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Firms Cancel $8 Billion in Renewables Investment on Trump Policies

5 days ago | oilprice.com | Tsvetana Paraskova

U.S. clean energy firms scrapped or downsized $7.9 billion worth of projects in Q1 2025. Over $6 billion in canceled projects and 10,000 lost jobs have occurred in GOP-held districts as a result. Despite some ongoing projects, new investment pledges have slowed dramatically.
Iraq’s Oil Exports Dip in Q1 as Baghdad Vows Further Cuts

6 days ago | oilprice.com | Tsvetana Paraskova

Iraq’s crude and oil product exports fell by 110,000 barrels per day (bpd) from a year earlier to 3.7 million bpd in the first quarter of 2025, per data from Energy Research Unit cited by Shafaq News. The 3% drop in exports came as OPEC’s second-largest producer continues to restrict oil production as part of the OPEC+ agreements.
Russia-India Oil Shipping Rates Drop as Urals Dips Below Price Cap

6 days ago | oilprice.com | Charles Kennedy

The cost of shipping Russian crude from its ports in the Baltic Sea to India has dropped this month as the price of Russia’s flagship crude grade, Urals, slid in early April to below the G7 price cap, which increases the availability of tankers. The price cap mechanism set by the G7 and the EU says that Russian crude shipments to third countries can use Western insurance and financing if cargoes are sold at or below the $60-a-barrel ceiling.
Oil Prices Post a Weekly Gain Despite Demand Fears

6 days ago | oilprice.com | Michael Kern

Oil prices are set to post a weekly gain for the first time in three weeks, although demand concerns continue to loom as the U.S.-China trade war escalates. Friday, April 18th, 2025 As the Western hemisphere wound down trading activity with the onset of the Easter holidays, crude oil markets have posted an impressive 7% week-on-week rise, with ICE Brent now back at $68 per barrel.
U.S. Strike on Yemen Oil Port Kills 58, Houthis Say

6 days ago | oilprice.com | Charles Kennedy

At least 58 people were killed in U.S. air strikes on a fuel port in Yemen, Houthi-run Al-Masirah TV said on Friday, in what could be the deadliest U.S. attack in Yemen since U.S. President Donald Trump ordered strikes on targets of the Iran-aligned rebels a month ago. In the middle of March, the U.S. began air strikes on Houthi targets in Yemen, with the U.S. Department of Defense stating the attacks would continue until the Houthis stop attacking ships traversing the Red Sea.
U.S. Will Ditch Ukraine Peace Talks If Progress Isn’t Made Soon

6 days ago | oilprice.com | Charles Kennedy

The United States will abandon efforts to broker a Russia-Ukraine peace agreement if progress isn’t made very soon and unless clear signs emerge that a deal can be reached, U.S. Secretary of State Marco Rubio said on Friday. “We're not going to continue with this endeavour for weeks and months on end. So we need to determine very quickly now, and I'm talking about a matter of days whether or not this is doable in the next few weeks,” Secretary Rubio said.
Pakistan Upgrades Its Oil Reserves Estimate by 23%

6 days ago | oilprice.com | Tsvetana Paraskova

Pakistan has recorded the first substantial increase in its domestic oil reserves since 2020, with new discoveries and higher production leading to a 23% annual increase in reserves to 238 million barrels as of December 2024. The key fields contributing to the increase include Pasakhi/Pasakhi North East, Rajian, Kunar, Sono, Thora, Jhandial, and Lashari Centre, according to a report by Arif Habib Limited cited by Pakistani media.
India Aims to Lure Foreign Nuclear Power Providers With Eased Liability Laws

6 days ago | oilprice.com | Tsvetana Paraskova

India plans to remove an unlimited liability clause in its nuclear energy laws in a bid to attract foreign firms, especially U.S. companies, to its nuclear energy sector. The Indian Department of Atomic Energy has prepared a bill that would remove a clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability if accidents occur, government sources told Reuters.
China Halts U.S. LNG Imports Amid Tariff War

6 days ago | oilprice.com | Tsvetana Paraskova

China hasn’t imported liquefied natural gas from the United States since early February, as the tariff war hit energy trade and could have long-term consequences for U.S. LNG export contracts. The last LNG cargo to arrive in China from America was a tanker from Corpus Christi, which docked in the southern Chinese province of Fujian on February 6, according to shipping data cited by the Financial Times.
Guerillas Blow Up Oil Pipeline in Colombia

6 days ago | oilprice.com | Charles Kennedy

The Bicentenario crude oil pipeline in Colombia has been shut down following an explosion that state oil company Ecopetrol said was caused by a guerrilla attack. Per a Reuters report citing the company, the Bicentenario pipeline was hit by the National Liberation Army. Reuters notes the NLA is the largest guerrilla organization in Colombia and is considered a terrorist group by the United States and the European Union.