Glencore will launch a secondary listing in Australia in the latest blow to London’s ailing stock market as miners continue to eye opportunities away from the UK. The mining and trading juggernaut, which is among the largest companies on the FTSE 100 boasting a market cap of £64.4bn, is pursuing the listing following its group’s long-standing complaint that its shares are undervalued and there is too little liquidity in London. Chief executive Gary Nagle said the listing would “broaden our investor base and enhance trading…

Russia increased oil production in July as stronger exports and recovering refinery runs gave producers somewhere to put more barrels. Crude oil and condensate output rose by roughly 100,000 barrels per day from June to more than 9 million bpd, two industry sources told Reuters on Thursday. Oil and fuel sales remain critical to Russia’s budget, giving Moscow every reason to keep production flowing despite sanctions and repeated attacks on its energy infrastructure. OPEC estimates for Russian production came in at 8.928 million bpd in June,…

Mexico has ruled out fracking in a key shale basin, drawing a line through a resource-rich area even as the country looks for ways to cut its dependence on U.S. natural gas. President Claudia Sheinbaum said hydraulic fracturing will not be allowed in the Tampico-Misantla basin beneath Veracruz and Tamaulipas. The government cited the basin’s dense population, indigenous communities and freshwater reserves. Sheinbaum ordered a panel to examine whether unconventional gas could help reduce imports from the United States. Mexico buys more than…

BP’s Bumerangue discovery is more than another giant Brazilian oil find: it could become the project that keeps both BP’s upstream portfolio and Brazil’s production boom alive well into the 2030s. With an estimated 2.5 billion barrels potentially recoverable and peak output that could reach 600,000 b/d, the ultra-deepwater development is large enough to offset declining production from BP’s existing assets and arrive just as Brazil’s current pre-salt giants begin moving off plateau. Yet its promise comes with a formidable…

Diesel fuel exports from the United States hit an all-time high last week, driven by shortages of the fuel in other parts of the world as a result of the energy crisis in the Middle East. According to the Energy Information Administration, the United States exported diesel fuel at a rate of 1.9 million barrels daily last week, breaking the previous record, set in spring. However, the EIA data also showed that diesel fuel production fell last week—as did inventories of the fuel. They now sit 12% lower than the five-year average. Most of the…

Iran and Oman are close to agreeing on joint management of the Strait of Hormuz, media have reported, citing a statement by Iran’s foreign ministry spokesman, Esmaeil Baghaei. Crude oil prices have been trending lower, in the meantime, with Brent crude dipping below $80 per barrel and trading at $79.12 per barrel at the time of writing. West Texas Intermediate was changing hands for $74.79 per barrel, down 0.57% According to Baghaei, the deal with Oman was “in the final stages”, the BBC reported today. Bloomberg, meanwhile, quoted…

Extreme heat and drought are beginning to impair Europe’s energy system. Refineries are losing cooling efficiency, river levels are forcing cuts to nuclear generation, hydroelectric output is falling and inland fuel transport is becoming more expensive as barges carry smaller cargoes. Temperatures above 40°C have become increasingly common across large parts of southern and central Europe, with prolonged drought shrinking rivers, drying soils and fueling destructive wildfires. A recent analysis by the World Weather Attribution group concluded…

The Middle East war has caused what may well be an unprecedented degree of disruption in global energy flows. While crude oil gets a lot of the attention—and with good reason—the situation in liquefied gas is arguably worse and deserving of more attention. The war, some believe, could reshape the long-term outlook for the commodity. At the end of June, Shell released a forecast for LNG demand trends over the long term, seeing that demand reaching close to 700 million tons annually by 2050. That would be up by an impressive 65% from…

Tech giants are tapping fuel cell developers and providers to power data and AI computing centers with technology that is cleaner and faster to implement than a conventional gas-powered electricity source. Fuel cells generate electricity by directly converting chemical energy into electrical energy without combustion. This technology can run on a variety of fuels, including hydrogen, natural gas, and biogas. As power grids become congested with the surge in power demand due to the AI boom, fuel cells could offer distributed power generation and…