Let's Talk Energy

This episode was recorded on Thursday, 30 April 2026. Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/4dgjr2qLet’s Talk Energy and look at how oil-importing countries in Asia are coping with the loss of vital Middle East supply as benchmark prices hit four-year highs above $120. Following the start of the war in the Middle East, many refiners in Asia, who are the largest buyers of barrels transiting the Strait of Hormuz, have spent the two months scrambling to find alternative supplies and bidding up spot cargoes of certain grades. But, at least in one country, that is changing. Recently, China’s refiners have flipped their approach and are selling cargoes back into the market, as export curbs, price controls and price-sensitive consumers hurt the economics of turning the crude into fuel. The change comes at a time when so-called alternative supplies, including those from Russia and Iranian cargoes that had continued to transit until the most recent US blockade of Hormuz, come under increasing pressure. But first, we look at the dynamics surrounding the departure of the UAE from Opec+ and how it could impact the markets in the near-term and further into the future.  How are major Asian importers finding the barrels they need at a price they can afford, while also shielding consumers from higher fuel costs? How has China’s strategic shift impacted both physical and futures markets and how might we expect that behavior to evolve?  And will sanctions on one of China’s largest teapot refineries create a bidding war with Indian refiners over a limited available volume of Russian barrels.   Related Analysis China resells crude as Asia absorbs the supply shock unevenly (clients only) The oil chokepoint: China’s evolving playbook for Strait of Hormuz crisis  (clients only) The UAE's exit and the limits of OPEC+ control: Special report #4, Middle East conflict (available to non-clients) US sanctions on China’s Hengli aim to choke Iran - petroyuan gets a boost (clients only) Oil Trading Market Update: Demand destruction is here, but not where you may think (available to non-clients) UAE’s OPEC exit can help alleviate pain for Indian refineries  (clients only) Gulf shut-ins could reduce regional crude output by 70% if US-Iran war drags on (available to non-clients) Russian supply hit by drone attacks, but worst-case risks fade for now (clients only)  Related Episodes How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey The Hormuz crisis and the real cost of a barrel of oil What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye  Let’s Talk Energy is a Rystad Energy Production.    Produced by Elliot Busby & Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X 

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/4eNpspm  Let’s Talk Energy with Datuk Bacho Pilong, Senior Vice President at Petronas and head of Malaysia Petroleum Management, the Southeast Asian nation’s upstream regulator. Malaysia is a long-time oil producer and is currently the world’s fifth-largest LNG exporter, providing crucial supply diversification for gas importers in the region. At the same time, the country’s own energy needs are growing rapidly as its economy matures, requiring new fields and further investment to keep both its domestic market and its international customers well supplied. Pilong’s task has taken on greater urgency following the war in the Middle East, which has caused energy importers, including Malaysia, to re-emphasize domestic supplies and has brought renewed interest from international companies looking to manage growing supply risks through greater geographic diversity in their portfolios.  What are Malaysia’s goals for its upstream sector and what are its strategies to achieve them?  How is the nation’s latest bid round progressing and what is the outlook for international investments?  What will be the impact of the war in the Middle East on interest and activity in Malaysia’s upstream sector?  Related Analysis Malaysia elevates exploration pitch with data investments and tech execution (clients only) Bridging the looming production gap (available to non-clients) Eni’s Geliga find reaffirms Indonesia’s deepwater turbidite play potential (clients only) Asia's Energy Buyers: Between a Rock and a Hard Place (available to non-clients) Related Episodes How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey The Hormuz crisis and the real cost of a barrel of oil Middle East escalation and the scramble for LNG, with Sindre Knutsson Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons Let’s Talk Energy is a Rystad Energy Production.    Produced by Elliot Busby & Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X 

Let’s Talk Energy and dive into the details of the stressed physical oil market. According to the news, Brent oil is trading around $95 a barrel and West Texas Intermediate or WTI is around $88. But refiners will tell you that finding a barrel that can be delivered today at those prices is difficult, and they may need to pay as much as $15 or $20 more, challenging the economics of making gasoline, diesel and jet fuel. That difference between the financial – or paper markets – and the market for physical barrels has big implications for fuel supplies and how we think about the potential impacts of the war on the global economy.  How much does it really cost to buy a barrel of oil, and how has the gap between futures and physical markets trended since the start of the war? What does this mean for the refining sector and the prices consumers will pay to fill up their tank or buy a plane ticket?  What options do governments have left to try to limit the economic damage from the energy crisis? Related Analysis Ceasefire pulls oil off war highs, but physical markets need time to rebalance (accessible for non-clients) Demand destruction is here, but not where you may think (clients only) Asia's Energy Buyers: Between a Rock and a Hard Place (accessible for non-clients) The curve says ‘run’ to refiners, the physical market says ‘not so fast’ (clients only) The oil market did not underreact. It just had buffers (accessible for non-clients)  Related Episodes How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye How will Middle East conflict impact energy and the economy? With Claudio Galimberti  Let’s Talk Energy is a Rystad Energy Production.    Produced by Elliot Busby & Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X   

Let’s Talk Energy and examine how concerns about the security and affordability of fossil fuels due to the war in the Middle East are impacting the adoption of renewables. As we tape this on Monday, April 13, the world is in the middle of an energy crisis – at least for fossil fuels. Prices for oil have jumped 40% or more, while prices for LNG in Europe and Asia are up more than 50% from pre-war levels, often dragging up electricity prices as well. The situation has led many to argue that importing countries should build out domestic renewable energy capacity to insulate themselves from future oil and gas shocks. But in some places, secure and affordable energy could look like a chunk of coal from a domestic mine rather than an imported solar panel, and the same inflation and high interest rates that are already squeezing consumers can make renewables more expensive as well.  What does today’s fossil fuel crisis mean for the adoption of renewable energy and the pace of the energy transition?  Which countries should we look to as bellwethers of how the world might be responding, and why?  Do the pressures – and corresponding responses – that we are experiencing today change our longer-term thinking about the energy system of tomorrow?  Related Analysis Gas spike after Middle East strikes lifts European power prices (available to non-clients)  Energy Storage Outlook: The expanding role of BESS in global energy systems​ (available to non-clients)  Gas spike after Middle East strikes lifts European power prices (clients only) Commodities, curtailment and profitability the three key challenges for solar in 2026 (clients only) Related Episodes Middle East escalation and the scramble for LNG, with Sindre Knutsson How will Middle East conflict impact energy and the economy? With Claudio Galimberti Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons Who will make money in the energy industry in 2026? Let’s Talk Energy is a Rystad Energy Production.    Produced by Elliot Busby & Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X 

