The number of claims against Radiant World assets has doubled in the last decade, according to filings
Radiant World is one of the largest iron ore traders in the world. It has 21 registered creditors who have registered claims on its assets. This number will more than double before 2025. Bloomberg reported in late July that Vitol Group, Cargill and Glencore have ceased trading with Radiant World. Bloomberg reported that two of these trading firms found that Radiant World's banks had received documents or invoices that were not valid. Reports said that the third trading house withdrew after it was informed of concerns about falsified documents.
Siemens Energy: The Iran war is driving demand for gas turbines and AI to further increase.
Siemens Energy executives stated on Thursday that the Iran war has 'become an additional driver for?demand of gas turbines. Siemens Energy, along with its rivals GE Vernova, Mitsubishi Heavy Industries and others, has seen the demand for gas turbines increase as hyperscalers spend more than $700 billion on energy-hungry artificial intelligent, driving demand for new energy capacities. Board members at a company meeting told reporters that Middle East governments are now supporting this trend which has?boosted the share prices of these firms in recent years'. They want to?ensure energy supplies due to attacks on their infrastructure.
Sources say that Vitol profits will drop to $4.5 billion by 2025.
Two sources said that energy trader 'Vitol' achieved a net income of $4.5 billion in 2025. This is a sharp drop from the stellar earnings the company had between 2022-2024, but still the fourth highest annual result the company has ever recorded. Vitol, a privately held company, does not release full financial results. However, in March the company reported that its revenue had risen by 3.6% last year to $343 billion and that it had traded 11% more energy and oil products than it did?in 2024. The world's largest energy trading firm typically earned between $1 billion to $4 billion annually.
Sources say that Vitol profits will drop to $4.5 billion by 2025.
Two sources familiar with the results said that energy trader Vitol had a net income of $4.5 billion by 2025. This is a significant drop from the stellar earnings achieved in 2022-2024, but still the fourth highest yearly result for the company. Vitol, a privately held company, does not release full financial results. However, in March the company reported that its revenue increased by 3.6% last year to $343 billion and it had traded 11% more energy and oil products than it did in 2024. Before the Russian invasion of Ukraine, the annual earnings for the world's largest trader in energy typically ranged between $1 billion to $4 billion.
Ormat completes the industry's largest design for geothermal power plants
The U.S. renewable energy company Ormat Technologies has developed a design for a geothermal plant that is 'the largest in the industry. It can produce '100 megawatts from the heat of the earth, according to the company. Ormat CEO Doron Blchar said that the Ormega100 design would double its electrical output compared to the current model. Ormat, a world-leading geothermal company, is testing advanced geothermal technology to power the unit. According to data from the federal government, geothermal power has been produced in the U.S. as far back as the mid-1900s. However, it only accounts for less than 1%?of the country's electricity.
The draft Australian LNG policy is a source of anger for the industry
The Australian government released on Monday a draft version of its rules for the export of liquefied gas for consultation. It was aiming to clarify its 20% domestic reservation rule, but instead received criticism for its opacity. The Domestic Supply Obligation rule (DSO) will be in effect from July 2027. It will only apply to contracts and?extensions to existing contracts that were signed after December 22,?last year?. However, it is clear the government wants to "respect" all contracts while bringing more gas to the market.
Sources say that Iberdrola has put a $1 billion sale of solar stakes on hold.
According to two people familiar with the matter, Iberdrola is putting on hold for now its attempt to sell a?minority stake in a Spanish solar energy portfolio of about 1 gigawatt. One source said that the Spanish company had decided to investigate the sale of its entire portfolio, known as Project Julieta. They were seeking an estimated value of $1 billion. One person said that the size of the valuation was a problem, and the other noted a waning of interest in formerly the leading bidder. Iberdrola has said that it does not comment on what they call market speculation. Solar power in Spain has grown?rapidly' over the last few years.
Repsol, a Spanish company, has cut its renewable energy target
A report released in conjunction with its 2025 results shows that Repsol, the Spanish energy company, has reduced its 2030 targets for renewable capacity and products low in carbon emissions as it adapts to changing market conditions. The?company? has built a portfolio of hydroelectric, wind and solar projects in Spain and overseas as part of its strategy to transition from an oil and gas company into a multi-energy provider. It has also invested in the production of?green hydrogen and low carbon fuels. The report says that it now targets more than ten gigawatts of installed renewable capacity by 2030.
Mississippi holds hearings on xAI Data Center amid Environmental Lawsuit Threat
Mississippi regulators are hosting a public meeting on Tuesday to discuss plans xAI, owned by Elon Musk, has made to build a gas fired power plant?to run its Colossus II Data Center. The company is facing a 'lawsuit threat from the 'NAACP accusing them of violating federal laws if they install and operate gas turbines - without air permits. The civil rights group acting on behalf of a largely African American community near the existing Colossus I plant in Memphis, Tennessee said xAI started illegally installing and operating 27 gas turbines in Southaven in Mississippi in order to power Colossus 'II'…
Sweden and other countries oppose the calls to delay the new EU carbon market
A joint?paper of the countries revealed that Sweden, Denmark and Finland have resisted calls from other European governments to postpone the EU's forthcoming?carbon markets, as political pressure increases for the bloc reduce?energy prices. The paper focuses on the second carbon market in the European Union, also known as ETS2, which will be implemented from 2028 and impose a CO2 price for fuels used to heat homes and transport vehicles. The EU has already delayed by one year the launch of the market and has accelerated the distribution of the revenues from the scheme to the governments.
