodity prices and a stronger Russian ruble. For June, total budget revenues from oil and gas dipped to $6.3 billion (494.8 billion Russian rubles), according to data from Russia’s finance ministry published on Thursday.

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Westinghouse, Radiant Selected for First Fueled Nuclear Microreactor Tests at INL’s DOME Facility

POWER Magazine

Nuclear microreactors developed separately by Westinghouse and Radiant are poised to become the first fueled designs tested at the Demonstration of Microreactor Experiments (DOME) facility—the world’s first dedicated microreactor test bed slated to open at Idaho National Laboratory (INL) in early 2026. The first fueled experiment is expected to begin as early as spring 2026. […] The post Westinghouse, Radiant Selected for First Fueled Nuclear Microreactor Tests at INL’s DOME Facility appea

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U.S. Sanctions Target Iran’s Oil Smuggling Network

OilPrice

The U.S. Treasury Department on Thursday unveiled fresh sanctions targeting Iran’s covert oil trade and Hezbollah-linked financial activity, ratcheting up pressure on Tehran even as Chinese refiners continue importing Iranian crude at high volumes. The sanctions hit a smuggling network run by Iraqi businessman Salim Ahmed Said, who the Treasury says has been disguising Iranian oil as Iraqi crude since 2020—generating billions in revenue for Tehran.

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Upper Burrell Plans to Block Injection Wells with New Policy

Marcellus Drilling News

Upper Burrell (Westmoreland County, PA) town supervisors have historically been receptive (or at least tolerant) to the Marcellus Shale industry that has so blessed their town and Westmoreland County. But attitudes seemed to change last December, at least with respect to wastewater injection wells (see Upper Burrell Twp Makes Moves to Ban Wastewater Injection Wells).

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US Oil Drillers Continue to Back Off On Price Slump

OilPrice

The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Thursday, following a 7-rig decrease in the week prior. The total rig count in the US fell by 8 to 539 rigs, according to Baker Hughes, down 46 from this same time last year. The number of oil rigs fell by 7 to 425 after falling by 6 during the previous week—and down by 54 compared to this time last year.

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Do Landowners Get Money for Lithium Extracted from Wastewater?

Marcellus Drilling News

Lithium extracted from Marcellus shale wastewater (brine) has been in the news over the past week or so. Last week, we brought you the exciting news that a Boston-based company, Gradiant, is working on building a lithium production facility in an undisclosed PA location, which we were able to identify as Susquehanna County (see Integrated.

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How Traders Capitalized on Oil's Extreme Price Swings

OilPrice

The oil market didn’t disappoint rollercoaster-ride fans in the first half of the year with wild price swings and sudden dips and price hikes. U.S. trade policies, OPEC+ production policies, and the on-and-off war premium have all influenced market movements and traders’ behavior and strategies at some point over the past six months. Oil Price Slump Brent oil prices traded in a fairly narrow range in the first quarter of the year, in the low to mid $70s per barrel.

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Oil Prices Dip on Confirmation of Inventory Build

OilPrice

Crude oil prices opened weaker today following Wednesday’s release of U.S. oil inventory data that confirmed API’s estimate of a build. Regardless of the fact that the build, at 3.8 million barrels as estimated by the EIA, followed several weeks of draws, it pushed prices lower in the last trading day before the July 4th weekend. At the time of writing, Brent crude was trading at $68.62 per barrel and West Texas Intermediate was changing hands for $67.01 per barrel, both down from Wednesday’s cl

Oil 272
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It’s Getting Hot in Here | Heat Dome in PJM

Enverus

A massive heat dome swept across the eastern U.S. last week, driving temperatures into the triple digits and pushing the PJM Interconnection grid to its highest peak load since 2006 (Figure 1). PJM, the nation’s largest regional transmission organization, issued maximum generation and hot weather alerts for June 22-25, forecasting peak loads of 160,526 MW — well above its summer projection of 154,000 MW and nearing the 2006 all-time high of 165,563 MW.

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Gulf Oil Companies Redefine Their Role in a Volatile Region

OilPrice

The precedent for politicized energy policy in the region is well known. The 1973 Arab oil embargo remains the most prominent example of hydrocarbons being wielded as geopolitical leverage. But in the decades since, Gulf NOCs have moved away from direct entanglement in regional conflicts, particularly Arab-Israeli or Iranian-Israeli hostilities. Instead, they have matured into commercial and strategic instruments aligned with national agendas focused on long-term stability, economic diversificat

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Methane-Sniffing Satellite Lost in Space, Goes Dark After 14 Months

Marcellus Drilling News

We’re trying not to snicker and laugh out loud, but it’s hard. In May of last year, the Environmental Defense Fund (EDF), a Big Green group dedicated to eliminating the use of fossil fuels, launched a methane-sniffing satellite called MethaneSAT (see EDF Gets Ready to Launch Satellite to Sniff Out Fugitive Methane). MethaneSAT uses algorithms.

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Oil and Beyond: China's Expanding Global Footprint

OilPrice

When Chinese Xiaomi launched its first EV models last month, it sold more than 300,000 cars in a matter of three days. The electronics giant is eyeing international shipments in two years. Sinopec, meanwhile, is drilling for oil in Kazakhstan. The two are part of a growing trend: China is going global. There’s just not enough growth potential at home.

