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Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports.
US crude futures fall as investors reassess US-Iran risks ahead of ceasefire deadline
U.S. crude futures fell nearly 2% in early Asian trade on Tuesday as investors reassessed supply risk, with uncertainty over U.S.–Iran peace talks persisting ahead of a key ceasefire deadline.
U.S. Warns China Over Iranian Oil as Sanctions Fight Intensifies
China told its independent refineries to disregard U.S. sanctions over their purchases of Iranian crude.
The Beclowning of Scott Bessent
One iron law of current politics is that nobody who associates themselves with Donald Trump emerges with a shred of credibility. For some, that’s not a big loss — it’s not as if anyone respected Pete Hegseth even before he decided that the key to military success in an age of drones and AI was more testosterone. For others, however, the costs are real. I’m old enough to remember when Marco Rubio was widely considered a reasonable, thoughtful politician. Right now, however, my candidate for the biggest loser is Scott Bessent, the Secretary of the Treasury. Bessent started out with significant reputation to lose: When Trump selected him, this was the headline in the Financial Times: Jason Furman, Barack Obama’s chief economist, described him as a “credible Treasury secretary who has a real understanding of the global economy”. But Bessent has now transformed himself into the Baghdad Bob of bonds. Three weeks ago, after intervening (for reasons that remain somewhat unclear) to support the Japanese yen, Bessent boasted about his ability to move markets and dared investors to bet against his, declaring “I am the house now.” He then tried to push long-term interest rates down, buying 30-year U.S. Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far: To get some perspective on how high interest rates have gone, here’s a longer-term perspective: We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? The backdrop, as I argued in last Sunday’s primer, is the huge AI-driven investment boom; more on that next week. But the immediate cause of the latest interest rate spike was Trump’s rejection of an Iranian proposal to end the war. This rejection sent crude oil prices, which for a while had fallen considerably, shooting back up: It’s notable, by the way, that oil prices remain high even though a significant amount of oil is now being shuttled through the Strait of Hormuz by night, on smaller vessels. That’s an interesting story, which has a lot to do with the fact that oil from the Hormuz shuttle runs must be transferred to larger vessels before being shipped to markets in Europe and Asia; around 15 percent of the world’s large crude carriers are now parked off the coast of Oman, waiting to be tanked up. This is creating a shipping crunch: But that’s a topic for another day. For now, the point is that with oil still high and refined products, especially diesel, still close to record levels, inflation will remain elevated. And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation. The truth is that Bessent might not have been able to get interest rates down even in the best of circumstances. But he certainly won’t get anywhere as long as Trump keeps believing that he can somehow convert his Iran debacle into a triumphant victory. And Trump will keep believing that as long as he is surrounded by sycophants who tell him what he wants to hear. Sycophants like, for example, Scott Bessent, who is predicting the imminent collapse of the Iranian economy, possibly within two weeks. Bessent is right to say that the embargo on Iranian oil exports is placing the country under great economic strain. But his implicit prediction that this will quickly produce a deal that Trump can call victory looks no more plausible than his boasts about the bond market. The big question now is, why would anyone with a reputation to lose work for Donald Trump? As the beclowning of Bessent shows, joining the Trump team won’t just damage your reputation; it will utterly destroy it.
Iran begins laying mines in Strait of Hormuz, sources say
Iran has begun laying mines in the Strait of Hormuz, the world’s most important energy chokepoint that carries about one-fifth of all crude oil, according to two people familiar with US intelligence reporting on the issue.
Oil prices fall as Trump pauses Iran attacks, China restarts fuel exports
Brent crude prices fell on Friday as president Donald Trump promised not to attack Iran ahead of the US midterm elections in November
Oil rises as doubts over US-Iran deal heighten supply concerns
Oil prices rose on Wednesday morning as doubts about a U.S.-Iran peace deal and attacks on two ships fuelled concerns about Middle East supply disruptions, even as industry data showed U.S. crude inventories expanded.
Wall St futures slide as Trump signals tougher Iran strikes, oil jumps 6%
Futures tracking Wall Street's main indexes slid on Thursday as U.S. President Donald Trump signaled more aggressive attacks on Iran, dampening expectations for an end to the month-long war and sending crude prices up 6%.