EEX invites comments on the extension of trading hours for benchmark gas contracts
The CEO of Deutsche Boerse's EEX (Europe's largest electricity and gas 'exchange) said that the company is currently in discussions with market participants about whether to extend trading hours on Europe's main gas benchmark. EEX - peer Intercontinental Exchange - announced last month that it would extend the daily trading hours of European gas and electricity contracts from 0800 CET until 1800 CET on April 13 to 0150 CET (2300 CET) (0050 GMT-2200 GMT). Peter Reitz, CEO of EEX, said that the company is "listening closely" to what the market participants have to say about the issue, and added that the feedback has been mixed.
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on Friday that they each acquired a 42.5% share in an offshore Namibia exploration license. The firms are looking to develop oil at one of the last frontiers in exploration. Maravilla Oil and Gas and Eight Offshore Investments Holdings acquired the stakes of the PEL104 license. Both majors have been 'partners' in Brazil oil assets for over a decade.
As the Gulf crisis spills over into business, some UAE companies withdraw from Saudi defence show
Two sources who are directly involved in the matter have confirmed that some UAE companies pulled out of the'major defence exhibition' taking place in Saudi Arabia. This is the latest indication of the rift between two Gulf oil giants which has now impacted business interests. The World Defense Show will take place from 8-12 February in Riyadh, the Saudi capital. It wasn't immediately clear whether all UAE participants in the country pavilion were withdrawn. The Saudi government's media office and the UAE's foreign ministry did not immediately comment on this issue.
Bunge's forecast profit is below estimates due to trade and biofuel uncertainties
Bunge Global, the world's biggest oilseed processor, forecast lower-than expected profit in 2026 on Wednesday. The company is navigating commodity market volatility as well as?tight?margins that took a toll last year. Bunge, a Missouri-based company, reported its lowest adjusted annual profit and fourth quarter since 2019 although both exceeded consensus analyst's estimates. Analysts characterized the outlook as "conservative", but it will likely improve in the second half of the year once U.S. biofuel policies are finalized. Arun Sundaram is a CFRA Research senior equity analyst.
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers. The Kpler & Vortexa imports came as a result of a decline in demand for Russian crude oil from India. India is one of the largest buyers of Russian oil. The U.S. president Donald Trump announced Monday that India agreed to stop purchasing Russian oil as part of an agreement with the United States.
OPEC+ agrees that oil production will remain unchanged despite Iran tensions
OPEC+ decided to keep its oil production unchanged for March during a meeting on Sunday, the producer group reportedly said. This was despite crude prices hitting six-month highs due to fears that the U.S. might launch a military attack on OPEC's member Iran. Brent crude oil closed at $70 a barge on Friday, near the $71.89 high it reached on Thursday. The eight OPEC+ member countries met as prices rose to a six-month peak. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ agreed to?maintain a?steady?oil output during its Sunday meeting, according to an OPEC+ delegates and a source who was familiar with the talks. This is despite the political tensions that exist between Saudi Arabia and UAE and the capture by the U.S. of Venezuela's president. The eight members of OPEC+ who pump about half a world's oil will meet on Sunday after oil prices dropped more than 18% between 2025 and 2020, their steepest annual drop since 2010. Saudi Arabia, Russia and the UAE along with Kuwait, Iraq…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ delegates reportedly said that despite the political tensions between Saudi Arabia and the UAE?and U.S. capture the president of smaller producer 'Venezuela,' OPEC+ is likely to maintain steady oil production at its Sunday meeting. The OPEC+ meeting on Sunday, which includes eight members who pump about half of the world's crude oil, was called after oil prices dropped more than 18% between 2025 and 2020, their biggest drop in a year since then, amid concerns over an increasing oil supply. Saudi Arabia, Russia and the UAE along with Kazakhstan…
US EXIM will invest $100 billion in order to secure vital mineral supplies, FT reports
John Jovanovic, chair of the U.S. Export-Import Bank, told The Financial Times that the bank will invest $100 billion in order to secure U.S. supply chains and those of its allies for essential minerals, nuclear energy, and liquefied gas. Jovanovic, a journalist, told the paper that the first deal will cover projects in Egypt and Pakistan, as well as Europe. He added that the West is overly dependent on the supply of these essential materials, which "are not fair". Jovanovic told The FT that early deals for the…
Exxon lifts force majeure on LNG project in Mozambique
Exxon Mobil may lift force majeure for a $30 billion liquefied gas project in Mozambique, according to CEO Darren Woods. Woods made the announcement during a Friday earnings call. Woods, who is referring to a French energy company that is developing an adjacent, but related, project, said: "Total has lifted their force majeure. Reports earlier this week stated that Exxon could not make a final decision on the project called Rovuma until TotalEnergies resumes its work following a force majeure lifted by it four years ago, which was caused by an insurgent attack linked to Islamists.