The U.S. Treasury announced the sanctions on Thursday, with Treasury Secretary Scott Bessent saying that “The Iranian regime continues to use the proceeds from the nation’s vast oil resources to advance its narrow, alarming self-interests at the expense of the Iranian people. Treasury will fight and disrupt any attempts by the regime to fund its destabilizing activities and further its dangerous agenda.”
Russia is increasingly using cryptocurrencies in its oil trade with top clients China and India amid U.S. sanctions, Reuters has reported, citing unnamed sources, who said Russian oil traders were using the cryptocurrencies to facilitate the conversion of yuans and rupees into rubles.
Avangrid announced the investment at CERAWeek in Houston, Texas. At the energy conference Iberdrola executive chair Ignacio Galán and Avangrid chief executive Pedro Azagra met with key U.S. policymakers including Energy Secretary Chris Wright and Interior Secretary Doug Bergum, who is also chair of the White House National Energy Dominance Council.
Exxon Mobil Corp.’s oil discovery in 2015 has transformed Guyana’s economic fortunes, filling the government’s coffers with billions of dollars from oil exports. But it’s also left the nation’s outlook extremely intertwined with the whims of the crude market at a time when an expectant population is looking for a rapid uplift in living standards.
Net Power Inc. has reset its plans for Project Permian (SN1) following the completion of the front-end engineering design (FFED) for its first utility-scale project in West Texas. The company said in a media release that the cost estimate was significantly higher than expected, prompting the company to pause long-lead releases for the project.
The sale of AQN’s renewable energy business was completed on January 8, 2025. It was divested to a wholly-owned subsidiary of LS Power for proceeds of approximately $2.1 billion, after subtracting taxes, transaction fees, and other preliminary closing adjustments, including an adjustment for estimated remaining completion costs for in-construction assets.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.4 million barrels from the week ending February 28 to the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report.
Crude has tumbled from its mid-January highs as the Trump administration’s trade policies threaten a wider economic slowdown and reduce the appeal of riskier assets. On the supply side, an OPEC+ plan to boost production and the prospect of Russian barrels returning to the market also are weighing on prices. Oil briefly swooned to intraday lows after Russian President Vladimir Putin said he’s ready to agree to a ceasefire with Ukraine if it leads to long-lasting peace.
The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane.
In 2024, STEP strengthened its foothold in the North American coiled tubing technology sector by acquiring the proprietary technology and intellectual property for the STE-conneCT downhole tool. The company said it has also collaborated with a major U.S. client to enhance ultra-deep coiled tubing capabilities.