Now in power, Nepal’s rapper-politician Balen Shah faces new challenge
Shah was a rebel — crude and different from the politicians who previously led Nepal. How will he be in office?
JD Vance says Trump crudely mocked politician’s manhood after asking his shoe size
Vice President JD Vance related a below-the-belt joke by Donald Trump, saying he wouldn’t publicly “embarrass” another politician by talking about his small shoe size.
The Real Brokerage, Genesco, and Sphere Entertainment Shares Plummet, What You Need To Know
A number of stocks fell in the afternoon session after Brent crude surged, erasing the brief oil relief from the previous week as consumer sentiment hit a record low, sparking concerns that shoppers will cut back on non-essential spending.
Millions of barrels of Iranian oil sit beyond Trump blockade as he vows ‘zero leakage’
Nearly 40 million barrels of Iranian crude sit on tankers near Malaysia, posing a test for Trump's "zero-leakage" sanctions campaign against Tehran.
Billy Bush joins Fox News Media as a contributor
Billy Bush, the veteran on-air host whose career was derailed by a crude off-camera conversation he had with President Donald Trump in 2005, has signed on as a contributor to
Oil prices rise over 2% after Middle East strikes; China’s exports surge on back of AI boom
Brent crude rises over $85 a barrel after US carries out third night of strikes against Iran
Crude oil pipeline business sold for $2.55 billion to Enbridge
Enbridge acquires Tallgrass Energy's crude oil business for $2.55 billion, gaining control of the Pony Express Pipeline connecting the Rockies to Oklahoma.
UK housing market downturn eases but sentiment remains ‘fragile’, surveyors say
Brent crude dips slightly below $78 a barrel; most Asian stock markets bounce back
Betye Saar dead: Assemblage artist 'liberated' Aunt Jemima
Betye Saar, a Los Angeles artist who transformed collections of bigoted bric-a-brac — Sambo dolls, ceramic mammies, and crude renderings of pickaninnies — into potent works of assemblage that mined the searing history of race in the United States, and whose works would influence generations artists in her wake, has died.
The Politics of Provocation: The ECtHR’s Ruling in Miladze v Georgia
A recent judgment of the European Court of Human Rights concerning a TikTok video published by a Georgian self-defined civil activist adds another layer to the Court’s increasingly messy Article 10 case law. The applicant repeatedly insulted public officials in crude and sexually explicit terms while broadcasting to a large online audience. Domestic courts imposed only a modest administrative fine, later reduced on appeal. The ECtHR did not find a violation of the applicant’s right to freedom of expression – raising several questions about the limits of legitimate political speech online.
Wall Street mixed and oil prices jump after Iran and U.S. trade attacks
Brent crude, the international standard, climbed as much as nearly 5% early Monday before falling back
Brent crude oil back over $100 a barrel as optimism over Middle East de-escalation fades
Rolling coverage of the latest economic and financial news
Where Did The Myth That Oil Is Made Of Dinosaurs Come From? Probably Chicago In 1933
When we first encountered oil we thought it might be a mineral deposit, which was incorrect, but absolutely nobody was suggesting it was dinosaur juice.