This episode was recorded on Tuesday, 31 March.Let’s Talk Energy and try to understand how the war in the Middle East is changing how companies and countries think about producing energy in Asia. Nowhere – outside of the Middle East itself - has been impacted more by the ongoing conflict between the US and Israel and Iran and the de facto closure of the Strait of Hormuz than Asia, which receives the lion’s share of the region’s oil and LNG exports. The loss of that crucial supply has led countries to declare energy emergencies, tapping reserves, rationing supplies and trying to find ways to reduce demand such as shortening in-office work weeks. For private companies and national champions alike, the war has reinforced the imperative to find diverse sources of supply that don’t have to travel through increasingly fragile chokepoints in global trade.  How might companies adjust their future strategies in response to the immediate supply shock created by the war?  What is the potential of the region to meet its own growing demand for oil and natural gas?   Will more secure, regional supplies come at a higher cost for consumers? Related Analysis Strait of Hormuz crisis: How far is the world from a fuel shortage? (clients only) Special report 3 - Middle East conflict implications (accessible to non-clients) China’s resilient power system limits fallout from Middle East war (clients only) Chief Economist Desk: Strait of Hormuz, energy supply disruptions and long-term scenarios (accessible to non-clients) Indonesia exploration round points to a strategic blend of oil and LNG plays (clients only) The oil market did not underreact. It just had buffers (accessible to non-clients) Asian refiners face a rare crossroads of high margins, tight supply (clients only)  Related Episodes Middle East escalation and the scramble for LNG, with Sindre Knutsson How will Middle East conflict impact energy and the economy? With Claudio Galimberti Is China’s falling LNG demand a warning sign for global markets? With Wei Xiong Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons Let’s Talk Energy is a Rystad Energy Production.    Produced by Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X  

Let’s Talk Energy and take a deep dive into data centers. Data centers have been around since the advent of the internet, but their buildout – and associated energy needs - have exploded over the past few years, driven by the race to develop ever-greater artificial intelligence (AI) capabilities. Governments are pushing AI progress and data sovereignty as a new front in the intensifying global industrial competition, and so-called hyperscalers are pouring hundreds of billions of dollars into data center development, particularly in the US. However, fears of astronomical power demand swamping legacy grids and pushing up consumer prices, as well as general uncertainty over the pace and scope of the AI revolution, are complicating the outlook for the data center build-out. How much power will data centers really consume over the next five or ten years and where is that power most likely to come from?  How much could data centers developers spend, relative to oil and gas or power companies in the years ahead and how might that spending impact consumer prices?  Can data centers co-exist with the grid or are we more likely to see them put in their own dedicated power sources and associate infrastructure?  Related Analysis Putting things in perspective: Data center investments now on par with renewables, oil and gas (accessible to non-clients) US power demand rises as data centers spread but prices won’t peak until 2030 (accessible to non-clients) Rising data demand puts pressure on US energy grid, boosts gas projects (accessible to non-clients) Hyperscale data center boom is electrifying global UPS market (clients only)  Grid interconnection delays push European data centers to new power sources (clients only)  What do oilfield service suppliers bring to data center sector? (clients only)  Can nuclear and geothermal supply clean, firm power for data center demand boom? (clients only)  Can the energy industry step in to fix datacenters’ three key challenges? (clients only)  Data centers are driving demand, but are they moving power prices? (clients only)  Related Episodes Cheap no more: How rising demand is reshaping US natural gas, with Artem Abramov and Jai Singh How new tech is moving geothermal from niche to mainstream, with Alexandra Gerken Next-gen nuclear and the rise of SMRs, with Carlos Torres Diaz and Natura Resources' Douglass Robison Winners and losers in Trump’s energy agenda, with Mike McCormick Let’s Talk Energy is a Rystad Energy Production.    Produced by Laura Rodriguez Skaug &  Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X  

Let’s Talk Energy and explore how the offshore wind industry might start to bounce back from a rough patch in 2025. In the US, the administration shut down projects and canceled plans for future auctions. Meanwhile, elsewhere around the globe, the industry saw bid rounds close with no bids, and developers began to rationalize a long queue of projects, some of which were no longer competitive as they struggled with rising supply chain costs. While these headwinds have diminished the outlook for new offshore wind capacity in the years ahead, there is still a massive amount of growth on the horizon and signs that 2025’s hiccups are beginning to be resolved. At the same time, the offshore wind supply chain is a growing battleground for industrial competition, as it is one clean energy industry not yet dominated by Chinese companies – though they are advancing quickly.  How much could offshore wind contribute to the future energy mix and what factors might influence that outlook?  How have regulators, developers and suppliers successfully resolved some of the pinch points that are holding back capacity? Where could we see further improvements?  How will governments – particularly those in Europe – balance the need to lower development costs with the protection of their domestic offshore wind industry? Related Analysis  Five things to watch in the global power sector in 2026 (accessible to non-clients)  Rystad’s Take: In conversation with our CEO, February (accessible to non-clients)  Offshore Wind Report – 4Q 2025 (clients only)  Wind ‘theft’ disputes on the rise as developers jockey for space offshore (clients only)  Oil majors scale back offshore wind investments (clients only)  Related Episodes The North Sea is the key to European energy security, with Simon SjøthunEuropean power markets at a turning point, with Iben Frimann-Dahl and Francesca BjørnflatenWinners and losers in Trump’s energy agenda, with Mike McCormickLet’s Talk Energy is a Rystad Energy Production.    Produced by: Laura Rodriguez Skaug &  Både Og.    Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.    Follow us on:   LinkedIn    YouTube    Instagram    X  

When this episode was recorded at 3:00 pm CET on Monday, 16 March, the conflict in the Middle East was now entering its third week. At Rystad Energy, our thoughts remain with our colleagues, clients and everyone in the region who is directly impacted by the conflict.   Let’s Talk Energy and try to understand how the oilfield services and equipment sector is coping with the conflict. Ongoing military strikes and the de facto closure of the Strait of Hormuz have not only cut supplies of oil and natural gas but also disrupted the flow of goods and services needed to keep the oil and gas industry working. At the same time, energy infrastructure, which had been spared from major damage in the early days of the conflict is increasingly being hit by airstrikes by both sides. The situation only threatens current and future projects in the region but is also pushing up prices in the Middle East and around the world. What is the current status of key energy infrastructure in the region and what is the outlook for bringing idled or damaged facilities back online? Where do we see the biggest pinch points in the supply chain and where will those shortages create the most acute impacts?  What does all this mean for the amount of time and the cost needed to maintain global supplies of oil, natural gas and other fuels?  Related Analysis Gulf shut-ins could reduce regional crude output by 70% if US-Iran war drags on (accessible to non-clients) Special report #2- Middle East conflict implications (accessible to non-clients) Special report - Middle East conflict implications (accessible to non-clients) Gulf conflict puts upstream capex – and contractor performance – at risk (clients only) Qatar offshore rig suspensions signal growing Iranian strike threat in Gulf (clients only) Middle East conflict could lift offshore spending and cost pressures (clients only) Oilfield service stocks fall as markets price in geopolitical risk (clients only) Middle East war to push OCTG & linepipe prices higher (clients only) Labor availability constrained following Middle East attacks (clients only) Related Episodes  Middle East escalation and the scramble for LNG, with Sindre Knutsson How will Middle East conflict impact energy and the economy? With Rystad Energy Chief Economist Claudio Galimberti 

