Russia's monthly oil revenue is set to reach its lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenues in December are likely to drop by almost half from a year ago, reaching 410 billion Russian roubles (5.17 billion dollars), due to lower crude prices and stronger roubles. Calculations showed that oil and gas revenues are the Kremlin's main source of income. They account for a quarter the federal budget, which has been depleted by heavy defence and security expenditures since Russia started its military campaign against Ukraine in February 2022. Calculations based on official statistics…
Russia's oil & gas revenues are expected to drop by half in December, reaching their lowest level since August 2020
Calculations showed that the Russian state's oil and gas revenue is likely to drop by almost half in December, compared to a year earlier. This will be due to lower crude prices as well as a stronger rouble. The Finance Ministry had forecast 8.65 trillion roubles for the year. Calculations based on official statistics and data from industry sources suggest that the total revenue will fall by nearly a quarter, to 8.44 trillion. In August 2020, the month when oil prices plummeted during the COVID-19 pandemic, Russia reported its lowest monthly oil revenues. The Kremlin's main source of income is oil and gas revenues, which account for a quarter the total federal budget.
Malaysian palm oil production tops 20 million tons in first time.
The industry regulator said that Malaysian palm oil production will surpass 20 million metric tons for the first year, thanks to more efficient harvesting and improved labour availability, as well as output from "maturing plantations". The record production of palm oil in Malaysia, the second largest exporter in the world, is expected to increase inventories. This could put pressure on Malaysian benchmark futures which are already trading at a low level for five months. Malaysia will produce between 20 and 20.5 millions?tons of palm oil this year, provided the weather is good and harvesting continues to be efficient, Ahmad Parveez Ghulam Kadir said.
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem. They want the domestic and international markets to be able access gas at a reasonable price.
Romanian Brazi Power Plant resumes operation after being shut down by the state
Romanian energy company OMV Petrom is majority owned by Austrian OMV. Its 860 MW, gas-fired Brazi Power Plant has resumed operation after being forced to close due to water restrictions in the Paltinu Dam, which it relies on. According to the company, Brazi's power plant will soon be operating at full capacity. The plant supplies about 10% of the electricity in the country. The Energy Ministry said that 300 MW had been reconnected with the national grid. The plant was operating at a reduced capacity since November 30, and shut down completely on Tuesday. This forced the Energy Ministry to look for alternative sources of power, mostly hydroelectric and lignite fueled plants.
Minister says 60% of Morocco's water will be supplied by desalination
Rabat, the capital of Morocco, is accelerating investment in renewable energy-powered desalination plants, and plans to increase its supply of drinking water by 60% by 2030. This will be up from 25%. It is vital to maintain a steady supply of water and the status of Morocco as a major producer and exporter fresh produce in an era of climate change. Droughts have dried up many of its water reservoirs, and underground resources are depleted. Nizar Baraka, speaking on the sidelines at the World Water Congress held in Marrakech on Thursday, said that the North African country intends to produce 1.7 million cubic metres of desalinated drinking water per year by 2030.
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and other major oil producing nations including Russia and Kazakhstan approved on Sunday a mechanism for assessing members' maximum output capacity. This will be used from 2027 to establish baselines. It may appear to be a very technical issue. It could be a welcome departure…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among its members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. OPEC+ (Organization of the Petroleum Exporting Countries) and other major oil producing nations including Russia and Kazakhstan approved a new method to determine the maximum production capacity of members. This will be used from 2027 to establish baselines for output. It may appear to be a very technical issue. It could be a…
US LNG Exports Hit Record High in November on Cooler Weather
U.S. liquefied natural gas exports hit an all-time monthly high in November for the second straight month, driven by cooler weather and robust output from the country's two largest producers, preliminary data from financial firm LSEG showed on Monday.The U.S., the world's top LNG exporter, shipped 10.9 million metric tonnes last month, up from 10.1 mmt in October despite having one fewer day in the month, according to LSEG data.Cheniere Energy, the largest U.S. LNG exporter, boosted shipments to 4.6 mmt from its two Texas plants, compared with 4.1 mmt in October.
UK withdraws financial support for TotalEnergies Mozambique Liquefied Natural Gas Project
On Monday, the British government announced that it had decided to stop UK Export Finance from supporting TotalEnergies' Mozambique Liquefied Natural Gas Project. In 2020, the UKEF had committed to providing financial support for the $20 billion project. The project was supposed to turn Africa into a major LNG exporter for Europe and Asia. However, it was stopped in 2021 because of an islamist insurgency. In a press release, British business minister Peter Kyle stated that "my officials have evaluated risks surrounding the project and it is His Majesty’s Government's view that these risks have grown since 2020".
Venture Global and Tokyo Gas Sign 20-year LNG Supply Deal
Venture Global, a U.S. LNG exporter, has signed a deal for Tokyo Gas to receive 1 million metric tonnes per year (mtpa), starting in 2030. Venture Global has now signed its fourth long-term LNG contract with a Japanese firm. The U.S.-based company announced in a Wednesday statement that it had signed LNG long-term contracts totaling 7.75 mtpa over the past six months. This move shows that Japan is increasing its energy purchases from the United States, while President Donald Trump pushes for increased U.S. exports of LNG to support domestic producers as well as improve trade balances with Japan.