Gambit's Best of New Orleans 2026: Entertainment
Design by Dora Sison / Gambit Best Bounce Artist googletag.cmd.push(function() { googletag.display('ad-1492300'); }); 1. Big Freedia (Instagram: @bigfreedia)2. Ha Sizzle (Instagram: @hasizzlethevoice)3. Subtweet Shawn (Instagram: @subtweetshawn1) Trixie Minx Photo by Sophia Germer / The Times-Picayune Best Burlesque Performer1. Trixie Minx (Instagram: @trixienola)2. Bella Blue (Instagram: @bellablueforever)3. Miss Angie Z (Instagram: @missangiez) Best Casino1. Caesars New Orleans (8 Canal St., 800-427-7247; caesars.com/caesars-new-orleans)2. Treasure Chest Casino (4550 Williams Blvd., Kenner, 504-443-8000; treasurechest.com)3. Boomtown Casino (4132 Peters Road., Harvey, 504-366-7711; boomtownneworleans.com) Best Drag Performer1. Debbie with a D (Instagram: @debbiewithad)2. Katrina Waters (Instagram: @katrinawaters504)3. Laveau Contraire (Instagram: @laveaucontraire) Best Festival (that's still around)1. New Orleans Jazz & Heritage Festival (nojazzfest.com)2. French Quarter Festival (frenchquarterfest.org)3. Hogs For The Cause (hogsfest.org) Best Food Festival1. New Orleans Fried Chicken Festival (friedchickenfestival.com)2. Oak Street Po-Boy Festival (poboyfest.com)3. New Orleans Jazz & Heritage Festival (nojazzfest.com) Tipitina's Photo by Sophia Germer / The Times-Picayune Best Live Music Venue1. Tipitina’s (501 Napoleon Ave., 504-895-8477; tipitinas.com)2. The Broadside (600 N Broad St., 504-766-0871; broadsidenola.com)3. The Fillmore (6 Canal St., 504-881-1555; thefillmorenola.com) Best Live Music Club1. Maple Leaf Bar (8316 Oak St., 504-866-9359; mapleleafbar.com)2. Snug Harbor Jazz Bistro (626 Frenchmen St., 504-949-0696; snugjazz.com)3. Chickie Wah Wah (2828 Canal St., 504-541-2050; chickiewahwah.com)3. Blue Nile (532 Frenchmen St., 504-766-6193; bluenilelive.com) Best Local Blues Artist/Band1. Little Freddie King (littlefreddieking.com)2. Samantha Fish (samanthafish.com)3. Tab Benoit (tabbenoit.com) Best Local Brass Band1. Rebirth Brass Band (rebirthbrassband.com)2. Hot 8 Brass Band (hot8brassband.com)3. The Soul Rebels (thesoulrebels.com) Best Local DJ1. Paul Lakeway (Instagram: @paul_lakeway)2. DJ Soul Sister (Instagram: @djsoulsister)3. ANTWIGADEE! (Instagram: @antwigadee) Best Local Funk Band1. Dumpstaphunk (dumpstaphunk.com)2. Galactic (galacticfunk.com)3. Big Sam's Funky Nation (bigsamsfunkynation.com) Kaye the Beast Provided Photo by Catherine Debuys Best Local Hip-Hop Group/Artist1. Kaye the Beast (Instagram: @kayethebeast)2. La Reezy (Instagram: @lareezymusic)3. Pell (Instagram: @pellyeah) Best Local Movie Theater1. The Broad Theater (636 N. Broad St., 504-218-1008; thebroadtheater.com)2. The Prytania (5339 Prytania St., 504-891-2787; theprytania.com) googletag.cmd.push(function() { googletag.display('ad-1492297'); }); 3. The Prytania Theatre at Canal Place (333 Canal St., 3rd floor, 504-290-2658; theprytania.com) Best Local Music Artist/Band1. Robin Barnes & The Fiya Birds (robinbarnesmusic.com)2. Trombone Shorty (tromboneshorty.com)3. Sweet Crude (sweetcrudeband.com) Best Local Rock Band1. The Revivalists (therevivalists.com)2. Better Than Ezra (betterthanezra.com)3. Cowboy Mouth (cowboymouth.com) Best Wedding Band/ DJ1. The Mixed Nuts (themixednuts.com)2. Bucktown All-Stars (bucktownallstars.com)3. Warm Advice (warmadvice.com) Doreen Ketchens Provided photo Best Local Street Performer1. Doreen Ketchens (doreensjazz.org)2. Jourdan Blue (Instagram: @jourblue)3. Sariyah Idan (ariyahidan.com) Best Local Theater Company1. The Tennessee Williams Theatre Company of New Orleans (504-264-2580; twtheatrenola.com)2. Le Petit Theatre (616 St. Peter St., 504-522-2081; lepetittheatre.com)3. The NOLA Project (504-302-9117; nolaproject.com) Best Local Traditional Jazz Group/Artist1. Preservation Hall Jazz Band (preservationhalljazzband.com)2. Kermit Ruffins (@ruffinsbbq)3. Trombone Shorty (tromboneshorty.com) Best Marching Band1. St. Augustine High School Marching 100 (Instagram: @staugmarching100)2. Edna Karr High School Marching Band (Instagram: @theofficialkarrband)3. The Roots of Music Marching Crusaders (therootsofmusic.org) Best Mardi Gras Parade1. Muses (kreweofmuses.org)2. Iris (kreweofiris.org)3. Endymion (endymion.org) 610 Stompers Photo by Chris Granger / The Times-Picayune Best Mardi Gras Dance Krewe1. 