Let’s Talk Energy and discuss the impacts of the conflict in the Middle East on gas and LNG markets. At the time of recording (Tuesday, 10 March), about 20% of global LNG supply is cut off from the market due to the conflict and the effective closure of the Strait of Hormuz. Attacks by Iran on vessels transiting the Strait and the reaction of insurance companies to cancel coverage for ships carrying oil and gas through that area have cut off some 77 million tonnes per annum of LNG capacity in Qatar and another roughly 10 mtpa from the UAE. Most of that gas was destined for countries in Asia but the supply shortage has spooked markets globally as countries scramble to secure the supplies they need to keep the lights on and their economies running.  How has the market reacted and how does it compare to the shock from Russia’s invasion of Ukraine in 2022? How could the market normalize and how long could that take? What are some of the longer-term impacts on how people think about the energy security of their gas supplies?  Related Analysis Special report - Middle East conflict implications (accessible to non-clients) On demand webinar| Middle East conflict: Oil and gas market implications (accessible to non-clients) Middle East escalation disrupts global gas supply – yet this is not 2022 (accessible to non-clients) Iran conflict delivers biggest energy shock since Ukraine (clients only) Majors’ LNG growth aspirations hang in the balance as Hormuz crisis deepens (clients only) On demand | APAC Regional Webinar | Middle East conflict: Can regional LNG stabilize Asia during a Gulf supply shock? (clients only) Loose US gas market expected to remain shielded from global turmoil (clients only) Middle East escalation disrupts global gas supply – yet this is not 2022 (clients only) Gas spike after Middle East strikes lifts European power prices (clients only)  Related Episodes How will Middle East conflict impact energy and the economy? Cheap no more: How rising demand is reshaping US natural gas, with Artem Abramov and Jai Singh Is China’s falling LNG demand a warning sign for global markets? With Wei Xiong Let’s Talk Energy is a Rystad Energy Production.   Produced by: Laura Rodriguez Skaug &  Både Og.   Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.   Follow us on:  LinkedIn   YouTube   Instagram   X  

Everyone at Rystad Energy’s thoughts are with our many colleagues, clients and all the people who are impacted by the conflict in the Middle East. Let’s Talk Energy and look at the impacts of the conflict in Iran. After years of threats, indirect attacks and even a short-lived direct conflict in 2025, on 28 February, the US and Israel launched massive strikes on Iran, killing its Supreme Leader and others in its political and military organizations. Iran’s oil production capacity is around 3.75 million barrels per day (bpd) and was exporting a little more than 1 million bpd – mostly to China – at the end of 2025. It also produces more than 250 billion cubic meters (Bcm) of natural gas annually for its own consumption and some regional exports and sits on one side of the critical chokepoint at the Strait of Hormuz. As of our taping at 10am US eastern time on Tuesday 3 March, retaliation by Iran and its proxies has almost completely halted traffic through the Strait of Hormuz, locking about 15 million barrels of oil per day and more than 77 million tonnes of LNG out of global markets, and attacked the Ras Tanura refinery in Saudi Arabia and the Ras Laffan LNG plant in Qatar, causing both to close as a precaution.   What has been the immediate impact on global oil, natural gas and product markets?  How long could the price spikes we are seeing last and what should we be watching to understand where markets are going next? What are some potential scenarios for Iran’s future and what do they mean for its energy industry? Related Analysis On demand webinar| Middle East conflict: Oil and gas market implications (accessible to non-clients) Middle East escalation disrupts global gas supply – yet this is not 2022 (accessible to non-clients) Alert: Edition 2 – Iran conflict, Hormuz closure rock commodity markets (clients only) Asia’s oil sector to take the biggest hit from tension escalations in Iran (clients only) Thought experiment: $100 oil and a search for supply outside the Middle East (clients only) Nearly 10% of mainstream VLCCs trapped to the west of Strait of Hormuz (clients only) Maximum pressure, minimum options: Strategic dead end behind Iran strikes (clients only) Middle East escalation disrupts global gas supply – yet this is not 2022 (clients only) Gas spike after Middle East strikes lifts European power prices (clients only) Related Episodes What’s next for Venezuela? Oil production, global markets and foreign investment, with Jorge León Supply, demand and geopolitics: Oil markets in 2026 with Janiv Shah and General Index's Corey Stewart What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin YeLet’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug &  Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X 

Let’s Talk Energy and explore a US natural gas market at a turning point. For more than a decade, US consumers have enjoyed seemingly limitless volumes of low-cost gas from the country’s shale plays. But now, rising demand from a combination of LNG exports, data center buildout and general electrification is set to test the US shale sector's ability to ramp up production cheaply. What is the outlook for US natural gas supply, demand and prices and how are data centers and a wave of LNG export projects changing that view? Can the US rely on its massive shale reserves to meet surging demand and keep prices in check?  What is at stake for the array of companies that are producing, shipping and eventually burning that LNG and for US consumers who expect energy dominance to lower their bills? Related Analysis Why US LNG won’t stop flowing (accessible for non-clients) North America Gas Market Report – January 2026 (clients only) Five years into development, Eagle Ford’s Dorado keeps delivering upside (clients only) Mitsubishi acquires Haynesville-focused Aethon for $7.53 billion (clients only) Related Episodes The next US shale hotspot: Western Haynesville, with Matthew Bernstein Is China’s falling LNG demand a warning sign for global markets? With Wei Xiong Who will make money in the energy industry in 2026? Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X 

Let’s Talk Energy and tackle global emissions trends and what shifting attitudes could mean for trade and, ultimately, the climate. There may still be broad support for cutting emissions across companies and countries, both are increasingly prioritizing energy cost and security of supply over climate concerns. At the same time, we are seeing emissions assume a larger role in global trade, as countries use associated carbon or methane emissions as a factor in setting tariffs that also help protect domestic industries.  How is the volume of global emissions evolving and what are the factors behind these trends? Are trade restrictions and tariffs tied to emissions sufficient to drive continued reductions, even if energy affordability and security eclipse climate concerns?  Is the entire emissions measurement system in need of change, and what could that mean for the future of decarbonization?  Related Analysis Updated climate targets could deliver a 25% reduction in global CO2 emissions (accessible for non-clients) Global Energy Scenarios 2025: The next energy era (accessible for non-clients) Global onshore satellite-detected upstream methane emissions increase in 2025, bucking recent reduction trend (accessible for non-clients) Flaring falls to three-year low so far in 2025, but progress remains spotty (clients only) Upstream methane emissions see renewed rise in 2025 (clients only) Carbon Market Report – 2025 Annual Review and 2026 Outlook (clients only)  Related Episodes COP30 and carbon markets in the age of climate pragmatism, with Jeffrey Dickerson and Petter Aspestrand Shell’s Peter Wood on AI, future energy scenarios and trade turning points. A glimpse into energy in 2026, with Jarand Rystad  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

