The UK’s largest oil and gas producer, Harbour Energy, is cutting investments and jobs after the new windfall tax on the industry sapped nearly all of its 2022 profits. Harbour Energy’s profits last year were $2.5 billion, pre-tax, but after taxes, the company was left with just an $8 million profit...

With some regions of America enjoying gasoline prices below $3 a gallon after a summer that saw the national average exceed $5 for the very first time, it’s tempting to lull oneself into thinking cheap gas will last. In fact, it won’t last for very much longer at all, especially with this administra...

Just Another Cycle Commodities are the lifeline to the global economy. We eat energy. Periods of strong demand often reveal strains in supply chains that lead to rapid price appreciation. Capital investment follows, with return expectations extrapolated from high prices and record margins. A downdra...

To say that the six countries that make up the Gulf Cooperative Council (GCC) live and breathe hydrocarbons is hardly an exaggeration. About 60years ago, the average city in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman was home to maybe a few thousand people; fast f...

The role of the US military in stealing Syria’s oil runs deeper than mere petty theft. The funds are used to prop up Kurdish self-rule and ensure Syria's geographic division. In July 2021, Chinese Foreign Ministry spokesman Wang Wenbin described the US theft of oil from the areas it occupies in east...

Historically, the prices of two of the world’s biggest commodities, crude oil and iron ore, are strongly correlated, which is hardly surprising given that they are the lifeblood of the global economy including in the transport, industrial production and construction sectors. However, the past few we...

As part of a policy to support and finance a net-zero transition, HSBC will stop funding new oil and gas field developments and related infrastructure, the banking giant said on Wednesday. In an update on its energy policy, the bank said, “We will no longer provide new lending or capital markets fin...