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Energy
US tells IEA to scrap net zero emissions goal
The United States has told the International Energy Agency (IEA) to move away from its net zero emissions goal, with the IEA now dropping climate change from its list of priorities. U.S. Energy Secretary Chris Wright said during the IEA’s ministerial meeting today that the U.S. would exit the organisation if it did not end its support for net zero within one year. Almost 200 countries, including the U.S., signed the IEA’s 2015 Paris Accords agreement that set out goals to reach net zero by 2050. “There has been such a group mentality, 10 years invested in a destructive illusion of net zero by 2050, that the U.S. will use all the pressure we have to get the IEA to eventually, in the next year or so, move away from this agenda,” said Wright. “If the IEA goes back to what it was, which was a fabulous international data reporting agency, getting into critical minerals and focusing on big energy issues, we’re all in on that. But if they insist that it’s so dominated and infused with climate stuff we’re out.” The IEA’s chair’s summary, released after Wright’s comments, does not include climate change as a top-level priority. This is also the first time in nine years the organisation failed to release a joint communique indic
Energy
OPEC+ to hold output steady in March
OPEC+ will hold its oil production at current levels in March, member nations said today, despite oil prices soaring as the United States weighs a potential military strike on Iran. The bloc agreed in November to pause output hikes during 2026’s first quarter due to seasonal dips in demand, having previously increased production by around 2.9 million barrels per day in 2025. Total production in March will be 33.3 million barrels per day across its eight members. “The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality,” wrote OPEC+. “The countries will continue to closely monitor and assess market conditions,” the bloc said, and will maintain flexibility to reverse voluntary output changes. Oil prices have surged as the U.S. considers striking OPEC+ member Iran, meanwhile. Brent crude reached a six-month high of US$71.89 per barrel on Thursday (Friday AEDT), though it had fallen to $67.18 by 12:20 pm today AEDT. U.S. President Donald Trump has told Iran’s government that it would need to halt its nuclear program and stop killing protesters to avoid a U.S. attack. At least 6,842 people have been killed in 36 days of anti-government
Energy
Energy prices spike as winter storm cuts US oil output
A severe winter storm sweeping across the United States has triggered widespread energy disruptions, knocking nearly 15% of the country’s oil production offline and straining power grids from the Gulf Coast to New England. As temperatures plummeted, the fragility of energy infrastructure in extreme weather was laid bare, echoing past crises and highlighting the persistent vulnerability of global energy systems.Production freezes and price spikesAs of Monday, 26 January, U.S. oil producers reported outages of up to 2 Mbpd. The Permian Basin, the heart of American shale production, bore the brunt of the freeze, accounting for an estimated 1.5 Mbpd of the decline at the storm's peak on Saturday. While losses eased to roughly 700,000 bpd by Monday, full restoration is not expected until the end of the month. Major energy players have been forced to curb operations. ConocoPhillips saw Permian crude production drop by 175,000 bpd, while Chevron reported frozen equipment in Midland, Texas. ExxonMobil faced shutdowns at gas compressors due to low ambient temperatures, which in turn hampered oil lifting operations. On the refining side, Exxon’s Baytown complex and Cenovus Energy’s Lima, Ohio refinery both reported weat
Energy
US lets China buy Venezuelan oil at post-Maduro prices
The United States has confirmed it will allow China to continue buying oil from Venezuela, but at new, increased prices. Following the seizure of Venezuelan President Nicolas Maduro earlier this month, the Trump administration said it would be controlling sales of oil out of the nation indefinitely, calling on major oil companies to step in and invest in the Venezuelan oil market to help revitalise it. Now, the Trump administration has said it will allow China to continue purchasing Venezuelan oil, but at a presumably higher cost, calling Maduro era prices “unfair” and “undercut”. The oil will be sold in the global marketplace, but an anonymous official said that the administration has required that the majority be sold to the U.S. China has been one of the top buyers of oil from Venezuela for years, sold to them at a loss for the nation, to help repay massive debts to Beijing. “Thanks to President [Donald] Trump’s decisive and successful law enforcement operation, the people of Venezuela will collect a fair ‍price for their oil from China and other nations rather than a corrupt, cheap price,” the same administration official said to Reuters.