Let’s Talk Energy and dissect China’s natural gas sector and its impact on global liquefied natural gas (LNG) trade. China is the world’s largest importer of LNG, but lately the country’s demand for imported gas has cooled. A weakening economy, the country’s push to develop domestic gas production and growing capacity in renewables, coal and nuclear power are all pushing LNG demand down. All of these factors complicate the outlook for natural gas in China’s future energy mix at a time when global gas markets are projected to flip into a surplus over the next few years, potentially putting downward pressure on prices.    What is the 2026 outlook for China’s natural gas demand, and what impact will it have on global LNG markets?  Is China’s drive to increase domestic natural gas production paying off, and how much more can they realistically produce? What is the long-term outlook for natural gas in China’s energy mix, including as a transport fuel? How is natural gas competing with other forms of energy, such as coal and renewables?  Related Analysis Fueling a nation: China's 'Big Three' NOCs drive energy security and innovation (accessible for non-clients) Six key facts: Demystifying China’s gas power sector (clients only) US tariffs and LNG: Do Trump’s levies help or hinder US LNG export growth? (clients only) China Gas Policy Report – 4Q 2025 (clients only) Gas & LNG Market Yearly Report 2025 (clients only)  Related Episodes A glimpse into energy in 2026, with Jarand Rystad  Winners and losers in Trump’s energy agenda The future of global energy demand, with Claudio Galimberti and Jorge Leon What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

Let’s Talk Energy and drill down into the latest developments in the red-hot geothermal sector. Geothermal power generation has existed for more than 100 years, and the first large plants were built in places like New Zealand, the US and Japan in the 1960s. But the potential has always been limited by the unique geology needed to support conventional geothermal facilities, which rely on having both hot rocks and water in relatively close proximity to the surface. Now a new generation of geothermal developers is trying to expand the scope – and lower the costs – of generating power or heat from the Earth with a variety of novel approaches, including drilling and hydraulic fracturing techniques developed by the US shale industry.   How has technology expanded the geography of geothermal energy, and what does that mean for its potential as a source of clean, firm power?  Can geothermal developers lower project costs enough to compete with other energy sources like a natural gas power plant or rapidly advancing small modular nuclear reactors?  What needs to happen for these new geothermal plants to move beyond being just a darling of datacenter developers to materially contributing to the global energy mix?   Related Analysis  Whitepaper: Enhanced Geothermal Systems – the new hot topic in an emerging market (accessible for non-clients) Heating up: Geothermal investment set for 20% annual rise through 2030 (accessible for non-clients) AI’s energy appetite takes center stage ahead of COP30 (accessible for non-clients) Geothermal energy in 2025: From niche to national strategic asset (clients only) Fervo’s Cape Station shows how shale practices can unlock faster EGS wells (clients only) Geothermal Trends Report – 4Q 2025 (clients only)  Related Episodes Next-gen nuclear and the rise of SMRs, with Carlos Torres Diaz and Natura Resources' Douglass Robison Winners and losers in Trump’s energy agenda Shell’s Peter Wood on AI, future energy scenarios and trade turning points.  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X 

Let’s Talk Energy and explore the rapidly advancing efforts to develop small modular nuclear reactors, or SMRs. Nuclear has captured the imagination of the private sector and policymakers alike for its ability to generate firm power – unlike variable renewable sources – with no emissions – unlike natural gas or coal. SMRs are being pitched as a way to overcome the cost and schedule overruns seen in conventional nuclear development in the West and help meet the growing needs of power grids and behind-the-grid users such as data centers. But – to date – SMRs have generated a lot of high hopes and hot air, with only a small handful of experimental facilities currently online anywhere in the world.Can SMRs really compete with renewables and fossil fuels to meet growing global power demand?                Will SMR developers solve the cost overruns and project delays that plague conventional nuclear projects in the West and deliver low-cost electrons on time and on budget? Which countries are poised to win the SMR race and develop this new source of power as global competition for energy and digital dominance grows?    Related Analysis: Expectations and realities: 12 predictions for the year ahead in energy (accessible for non-clients) Small-reactor technology helps kindle Nordic interest in new nuclear generation (clients only) Maturing technologies boost interest in small modular reactors (clients only) Can nuclear and geothermal supply clean, firm power for data center demand boom? (clients only) Ready, set, wait: US nuclear power's revival lags energy demand boom (clients only) Costs at the core: Technology is key for nuclear power capex efficiency (clients only)  Related Episodes:A glimpse into energy in 2026, with Jarand Rystad Dawning of the next era of energy Shell’s Peter Wood on AI, future energy scenarios and trade turning points  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

Let’s Talk Energy and unpack a story that has been dominating the headlines – Venezuela. The US capture and extradition of Venezuelan President Nicolás Maduro is the biggest energy story of the year to date and has analysts scrambling to evaluate the short and long-term impacts on oil markets. Venezuela’s production peaked above 3 million barrels per day in the late 1990s but fell steeply in the ensuing years as corruption and neglect pushed production to around a million barrels per day. A US naval blockade in recent weeks further cut the country’s crude exports. Venezuela claims the world’s largest oil reserves, but much of it is locked up in heavy crude that is difficult to get to market, making revitalization of the country’s oil industry a time-consuming and expensive proposition. Why does Venezuela have outsized importance in the global oil markets, and how could potential long-term US involvement in the country’s oil industry impact markets? How much money would it take for Venezuela to return to its lofty historical production, and who might be willing to invest? What are the geopolitical ramifications of the US reasserting its control over the Western Hemisphere for both China and OPEC+?  Related Analysis: Venezuela’s long road back: Trump and Energy Report Flash Edition (accessible for non-clients) Trump and Energy Report – Flash Edition Venezuela (clients only) US-Venezuela crude deal conjures up long-term challenges for China (clients only) What it will take to bring Venezuela’s oil output back to 3 million bpd (clients only) Record high Venezuelan barrels on water set stage for trade realignment (clients only) How ‘uninvestable’ Is Venezuela, really? (clients only)  Related Episodes: Supply, demand and geopolitics: Oil markets in 2026 with Janiv Shah and General Index's Corey Stewart What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye The looming oil supply challenge with Artem Abramov  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodríguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X 

Let’s Talk Energy and dive into the global oil market to understand how supply, demand and geopolitics could influence prices for the most important traded commodity in the world. Forecasters almost universally agree that crude markets are likely to face a significant oversupply in the months ahead as growth in oil production outpaces growth in demand. But, while prices for benchmark Brent and West Texas Intermediate (WTI) have certainly drifted down in recent months, both prices and balances proved more resilient into the end of 2025 than many expected and are continuing to hold up in the early days of 2026.   How much extra oil might be sloshing around in the global market, and will it necessarily trickle down to the prices consumers pay for fuel? Will geopolitical turbulence, including the US arrest of Venezuela’s President Nicolas Maduro, outweigh the fundamentals to support higher-than-expected oil prices?  If prices do fall further, how might key producers such as OPEC+ and US shale players react?  Related Analysis  Trump and Energy: Venezuela’s long road back: The cost, conditions and timeline to 3 million bpd (accessible for non-clients) Expectations and realities: 12 predictions for the year ahead in energy (accessible for non-clients) Oil Macro Scenarios Report – 4Q 2025 (clients only) What it will take to bring Venezuela’s oil output back to 3 million bpd (clients only) In 2026, energy importers will benefit from lower prices (clients only) Navigator Alert: OPEC+8 pauses again as geopolitical uncertainty builds (clients only)  Related Episodes A glimpse into energy in 2026, with Jarand Rystad Non-OPEC+ oil growth finds its engine in South America, with Radhika Bansal Who will make money in the energy industry in 2026? What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