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US Lithium-Sulfur Battery Firm Lyten Completes Acquisition of Northvolt's 6GWh Plant in Poland

EnergyTrend

US Lithium-Sulfur Battery Firm Lyten Completes Acquisition of Northvolt's 6GWh Plant in Poland Lyten,agloballeaderinlithium-sulfurbatterytechnology,recentlyannouncedthecompletionofitsacquisitionofNorthvolt'sDwaESSbusinessinGdańsk,Poland.Covering.

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Smart Money Buys the Solar Dip

OilPrice

When the market reacts sharply to short-term pressures, long-term fundamentals often get obscured. That may be the case with Enphase Energy (NASDAQ: ENPH). Solar stocks have struggled in 2025. Enphase shares are down roughly 65% from 2024 highs, impacted by rising interest rates, shifting U.S. policy incentives, and slowing rooftop demand. Sentiment has weakened, and many investors have exited the sector, reallocating toward larger-cap utilities or oil and gas producers perceived as safer amid p

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TotalEnergies Raises Stake in AES Renewables Portfolio in Caribbean

Rigzone

SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $66.83 -0.25% Brent Crude $68.47 -0.48% Natural Gas $3.40 -0.15% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEW

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Floating LNG Port in German Baltic Sea Supplies Record-High Gas Volume in Q2

OilPrice

The floating LNG import terminal in Mukran in the German part of the Baltic Sea achieved in the second quarter record-high gas deliveries for Germany’s gas grid, the terminal operator Deutsche ReGas said in a statement. That’s a stark turnaround from the first quarter of the year, when the Mukran terminal was estimated to have operated at just 5% capacity, per Reuters calculations.

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150MW/300MWh! Egypt's single largest energy storage project commissioned!

EnergyTrend

150MW/300MWh! Egypt's single largest energy storage project commissioned! Recently,thelargestsingleenergystorageprojectinEgypt,theKomOmbo500MWphotovoltaicexpansionwith300MWhenergystorageproject,designedandsurveyedbyChinaNati.

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China Eases Tax Burden on Struggling Independent Refiners

OilPrice

The province of Shandong, the key refining hub of China’s independent refiners, has raised the tax rebates for the fuel oil imports of six local refiners, in a move to ease the downward pressure on margins and boost economic activity. The Shandong provincial government has increased the consumption tax rebates to which the refiners, also known as teapots, are entitled for sales of gasoline and diesel refined from imported fuel oil, sources familiar with the regulation told Reuters this week.

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Prices in the Solar PV Industrial Chain Continue to Bottom Out, Monthly Declines Narrowing

EnergyTrend

Prices in the Solar PV Industrial Chain Continue to Bottom Out, Monthly Declines Narrowing PolysiliconThisWeek'sPrices:Thisweek,themainstreamconcludedpriceformonorechargepolysiliconisRMB34.5/KG,whilemonodensepolysiliconispricedatRMB32.0/KGan.

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China Snubs U.S. Crude for Third Month, Even as Ethane Trade Restarts

OilPrice

China has avoided buying U.S. crude oil for three straight months—the longest dry spell since 2018—delivering another hit to American shale producers already struggling with weak prices and rising global supply. According to new U.S. Census data released Thursday, China bought no American crude in May, following a similar freeze in March and April. The gap comes amid ongoing trade tensions between Washington and Beijing and has dragged total U.S. crude exports to their lowest level in more than

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Who Is The World's Top Oil Producer?

Rigzone

SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $67.39 -0.09% Brent Crude $68.99 -0.17% Natural Gas $3.52 +0.86% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEW

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Libya Fixes Leak on Crude Oil Pipeline Linked to Top Refinery

OilPrice

Arabian Gulf Oil Company (AGOCO), wholly owned by the National Oil Corporation of Libya, has completed repairs on a crude oil pipeline where a leak was detected at the end of May. AGOCO completed the repairs on the Hamada-Zawiya crude oil pipeline, the company said on Thursday, as carried by Reuters. Zawiya, which lies 25 miles west of Tripoli, is home to the largest operational refinery in the country with a capacity to process 120,000 barrels per day (bpd) of crude oil.

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Oil Slips as US Plans Iran Talks

Rigzone

SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $66.83 -0.25% Brent Crude $68.47 -0.48% Natural Gas $3.40 -0.15% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEW

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India Pushes Forward in Rare Earth Rare

OilPrice

India’s Hindustan Zinc is moving into rare earths, but commercial production could take up to five years, underscoring the hurdles of building a domestic supply chain to challenge China's grip on the sector. "This (rare earth) is of strategic interest (to India)," said CEO Arun Misra in an interview, according to Nikkei Asia. The company was the only private bidder to win a monazite mining block in Uttar Pradesh in a government auction in May.

