Let's Talk Energy

Why the world's cheapest oil is now its riskiest investment, with Olga Savenkova and Schreiner Parker 17.06.2026 43min

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/4vj3TTeLet’s Talk Energy and examine how, despite being an intensely competitive business, oil and gas is also a team sport. Companies frequently partner with others to gain access to new resources, spread risk and add specialized expertise.  For years, there was a standard playbook for how different types of companies – big Western supermajors or giant national oil companies and everyone in between – would think about who they would partner with, where they would do it and why.  Now that playbook is changing, driven by trends as diverse as rising geopolitical competition, more resilient oil and gas demand, increasing capabilities among national oil companies and demands from public investors that public players turn a tidy profit, even in tough times.  How are the needs and abilities of national oil companies and Western players changing as they evolve? Is the war in the Middle East shifting the calculus of the region’s national oil companies when it comes to bringing in outside investors or its attractiveness to international players?  Finally, what does this mean for how companies think about pairing up to secure not just the reserves they need but also the ability to produce them? Related Analysis TotalEnergies overcomes Middle East disruption, looks to Namibia (clients only) Mideast war puts Vaca Muerta's million-barrel promise in the spotlight (available to non-clients) Special Report: The Majors' Portfolio Investments (clients only) Kazakhstan expands exploration push with 30-plot auction as international interest grows (available to non-clients) Hormuz outage hits production but soaring prices support company cashflows (clients only) One NOC grew 70%. Another lost 17%. What separates the winners from the rest? (available to non-clients) Majors’ LNG growth aspirations hang in the balance as Hormuz crisis deepens (clients only)  Related Episodes How Malaysia is looking to seize its upstream opportunity How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey Non-OPEC+ oil growth finds its engine in South America, with Radhika Bansal How oil majors are appealing to investors with Olga Savenkova  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  

How data center growth is slowing the US shale comeback, with Ryan Hassler and Marauder Capital's Roe Patterson 10.06.2026 43min

Let’s Talk Energy and dig into the companies that are drilling, fracking and producing oil and gas in the US shale plays. Oil and gas companies working onshore US are cautiously increasing activity to bring on more production, incentivized by the currently high prices for oil. While the price outlook remains highly fluid, the continued conflict in the Middle East and the need to refill the resulting 1-billion-barrel deficit in global storage levels is giving CEO’s confidence to marginally increase production. But, as many listeners know, oil companies don’t drill wells, hook them into pipelines, or do many of the other things that are needed to get oil and gas flowing out of the ground – they pay oilfield service companies to do that work.  How much more equipment is needed in the market to meet projected demand from US shale players?  What are the pinch points that could limit the ability of oilfield service companies or make it more expensive for operators to ramp up production?  How have changes in the sector, including past consolidation and ongoing diversification into work outside the oil and gas industry, on things like data centers, changed dynamics in the market?  Related Analysis:  House View Report (available to non-clients) Iron Oak buys Signal Peak to become top frac sand supplier in Eagle Ford (clients only) Putting things in perspective: Data center investments now on par with renewables, oil and gas (available to non-clients) Service Price Inflation Report: Shale – 2Q 2026 (clients only) How the worst oil crisis ever recorded could end in energy abundance: Let's Talk Energy Q&A (available to non-clients) Prolonged Middle East tensions could drive Lower 48 D&C pricing up 20-30% (clients only) Related Episodes: How the worst oil crisis ever recorded could end in energy abundance Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons How will Middle East conflict impact energy and the economy? Cheap no more: How rising demand is reshaping US natural gas The next US shale hotspot: Western Haynesville, with Matthew Bernstein 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 

How the worst oil crisis ever recorded could end in energy abundance, with Claudio Galimberti 03.06.2026 35min