We launched Let’s Talk Energy in August with the simple – but often challenging – goal of telling the most important global energy stories in a way that is entertaining and easy to understand, without oversimplifying complex issues. Since our launch, you’ve watched more than 15,000 hours of Let’s Talk Energy on YouTube, and 1,300 of you subscribe to get our video episodes each week. Our episodes have been downloaded on Spotify and Apple Podcasts more than 9,000 times. We appreciate each and every listen, watch and download. In 2026, we’ll up our game with more special guests and in-person recordings as we try to keep pace with the rapidly evolving energy landscape. We’re taking a break over the holidays to recharge our collective batteries, so the next new episode will hit your feed on 14 January 2026. While we’re gone, have a look through our archive to catch up on any episodes you might have missed, and we’ll be back to talk energy with you in 2026! Related Analysis  Expectations and realities: 12 predictions for the year ahead in energy (accessible for non-clients)REview: Gas strength and oil weakness shape US onshore industry outlook heading into 2026 (accessible for non-clients) Global Energy Scenarios 2025: The next energy era (accessible for non-clients) Supply chain review 2025: Protectionism and market turmoil (clients only)  Oil, geopolitics and 2025: The ‘Bohemian Rhapsody’ Year (clients only) Middle East: Supply reset, gas growth and geopolitics set stage for 2026 (clients only)  Related Episodes A glimpse into energy in 2026, with Jarand Rystad Shell’s Peter Wood on AI, future energy scenarios and trade turning points. Winners and losers in Trump’s energy agenda, with Mike McCormick  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

Let’s Talk Energy, dust off our crystal ball and gaze ahead to the biggest energy stories of 2026. The year ahead is shaping up to be one of energy abundance. Ample global energy supplies could broadly lead to lower prices, but midstream and market bottlenecks, as well as broader shifts in the energy investment cycle, could open opportunities for companies to capture value. But geopolitics will once again be a wildcard, creating risks both to the upside and the downside for the energy industry. How will companies and countries navigate oil, natural gas and power markets that are forecast to be significantly oversupplied through the year ahead?Could 2026 be a pivotal year for the energy transition, despite worries about waning climate ambition globally?Will geopolitics inject even more unpredictability into an already tumultuous energy landscape? Related Analysis:Expectations and realities: 12 predictions for the year ahead in energy (accessible for non-clients)US shale braces for next consolidation wave as smaller players seek scale (accessible for non-clients)Economic outlook for Europe’s battery storage improving under new pricing structure (accessible for non-clients)US shale braces for next consolidation wave as smaller players seek scale (accessible for non-clients)Oil, geopolitics and 2025: The ‘Bohemian Rhapsody’ Year (clients only)Europe R&P 2025: BESS additions surpass onshore wind, solar PV drops (clients only)How does Rystad Energy compare with the IEA World Energy Outlook 2025? (clients only) Related Episodes:Energy transition vs. energy addition with Jarand RystadWhat China’s oil stockpiling means for OPEC+, prices and global trade, with Lin YeLessons from Australia's wildly volatile power market, with Gero FarruggioWho will make money in the energy industry in 2026? Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and dig into a hot new source of US natural gas production that could help meet the country’s rising domestic demand and fuel the growing LNG export business - the Western Haynesville. While the Haynesville Shale will be familiar to many in the industry, having been among the top US gas-producing areas for more than a decade, the Western Haynesville is a new place geographically, and covers new ground geologically as well. With a long queue of new LNG export facilities moving ahead in the US, there is a growing buzz that companies exploring the Western Haynesville could be in the right place at exactly the right time to capitalize on this additional demand. But first they will have to push the boundaries of technology to cut costs and prove the performance of these expensive and technically challenging wells can be repeated hundreds or even thousands of times.  How has the Western Haynesville evolved, and which companies are actively exploring in the area? What questions remain about the play, and how can it become a commercial success? What do these developments tell us about the state of US onshore exploration today? Are continued shale production gains expected, and will they help meet domestic and global demand?  Related Analysis:  Unpacking the hype: Can the West Haynesville become the next booming gas play in the Lower 48? (accessible for non-clients)  Whitepaper: Shale strategic outlook for 2025 - Disciplined growth and macro uncertainty  (accessible for non-clients)  Eye-popping West Haynesville wells still need over $4 gas to break even (clients only) Is there a new emerging gas play in Texas? (clients only)  Western Haynesville_Bossier Shale, US Supply Chain Factsheet (clients only)  North America Gas Market Report – November 2025 (clients only)  North American LNG: Contracting jumps but each FID makes the next tougher (clients only)   Related Episodes:  The looming oil supply challenge with Artem Abramov Winners and losers in Trump’s energy agenda, with Mike McCormick Who will make money in the energy industry in 2026? With Rystad Energy Deputy CEO Lars Eirik Nicolaisen  Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og.  Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.  Follow us on:  LinkedIn  YouTube  Instagram  X