610 Stompers (610stompers.com)2. Amelia EarHawts (aecabinkrewe.com)3. The Jamettes (Instagram: @thejametteskrewe) Best Place to See Burlesque/Drag1. The AllWays Lounge & Cabaret (2240 St. Claude Ave., 504-218-5778; theallwayslounge.net)2. The Original Nite Cap (1300 St. Bernard Ave., 2nd floor, 504-224-2854; Instagram: @originalnitecap)3. The Country Club (634 Louisa St., 504-945-0742; thecountryclubneworleans.com) Best Place to See Comedy1. Sports Drink (1042 Toledano St.; sportsdrink.org)2. The Howlin' Wolf (907 S. Peters St., 504-529-5844; thehowlinwolf.com)3. Big Couch New Orleans (1045 Desire St.; bigcouchnola.com) Best Local Comedian1. Ryan Rogers (ryanrogerscomedy.com)2. Mark Normand (marknormandcomedy.com)3. Cyrus Cooper (Instagram: @cyrusjcooper) Best Strip Club1. The Penthouse Club (727 Iberville St., 504-524-4354; penthouseclubneworleans.com)2. Rick’s Cabaret (315 Bourbon St., 504-524-4222; rickscabaretneworleans.com)3. Larry Flynt's Hustler Club (225 Bourbon St., 504-524-0010; neworleanshustlerclub.com) Best Performing Arts Center1. Jefferson Performing Arts Center (6400 Airline Dr., 504-731-4700; jeffersonpac.com)2. Saenger Theatre (1111 Canal St., 504-525-1052; saengertheatreneworleans.com)3. Mahalia Jackson Theater for the Performing Arts (1419 Basin St., 504-525-1052; mahaliajacksontheater.com) .donate-gambit-article-module-container { text-align: center; padding: 10px; /* background-color: #24da6d; */ background-color: rgb(153, 0, 0); margin-bottom: 20px; } .donate-gambit-article-module-title { font-weight: bold; color: #fff; } .donate-gambit-article-module-copy { color: #fff !important; font-size: 16px; } .donate-gambit-article-module-button { background-color: black; width: 50%; border-color: black; font-size: 16px; } .donate-gambit-article-module-button:hover { background-color: black; } @media only screen and (max-width: 600px) { .donate-gambit-article-module-button { font-size: 14px; width: 100%; } .donate-gambit-article-module-copy { font-size: 14px; } } BECOME A GAMBIT MEMBER AND JOIN OUR KREWE TODAY For more than 40 years, Gambit has covered New Orleans, for New Orleans. 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Red Sea Shipping Slows After Houthi Attacks on Saudi Oil Sites
The Hong Kong-flagged VLCC, New Pearl, carrying 2 million barrels of Saudi crude to Zhoushan, China, was also reported leaving the Red Sea.
Oil prices climb as Iran talks hit new impasse; Tui hit by high fuel costs
Brent crude prices hover near $90 per barrel, as fallout from Iran war hits travel firm Tui’s profits
US oil prices rise as US-Iran peace talks remain uncertain
U.S. crude futures rose in early trade on Wednesday, despite Washington's announcement that it would indefinitely extend a ceasefire with Iran, as uncertainty over peace talks persisted and the Strait of Hormuz remained effectively closed.
Red lights are flashing on the scarcity of oil
Six weeks ago, the world was practically swimming in crude oil. The market was oversupplied and prices were low and stable. But now, some parts of the energy market are acting like the world is on the verge of running dry.
The global oil crisis is turning into an everything crisis
One month into the war in Iran, a growing shortage of crude oil is threatening to morph into something worse: a shortage of nearly everything.
US crude futures rise after settling previous session with biggest fall in six years
U.S. crude futures rose on Thursday morning after settling with the biggest fall since April 2020 during the previous trading session, after U.S. President Donald Trump agreed to a two-week ceasefire with Iran.
Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
Health officials warn East L.A residents about odor after 2,400 gallons of oil spill
Los Angeles County Public Health officials gave new guidance to residents after a ruptured pipeline released approximately 2,400 gallons of crude oil along a major East Los Angeles street and into …
Enbridge to Buy Tallgrass Crude Pipeline Business for $2.55 Billion
Enbridge is expanding its U.S. crude pipeline network with a major Rockies-to-Cushing acquisition.
Oil tanker pursued by US now has a Russian flag painted on its side
Crew members aboard the aging, rusted oil tanker that the US has been pursuing at sea for nearly two weeks appear to have painted a crude image of a Russian flag on the ship’s hull, which American officials believe is an attempt at claiming Russian protection, a US official familiar with the matter said.
Talk of US export ban on diesel deepens US crude futures' discount to global benchmark
Washington's talk of a possible ban on diesel exports is widening the gap between US crude oil futures and the global Brent benchmark, a signal that markets expect US refiners to process less crude oil if their diesel output gets stuck at home.
Canada's Enbridge postpones plans for second phase of Mainline oil pipeline expansion
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases.
Oil falls as US crude inventories rise despite Saudi supply concerns
Oil prices fell on Wednesday after an unexpected build in U.S. crude inventories, while investors assessed supply risks after Saudi Arabia suspended oil loadings at its Yanbu port following an attack on its East-West pipeline to the Red Sea.
IMF chief warns energy shock, public debt and AI boom threaten global growth
Kristalina Georgieva’s warning comes as Brent crude rises above $101 a barrel
Oil Prices Rise Slightly After U.S. and Iran Trade Strikes
Brent crude, the global benchmark for oil, was up about 1 percent as trading resumed on Sunday, while the national average price of gas was nearly $4.15 a gallon.
US crude futures fall over $1 as traders weigh supply risks
U.S. crude futures fell more than $1 in early Asian trade on Tuesday as traders balanced heightened supply risks linked to a U.S. blockade of Iranian shipping in the Strait of Hormuz with reports that Washington and Tehran were still open to talks after a tense meeting in Islamabad.
‘Fat b*tches’: Videos reveal the extent of GOP candidate’s crude sexual remarks
Brandon Herrera repeatedly made vulgar sexual statements and derogatory comments about the appearance and intelligence of women, CNN found.
The Real Brokerage, Genesco, and Sphere Entertainment Shares Plummet, What You Need To Know
What Happened? A number of stocks fell in the afternoon session after Brent crude surged, erasing the brief oil relief from the previous week as consumer sen...
Home heating oil firms squeezed as diesel, crude prices surge amid Middle East tensions
It's a volatile market for home heating oil businesses. Rising oil and fuel costs after a brutal winter have customers calling and asking for help.
Marigny Opera Ballet joins forces with Sweet Crude for two world premieres
One of the choreographers has has performed with the Joffrey Ballet, Royal New Zealand Ballet, Norwegian National Ballet and other companies throughout the U.S. and Europe.
High on Life 2's Switch 2 release delayed "to better meet not only our high standards for gaming, but yours as well"
High on Life 2, the sequel to the crude and comedic FPS from Squanch Games, has had its Switch 2 release delayed by a couple of months.
Enbridge to buy Houston pipeline co.'s crude oil business in $600M Permian deal
Enbridge is buying Houston-based Salt Creek Midstream's crude oil business in the Permian Basin.
NEW: Arab AI Slop and the Precarious Politics of Digital Kitsch
Dear Friends and Comrades, If you spend any time on social media, you’ve seen the uncannily rendered videos and memes known colloquially as AI slop, crudely generated videos playing on stereotypes meant to generate viral outrage. In our upcoming summer issue of Middle East Report, Nermin Elsherif looks at
Trump says Iran probably responsible for attack on Saudi pipeline
U.S. President Donald Trump said on Saturday that Iran was probably responsible for an aerial attack on Saudi Arabia that shut down its East-West pipeline, one of the kingdom's main routes for exporting crude while bypassing the Strait of Hormuz.
