What opportunities, challenges and risks does the world of energy and natural resources face in 2025? Our experts share their thoughts.

1. Brave new world

Geopolitics, trade and the energy transition: If last year was about elections, 2025 will see the consequences.

The global bunker market ended 2024 in a state of relative stability. In the first half of the year, multidirectional fluctuations were observed across indices, with moderate increases in 380 HSFO and VLSFO prices and a slight decline in MGO

North America

Bunker fuel availability in Houston remains tight across all grades, according to a source. High winds over the last few days have created some backlogs by delaying bunker deliveries in the port.

Deliveries can remain suspended due to high wind

Crude/condensate exports from the “Big-3” producers (Saudi Arabia, US and Russia) fell in December, led by a sharp drop in Russian-origin exports. A decline in December of key seaborne exports, particularly in the case of discounted Russian crude could be

Northwest Europe

HSFO supply is still tight for very prompt delivery dates in Rotterdam and other ARA ports, a trader said. Lead times of 5-7 days are advised for the grade.

VLSFO and LSMGO supply is good in Rotterdam, with lead times

Singapore and Malaysia

VLSFO availability remains tight in Singapore, with a standard lead time of around nine days. However, expedited deliveries within five days are possible at higher prices. HSFO supply has improved, with lead times reducing from 9-15 days last

Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. Adjusting

Understanding varying fuel consumption patterns
Different sailing phases – open sea, coastal transits, port approaches, and manoeuvring – exhibit distinct fuel consumption patterns. A one-size-fits-all approach to fuel efficiency is inadequate because factors like speed, weather conditions, and navigational constraints

The energy industry has embraced artificial intelligence (AI) as a lever for enhancing productivity and decision-making, and companies of all sizes are investing significant resources to develop and deploy AI tools.

In a recent EY survey, oil and gas executives reported