Let’s Talk Energy and dive into the North Sea, the epicenter of Europe’s energy industry. Since the first discovery of oil and gas at Ekofisk off Norway in 1969, the basin has provided Europe with its largest volumes of domestic hydrocarbons. Although fossil fuel production has peaked in the region, the North Sea has become a leading frontier for the development of offshore wind. Now, the strategic value of the basin's energy production has grown since Russia’s invasion of Ukraine and the ensuing price volatility from Europe’s push to kick its dependence on Russian oil and gas.  What is the outlook for both fossil fuel and renewable energy production in the North Sea?  What do companies need to do to ensure projects are globally competitive?  How should we think about North Sea production for the countries that share it, and for the broader European continent in an age of growing worries about energy security?   Related AnalysisShrinking waters: Labor and investment under pressure in the North Sea (clients only)  Passing the torch: As majors exit the UKCS, domestic players step up  (clients only)  Divest, merge or decommission: The dilemma facing high-opex UK producers (clients only)   Related EpisodesWho will make money in the energy industry in 2026? With Rystad Energy Deputy CEO Lars Eirik NicolaisenShell’s Peter Wood on AI, future energy scenarios and trade turning points European power markets at a turning point, with Iben Frimann-Dahl and Francesca Bjørnflaten Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and look closely at the oil supply picture in South America. The continent is poised to become one of the largest – if not the largest - source of new oil outside of the OPEC+ producers’ group as output growth from deepwater and shale developments will at least match – if not exceed - that of North America.  That growth is being driven by a mix of favorable geology as well as effective policies that are keeping development costs highly competitive, even at oil prices below current levels.  At the same time, South America remains an exploration destination as national and international oil companies alike look to boost reserves to meet a future where oil demand looks increasingly resilient.   How much additional oil could South America add to global markets in the next five years, and which countries will drive that growth? Where are the exploration hotspots we are watching that could become the continent’s next giant fields? How will South American countries and the companies working there maintain their output gains and what are some wildcards that could push our forecasts up or down?   Related Analysis South America to be key driver of non-OPEC+ supply through 2030  (accessible for non-clients) Vaca Muerta's oil and gas boom signals Argentina’s pivot towards LNG exports (accessible for non-clients) South America to be a key engine of non-Opec+ supply to 2030, with upside (clients only)  Vaca Muerta's 2Q25 production growth underpinned by regional players (clients only)  Deepwater, shale fuels Latin America crude growth but sanctioning plunges (clients only)   Related Episodes COP30 and carbon markets in the age of climate pragmatism, with Jeffrey Dickerson and Petter Aspestrand The future of global energy demand, with Claudio Galimberti and Jorge Leon The looming oil supply challenge with Artem Abramov Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and explore what could be a historic COP climate gathering in Brazil through a closer look at one of the most interesting areas of the ongoing discussions – carbon markets.   COP30 kicked off in Belém in Brazil on 10 November amidst a groundswell of so-called climate pragmatism that has seen business leaders and politicians shift their attention from aggressive emissions reduction to goals like energy security, affordability and community development. President Donald Trump has again pulled the US out of the Paris Agreement, meaning there is no official delegation from the US attending the conference, though many American politicians and executives will attend. One important area in the discussions will be how to develop markets for nature-based solutions – including preserving existing forests or mangrove swamps, as well as planting new ones – which proponents say can limit emissions more quickly and at lower cost.  Will the absence of an official US delegation impact the COP30 proceedings? Will the rise in climate pragmatism lead to more measured rhetoric and pledges in Belem?    How has a COP29 breakthrough on regulating carbon credits impacted the market for offsets over the past year and what further refinements could be in store?  Further Analysis AI's energy appetite takes center stage ahead of COP30 (accessible for non-clients) Updated climate targets could deliver a 25% reduction in global CO2 emissions (accessible for non-clients)     Nationally Determined Contributions – COP30 Special Report (clients only) Brazil's energy horizon - COP30 special report (clients only)    Insights Summary: Global Energy Scenarios 2025 (clients only)    Carbon market update: Credit activity accelerates towards end of year (clients only)    EU’s 5% allowance in climate deal signals step-change in future credit needs (clients only)    Voluntary carbon market changing as developers drive new multipolar era (clients only)     Related Episodes Dawning of the next era of energy Shell’s Peter Wood on AI, future energy scenarios and trade turning points. Shipping has a plan to go green, but will it work? Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and uncover how companies have created value in the energy industry in the past and how they can do it in the future. Energy has not been the most popular industry for investors over the past decade or more, as the share of energy companies in the broader stock market has declined relative to industries like technology or healthcare. Nevertheless, some energy companies have performed exceedingly well, both in traditional and transition sectors. With power demand set to surge and forecasts showing oil and gas will likely remain relatively resilient through the transition, key areas of the energy industry are set for lasting success.   What is value creation in the first place and what separates a successful company from one that may be struggling? Which parts of the energy industry have outperformed so far this year and which ones might thrive in the year ahead?  What are some structural and strategic trends we’re watching that could set up companies for success over the next five years?   Further Analysis:  Lower profitability puts pressure on E&P investments and buyback program (accessible for non-clients)   Global PPA Price Outlook: Key trends shaping the market (accessible for non-clients)     Rystad Talks Energy | Capital Power: Data centers, electrification and the future of energy investments  (accessible for non-clients)   What will define the energy supply chain success in years to come? (clients only)   EMEA Summit 2025: Three final ideas (clients only)   Related Episodes Energy transition vs. energy addition with Jarand Rystad  (Let’s Talk Energy Podcast)The Energy Transition: Where’s the Money? ( The Next Five FT) Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and explore the fourth edition of Rystad Energy’s annual Global Energy Scenarios report. The report is a comprehensive look at the ways our energy and climate world could evolve through a set of potential pathways, ranging from a rapid and ambitious energy transition to a slower shift where reliance on fossil fuels is larger for longer. This year’s report, titled The Next Era of Energy, highlights some of the consequential shifts we are already seeing in the energy system and which countries are moving more quickly – or more slowly – than their neighbors. It comes just ahead of the much-anticipated COP30 conference in Brazil, where nations will present their more ambitious climate targets against a backdrop of increasing opposition to transition policies, particularly in the US.  What can these scenarios tell us about what our energy future might look like and the signposts we should be focusing on to recognize the direction of travel?  What trends are most important in shaping the global energy sector and which countries are leading those trends? How long could the evolution toward this new era take and what does it mean for the energy mix during that process?   Further Analysis Insights Summary: Global Energy Scenarios 2025 (accessible for non-clients)  The future for energy markets (accessible for non-clients)  Global Energy Scenarios 2025 (clients only)  House View Briefing Report – First Edition (clients only)  Energy Macro Report – Renewables and Power Outlook 2025 (clients only)   Related Podcasts Shell’s Peter Wood on AI, future energy scenarios and trade turning points The future of global energy demand, with Claudio Galimberti and Jorge Leon Energy transition vs. energy addition with Jarand Rystad  Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X 