Enbridge nears $2 billion deal for Blackstone's Pony Express crude pipeline, Bloomberg News reports
Enbridge is in advanced talks to buy the major crude oil pipeline Pony Express Pipeline in the U.S. from Blackstone-owned Tallgrass Energy for about $2 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Enbridge to buy Tallgrass crude oil transport business for $2.5bn
The deal covers a 75% stake in the Pony Express pipeline system, which links oil production in the Rockies to the Cushing storage hub.
Live Q&A: Where Do Oil Prices Go Now?
Watch BI's oil-market experts talk about where the price of crude could go next https://bit.ly/40nSmnO
Crude appeal: why Trump wants Venezuela’s oil
Jillian Ambrose explains the appeal of Venezuelan oil, how easy it is to extract and what the capture of Nicolás Maduro tells us about Trump’s energy strategy
Asian shares jump on AI trade revival despite SpaceX, AMD setbacks, as oil prices dip
Technology stocks booming again while Brent crude trades below $80 a barrel amid hopes for a Middle East interim deal
Oil falls on increased Gulf supply and hopes for US-Iran talks
Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.
Global oil hits $105 per barrel and bond yields surge
Oil prices rose Thursday, with Brent crude hitting $105 per barrel for the first time since May, as conflict in the Middle East continued to roil global markets.
Inside Chevron’s flagship refinery tapping into Venezuelan crude after Maduro's capture
Chevron begins processing Venezuelan oil at Gulf Coast refinery following Maduro's capture, marking the company's first public acknowledgment of operations.
‘There can be kernels of truth in crude stereotypes’
Opinion, comment and editorials of the day
Business Lookahead: Eyeing oil, US jobs, and European earnings
STORY: From high oil prices and the conflict in the Middle East to U.S. jobs data and corporate earnings, here’s what you need to watch in business and finance in the week ahead.:: Crude and currencyOil prices briefly topped $120 a barrel this week to hit their highest level since 2022 as the war with Iran enters a third month.While the U.S. and Iran face pressure to end a conflict that has shut the Strait of Hormuz, the world watches anxiously as the biggest-ever disruption to energy supplies unfolds.For each week the Strait is closed, keeping oil elevated, the greater the economic risks via higher inflation or weak growth or, for some, both. Oil importer Japan just intervened to prop up a yen that has been weakened by the conflict.A new month is now underway and some traders will be mindful of that old adage, "Sell in May and go away.":: Jobs gyrationsAs the U.S. economy grapples with fallout from the Middle East war, Wall Street's radar turns to Friday's April monthly payrolls report.The U.S. economy likely created 73,000 new jobs, economists polled by Reuters forecast. In March, payrolls increased by 178,000, the most since December 2024, but that followed a sharp decline in February.The U.S. employment data comes amid signs of hawkishness at the Federal Reserve, as Donald Trump pick Kevin Warsh prepares to take over as chair with the U.S. president keen on rate cuts.:: Starmer’s statusThursday's local elections in Britain, usually a non-event for investors, could move markets in a big way, with opinion polls pointing to a heavy defeat for Prime Minister Keir Starmer's Labour Party.A heavy defeat could spark more widespread demands for his dismissal among his own lawmakers and stoke expectations of a successor more willing to run looser budgets. That would bring more bad news for British bonds.::European earningsIt's a big week for European earnings with Shell and Commerzbank among those reporting.On aggregate, profits are expected to grow 3.2% in Q1, according to LSEG I/B/E/S. Under the surface, it's a little bit more complicated. Growth is expected to be driven by just three sectors: financials, tech and energy. The latter is seen as the biggest beneficiary of the Iran war due to higher oil and gas prices.But if the war, and energy surge, persist, the overall outlook for Europe's earnings could turn.
Brent Crude rises after Trump says he wants to ‘take the oil’ in Iran; Starmer to gather business leaders to discuss emergency measures
Asian stocks fall and Brent rises to over $115 a barrel; Trump says US could seize Iran’s export hub on Kharg Island
Oil prices climb amid supply fears and shipping attacks; prospect of rate rise weighs on UK housing market
Brent crude heads towards $103 a barrel while Asian shares slide
Crude oil tanker struck by unknown projectile off Oman, UKMTO says
The master of a crude oil tanker has reported being struck by an unknown projectile 4 nautical miles east of Oman, the United Kingdom Maritime Trade Operations (UKMTO) said early on Saturday.
