BIG OIL DENIES CLIMATE CRISIS
U.S. and Qatar Issue New Warning on EU Climate Directive
The United States and Qatar have joined forces for a fresh warning to Brussels that its corporate sustainability directive risks LNG imports from two of the world’s biggest exporters at a time when the EU is trying to ban all Russian gas imports.
Per a joint letter cited by the Financial Times, Washington and Doha are concerned that the directive would affect their exports of liquefied, meaning they would not be able to export as much of the commodity to the EU as they did previously.
Qatar has earlier stated it would suspend all LNG exports to the EU if it goes through with the directive, which requires importers into the European Union to provide proof they protect human rights and work on reducing their emissions unless they want to face fines with a sum equal to as much as 5% of their annual global turnover.
“This comes at a critical moment when our countries and companies are striving not only to sustain but to significantly increase the reliable supply of LNG to the EU,” the U.S. and Qatar said in the letter.
“Beyond the direct energy security risks, the CSDDD also threatens to disrupt trade and investments across nearly all the EU’s partner economies. Its implementation could jeopardise existing and future investments, employment, and compliance with recent trade agreements,” the letter also said.
A couple of months ago, European Commission President Ursula von der Leyen made a commitment on behalf of the EU to buy $750 billion worth of U.S. energy commodities in a trade deal criticized massively in Europe. Passing the CSDDD would seriously compromise efforts to fulfil this debatable commitment.
The United States and Qatar together account for about 20% of the European Union’s total natural gas imports. The share is almost equal to Russia’s 19%, which the EU wants to give up by 2027.
By Irina Slav for Oilprice.com
Eni’s 2025 World Energy Review Shows Continued Dominance of Oil and Gas
Global energy demand rose 2% in 2024, with fossil fuels maintaining their central role despite record renewable growth, according to Eni’s 24th World Energy Review.
Eni’s annual statistical analysis reveals that global energy consumption continued its steady rise in 2024 amid moderate economic growth and geopolitical tensions. Oil demand reached 102.8 million barrels per day, up 0.8 Mb/d from 2023, largely driven by China, India, Latin America, and the Middle East. Brent crude averaged $80.8 per barrel for the year—down 2%—as market expectations of higher OPEC+ supply and global economic concerns weighed on prices.
In natural gas markets, international hub prices fell 14% year-over-year due to mild weather and high inventories early in 2024, before rebounding in the second half on renewed Asian demand. Global gas demand grew 3%, led by China, while Europe’s consumption was largely flat. LNG trade capacity expanded again, with liquefaction rising 1.4% and regasification 4%, driven by projects in Indonesia, China, and Europe.
Renewables continued their record-breaking expansion, reaching nearly 3,000 GW of installed solar and wind capacity globally—accounting for 15% of total electricity generation. Traditional sources still produced roughly 60% of global power. Biofuel production rose 7%, led by the United States and Indonesia, while the output of critical minerals essential for the energy transition climbed 5.5%, with cobalt surging 21%.
Despite advances in clean energy, global CO? emissions increased 0.8%, driven by rising output in emerging economies, while advanced economies registered further declines.
The findings underscore the structural inertia of the global energy system, where fossil fuels remain dominant despite surging renewable installations and rising policy momentum for decarbonization. Eni’s World Energy Review—one of the sector’s key statistical publications—offers data and analysis on oil, gas, renewables, and critical minerals, along with economic and demographic indicators shaping demand trends.
By Charles Kennedy for Oilprice.com
DOE Approves Venture Global’s $10 Billion CP2 LNG Export Terminal
The U.S. Department of Energy has approved Venture Global’s CP2 LNG project in Cameron Parish, Louisiana, to export up to 3.96 billion cubic feet per day of liquefied natural gas to countries without a free trade agreement with the United States. The decision marks the final regulatory milestone for one of the largest U.S. LNG export projects currently under development.
The authorization was signed today by U.S. Secretary of Energy Chris Wright, who emphasized the administration’s push to expand American energy exports and restore what he described as “energy dominance” under President Trump. “Finalizing the non-FTA authorization for CP2 LNG will enable secure and reliable American energy access for our allies and trading partners, while also providing well-paid jobs and economic opportunities at home,” said Kyle Haustveit, Assistant Secretary of the Office of Fossil Energy.
The decision follows DOE’s conditional approval granted in March 2025 and the Federal Energy Regulatory Commission’s May 2025 authorization for siting, construction, and operation of the $10 billion CP2 LNG terminal. The DOE also cited its updated 2024 LNG Export Study, reaffirming that U.S. LNG exports enhance global energy security and economic competitiveness while benefiting domestic workers.
The CP2 project, located adjacent to Venture Global’s existing Calcasieu Pass LNG terminal, is designed to include up to 20 million tonnes per annum (mtpa) of liquefaction capacity. Venture Global has already secured long-term offtake agreements with several major international buyers, positioning CP2 as a key driver of U.S. LNG growth in the late 2020s.
The move comes as the Trump administration seeks to reverse the previous LNG export pause implemented under President Biden. On his first day in office, President Trump directed DOE to resume approvals of pending applications for non-FTA exports, leading to what the department describes as a record pace of authorizations. According to DOE data, the administration has now approved more than 13.8 Bcf/d of new LNG export capacity—surpassing the total current exports of the world’s second-largest LNG supplier.
U.S. LNG exports have surged to approximately 15 Bcf/d, up around 25% from 2024 levels, supported by strong global demand and continued infrastructure expansion along the Gulf Coast. The CP2 approval solidifies Louisiana’s role as a central hub for America’s LNG ambitions, strengthening the country’s position as the world’s leading LNG exporter.
By Charles Kennedy for Oilprice.com
U.S. Buys a Token Barrel to Refill the Strategic Reserve
The Trump administration is dipping its toe—barely—into refilling the U.S. Strategic Petroleum Reserve (SPR), announcing plans to purchase one million barrels of crude for delivery in December and January. The move, while symbolically significant, amounts to little more than a rounding error in a reserve that once held 700 million barrels.
The Department of Energy will use $171 million from President Trump’s new tax and spending law to fund the purchase, issuing a solicitation for crude to be delivered to the Bayou Choctaw site in Louisiana. Bids are due by October 28, with contracts tied to spot market prices.
At around $58 per barrel, the timing is opportunistic. WTI has fallen roughly 30% since January amid swelling inventories, record U.S. production of 13.6 million bpd, and a global supply glut that has traders talking about $50 crude again.
The SPR—America’s emergency oil cushion—was gutted during the Biden years, when 180 million barrels were released to tame gasoline prices. That drawdown left the reserve at its lowest level in four decades, around 395 million barrels.
Refilling it won’t be cheap or quick. Energy Secretary Chris Wright has said it could take years and as much as $20 billion to rebuild the stockpile. Congress has since pushed through $1.3 billion in funding for refills and maintenance while repealing the mandatory drawdowns that raided the reserve in prior years.
Still, a one-million-barrel purchase is more political gesture than energy strategy. With maintenance delays pushing other scheduled deliveries into late 2025, and each government buy signaling to traders that prices could rise, Washington is walking a fine line between refilling reserves and fueling another rally.
By Julianne Geiger for Oilprice.com