Let’s Talk Energy and take a deep dive into the epicenter of the global energy industry, the Middle East, ahead of the massive ADIPEC energy conference in Abu Dhabi, with Aditya Saraswat, Research Director for the Middle East & North Africa region, and Valerie Panopio, Commodities Markets VP. Energy strategies in the region have been rapidly evolving over the past five years. When much of the Western world was limiting investment into new volumes of oil and gas, Middle Eastern countries were expanding their production, despite lower near-term prices. Yet, the next phase of oil and gas development in the region is poised to look very different than the giant onshore fields that have fed global markets for decades.  At the same time, countries in the Middle East are rapidly scaling renewable power and harnessing artificial intelligence to make their energy production cleaner and more efficient.   Where does the additional oil from the Middle East that will be needed by global markets come from? How could countries leverage rising gas production domestically and abroad?  What does a modern energy mix in the region look like? What do these shifts mean for the companies working there, OPEC+ production policy and global markets?  Further Analysis: Middle East energy sector flexes for the future (accessible for non-clients) Saudi Arabia slashes crude burn, taps gas for power generation by 2030 (accessible for non-clients) Middle East to overtake Asia in gas output in 2025, become second-largest region globally  (accessible for non-clients) Fewer refineries, greater capacity: Middle East and Asia lead the charge (accessible for non-clients) Middle East leads pack in future greenfield capex and sanctioning activity (clients only) Middle East energy sector flexes for the future (clients only) OPEC+ strategy shifts: From price support to market share (clients only) In discoveries and FIDs, Middle East is 2025’s first-half global standout (clients only) Gas and Renewables: The Middle East’s energy balance for the future (clients only) NOCs push upstream, refining investment as majors balance capex with returns (clients only) Refined Products Trade Flow Report – October 2025 (clients only) Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy as we take a closer look at Australia’s power markets, which have become the most volatile in the world, with the Head of Rystad Energy’s business in Australia, Gero Farruggio.  Australia has large domestic reserves of coal and natural gas and some of the best wind and solar resources in the world. However, the country still faces wild swings in power prices and potential supply shortages. Some of Australia’s states and territories have the most volatile power markets globally, including some of the longest periods of negative power prices. The country’s climate goals and energy policy are a contentious domestic issue and likely to come under global scrutiny as Australia pushes to host the COP 31 climate conference next year. What is causing Australia’s highly variable power prices? Are they likely to continue? Will the government keep to its ambitious goals for renewable power capacity or turn to other sources to ensure stable supply and affordable prices? What can other countries struggling to integrate growing shares of renewable power learn from Australia’s experience?  Further Analysis:Australia’s nuclear debate to shape election, but immediate energy security hinges on gas (accessible for non-clients)Data center developers eye remote Western Australia’s green power potential (clients only)Rising renewables decouple South Australia’s electricity prices from gas (clients only)Australia faces rising curtailment as new solar outpaces batteries (clients only)50% renewables within reach for Australia’s NEM (clients only)Australian election a win for renewables and a hard stop for nuclear  (clients only) Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and welcome our first special guest, Shell’s Chief Energy Advisor, Peter Wood. Peter joined us on the sidelines of the Rystad Energy 2025 EMEA Summit in London to discuss how AI is impacting the evolution of energy, the role of major oil companies in that evolution and the challenges of navigating a rapidly changing future. Is AI a solution or a hurdle in achieving climate targets? How are incumbent energy companies trying to balance the demands of investors today, while also developing expertise in tomorrow’s markets? How will more competitive economic and geopolitical landscape impact both energy and climate? Further analysis: Shell’s Energy Scenarios (non-clients)AI energy demands could bring benefits not just burdens (non-clients)Power-hungry data centers aim for net zero with flexible fuel cells (clients only)Can surging US power demand turn country into next 'Electrostate'? (clients only)Supermajor Corporate Strategy Report - Shell (clients only) Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and unpack the curious trend of China stockpiling crude oil, with commodities market expert Lin Ye. This year, China has consistently bought more crude than it needs, socking away the extra into storage. In some months, the country has added more than a million barrels per day. This unexpected source of global demand has helped keep crude prices buoyant despite OPEC+ rapidly unwinding its voluntary supply cuts, plus growing production from non-OPEC+ sources like Brazil and Guyana. So, how much oil is China putting into storage? How has this impacted oil prices and trade flows? Why are Chinese refiners stocking up, and how long might they keep it up? Further Analysis:Fueling a nation: China's 'Big Three' NOCs drive energy security and innovation (accessible for non-clients)Fewer refineries, greater capacity: Middle East and Asia lead the charge (accessible for non-clients)China’s crude stockpiling backstops global oil prices (clients only)Chinese demand keeping Venezuelan barrels afloat amid US sanctions (clients only)Dubai backwardation builds on geopolitical tensions and OPEC+ supply surge (clients only)Oil Market Monthly Demand Report – September 2025 (clients only) Let’s Talk Energy is a Rystad Energy Production.Produced by: Laura Rodriguez Skaug & Både Og.Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us on: LinkedIn YouTube Instagram X

Let’s Talk Energy and navigate the contentious plan to decarbonize the shipping industry with Rystad Energy clean shipping experts Jo Friedmann and Junlin Yu. Shipping is a vital part of the global economy, with 80-90% of trade traveling by sea. It is also a material source of carbon emissions – 2-3% of the global total – and one of the hardest sectors to electrify. Shipping’s governing body, the International Maritime Organization (IMO) has an ambitious plan to incentivize shipowners to hit net zero by 2050, but – as with all such proposals - the details matter. The IMO will meet from 14 October to vote on the plan, but it’s under increasing pressure from the Trump administration, which has threatened an array of tariffs, port duties and even visa restrictions on countries that support it. Will the IMO’s plan, as it’s laid out today, push the shipping industry into a greener future without adding too much cost for owners or consumers? Which fuels could be the winners in the race to provide low-carbon alternatives, and how could shipowners’ choices influence the broader market? Can the proposal overcome US opposition and what happens if it doesn’t?  Further Analysis:Navigating net-zero: Biofuels promise cleaner shipping, but supply is limited  (accessible for non-clients)IMO Net-Zero Framework Condensed Report (accessible for non-clients)IMO Net-Zero Framework Report (clients only)Clean Shipping Report – 2Q 2025 (clients only)Biofuels make for cost-effective options under IMO’s Net-Zero Framework  (clients only)IMO versus FuelEU Maritime: How do the two frameworks compare? (clients only)How will the latest IMO policy impact low carbon fuels? (clients only) Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og .Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

Let’s Talk Energy and focus on carbon capture, utilization and storage with Yvonne Lam, Rystad Energy’s Head of CCUS Research. The industry has gained traction in recent years as one option for reducing carbon emissions, and it could get a further boost after COP30 in Brazil. But can the CCUS industry scale quickly and efficiently and become a profitable business? Can it really help countries meet their climate goals? Project delays are rising and announcements of new developments are down, but Rystad Energy data shows plenty of momentum in some specific industries.  Further Analysis:CCUS Market Update Whitepaper (accessible for non-clients)Whitepaper: Are oil and gas players on track to deliver on their 2025 emissions targets? (accessible for non-clients)Carbon capture capacity in cement industry must double to meet 2 degree target  (clients only)CCUS Alert: Eni-GIP deal talks signal green investment shift from US to Europe (clients only)Too late to lead? France’s CCUS wake-up call in a fast-moving Europe (clients only)Bioenergy with CCS projects lead race in Denmark’s $4.2 billion funding round (clients only)Energy Macro Report – CCUS Market Update 2025 (clients only) Sign up for our upcoming Rystad Energy Summits in London and Singapore. Let’s Talk Energy is a Rystad Energy Production.  Produced by: Laura Rodriguez Skaug & Både Og .Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTube InstagramX

Let’s Talk Energy and unpack the European power sector with Iben Frimann-Dahl, Rystad Energy Advisory Partner, and Francesca Bjørnflaten, Vice President of Renewables & Power Research. European power was once a fairly mundane topic, but not anymore. Today, it’s one of the most interesting and perhaps contentious topics in energy. The continent’s electricity markets are at a pivot point as countries integrate an ever-rising share of renewables while ending their dependence on Russian natural gas. Such a significant evolution is rarely smooth or linear. European wholesale power prices have risen by 30% in the past year and rising energy costs have become a major headache for companies, consumers and governments. Can Europe control consumer energy costs while it continues to build out a power system that is cleaner and less reliant on imported fuel?How can companies navigate this evolution profitably and are the current business models fit for purpose?What can other regions learn from Europe as they continue to grow, modernize and decarbonize their own power sectors? Additional reading: Whitepaper: European Clean Tech (accessible for non-clients)House View Report (accessible for non-clients)Rapid renewables buildout helps Greece reach net power exporter status (clients only)Vestas and SGRE ramp up 15 MW turbine production in Europe, Asia (clients only)Southeast Europe to double installed wind capacity by 2034 (clients only)Spain’s solar, onshore wind capacity surge in 1H25 despite revenue pressures (clients only)Poland sets bold national energy and climate goals – can they deliver? (clients only) Sign up for our upcoming Rystad Energy Summits in London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og .Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTube InstagramX