Health Care and Crude Led the Week While Tech Lost Its Grip
American News Group News Commentary - The State Street SPDR S&P 500 ETF Trust slipped 0.28% and the Invesco QQQ Trust fell 2.62% over the five trading sessions ended Thursday, October 15, according to Stock Analysis data, as a hotter-than-expected inflation report revived concerns about interest rates and technology stocks sold off. Among U.S.-listed exchange-traded funds with at least $1 billion in assets, excluding leveraged and inverse products, the week's leaders came from health care, crude
The problem with healthy life expectancy
A crude blend of very different statistics is not the best tool for the job
Goldman Sachs analysts say EV adoption set to hammer demand for oil
Goldman Sachs says a shift spurred by the Iran War and its disruption to energy markets will put downward pressure on crude prices through 2027.
China-proofing European cleantech is a tricky business
Crude tariffs won’t be enough to promote EU renewable energy
Kuwait Oil Company Signs US$ 16.0 Billion Infrastructure Partnership Involving Its Crude Oil Pipeline Network With a Consortium Comprising Blackstone, Brookfield and KKR
Kuwait Petroleum Corporation ("KPC"), the state-owned corporation overseeing Kuwait's oil and gas sector, today announced that its wholly owned subsidiary, K...
Indian shares likely to open higher on strong business updates from lenders
Indian shares are set to open with a positive tone on Monday as investors react to quarterly business updates from key lenders and companies, while crude oil prices remained below $72 per barrel.
Brooklyn businesses, consumers feeling the pinch from soaring oil prices
The soaring crude oil prices continue to push up the price at the pump, but it's also impacting everything from airfare to farmers, and products you buy at the store.
Oil markets move from fearing shortages to worrying about surpluses
Global oil supply recovery eases shortage fears as Brent crude falls to $73. Wall Street is lowering forecasts amid demand concerns.
Business Lookahead: Trump on Tour
STORY: From Trump's trip to China, to a slew of new U.S. data releases, these are the stories to watch in business and finance in the coming week. :: Trump goes to Beijing U.S. President Donald Trump visits Beijing on Thursday and Friday.It will be his first visit to China in eight years.He'll try to lock in the trade truce agreed to in October in South Korea, and avoid a rerun of the tit-for-tat tariff battle that he set off a year ago.Fresh trade data should offer a reality check on whether a protectionist White House has managed to dent Americans' appetite for Chinese-made goods.:: Saudi Aramco posts resultsThe world's biggest exporter of crude oil, Saudi Aramco, reports first-quarter results on Sunday.The numbers are expected to show the pain from the more than two-month-old Iran war.This comes as efforts to end the conflict appeared to stall after the U.S. and Iran traded fire in recent days, with some of the biggest flare-ups in fighting in and around the Strait of Hormuz since a ceasefire began a month ago.:: U.S. economic dataA bunch of new data should give a clearer view of inflation in the U.S.Tuesday's April consumer price index is expected to rise 0.6% according to a Reuters poll.Prices at the pump are likely to loom large in the numbers.Producer price data for April on Wednesday is another inflation checkpoint after the Fed’s last meeting exposed a more hawkish tilt among some policymakers who are increasingly uneasy about price pressures.And retail sales figures on Thursday should show whether higher gas prices and other costs are starting to bite into household spending.
Enbridge to Buy Tallgrass Crude Pipeline Business for $2.55 Billion
Enbridge is expanding its U.S. crude pipeline network with a major Rockies-to-Cushing acquisition.
Oil prices rise as storms and air strikes threaten supply
Oil prices rose on Wednesday as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen's Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude.
Oil prices fall and stock markets rise US-Iran peace talks progress
Brent crude prices fall below $80 per barrel on after Iranian negotiators said progress had been made in peace talks with US
Iran attacks: How oil, stock markets could react to new Middle East war
The attacks on Iran are likely to send oil prices surging. Barclays says Brent crude could test $100 a barrel on Monday.
