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The North Sea oil and gas industry is urging the government to eliminate the windfall tax on fossil fuel producers three years ahead of schedule, citing investment opportunities as energy bills reach three-year highs.
Saudi Aramco has restarted its East-West pipeline after attacks halted the system, resuming operations at reduced capacity while rebuilding storage at its Yanbu export terminal.
WTI crude oil futures fluctuated between $88.67 and $96.78 as traders weighed potential Strait of Hormuz reopening against persistent shipping disruptions and diesel supply concerns.
President Trump threatened to ban diesel exports to lower US fuel prices ahead of mid-term elections, raising concerns about potential supply shortages and price spikes in Britain and other importing nations.
Nigeria has joined the International Energy Agency as an Association country, coinciding with the nation’s crude oil production reaching a six-year high of 1.56 million barrels per day in June.
Environmental groups sued the Tennessee Valley Authority alleging it violated the Clean Air Act by constructing a gas plant at Kingston without required permits while reversing plans to retire an aging coal facility.