Energy
Moscow prepared to send 'uninterrupted' fuel to India
Russia has said it is prepared and ready to send “uninterrupted shipments of fuel” to India. The offer was made by Russian President Vladimir Putin during a visit with Indian Prime Minister Narendra Modi late last week, and comes in the wake of pressure from the United States for India to stop importing their oil. Putin's visit was the first since the invasion of Ukraine three years ago, which resulted in global sanctions placed upon Russian exports. In the years since, India and China have become the top customers for Russian crude oil, which the U.S is pressuring New Delhi to step back from, on the basis that it is helping to fund the war in Ukraine. In October, 38% of crude oil exports from Moscow were purchased by India, and in response to this ongoing support, the Trump administration implemented tariffs of up to 50% tariffs on most Indian exports to the U.S. earlier this year.

Energy
US to drastically cut fuel economy standards
The United States will significantly lower its fuel economy standards, as President Donald Trump’s administration continues to cut regulations on vehicle emissions. The new fuel economy rules will require around 34 miles per gallon (55 kilometres per 4 litres) for passenger cars by 2031. Standards under the Joe Biden administration had required an increase to 50 miles (80 km) per gallon by 2031. “This administration understands the freedom of every American family starts with affordable cars,” said Transportation Secretary Sean Duffy. “That’s why our new standards will make that dream more achievable by letting auto manufacturers produce the cars that fit families' needs at a lower price.” Companies, including Ford and Stellantis, have supported the new standards, with Ford CEO Jim Farley and Stellantis CEO Antonio Filosa present when Trump announced the change in the Oval Office today. The Department of Transportation claimed that lowering these standards will save consumers US$109 billion over the next five years, and $1,000 on the average cost of a new vehicle. However, a 30% increase in fuel economy across vehicles made from 2003 to 2021 did not cause a significant increase in inflation-adjusted car prices, a
Energy
Trump administration to pour US$800m into reactors
Two small nuclear reactors have been awarded US$800 million (A$1.2 billion) by the United States Energy Department. Tennessee Valley Authority and Holtec will split the money equally, as part of a federal cost-shared funding scheme for their initial projects in Tennessee and Michigan, respectively. Nuclear power has been a key tenet of the Trump administration, with the current Department of Energy restructuring a US$900 million solicitation, which was originally opened under the Biden administration, back in March, to help increase and speed up the deployment of small modular reactors. “President Trump has made clear that America is going to build more energy, not less, and nuclear is central to that mission,” said U.S. Secretary of Energy Chris Wright in a statement regarding the funding. “Advanced light-water SMRs will give our nation the reliable, round-the-clock power we need to fuel the President’s manufacturing boom, support data centres and AI growth, and reinforce a stronger, more secure electric grid. These awards ensure we can deploy these reactors as soon as possible.”
Energy
OPEC+ oil quotas unchanged in 2026, pauses output hikes
The Organization of the Petroleum Exporting Countries and allies (OPEC+) has agreed to keep its oil output quotas unchanged for 2026, with its major producers set to pause production hikes for the year’s first quarter amid the threat of oversupply. The bloc will also develop a mechanism to determine countries’ maximum sustainable production capacity for their 2027 production baseline. Eight OPEC+ countries, including Saudi Arabia and Russia, will halt output hikes for the first three months of 2026. “The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in January, February, and March 2026 due to seasonality,” OPEC+ wrote. “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments.” OPEC+ had previously agreed to raise its output every month since April, lifting production targets by roughly 2.9 million barrels per day over the period. The bloc will hike output in December by 137,000 barrels per day, it said last mo
Energy
Japan prepares to restart world's biggest nuclear plant
More than a decade after the Fukushima nuclear disaster led to its shutdown, the Tokyo Electric Power Company’s (TEPCO) Kashiwazaki-Kariwa plant - the world's biggest nuclear plant - is expected to restart following approval by governor overseeing the region as early as Friday. According to the Kyodo news agency, Niigata Prefecture Governor Hideyo Hanazumi will consult with the prefectural assembly on his decision during its regular session beginning on December 2. Assuming the assembly endorses his decision, Hanazumi is expected to respond to the national government's request to approve the restart of Kashiwazaki-Kariwa, which has a total capacity is 8,212 MW. Hanazumi’s approval to restart Kashiwazaki-Kariwa would be in line with new Prime Minister Sanae Takaichi's plans to support more nuclear restarts to strengthen energy security while also bringing down the cost of living. After completing checks at No. 6 reactor following fuel loading in October, TEPCO confirmed that the main systems required for reactor startup were operating properly. It’s understood that TEPCO is now planning to bring online the two biggest units of the plant, No. 6 and No. 7 - which together can produce 2,710 megawatts of electricity -