UK inflation increases in July driven by a surge in gas costs; oil prices rise again
Brent crude approaches $92 a barrel; Asian shares slump after Wall Street chip sell-off
Pancakes, Politics, and Pipelines: The Political Winds Supporting the Development of Canadian Crude Oil Pipelines
The Political Winds Supporting the Development of Canadian Crude Oil Pipelines
Book review: ‘Capitol Crude’ details decades of oil industry impact on Alaska politics
The new book by Lisa Weissler will thrill policy wonks and inform those seeking a clear-eyed understanding of how Alaska reached its present dysfunction.
US eyes Venezuelan oil swap to refill strategic reserves
More Venezuelan heavy crude could also increase competition for Canada, a major supplier of heavy oil to US refineries.
America is the oil king of the world. So why is the Iran war sending gas prices higher?
The United States is pumping more oil than any country in world history. Without all that crude, Americans could already be paying $4 or even $5 a gallon for gasoline, making the energy spike caused by the war with Iran even more painful.
Bessent rules out government intervention in oil futures market during Iran war
Treasury Secretary Scott Bessent said the U.S. won't intervene in oil futures markets, focusing on physical crude supply to offset Iran conflict disruptions.
Oil prices retreat, Asian shares rise after report of planned IEA oil reserve release
International Energy Agency reportedly proposed argest release of oil reserves in its history to bring down crude prices
Oil prices fall on signs Middle East crude flows recovering
Oil prices declined as Saudi Arabia resumed crude exports via the East-West pipeline, easing concerns over supply disruptions amid the US-Israeli war on Iran.
Historic price shock: Oil surges above $100
A historic disruption to the world’s oil production sent crude prices smashing through the $100 barrier Monday for the first time in nearly four years.
Oil price falls after Trump says Venezuela will send supply to US
Rolling coverage of the latest economic and financial news, as Brent crude drops back to $60 a barrel
German factory orders rise faster than expected; Asian shares fall on tech pullback
Germany’s biggest arms maker Rheinmetall slashes outlook after cancelled government contract; crude oil prices hold below $80 a barrel
The world just smashed the emergency glass on oil prices. Now it’s up to Trump for a long-term fix
Dozens of countries have done the unprecedented, releasing an historic amount of crude from emergency reserves to prevent high oil prices from crippling the economy. If that doesn’t work, there’s only one serious option left: ending the war and opening the Strait of Hormuz.
Stock market today: Dow drops tumbles as oil surge slams markets
US and international oil prices spiked after Iran said it attacked a crude tanker, reigniting fears of an oil shock that could send inflation higher.
Connecticut residents, businesses preparing for potential oil price hikes due to conflict in Middle East
NEW HAVEN, Conn. (WTNH) — The conflict in the Middle East may have an impact on the wallets of Connecticut residents and businesses. Connecticut fuel company’s are watching for higher crude o…
Oil prices rise as US-Iran ceasefire ends; UK wage growth slows amid cost of living squeeze
Brent crude climbs above $91 a barrel
Oil prices hold steady even as Iraq resumes some exports via Turkey
Oil prices held steady Wednesday after Iraq clinched a deal to resume some crude exports via Turkey. It’s not a ton of oil, but it’s what amounts for good news these days as the Strait of Hormuz remains largely blocked.
Bank of England expected to hold interest rates at noon as it assesses fallout from Iran war
Brent crude jumps another 7% to highest since March 2022 on report US is considering military options against Iran
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
Market Open: Primary Health Properties JV, Serica Growth
FTSE 100 and European stocks decline as Primary Health Properties announces a £700m joint venture, Serica reports growth and Brent crude weakens. Market OverviewThe FTSE 100 opened lower on Monday, falling 0.
Fancy parties and crude emails reveal the entertainment world's ties to Epstein
Some of the celebrities mentioned maintained friendships with Epstein even after his 2008 conviction for soliciting underage sex.
Oil rises for a fourth day on supply cuts from widening Middle East conflict
Oil prices rose for a fourth day on Tuesday, with Brent crude poised for its largest monthly gain on record and U.S. crude futures set for their strongest monthly increase since 2020, because of supply constraints from the widening Middle East war.
Oil prices climb as US-Iran peace talks stall
Brent crude oil futures rose by 7% when markets opened Sunday night amid signs the US-Iran peace talks had stalled.