BP profits beat expectations but there is no news about Castrol sale
Oil major BP announced a smaller-than-expected fall in its third quarter underlying profit Tuesday, as a good performance across all divisions, led by refinery helped offset the impact from lower crude prices. There was no news on the sale of Castrol Lubricants, which is the centerpiece of the $20 billion asset-sale campaign to reduce its debt. BP, after a failed foray into the renewables sector under former CEO Bernard Looney has vowed that it will increase profits and reduce costs by re-routing its spending towards oil and gas.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies. This was because the threat posed by islamist militant groups has diminished significantly. There is no ISIS.
INTERVIEW-Iraq's prime minister: Iraq can only disarm its factions when the US leaves.
Iraq has promised to put all weapons under state control, but this will not happen as long as a U.S. led coalition is in the country, which some Iraqi factions see as an occupier force, said the prime minister on Monday. The Prime Minister Mohammed Shia al-Sudani stated that a plan is still in place for the multinational anti-Islamic State Coalition to leave Iraq by September 2026, as it was one of Iran’s closest Arab Allies. This is because the threat posed by islamist militant groups has diminished significantly. There is no ISIS.
ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that…
BW Energy reports encouraging preliminary results for Kharas well offshore Namibia
BW Energy announced on Friday that the preliminary results of its Kharas-1 well, which was drilled offshore Namibia in the Kudu license, were encouraging and indicated the presence hydrocarbons. The results come after a series of discoveries made by oil companies including TotalEnergies and Shell, which have transformed the small Southern African nation into a hotspot for exploration. BW Energy said that the appraisal well had provided geological data for a wider petroleum system.
Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field
Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg, located approximately 1,700 km (1.056 miles east of Ukraine), marked the first disruption known for Western oil majors that operate in Russia.
Poll shows that the majority of Brazilians are opposed to oil drilling near Amazon coast
According to a Datafolha poll commissioned by Eko (a corporate accountability group), a majority of Brazilians think President Luiz inacio Lula da Silveira should ban oil exploration near the Amazon rainforest coast, which is a sensitive eco-system and Brazil's most promising frontier for oil. The survey was conducted early in September as Brazil is preparing to host world leaders at this year's United Nations Climate Summit, COP30, in the Amazonian town of Belem.
EU Auto Group pushes hybrids and e-fuels as part of CO2 emissions goal review
The European Union's auto association suggested that the EU should relax its CO2 targets for cars and vans. It also recommended a longer period of compliance and a larger role for hybrids and alternative fuels. The European Automobile Manufacturers' Association presented proposals to European Commission which will review its targets at the end of this year. This is to take into consideration the pressure on the sector due to U.S. Tariffs and Chinese dominance in electric vehicles.
The rising tungsten price is a major concern for oil drillers.
U.S. shale drilling companies are paying higher prices for tungsten. This rare metal is used in industrial tools such as drillbits. Chinese export controls have slowed down the supply of tungsten. This threatens President Donald Trump's plans to increase America's fossil-fuel production. Tungsten is used in up to 75% of drill bits deployed in oilfields. The price of the metal has risen to more than $600 per unit metric ton from $330-$340 when Trump first imposed tariffs on Chinese products.
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news, government reports, and company websites, state oil companies like Sinopec and CNOOC are planning on adding at least 169,000,000 barrels in storage over 11 sites between 2025 and 2026.
Orsted, a Danish company, raises $9.35 Billion in a share issue
Orsted, the Danish offshore wind developer, said it raised $9.35 billion in a heavily-discounted share issue on Monday. The company is bolstering its finances amid uncertainty caused by Trump's administration. The company reported that 99.3% was subscribed. Demand for the remaining shares is "extraordinarily" high. The price per share was 66.6 crowns, which is a significant discount to Monday's stock market price of 122.3 crowns. The new issue was open to all existing shareholders.
Mercedes reduces the environmental footprint of EVs with low-carbon aluminum
Executives at Mercedes-Benz said that aluminium made from renewable energy and recycling helps the luxury automaker reduce CO2 emissions when producing its new electric vehicle line. This is part of an overall effort to decarbonise their operations. Mercedes' new CLA electric model is made from low-carbon aluminum, which was developed in partnership by Norsk Hydro and Norwegian metals manufacturer Norsk Hydro. Executives of both…
Ukraine Strikes Two Russian Oil Distribution Facilities
Ukraine's military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight, Kyiv's general staff said on Tuesday.In Samara, the military hit a line production station that mixes Russian oil for its flagship Urals oil grade for export, the general staff said on Telegram.The pumping station, used for Russia's oil pipeline network system in the Samara region, supplies the Black Sea port of Novorossiisk…
Ukrainian drones strike Russian oil refinery and petrochemical complex
Ukraine announced on Thursday that drones it had used in Russia struck an oil refinery and a major oil-processing and petrochemical facility. This was part of a campaign intensifying to disrupt the oil and gas industry in Moscow. In recent weeks, Ukraine has intensified drone attacks against Russian energy infrastructure, targeting the key facilities in an effort to reduce Moscow’s export revenues, and to stir up domestic unrest. Russia, which targets Ukraine's infrastructure for energy regularly, calls these attacks "acts terrorism".
China's coal production fell 3% in August due to production curbs
China's coal production fell by 3% in August compared to the same month last year, according to data released on Monday by the statistics bureau. Production restrictions continued. The output was 390.5 million metric tonnes, down from the previous year but up from the 380.99 millions tons in July, which was a low for a whole month. China has launched a "anti-involution campaign" to reduce industrial overcapacity and support prices.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies and Canada’s top oil producing province if both parties make other concessions on the environment.
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed removing a federal cap on emissions from Canada's…
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. WCS for Hardisty, Alberta delivery in October settled at $11.20 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with a $11.40 discount on Monday. * The discount on WCS was narrowest since late July. Discounts widened in August due in part to the shutdown of BP's 440…
China solar stocks rise on hope of a turnaround
China solar stocks rose in Friday's trading after a polysilicon manufacturer said that the industry has reached its bottom. Regulators also called for additional measures to increase sector revenue. Silicon wafers, which convert sunlight into electricity, are made from polysilicon. The government campaign to curb excessive and unsustainable competition between Chinese firms in order to increase solar prices was a major factor in driving up the stock price. GCL Technology Holdings shares closed Friday with a gain of more than 10%.