Let's Talk Energy

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