Topic · updated
Every energy story from the last two weeks of One Turn, newest first. Each links to its sources and to its place on the 3D globe.
Brent crude rose above $110 a barrel as traders weighed Middle East supply risks, and industry data showed another drop in US crude inventories. The head of the International Energy Agency said there is little chance of oil markets normalizing next year. Asian LNG prices reached their highest since December 2022.
Norway's natural gas production fell 12.6% in September from August, and total petroleum output was 4% below forecast. The EU's new Arctic strategy reaffirmed opposition to Arctic oil and gas drilling, while the UK approved the Jackdaw gas field in the North Sea.
Mexico's state utility CFE was expected to approve up to 60 mostly solar projects adding 8.2 GW of capacity, with investment of up to $12.5bn, according to a source cited by Bloomberg.
President Emmanuel Macron secured an additional 200,000 tonnes of diesel a month from the United Arab Emirates and Bahrain, the French presidency said, raising France's commitments to 295,000 tonnes monthly, just over 10% of consumption. He began a state visit to Qatar, where the two countries signed a security cooperation plan. Rights groups urged him to raise human rights concerns in Bahrain.
Oil prices fell as traders hoped for diplomatic progress, though attacks on Gulf shipping have escalated in recent weeks. Asian LNG prices rose above $30 per MMBtu, the highest since December 2022, and record freight costs are pushing Asian buyers to use smaller tankers. HSBC's chief executive said alternative export routes could make the Strait of Hormuz redundant within five years.
US Secretary of State Marco Rubio, visiting Mumbai, pushed India to buy more US and Venezuelan oil and said the two countries are "perfectly aligned" on core issues. Foreign Minister S. Jaishankar hosted trilateral talks with the UAE foreign minister on trade, energy and connectivity. Rubio's trip includes the world's largest oil refinery, which processes large volumes of Russian crude.
Norway's natural gas production fell 12.6% in September from August, according to preliminary figures from the Norwegian Offshore Directorate. Total petroleum output averaged about 3.77 million barrels of oil equivalent per day, down 10.4% and 4% below forecast.
The UK government is expected to give the go-ahead to the Jackdaw gas field on Wednesday, according to the Guardian and BBC. Climate campaigners and some Labour MPs oppose the decision, which the Guardian said signals Prime Minister Andy Burnham's commitment to the North Sea industry.
Nigeria's grid electricity supply dropped 81.5% to 675 megawatts on Monday from 3,647MW, as the number of plants supplying the grid fell from 21 to two, Vanguard reported.
Brent briefly hit $109.99 overnight, a five-month high, after Houthi claims of attacks on Saudi sites and Ukraine's strikes on Russian oil facilities, before retreating on signs of recovering Middle East supply. US Energy Secretary Chris Wright said gasoline prices have peaked; a US deal to import Russian diesel is under debate.
Emmanuel Macron arrived in Kuwait at the start of a three-day tour that will also take him to the UAE, Bahrain and Qatar. The Élysée said he would seek commitments for additional diesel and petrol deliveries to ease prices in France.
Iraq's oil minister said exports have averaged more than 3.4 million barrels per day in October, up about 750,000 from September and close to levels before the Iran war choked Hormuz traffic.
Unite said more than 160 offshore workers will stage a 24-hour strike from Wednesday, warning walkouts over the coming weeks could severely disrupt UK fuel supplies.
Analysis suggests the Iran war may keep oil supply tight into 2027, while disrupted exports and refinery constraints push the marine bunker fuel market toward a supply crisis. Pakistan's finance minister said continued attacks on Gulf energy infrastructure would delay a return to economic normality.
Europe faces rising fuel costs through winter as Middle East disruptions limit supply and threaten infrastructure, with consumers hit hard unless governments step in.
Sri Lanka suffered a nationwide blackout; the cause was unclear, though the government said a hydropower station failure detected a day earlier may have contributed.
Years of underinvestment have left Bolivia facing severe fuel shortages, worsened by high energy prices from the Iran war.
Oil prices jumped on Friday as Iran escalated attacks on shipping in the Strait of Hormuz, with Brent touching $110 a barrel. Ukraine's vow to keep striking Russian refineries added to supply fears.
The United States put another 17 million barrels of crude from the Strategic Petroleum Reserve on offer as a fuel crisis deepens, even as US drillers held their rig count flat despite soaring prices.
US Secretary of State Marco Rubio is set to visit Mukesh Ambani's Reliance refinery in Gujarat, a major supplier of diesel, as US diesel prices surge. Reliance is also investing in a US refinery and buying Venezuelan oil.
A global LNG supply crunch has made Europe's remaining coal-fired power plants profitable this year. In Germany, two startup electricity retailers are shutting down as wholesale power prices spike.
Authorities in the Australian state of Victoria approved a wind farm that would be the largest in the Southern Hemisphere.
A San Marino-flagged tanker caught fire off Romania, leaving seven crew members missing as search and rescue continues. The fire comes amid recent drone attacks on merchant ships in the Black Sea.
A drone struck the Nicaragua-flagged tanker MT Petro Dolphin near Sohar, Oman. Nine crew were rescued and two Indian sailors remain missing as Omani authorities search.
Prime Minister Moctar Ould Diay's government resigned over power outages. President Mohamed Ould Cheikh El Ghazouani reappointed him hours later to form a new cabinet.
Prime Minister Moctar Ould Diay's government resigned over persistent power outages. President Ghazouani reappointed him hours later and asked him to form a new cabinet.