Venture Global and Tokyo Gas Sign 20-year LNG Supply Deal
Venture Global announced on Tuesday that it had signed a 20 year sales and purchase agreement (or SPA) with Tokyo Gas, the gas supplier for Japan's capital, Tokyo Gas. The agreement will see Tokyo Gas supply 1 million metric tons of liquefied gas per annum, beginning in 2030. Venture Global said that this is the fourth long-term agreement it has signed with a Japanese firm. The U.S. LNG Exporter also announced in a press release that in the past six months, they have signed SPAs to purchase 7.75 million tonnes of supercooled gas per year. According to LSEG data, Venture Global was the second largest LNG exporter in the U.S. last month.
INSIGHT- West scrambles fill the heavy rare earth gap, as China rivalry intensifies
Western efforts to create a domestic magnets supply chain in order to reduce their reliance on China, led by the massive U.S. support for Nevada-based MP Materials, are running into a major problem: a scarcity of heavy rare earth elements. United States and its allies are scrambling to find an alternative supply chain for super-strong rare earth magnetic components, which are essential in everything from electric vehicles and defence technology to electronics and windmills. MP Materials has ambitious plans for producing magnets in the next few years. This is backed by a deal signed with the U.S. Government that included billions of dollars.
Energy Transition' Future: Fractured, Bumpy and Long
As COP30 kicks off its second week in Brazil, much has changed since the landmark Paris climate agreement was penned 10 years ago.The spirit of cooperation that once reigned has been shattered by economic rivalries and a stark divergence in climate policies among the world’s biggest polluters.The landmark UN COP21 climate agreement signed in Paris on December 12, 2015 saw 195 nations commit to setting binding targets to reduce greenhouse gas emissions to limit global warming to "well below" 2 degrees Celsius above the pre-industrial levels. The ambition has in recent years been strengthened to 1.5 degrees.Ten years on…
India permits 1.5 million tons of sugar exports due to higher domestic surplus
India has allowed 1.5 million metric tonnes of sugar to be exported in the new season. The government announced this in a Friday notification, as it is expected that a decrease in sugar being diverted for ethanol will result in a greater domestic surplus. Sugar futures in New York and London could be impacted by higher exports from the second largest sugar producer in the world. These futures are currently at five-year lows. Exports are expected to reduce sugar stock in the country, and help support local prices. Producers such as Balrampur Chini Mills and EID Parry will benefit from this.
Saudi Aramco to Sign US LNG Supply Agreements
Saudi Aramco is set to sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG when Saudi Arabia's Crown Prince Mohammed bin Salman visits Washington next week, sources familiar with the matter told Reuters.The world's largest oil exporter, Saudi Aramco, wants to become a major liquefied natural gas player, especially in the United States, where LNG capacity is set to almost double over the next four years. It has already signed deals with other U.S. players, including NextDecade's Rio Grande LNG.The firm targets 20 million tons per annum (mtpa) of LNG capacity…
How much will the price of ROI-LNG drop by 2026? Russell
The market for liquefied gas is bracing itself for an increase in supply, mostly from the top exporter, the United States. However, it is not clear how low the spot price will need to fall to clear these additional volumes. According to commodity analysts Kpler, the global supply of super-chilled gasoline is forecast to reach 475 million metric tonnes in 2026. This represents a 10.2% increase over the 431 millions tons predicted for 2025. This figure is comparable to South Korea's total annual demand, which is the third largest LNG importer in the world behind China and Japan. Go Katayama, Kpler's principal LNG expert, told a Sydney seminar on Thursday that the U.S.
Datagro reduces sugar surplus forecast by 1 million tonnes on Brazil and India
Datagro, a consultancy, said that the global sugar market will have a smaller than expected surplus for 2025/26, which began in October, due mainly to production cuts made in Brazil and India. Datagro announced in a conference call with its clients that they were reducing their estimate of the global sugar surplus for 2025/26 to 1 million metric tonnes, down from 2.8 millions tons previously forecast. The sugar production in Brazil’s center-south sugar belt will drop towards the end this year as mills close early and change their strategy by using less cane for sugar and more for fuel ethanol.
Argentina's YPF anticipates La Angostura Sur will produce 80,000 bpd over the next few years
Maximiliano W. Westen, Vice President of Strategy at YPF, said that the company expects to produce more than 80,000 barrels a day in its La Angostura Sur Block over the next few years. YPF executives told analysts that despite reporting a loss of $198m in the third quarter, they are on track to meet their 2025 forecast, as shale production has surged. The company expects to surpass its December 2025 target of 190,000 barrels a day. Argentina depends on the Vaca Muerta operation of the company in its drive to become a Net Energy Exporter, as this huge formation is responsible for 64% the country's production of oil. Only 8% is currently under development.
India plans 1.5 mln ton sugar export quota on higher domestic surplus
India will allow 1.5 million metric ton sugar exports in the upcoming season as the government and trading sources said on Monday. This is because a decrease in sugar diversion for ethanol production should leave a greater domestic surplus. Sugar futures in New York and London could be impacted by higher exports from the second largest sugar producer in the world. These futures are currently at five-year lows. Exports are expected to reduce sugar stockpiles in the country, which will support local prices. Producers such as Balrampur Chini Mills and EID Parry and Dalmia Bharat, who saw their shares rise up to 5% on Monday morning, stand to benefit.