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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 -
Energy
Britain approves first Rolls-Royce SMR, riling Washington
British Prime Minister Keir Starmer’s announcement that the United Kingdom’s first small modular nuclear (SMR) reactor will be built in north Wales has drawn immediate scorn from the United States, which had wanted a large, U.S.-led plant built there as part of its greater involvement in the UK's energy sector. The decision by the British government to nominate engineering company Rolls-Royce to design the SMR follows on the heels of a UK and U.S. nuclear partnership agreed upon in September, potentially worth around £76 billion. Touted as a first of its kind, the UK’s first SMR at Wylfa, on Anglesey in North Wales, will be built by the publicly owned Great British Energy-Nuclear (GBE-N) and is backed by £2.5 billion (US$3.29 billion) investment from the government. However, plans for an SMR at Wylfa provoked an angry response from the U.S., with Ambassador Warren Stephens describing his country as “extremely disappointed” by the decision. While the ambassador had been pushing for a larger reactor, the decision to award the design to Rolls-Royce is seen as a broadside to the U.S. firm Westinghouse, which had reportedly presented plans to the UK government to build a new gigawatt station at the site. Stephens told th

Energy
G7 nations pressure countries still buying Russian oil
Finance ministers from the Group of Seven advanced economies, including Britain, Canada, France, Germany, Italy, Japan and the United States, have agreed that it is time to "maximise pressure on Russia's oil exports". By taking coordinated action to increase pressure on countries continuing to increase their purchases of Russian oil, the G7 plans to reduce the revenue that Moscow needs to sustain its war with Ukraine, which began in February 2022. Further efforts to cut off Russian revenues have also seen the group’s finance ministers agree on the importance of trade measures and other restrictions, including tariffs, plus import and export bans on refined products sourced from Russian oil. While refraining from naming India or China, a G7 statement outlined plans to “target those countries that are continuing to increase their purchase of Russian oil since the invasion of Ukraine and those that are facilitating circumvention”. "We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports," the G7 statement added. Yesterday’s statement by the G7 follows strong hits by the U.S. Trump Administration last month that it was
Energy
Faster phasing out of Russian energy on the table for EU
The European Commission is set to propose plans for a faster phase-out of Russian energy resources. European Union executive's head, Ursula von der Leyen, confirmed the planned proposal on Tuesday after a call with U.S. President Donald Trump. The call between the two focused on increased efforts to place economic pressure on Russia. Currently, the bloc had intended to end purchases of Russian fossil fuels by January 1, 2028, but von der Leyen said the new proposal would see an acceleration of that timeline. "The Commission will soon present its 19th package of sanctions, targeting crypto, banks, and energy," von der Leyen wrote in a post on social media platform X. “The Commission will propose speeding up the phase-out of Russian fossil imports."
Energy
US offshore wind on verge of collapse under Trump
Offshore wind energy development in America is teetering on the verge of collapse after the Trump administration's Interior Secretary Doug Burgum told an energy conference in Italy this week that it has no future as a source of electricity generation in the United States. This latest missive by Burgum follows speculation by renewable energy executives last month that the Trump administration’s attacks on solar and wind will lead to a power crunch that increases electricity prices. Burgum’s declaration that offshore wind energy has no future in America follows an order from the U.S. authorities on 22 August for Danish renewable energy company Orsted to halt construction of the 704MW offshore wind project, after citing national security concerns. Dubbed Revolution Wind, the Orsted project – which is 80% complete and has had all necessary approvals since 2023 – is capable of powering more than 350,000 homes. Orsted, which, together with partner Skyborn Renewables, has already invested $5 billion in Revolution Wind, may end up facing a double-digit billion-dollar write-down and $1 billion in breakaway costs from existing contracts if the project never supplies electricity to the U.S. Orsted has since appealed to the U.S
Energy
OPEC+ chooses volume over price to win back market share
Having commenced an increase in oil production back in April after years of cuts to support the oil market, OPEC+ took the decision yesterday to further boost output as its leader, Saudi Arabia, pushes to regain market share. While much lower than the monthly increases of 555,000 for September and August and 411,000 in July and June, eight members of OPEC+ agreed on Sunday in an online meeting to raise production from October by 137,000 barrels per day. The unwinding of a second tranche of cuts - 1.65 million barrels per day (mbpd) – over a year ahead of schedule, adds to the first tranche of 2.5 mbpd since April, equivalent to about 2.4% of global demand. “The barrels may be small, but the message is big,” said Jorge Leon, analyst at Rystad and a former OPEC official. “The increase is less about volumes and more about signalling – OPEC+ is prioritising market share even if it risks softer prices.” While raising production when demand was growing in summer was relatively easy, the real challenge for OPEC+ - comprising the Organisation of the Petroleum Exporting Countries plus Russia and other allies – adds Rystad will come in the fourth quarter amid expected slowing demand. OPEC+ retains options to accelerate, p