Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers. This has also been exacerbated by expectations of trade tensions leading to a reduction in demand.
Ukraine wants to increase its gas imports by 30% following Russian attacks
Ukraine wants to increase its natural gas imports from Russia by 30% after Russian airstrikes damaged the gas infrastructure in Ukraine, which Ukrainian Energy Minister Svitlana Hynchuk described as significant on Tuesday. In recent weeks, Russia has intensified its attacks against Ukraine's energy industry. Last Friday, it attacked Ukraine's major gas fields. This has raised fears about a possible shortage of gas and the need to import additional gas. Hrynchuk said at a press conference after…
Foreign Minister: Hungary will buy 4 billion cubic meters of natural gas from Engie in France
Peter Szijjarto, Hungary's Minister of Foreign Affairs, said that Hungary will buy 4 billion cubic meters of natural gas between 2028-2038 from the French energy company Engie. Szijjarto stated that Engie will sell 400 million cubic meters (mcm), of gas, to Hungary each year under the "longest LNG contract in Hungary’s history". Hungary consumes approximately 8 billion cubic meters of gas per year. It is still Europe's largest buyer of Russian Gas. In the beginning of this year, Slovakia, Hungary, and other European countries rejected plans by the European Commission to phase out Russian energy and gas imports.
Republic of Congo will soon pass a new gas code as it tries to attract investment
The oil minister of the Republic of Congo said that the new gas code is expected to be passed by the parliament this month. This will help the country attract more investments in the sector, which is at the core of its national agenda for development. The code establishes a legal framework to guide gas exploration, production, and development for the Central African nation, which hopes to double its oil production by 2020 to 500,000 barrels equivalent to oil. Bruno Jean-Richard Itoua's speech at the African Energy Conference in Cape Town was viewed by many.
Chevron and Israeli pipeline operator will launch new gas pipeline towards Egypt
Chevron announced on Tuesday that it had signed a contract with Israel's pipeline operator, a state-owned company, to begin construction of the Nitzana pipeline. The pipeline will transport gas from Leviathan to Egypt. Nitzana will ease Egypt's energy crisis. Egypt has spent billions on the importation of liquefied gas. This is part of an effort to increase Israeli gas exports into the Arab World's largest nation. The owners of Leviathan, a natural gas field located off Israel, signed a deal worth $35 billion last month to export gas to Egypt. Leviathan is owned by NewMed Chevron Ratio Energies.
Gunvor expands its precious metals trading into physical trading
Gunvor, a global commodity trading company, has announced that it is expanding its precious-metals business beyond trading derivatives to include physical metal. The company also revealed that it has hired experts in London and Singapore's trading hubs. Gunvor's growth in this sector coincides with an upswing that has seen the gold price double since late 2022, as investors sought refuge from geopolitical and economic turmoil. On Tuesday, spot gold reached a new record of $3674 per troy-ounce.
IEA reduces 2030 low-emission hydrogen production forecast by almost a quarter
The International Energy Agency reported on Friday that a wave of cancellations as well as cost pressures and policy uncertainties have reduced the projected 2030 development by almost a quarter. The IEA's Global Hydrogen Review states that the IEA expects to produce 37 million metric tonnes of low-carbon fuel per year by 2030. This is down from 49 millions a year ago as developers have shelved plans or delayed them. It added that the actual output may be lower, as not all projects announced are completed.
US biodiesel imports and renewable diesel plummet after tax credit changes
The U.S. Energy Information Administration reported on Thursday that imports of biodiesel in the United States and renewable diesel in Canada fell to their lowest level in a decade in the first half 2025 following a change of tax credits for these fuels. This year, the U.S. revamped its tax credit program to encourage biofuel production and use. The changes have effectively ended such incentives for imported biodiesel or renewable diesel. Up until last year, both imports and domestic production received the same $1 credit per gallon. The new program only applies to domestic production.
Angola's offshore CLOV phase 3 production starts
Angola’s offshore CLOV Phase 3 developed started oil production Wednesday, adding 30,000 bbls per day to its country's production, according to its national oil and natural gas agency. The satellite project, located in Block 17, will be connected to an existing floating storage and offloading vessel. This will help Angola keep its production at or above 1,000,000 bpd. Angola, Sub-Saharan Africa’s second-largest producer of oil after Nigeria has reformed its oil and natural gas regulations in order to attract energy companies.
On Monday, expect a cooling of temperatures and a rise in wind speed.
The German wind energy output is forecast to decrease over the weekend, before rising above Friday's levels on Monday. Solar production and demand will also drop with temperatures decreasing. LSEG data shows that the German and French Monday basis power contracts were not traded by 0757 GMT. Baseload prices on Friday closed at 104 Euros/MWh, compared to 93 Euros/MWh on Thursday. LSEG analyst Riccard Paraviero stated that the wind power supply will fall to less than 1 gigawatt on Saturday. This will make Germany heavily reliant upon imports, and increase the risk of an upward price spike in the morning.