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/3SfZuBC  Let’s Talk Energy and assess the possible long-term impacts of the war in the Middle East. The conflict has brought the geopolitics of energy and near-term market disruptions into sharp focus, as the world struggles with higher oil and natural gas prices and tighter supplies overall.  But underlying fundamentals, which pointed to growing oversupply in both oil and, to a lesser extent, gas markets, persist despite war-driven distortions.  And while no one can predict how long it could take for the US and Iran to reach an agreement to resolve the war, the two sides continue to negotiate and – at times – say they are making progress. How long could the war-driven shortages and price inflation that we see today persist after the US and Iran reach some sort of agreement to end the conflict and fully re-open the Strait of Hormuz? What changes to energy trade flows or policies could be more lasting and what shifts might be less durable as countries and markets digest this shock and steel themselves against future ones? Which factors will be most important to watch to determine how the world ultimately recovers from a massive shock to the energy system?  Related Analysis House View Report – Third Edition (clients only)  House View Report (available to non-clients) Qatar and UAE LNG outlook shifts with new House View scenarios (clients only) Middle East crisis delays but won't derail the renewable transition (available to non-clients) Navigator: A busy China (clients only)  Related Episodes  Energy insecurity is changing the case for renewablesAsia's oil scramble is reshaping crude markets Jet fuel markets and the Middle East war Why Iranian oil could be the biggest energy story of the decade  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  

Why Iranian oil could be the biggest energy story of the decade, with Aditya Saraswat 27.05.2026 33min

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/3PEAT8X  Let’s Talk Energy and looks at the implications of the Middle East war on the region’s oil and gas industries. The disruptions from the war are being felt across the globe daily, but the longer-term impacts on the region could be even more significant. The disruptions from the war in the Middle East are being felt across the globe daily, but the longer-term impacts on the most important oil and gas-producing region in the world could be even more significant. In the near-term, countries will work to repair damaged infrastructure and restart delayed projects, while pushing ahead with plans to expand capacity. Looking ahead, upstream dynamics in the region have already changed following the departure of the UAE from OPEC and further shifts are likely as countries navigate a complex economic and geopolitical climate.  Has the war between the US and Iran changed the outlook for the upstream industry in the Middle East, and how long could it take to bring back shut production? How are countries around the Gulf pursuing options to bypass the Strait of Hormuz, and just how much oil and gas could find alternative ways to market? Will this experience change the way international and national oil companies from outside the region look at investment there as they seek to replenish their own dwindling reserves?   Related Analysis Gulf war leaves $58 billion repair bill and a global equipment crunch (available to non-clients) UAE’s first post-OPEC move – Double the Hormuz bypass by 2027 (clients only) Asia's Energy Buyers: Between a Rock and a Hard Place (available to non-clients) Iraq lands surprise Qurnain frontier oil prize amid Middle East shut-ins (clients only) Western majors’ Middle East portfolios take hit from Gulf crisis (clients only) Friction to fracture: UAE cuts free of OPEC – who wins, who loses, who’s next? (clients only)  Related Episodes  How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons Middle East escalation and the scramble for LNG, with Sindre Knutsson 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  

The AI arms race has a critical minerals problem, with Michael Walshe and Jeff Dickerson 20.05.2026 42min

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/49X79uFLet’s Talk Energy and dig into the increasingly contentious world of critical minerals. These materials, and particularly rare earth elements, have vaulted to the forefront of the growing intersection between energy and security, forcing the West to reckon with China’s almost complete dominance of a sector that is the building block for everything from renewable power generation and batteries to computer chips and radar systems. The US and many of its allies are trying to rapidly develop a viable alternative supply chain through a combination of industrial policy, trade diplomacy and innovation. While seen as a critical issue for both countries, the summit between China’s President Xi Jinping and US President Donald Trump resulted in no concrete advances in trade policy, leaving an uneasy truce between the two sides. How did China become so dominant in mining and processing critical minerals, particularly rare earth elements and how is it using this leverage? How can the West begin to close the gap and why are new approaches needed for non-Chinese companies to compete? What does a viable critical minerals industry in the West look like, and how long could it take to develop?  Related Analysis Putting things in perspective: Data center investments now on par with renewables, oil and gas (available to non-clients)  Battery Metals Weekly: US zeros in on independent critical minerals supply (clients only) Battery Metals Weekly: US eyes recycling for critical mineral independence (clients only) Tariff update: Tariff politics intensify as G7 mineral bloc forms (clients only) Related Episodes  Will power-hungry data centers overwhelm the grid? Winners and losers in Trump’s energy agenda 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  

