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The blue logo of the Organization of the Petroleum Exporting Countries (OPEC) is displayed on the facade of its headquarters building in Vienna, Austria, on June 9, 2025.Nurphoto | Nurphoto | Getty ImagesOPEC says more than 1,000 ministers, CEOs, policymakers, analysts and journalists were invited to its biennial seminar to discuss key trends in the oil and gas markets and the green transition.Here were three of the main topics under discussion:Green transitionAcross speeches and interviews, OPEC ministers once more advocated for a dual-pronged approach to the green transition that still allows investment in hydrocarbons to avoid supply shortages while availabilities…

Equinor has made a gas discovery close to its Johan Castberg oilfield in the Barents Sea and will assess a potential tie-in to the now fully operational Arctic field.Equinor and its partners in the exploration and production license have hit natural gas in the Skred prospect, in a well drilled 23 kilometers (14 miles) north of the Johan Castberg field and 210 kilometers (130 miles) northwest of Hammerfest, a major gas export facility in Norway, the Norwegian Offshore Directorate said on Thursday.Preliminary estimates put the size of the discovery at 1.9 – 3.1 million barrels of oil equivalent (boe) of…

Pipeline Winding in Summer Mountain LandscapeSarkophoto | Istock | Getty ImagesFrom the first discovery in Prudhoe Bay in 1968, Alaskans have had a love-hate relationship with oil.On one hand, it allowed Alaska to abolish its state income tax, fund most government operations and provide every Alaskan with a dividend that continues to this day. On the other hand, it has left the state at the near total mercy of the global oil market.In recent years, that has proven to be a bad bet. And it is the major reason Alaska finishes at the bottom of the CNBC America’s Top States…

Australia’s Woodside Energy Group Ltd. has signed a memorandum of understanding (MOU) with Hyundai Engineering and Hyundai Glovis covering LNG project development, engineering services and shipping logistics. “Woodside is pleased to be deepening our longstanding relationship with Hyundai through this agreement. We are confident the synergies and complementary strengths of our organizations will support the delivery of high-quality LNG solutions to meet growing global demand”, Mark Abbotsford, Woodside Executive Vice President and Chief Commercial Officer, said in a media release. Woodside said the parties will focus on advancing execution capability and extending their reach into priority LNG markets. “This agreement…

Tidewater Midstream and Infrastructure Ltd. said it has entered into a definitive agreement with Parallax Energy Operating Inc. for the sale of its Sylvan Lake gas plant and associated gas gathering infrastructure for total proceeds of approximately $4 million (CAD 5.5 million), subject to customary adjustments. The Sylvan Lake Gas Processing Facility is a non-core asset of Tidewater located in central Alberta, the company said in a news release. The transaction is expected to have an immaterial impact on Tidewater’s 2025 operating results, and the proceeds received therefrom are anticipated to be used to repay amounts outstanding on the company’s…

A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, January 30, 2020.Steve Marcus | ReutersThe Defense Department will become the largest shareholder in rare earth miner MP Materials after agreeing to buy $400 million of its preferred stock, the company said Thursday. MP Materials owns the only operational rare earth mine in the U.S. at Mountain Pass, California. The company said it will use the proceeds of the Pentagon’s investment to expand its rare earths processing capabilities and its magnet production capacity. Shares of MP Materials jumped more than…

Greenergy, owned by commodity trading giant Trafigura, said on Thursday it would begin consultation on a proposal to cease production at a biodiesel plant in the UK amid difficult market conditions, dealing another blow to Britain’s fuel industry after the recent collapse of an oil refinery in the same area.A year ago, Trafigura completed the acquisition of Greenergy, a UK-based supplier of road fuels and a major European biodiesel producer.Now, Greenergy intends to cease production at its biodiesel plant in Immingham, Lincolnshire.“Despite significant cost reductions to improve the plant’s viability, the Immingham plant has continued to be negatively impacted by…

Google announced a significant achievement in its efforts to address its climate impact, reducing carbon emissions from its data centers by 12% in 2024, despite significantly higher energy usage, according to its new 2025 Environmental Report. Despite the company’s success in addressing its data center emissions, however, the report also indicated that Google’s overall carbon footprint continued to grow in 2024, driven by a sharp increase in emissions from its supply chain, with Scope 3 emissions rising by more than 20% in the year. Google’s environmental targets include 2030 goals to reach net zero emissions across its operations and value…

At 10:39 GMT, Light Crude Oil Futures are trading $67.99, down $0.39 or -0.57%. Trump Tariffs and Federal Reserve Outlook Weigh on Crude Oil News Today Oil’s pullback followed renewed tariff threats from U.S. President Donald Trump, who targeted Brazil with a potential 50% export tariff and signaled broader measures on copper, semiconductors, and pharmaceuticals. While markets have learned to discount Trump’s tariff threats due to past reversals, traders remain cautious as tariff risks could slow global economic growth, dampening oil demand. The Federal Reserve minutes showed only limited appetite for near-term rate cuts, with policymakers concerned about inflationary pressures…

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view due to rising oil needs in the developing world and said there was no evidence demand had reached its peak.The OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries plus allies including Russia is pumping more barrels to regain market share after years of cuts to support the market. Lower medium-term demand could make it harder for the group to unwind its other cuts, which remain in place until the end of 2026.…