29 May As reported energy price, news and commentary 29/05/26: Washington and Tehran making “good progress”
(Oilandgaspress) Iran-US deal nears finish line as deal reportedly still awaits final approval from both President Donald Trump and Ayatollah Mojtaba Khamenei. If signed, the memorandum of understanding would be the most significant diplomatic step since the war began on 28 February.
According to US sources, the draft terms include unrestricted shipping through the Strait of Hormuz, Iran removing all mines from the strait within 30 days, a proportional lifting of the US naval blockade as commercial shipping resumes, US sanctions waivers to allow Iran to sell oil, Iran’s commitment not to pursue nuclear weapons, and a US commitment to discuss sanctions relief and the release of frozen funds.
Nuclear negotiations would begin during the 60-day window, with Iran’s enriched uranium stockpile the first issue on the agenda, according to US outlets. . Related News
ExxonMobil and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago.
Both companies are in active negotiations with President Delcy Rodríguez’s government about tapping Venezuela’s vast oil reserves. While they’ve recently said Venezuela has more work to do on production-sharing agreements and other matters, the companies are privately encouraged by the willingness of Rodríguez and her advisers to negotiate different aspects of the contracts, according to people familiar with the matter.
An Exxon team met with U.S. embassy officials in Caracas recently and had discussions with Venezuelan officials in Houston, some of the people said. Earlier this month, Chief Executive Officer Darren Woods said Exxon is studying how to apply its expertise in Canadian heavy oil to Venezuela’s crude, which has a similar high viscosity. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $86.87 | Down |
| Crude Oil (Brent) | US$/bbl | $91.89 | Down |
| Bonny Light 22/05/26 CBN | US$/bbl | $111.54 | — |
| Dubai | US$/bbl | $102.55 | Down |
| Natural Gas | US$/MMBtu | $3.32 | Up |
| Murban | US$/bbl | $92.50 | Down |
| OPEC basket 28/05/26 OPEC | US$/bbl | $105.77 | Down |
| At press time May 29, 2026 |
IRENA’s paper, 24/7 Renewables: The Economics of Firm Solar and Wind, argues solar and wind are no longer just cheap sources of electricity when the weather is right but increasingly viable as firm power when paired with batteries, overbuild and flexibility. The central question is simple: can renewables provide clean electricity every hour of the day, not just when the sun shines or the wind blows?
IRENA says the answer is increasingly yes, with the cost of firm renewable electricity falling fast as solar, wind and battery storage costs continue to drop.
Between 2010 and 2024, installed solar PV costs fell 87%, onshore wind costs fell 55% and battery energy storage costs fell 93%, according to the report.
The agency says this has changed the economics of reliable clean power.
Firm renewable power still costs more than standard solar or wind because it needs storage, extra capacity or system flexibility to guarantee supply across more hours. Related News
IRENA modelling shows that the cost of delivering firm renewable electricity has declined rapidly,
driven by falling costs for solar PV, wind power and BESS.
Between 2010 and 2024, total installed costs declined by 87% for solar PV – reaching USD 708/kilowatt (kW) and by 55% for onshore wind, reaching USD 1 066/kW. BESS costs fell even more sharply, declining by 93% from USD 2 634 per kilowatt hour (kWh) in 2010 to USD 197/kWh in 2024. Recent industry surveys indicate that this decline accelerated further in 2025, with turnkey system prices falling by around 30% in a single year, reaching their lowest recorded level. Continued technology learning, manufacturing scale and supply chain maturation are expected to drive further cost reductions across all three technologies over the next five to ten years.
The impact on firming costs has been substantial. Analysis by IRENA of solar-plus-battery configurations
across multiple countries shows that firm LCOEs have fallen from above USD 100/MWh in 2020 to around
USD 54-82/MWh by 2025 in high-irradiance solar regions and strong wind corridors.
Further cost reductions of roughly 30% by 2030 and around 40% by 2035 are projected under current technology and cost assumptions, bringing firm LCOEs below USD 50/MWh at the best-performing sites by 2035. Related News
Vattenfall and Nscale have signed a long-term renewable power purchase agreement for the first phase of Nscale’s data centre development in Kvandal, northern Norway. The agreement covers a significant part of the electricity needed for the period 2027–2031 and reflects the growing demand for renewable electricity from AI and digital infrastructure sectors.
The Nordics offer strong conditions for sustainable data centre development through access to renewable and fossil-free electricity, a cold climate that supports energy-efficient operations, and well-developed and reliable infrastructure.
The agreement supports parts of Nscale’s flagship called the European AI infrastructure initiative and also Vattenfall Business Sales’ strategy to enable the growth of sustainable data centre infrastructure in the Nordic region. Related News
Multiple vessels transiting the Strait of Hormuz have suffered attacks this week, Chevron Corp. Chief Executive Officer Mike Wirth revealed in an interview on Bloomberg TV on Friday. According to Wirth, these previously unreported incidents highlight ongoing risks for ships plying the channel despite any ongoing diplomatic efforts. Commercial shipping traffic through the key chokepoint–which normally carries 20% of the world’s petroleum–remains paralyzed with traffic at roughly 10% of its pre-war levels.
Wirth says Chevron currently has six vessels under charter operating within the Persian Gulf. However, the CEO is adamant that his company will not consider paying any form of toll or fee to secure passage for its cargo through the Strait of Hormuz. In any case, these ships belong to third parties, implying that the burden of paying Iran’s levies falls on them. Iran began demanding upfront cash payments of up to $2 million per tanker from select operators in March in exchange for guaranteed safe passage. However, the United States has strictly warned shipping companies that paying these illegal tolls risks violating Western sanctions. . Related News
The Combined Shareholders’ Meeting of TotalEnergies SE was held on May 29, 2026, under the chairmanship of Mr. Patrick Pouyanné. The shareholders adopted all the resolutions supported by the Board of Directors, including in particular:
Approval of the 2025 financial statements and payment of a dividend of €3.40 per share for that fiscal year,
Renewal of a three-year term as Directors for Ms. Marie-Christine Coisne-Roquette, Ms. Anelise Lara and Mr. Dierk Paskert,
Appointment of a three-year term for Mr. Slavomir Krupa as Director,
Approval of the compensation policy applicable to directors,
Approval of the compensation components paid during 2025 or allocated for that year and of the compensation policy applicable in 2026 to the Chairman and Chief Executive Officer,
Various delegations of competence and financial authorizations granted to the Board of Directors,
The amendments of the Corporation’s Articles of Association concerning the age limits for the functions of Chairman and of Chief Executive Officer.
In addition, as part of a formal item put on the agenda, the Shareholders’ Meeting discussed the report on the implementation of the Corporation’s ambition with respect to sustainable development and the energy transition. Related News
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