Let’s Talk Energy and dive into global energy demand -- one of the trickiest parts of the energy system to forecast – with Claudio Galimberti, Chief Economist, and Jorge Leon, Head of Geopolitical Analysis, at Rystad Energy. Supply is easy to follow as projects are years in the making and companies openly communicate developments. Demand is a different story. The usage habits of millions of consumers globally impact overall demand, and forecasting these habits can be a tricky calculation. So, where do we predict global energy demand in 2040? What sources can deliver the type of energy the world wants and needs? When will oil and gas demand peak, and how fast could they decline? And what are some of the wildcards that could push our demand forecasts in very different directions?   Join us next week for another episode of Let’s Talk Energy, and remember to subscribe, rate, and review to help us provide you with more valuable insights in the future. Additional reading: House View Report (accessible for non-clients)REview: Adjusting to a new normal amid trade wars, tariffs and tensions (accessible for non-clients)Whitepaper: Top Geopolitical Risks for Energy Markets in 2025 (accessible for non-clients)House View Report – First Edition  (clients only)Navigator: Power play (clients only)OPEC+ decisively turns the tap while geopolitical risk increases (clients only)  Sign up for our upcoming Rystad Energy Summits in Houston, London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og .Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTube InstagramX

Let’s Talk Energy and discuss the impact of US President Donald Trump’s policies on the global energy industry. Noah is joined by Mike McCormick, Partner in Rystad Energy’s Advisory practice and lead author of our Trump & Energy report series. Energy has been at the center of Trump’s economic and trade policies since taking office for a second time. Clear winners and losers are emerging. Trump’s cuts to clean tech subsidies may slow some industries like offshore wind, but in other green energy sectors like solar, advances in technology and cost decreases may outweigh a lack of government support. US LNG exports have taken center stage in trade negotiations, but tariffs could increase costs for new projects. Can Trump unleash American energy without increasing domestic energy prices?NOTE: At 28:08, Mike McCormick refers to the construction of the Mountain Valley Pipeline; this should be the Coastal GasLink Pipeline.  Join us next week for another episode of Let’s Talk Energy, and remember to subscribe, rate, and review to help us provide you with more valuable insights in the future. Additional reading: 'Trump and Energy' special report series  (accessible for non-clients)Trump and Energy - Third Edition  (clients only)Deep Dive Report: Tariff impact on supply chains  (clients only)OBBBA to reduce shale breakevens, but paradigm shift for Lower 48 unlikely  (clients only)North American LNG: Contracting jumps but each FID makes the next tougher (clients only) Sign up for our upcoming Rystad Energy Summits in Houston, London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og .Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTube InstagramX

Let’s Talk Energy and examine the strategic changes of the largest western oil and gas companies with Olga Savenkova, Head of Rystad Energy’s Oil and Gas Corporate Strategy Research. Western oil firms have transformed their portfolios to navigate the pressures of lower commodity prices, evolving investor preferences and climate risk. Some of these changes are easy to track, such as growing shareholder returns, while others, such as their aggressive cost reductions, are more subtle. But lower commodity prices and rising costs will challenge these companies to maintain their hard-won gains. Can they strike the right balance between reinvestment and returns in an uncertain future? Join us next week for another episode of Let’s Talk Energy, and don’t forget to subscribe, rate and review to help bring more listeners to the show. Additional reading: Supermajor Benchmarking Report 2025 (accessible for non-clients)Lower profitability puts pressure on E&P investments and buyback programs (accessible for non-clients) Are oil and gas players on track to deliver on their 2025 emissions targets? (accessible for non-clients) Are oil and gas players on track to deliver on their 2025 emissions targets? (clients only)Supermajors post weakest earnings in years amidst a challenging quarter (clients only) Majors boost upstream spending by $25B to 2027 in portfolio reshuffle (clients only) Special Report: The majors' portfolio investments - 2025 (clients only) BP faces difficult balancing act to reach its strategic goals (clients only) Sign up for our upcoming Rystad Energy Summits in Houston, London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTubeInstagramX

Let’s Talk Energy and figure out how today’s news will influence tomorrow’s energy system. Jarand Rystad, founder and CEO of Rystad Energy, tackles the question of whether we are seeing a real energy transition or simply an energy addition. He touches on the impact of cycles of energy abundance and scarcity in the short-term and how a long-term shift will be driven by technology. One key factor is advancements in energy storage, particularly batteries. As the energy landscape evolves, consumers will reap the greatest benefit through lower prices but energy companies can still create value for their shareholders with innovative technology and business models. Join us next week for the next edition of Let’s Talk Energy, and don’t forget to subscribe, rate and review to help bring more listeners to the show. Additional reading:Trump and Energy – Third Edition (condensed version for non-clients)Trump and Energy - Third Edition (clients only)Global temperature spotlight: Is 2.0°C the new 1.5°C? (clients only)Energy Macro Report – Renewables and Power Outlook 2025 (clients only) Sign up for our upcoming Rystad Energy Summits in Houston, London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTube InstagramX

Let's Talk Energy and explore the future of oil supplies with Artem Abramov, Deputy Head of Analysis at Rystad Energy. In this inaugural episode, the challenges of reserve replacement and the potential for another oil and gas development supercycle are discussed. Artem shares his views on how technology can improve exploration and production efficiency. He emphasizes the influence of corporate strategy on reserve replacement trends and the importance of sustained high oil prices to encourage additional production.Join us next week for the next edition of Let’s Talk Energy, and don’t forget to subscribe, rate and review to help bring more listeners to the show. For detailed information on the topic, click on the report available to Rystad Energy clients. This press release is available to all readers. Sign up for our upcoming Rystad Energy Summits in Houston, London and Singapore. Let’s Talk Energy is a Rystad Energy Production. Produced by: Laura Rodriguez Skaug & Både Og. Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means. Follow us onLinkedInYouTubeInstagramX

Let’s Talk Energy is a podcast from Rystad Energy that delivers timely, expert-led insights into the global energy landscape. Hosted by Noah Brenner, who has covered the evolution of energy for more than 20 years, each episode features in-depth conversations with Rystad Energy experts, as well as the occasional special guest.Together, we explore the most important developments shaping the energy world, from oil production and power demand to market-moving geopolitics. Whether you're an industry veteran or simply curious about energy, you'll find clear and thoughtful discussions. Have a question, a topic suggestion, or want to chat with us?Email: [email protected] and visit our website: www.rystadenergy.com Follow us onLinkedInYouTubeInstagramX