China's clean tech exporters cash in

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Power Up

Power Up

A Reuters Open Interest newsletter

By Gavin Maguire, ROI Energy Transition Columnist
 

Data refreshes every time you open this email. For more energy news, click here. Please send any feedback to powerup@thomsonreuters.com.

Hello Power Up readers,

Global oil markets are on the rise again as peace talks between the U.S. and Iran have stalled, with Brent crude oil futures holding near two-week highs just above $107 a barrel as we get another week underway.

Traffic through the Strait of Hormuz is being closely scrutinized for signs of improvement, after only five ships passed through the key shipping channel on Friday. 

To help offset some of the impact from the collapse in oil shipments from the Middle East, U.S. oil firms have stepped in as key global swing players, cranking both output and exports to new highs in recent weeks. ROI's Ron Bousso digs into that below. 

And while the rest of the world has been panicking about fossil fuel shortages, China's exporters of batteries, solar systems, EVs and other clean tech have been making hay, thanks to record shipments to global consumers last month. More on that later.

First up, here are some other must-read pieces from Reuters:

  • U.S. LNG exporters have so far offset the drop in shipments from Qatar following Iranian attacks on its facilities and the closure of key Middle East shipping lanes, ensuring that total supplies remain at record highs despite the war.
  • Land left dormant by the decline of the chemical industry in northeastern England has taken on a new lustre. Blessed with power plants, water and a grid connection, the site appears to have just what it takes to house a state-of-the-art AI data center campus.
  • The closure of the Strait of Hormuz has forced policymakers in Asia to face questions over the security of other maritime chokepoints, including the Strait of Malacca, which is the world's busiest waterway for international trade.
  • ROI's Clyde Russell digs into how Asia's imports of LNG are poised to drop to the lowest in nearly six years in April as the effective closure of the Strait of Hormuz cuts off cargoes from major supplier Qatar.

As always, don’t hesitate to contact me at gavin.maguire@thomsonreuters.com or follow me on LinkedIn with any questions or thoughts.

 
 

Top energy headlines

  • India's Adani Total Gas posts quarterly profit rise on demand boost
  • Oil prices hit two-week high as Iran talks stall and Strait shipments lag
  • Shell to acquire Canada's ARC in output-boosting $16.4 billion deal
  • Nations meet to discuss fossil fuel exit as Iran war drives up prices
  • US refiners' first-quarter profits expected to jump as war lifts fuel margins
 
 

US steps up as global oil swing producer

The U.S. has stepped in to shield the global economy from the oil crunch triggered by the Iran war by boosting exports, selectively easing sanctions and tapping strategic reserves. The conflict may be denting Washington’s standing in some quarters, but it is also cementing its transformation into the world’s dominant energy superpower.

Unlike in previous oil crises, the Organization of the Petroleum Exporting Countries has been left largely powerless. The near-hermetic closure of the Strait of Hormuz trapped 13% of global oil supplies in the Gulf and forced Gulf producers to shut in around 9 million barrels per day (bpd) of output, stripping the group of its most potent lever: spare production capacity.

Saudi Arabia, the world’s top crude exporter and OPEC’s de facto leader, has maximized exports through its alternative pipeline route bypassing Hormuz via the Red Sea. But even that has been insufficient to offset the scale of the disruption.

Enter the United States, which as ROI's Ron Bousso notes, has cranked both production and exports to all-time highs just when the global economy needed it most.

Read the full column
 

China's clean tech exporters on a tear

China's exporters of batteries, solar systems, electric vehicles and other clean energy components posted record sales last month as the Iran war and subsequent closure of the Strait of Hormuz cut off oil and gas supplies from the Middle East. 

Combined sales of Chinese clean energy parts and products totaled $26 billion in March, data compiled by Ember shows, which was by far the highest clean tech monthly tally ever recorded by the world's top battery, EV and solar panel maker.
 
The monthly receipts total was up 30% from February and 52% above the same month in 2025 as the seismic shock of bombings across the Middle East and closure of key shipping lanes sparked a surge in orders for clean energy products across the world.

Check out the full column for more.
 

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