Energy

Berkshire Hathaway Boosts Stake in Occidental Petroleum to Nearly 29%

Billionaire Warren Buffett’s Berkshire Hathaway Inc has acquired another 2.95 million shares in Occidental Petroleum, bringing its stake in the U.S. oil producer’s common stock to nearly 29%. According to a regulatory filing, Berkshire disclosed that it paid about $176 million in three separate purchases of Occidental shares since Thursday. These acquisitions gave Berkshire approximately […]

Ukrainian Drone Strike Sparks Fire at Russian Oil Terminal in Azov

A Ukrainian drone attack has caused a large fire in a fuel tank at an oil terminal in Russia’s southern port of Azov, according to Russian officials and a Ukrainian intelligence source. Russia’s ministry of emergency situations confirmed that a large fire-fighting team was tackling the blaze, with regional Telegram channels reporting that a tank […]

Shell Expands Global LNG Footprint with Pavilion Energy Acquisition

Shell SHEL.L has agreed to acquire Singaporean liquefied natural gas (LNG) company Pavilion Energy from global investment firm Temasek. The deal will strengthen Shell’s leadership position in the LNG market, providing the oil major with access to gas markets in Europe and Singapore as it continues to aggressively expand its LNG footprint. The acquisition includes […]

Global Gasoline Refining Margins Slump Amid Weak Summer Driving Season

Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of their expectations. This softness in gasoline markets has upended years of record profits on selling transportation fuels. In the U.S., the world’s largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. […]

UK Green Energy Exports Face Threat from EU Carbon Border Tax

The British wind and solar farms exporting power to continental Europe could face CO2 fees from 2026 under the European Union’s Carbon Border Adjustment Mechanism (CBAM), even though they don’t produce any emissions. This has raised concerns among industry sources and analysts, who warn that the move could penalise clean power, increase EU power prices, […]

OPEC Sees No Peak in Long-Term Oil Demand, Secretary General Says

OPEC, the Organization of the Petroleum Exporting Countries, does not foresee a peak in oil demand in its long-term forecast. The group’s secretary general, Hathaim Al Ghais, expects global oil demand to grow to 116 million barrels per day (bpd) by 2045, and possibly higher. This contrasts with the International Energy Agency’s (IEA) recent report, […]

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