Running on empty: How the Middle East war is squeezing jet fuel markets, with Susan Bell 13.05.2026 35min

Join us for our annual Summits in Singapore, Houston and London: https://rystad.info/48VVL1MLet’s Talk Energy and take the pulse of the aviation industry as it struggles to source enough fuel as the Middle East war dries up global supplies.   Airlines are facing their biggest test since Covid. While Brent futures are up 70+% this year, jet fuel prices have doubled in Europe and risen 110% in Asia over 2025 averages.  The situation caused the CEO of United Airlines to warn ticket prices could increase by about 20%. Lufthansa canceled 20,000 flights that it said were no longer profitable.  US budget carrier Spirit Airlines stopped flying altogether after declaring bankruptcy. And finally, Fatih Birol, head of the International Energy Agency (IEA), warned that Europe could start running out of jet fuel in as little as six weeks.   How has the war hit jet fuel supplies, and why has the price squeeze been even worse for jet than for crude?  How are refiners reacting to the shortage, and do high prices necessarily mean high margins for the sector?  What can countries do – short of grounding flights – to manage this market and help consumers cope with the runup in prices?   Related Analysis Special Report #4: Middle East conflict implications (available to non-clients) Hormuz crisis reshapes clean fuel investment across the transportation space (available to non-clients) AusFuel Monitor: Emergency cargoes steady Australia jet-fuel supply for now (clients only)  Weekly insight: Europe’s jet-fuel market tightens as replacements fall short (clients only) Weekly insight: Middle East strikes force jet fuel cracks to soar (clients only)  Related Episodes  What China’s oil stockpiling means for OPEC+, prices and global trade, with Lin Ye The Hormuz crisis and the real cost of a barrel of oil Asia's oil scramble is reshaping crude markets  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  

Asia's oil scramble is reshaping crude markets, with Lin Ye and Priya Walia 06.05.2026 40min

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 

How Malaysia is looking to seize its upstream opportunity, with Petronas SVP Datuk Bacho Pilong 29.04.2026 39min

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 

The Hormuz crisis and the real cost of a barrel of oil, with Paola Rodriguez-Masiu 22.04.2026 34min

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   

Energy insecurity is changing the case for renewables, with Vegard Vollset 15.04.2026 29min

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 

How the Middle East war is reshaping Asia’s upstream strategy, with Prateek Pandey 08.04.2026 29min

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  

Will power-hungry data centers overwhelm the grid? With Fredrik Ellekjær and Victoria Fethke 01.04.2026 38min

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  

Can offshore wind bounce back after stormy 2025? With Alex Fløtre and Venterra CEO Ed Daniels 25.03.2026 31min

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  

Could Middle East conflict break energy supply chains? With Matthew Fitzsimmons 18.03.2026 41min

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 

Middle East escalation and the scramble for LNG, with Sindre Knutsson 11.03.2026 33min

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  

How will Middle East conflict impact energy and the economy? With Rystad Energy Chief Economist Claudio Galimberti 04.03.2026 34min

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 

Cheap no more: How rising demand is reshaping US natural gas, with Artem Abramov and Jai Singh 25.02.2026 37min

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 

Is trade key to cutting global emissions? With Jon Erik Remme and Patrick King 18.02.2026 38min

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

Is China’s falling LNG demand a warning sign for global markets? With Wei Xiong 11.02.2026 30min

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

How new tech is moving geothermal from niche to mainstream, with Alexandra Gerken 04.02.2026 40min

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 