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USA Crude Oil Inventories Rise by Almost 4MM Barrels WoW

Rigzone

SEARCH JOBS >> CREATE ACCOUNT SIGN IN Oil & Gas Jobs ▼ Search Jobs Jobs By Category Featured Employers Ideal Employer Rankings Oil & Gas News ▼ Headlines Most Popular Oil Prices Events Training Equipment SOCIAL Rigzone AI ▼ RigzoneGPT Chatbot Recruitment Job Postings & Talent Database Packages Search CV/Resumes Recruitment Dashboard Post Job FAQ | Advertise WTI Crude $66.83 -0.25% Brent Crude $68.47 -0.48% Natural Gas $3.40 -0.15% Latest Oil Prices SUBSCRIBE SEARCH ARTICLES NEW

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Saudi Arabia and Indonesia Ink $27 Billion Worth of Oil and Energy Deals

OilPrice

Saudi Arabia and Indonesia this week signed preliminary agreements for investments worth $27 billion in oil, petrochemicals, and alternative energy, during a visit by Indonesian President Prabowo Subianto to the kingdom, where he was hosted by Crown Prince Mohammed bin Salman. The amount of total investment being discussed is close to the trade turnover between the two countries over the last five years, which stood at $31.5 billion, according to Reuters.

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BYD México: El gigante eléctrico que está transformando la movilidad nacional

Oil & Gas Magazine

Jorge Vallejo, CEO de BYD México, revela cómo la marca china ha alcanzado cifras récord en ventas de autos eléctricos, con presencia en todo el país, tecnología de punta, una red de carga en expansión y planes de lujo para 2025. En menos de dos años, BYD México ha pasado de ser una promesa del sector automotriz a consolidarse como el líder indiscutible en el mercado de autos eléctricos del país.

E&A 101
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Steel Industry Reacts to BYD's New European Factory

OilPrice

Via Metal Miner Chinese automaker BYD recently appointed Austria’s Voestalpine as its first steel supplier for the planned production plant in Hungary. On June 24, the Linz-headquartered steel industry leader officially announced it will begin supplying autobody and outer-skin components from its rolling mills to BYD’s Szeged plant in Q4 2025. Szeged sits about 180 kilometers south of Hungary’s capital, Budapest, near the national border with Serbia.

IT 259
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US imposes new sanctions targeting Iran oil trade, Hezbollah, Treasury Dept says

Oil & Gas 360º

(BOE Report) – The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said in statement.

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U.S. Court Endorses $7.38B Winning Bid for Citgo Parent

OilPrice

A U.S. court officer on Wednesday officially recommended awarding a $7.38-billion winning bid to mining firm Gold Reserve and investor group Dalinar Energy for PDV Holding, the parent company of Citgo Petroleum, Reuters reported. The move positions Dalinar as the lead contender to seize control of one of the largest independent refiners in the U.S., capping a high-stakes auction that has drawn scrutiny across the board.

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Trican Well Service buying Iron Horse Energy Services in stock-and-cash deal

BOE Report

CALGARY – Trican Well Service Ltd. has signed a deal to buy Iron Horse Energy Services, a privately owned fracturing and coiled tubing services provider. Under the deal, the company will pay $77.35 million in cash and 33.

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Denmark Takes EU Helm as Geopolitical Tensions Rise

OilPrice

Denmark has taken over the six-month rotating presidency of the Council of the European Union as questions swirl over Europe's security and trade and a war still raging on its eastern flank. "Europe is at a defining moment in time," Danish Prime Minister Mette Frederiksen said in her welcome message as the country took the helm of Europe's leadership from July 1.

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United Nations Calls for Banning Free Speech re Fossil Fuel Energy

Marcellus Drilling News

We’ve chronicled some of the antics and borderline violent behavior of the environmental left. We’ve also told you how some on the left seek to ban free speech and put you in jail if you support fossil fuels. The United Nations, in a new report, calls for criminalizing “fossil fuel disinformation” (i.e., expressing support for.

Energy 216
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EY Audit Breach Forces Shell to Amend U.S. Filings

OilPrice

Shell is to file amended regulatory filings after Big Four firm EY told the oil giant it broke audit rules after its lead partner overstayed their time. Shareholders were informed on Wednesday that an unnamed partner at EY who led the 2023 and 2024 audits for the energy giant “had exceeded the period allowed under Securities and Exchange Commission (SEC) audit partner rotation rules”.

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What is #1 “Renewable” Energy Source? Hint: It’s Not Wind or Solar

Marcellus Drilling News

The number crunchers at the U.S. Energy Information Administration (EIA) had some time on their hands with the upcoming July 4th holiday, so they researched and wrote a post examining how U.S. energy use has changed since 1776. As it happens, the post is quite interesting! It chronicles the rise of fossil energy and how.

Energy 117
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New Turkish-Libyan Deal Sparks Regional Backlash

OilPrice

The relatively quiet East Mediterranean appears to be boiling again, following the signing of a new agreement by Turkey and Libya on the delineation of their maritime borders. Ankara is once again pushing East Mediterranean littoral states—Greece, Cyprus, Israel, and Egypt—toward confrontation by asserting longstanding claims over the Economic Exclusive Zones (EEZ) of Athens, Nicosia, and Cairo.

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Barclays raises Brent forecast to $72 per barrel for 2025

BOE Report

Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. “Geopolitical tensions have eased as the U.S​.

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