Uganda will begin blending ethanol and petrol in January
The energy ministry announced on Tuesday that Uganda will begin requiring fuel distributors to mix locally produced ethanol with all petrol sold within the country in January next year. This could help reduce the nation's oil import bill. Uganda imports petroleum products worth about $2 billion annually. In 2023, it gave exclusive rights to supply all these products to an energy trading unit of the global energy company Vitol. In a press release, the Ministry of Energy said that the blending program is part of a government initiative to promote clean energy.
EU approves Italian scheme to support energy-intensive industries
Italy's Energy Minister said that the European Commission had approved a scheme by the Italian government to support power-intensive industries as well as a green transition in Italy. Gilberto Pichetto-Fratin, in a press release, said that the Commission considered "Energy Release 2.0" to be compatible with EU rules on internal markets and regulations on state aid. In its first phase, the scheme will offer electricity at a price fixed of 65 euros per Megawatt-hour. According to statistics from the government, last year in Italy, the average price per megawatt hour was 108.5 euro.
Shell announces it will not be buying BP and UK rules prohibit bids for six months
Shell said that it has not made a bid to buy BP, and it is not considering it. It added that it was bound by UK regulation, which means such a statement would prevent it from making a BP bid in the next six-months. The Wall Street Journal cited on Wednesday sources claiming that Shell is in talks to buy BP. Shell responded by saying no talks are taking place. Shell issued a statement saying that "in response to recent media speculation Shell wishes clarify that it had not actively considered making an offer for BP. Shell confirms that it does not intend to make an offer for BP.
ADNOC, the UAE's oil company, boosts US investment and says AI is a once in a lifetime opportunity to invest.
ADNOC Chief Sultan al-Jaber stated on Tuesday that the state oil company in the United Arab Emirates aims to increase its U.S. investments by six-fold, to $440 billion over the next ten years. Jaber, speaking at an event in Washington, told the audience that AI was a rare investment opportunity. Jaber cited the UAE's recent anchor investments in the largest liquefied gas plant in Texas and in petrochemicals across the U.S., as well as a planned addition 5.5 gigawatts in renewable energy and storage from coast to coast.
Operator data shows that Ukraine increased its gas imports on Thursday by 40%.
The operator of the national gas transmission system announced that Ukraine would increase its gas imports on Thursday by almost 40%, to 13,3 million cubic meters. This is due to an increased import from Hungary. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase gas imports and withdraw more gas from storage this winter and in the spring. According to data from the operator, Ukraine will import 9,8 mcm (million cubic meters) of gas from Hungary on Thursday and 3.5 million cubic metres from Poland.
Qatar confirms that its gas production at the field shared with Iran has remained steady following Israeli strikes
Qatar announced on Tuesday that its gas production is stable and the supply is proceeding as normal, following Israel's Saturday strike on the world's biggest gas field, which caused Iran to temporarily suspend its production. Qatar, which is the third largest liquefied gas exporter in the world after the U.S.A. and Australia shares the South Pars field with Iran. Iran has partially halted production on the field following an Israeli attack that caused a Saturday fire. Gas supplies have been going smoothly so far.
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak. They pledged to reduce output in March April and May. Novak said that Russia also produced less oil than the quota agreed with the OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
German utility RWE announces partnership with tech giant Amazon
The German utility RWE announced on Thursday a strategic framework deal with tech giant Amazon, in which the utility will deliver clean energy and receive cloud services in exchange. Cloud services include artificial intelligence and data analysis in exchange for electricity provided by RWE's solar and wind facilities. Some of these are already operational and others are in construction. RWE, a major utility company in Europe, has a portfolio of renewable energies in operation or in development that it can sell to Amazon and other hyperscalers in data centres to help them reach their green energy goals.
German prompt price falls amid weak demand
The wholesale price of German spot electricity dropped on Thursday due to the fact that France was celebrating a holiday and the weekend. France was largely closed for the commemoration of Nazi Germany's defeat in World War Two. This has withdrawn a sizeable amount of consumption from the market while solar supply increased across the region. LSEG analysts cited a number bearish factors in demand and supply, which overshadowed an expected decline in German wind energy generation for the day ahead. At 0810 GMT, the German baseload day-ahead traded at 88.3 Euros ($99.66 per megawatt hour), a 9.6% decline.
Source: Kazakhstan increased oil production to a record of 2,12 million bpd during February.
A source said that Kazakhstan increased crude oil and condensate output in February by 13% compared to January, reaching a record of 2,12 million barrels a day. This was again a higher production than its quota for the OPEC+ oil producing group. According to a source familiar with official statistics and calculations that take into account Kazakhstan’s tons per barrel ratio of 7, the crude oil production in January was up 15.5%. Last month, it reached 1.83 million barrels per day. Kazakhstan consistently exceeded its production quota of 1.468 millions bpd…