Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand. The group hasn't yet increased production to the agreed volumes because some members have been compensating for overproduction while others are taking longer to bring their output online.
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year. GeoPartners, in partnership with the petroleum directorate of the government, began the six-week survey last month to reduce the risk associated with exploration in the offshore basin of Sierra Leone. Foday Mansaray is the director general of the Sierra Leone Petroleum Directorate.
The afternoon session saw a reduction in gains due to nuclear-related factors
European power forwards retreated from their early gains Wednesday on concerns about possible corrosion of the French reactor Civaux 2. However, prices were still significantly higher than previous closing levels. ASNR later stated that further testing is required. An EDF spokesperson confirmed an inspection at Civaux 2 was underway as part of the annual maintenance. The utility has not yet received the results. By 1405 GMT, the French baseload power for the year ahead was up 5.1% to 66 euros ($75.74).
NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers, along with the tariff costs, will make it take seven years or more to bring new gas-fired plants online.
Aluminum producers in the US benefit from Trump's tariffs
Four industry sources say that President Donald Trump will benefit from the higher tariffs on imported metals as domestic prices rise. Some industry players worry that Trump's decision to increase tariffs from 25% to 50% on June 4, could cause prices to soar that the demand begins to weaken. The market price of the metal key used in the construction, energy and packaging industries is expected to increase revenues for U.S. aluminum producers and recyclers.
EU selects 13 new projects for critical materials, including Greenland
The European Union announced Wednesday 13 new raw materials projects outside of the bloc in order to increase its supply of metals, minerals and other essential elements for the EU to remain competitive in energy transition and defence and aerospace. This announcement comes after China decided in April to restrict exports of rare earth magnets unless new licenses were obtained. Diplomats, carmakers, and other companies, from Europe and beyond, are scrambling for meetings with Beijing officials to avoid factory closures.
Japan's Gas Industry Allows Gas with Carbon Capture in 2050 Net Zero Plan
The Japan Gas Association announced on Tuesday that it will take a more flexible stance in its efforts to become carbon neutral in 2050. This includes allowing a greater use of gas, in conjunction with carbon capture and other decarbonisation methods. The industry group stated that it aimed to supply 50-90% by 2050 of its gas from biogas or e-methane, with 10-50% coming from natural gas and carbon capture. The group, including city gas suppliers had originally set an initial target of 90% e-methane produced from green hydrogen…
Russian ESPO Oil Tanker Waits Near China As Demand Weakens
The Big Star, a huge tanker with 2.1 million barrels of Russia's ESPO Blend oil onboard, has been waiting near China in a potential sign of weaker demand for the crude in the region, LSEG data showed and two traders said on Friday.Many state oil companies in China are wary of potential secondary sanctions from the United States if they buy the sanctions-hit Russian oil, traders said.China's seaborne oil imports from Russia dropped to the lowest in 26 months in February…
US cancels 24 clean-energy projects, including Exxon Baytown
Energy Department announced on Friday that the U.S. had canceled 24 awards totaling more than $3.7billion, including one to Exxon's refinery complex in Texas. The award was made during former president Joe Biden’s administration. Donald Trump's administration has announced that it is evaluating public-funded awards and loan programs issued to emerging technologies projects during Biden’s administration. The Trump administration is pursuing the maximization and expansion of oil and gas production, which has already reached record levels.
Glencore consolidates coal assets into a single Australian entity
Glencore announced on Thursday that it has restructured the coal business, combining its newly acquired Canadian mines under a single entity run from Australia. This makes it easier to manage. The Swiss miner and trader purchased Canadian miner Teck Resources’ steelmaking coal assets at a cost of $6.9 billion. Initially, the company had outlined plans to spin off its entire coal portfolio. This plan was abandoned. Glencore owns mines of coal in South Africa.
NextDecade, JERA Sign 20-Year LNG Supply Deal
U.S. liquefied natural gas producer NextDecade said on Thursday it had signed a 20-year deal to supply Japan's biggest power generator JERA with 2 million tonnes per annum of LNG from its Rio Grande project's fifth liquefaction facility.Shares of NextDecade were up 5.5% at $8.11 in early trading.The United States is the world's largest exporter of LNG, shipping 11.9 billion cubic feet per day of the supercooled fuel in 2024, and has gained further…
Cochilco, Chile, raises its copper price forecast due to improved global outlook
The Chilean state copper commission Cochilco increased its average copper forecast for this and next year on Wednesday. It cited an improved outlook globally following a pause between the United States' and China's tariff war. The commission raised its average price forecast for 2025 and 2026 from $4.25 per pound in its previous report to $4.30. Cochilco's leadership, in a press release, expressed cautious optimism about copper prices. They also acknowledged a tighter global supply situation than expected and strong fundamentals for demand.
Tokio Marine launches green units, aiming for $1 billion in revenue by 2030
Tokio Marine, a Japanese insurer, has created a unit that will insure low-carbon activities such as shipping, green hydrogen and cement. Its chair said the company aims to generate $1 billion by the end the decade. Fraser McLachlan, Fraser McLachlan's boss, said that the new Tokio GX unit (TMGX) will offer advisory and risk-transfer services to companies in a variety of sectors who are looking to decarbonise. It will also build on existing work by its GCube Renewable Energy team. TMGX is offering up to $500,000,000 in coverage on any one risk.
Egypt's fertiliser manufacturers cut production as gas supplies are reduced
Two of Egypt's biggest fertiliser producers announced on Wednesday that they received an official notification about a two week reduction in the natural gas supply at their plants. This triggered a drop in production. Both Abu Qir Fertilizers and Chemical Industries and Misr Fertilizers Production stated in their stock exchange statements that the expected production to fall by 30% over the period. Egypt is facing a growing gas shortage ahead of summer peak season. The government is scrambling to secure more gas and fuel oil to meet the surge in demand.
Spot prices increase on weaker renewable production
Early Thursday, European spot power prices increased as a drop in supply from wind and solar in Germany and The Netherlands was expected to outweigh the decline in demand and slightly higher French renewable output. At 0908 GMT, the French baseload electricity contract for Friday had increased by 28.6% and was now 18 euros per Megawatt Hour. The German equivalent contract has not been traded since it closed at 65.90 Euros/MWh on Tuesday. Florine Enengl…
ADNOC's XRG acquires stake in Turkmenistan Gas Block
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), announced on Wednesday that it had acquired a stake in a Turkmenistan offshore natural gas block as part of its ambitious expansion plans. XRG was set up in late 2018 and ADNOC reported that it has assets worth $80 billion. Its mandate is to pursue global deals for chemicals, natural gases and renewables. Abu Dhabi wants to create a portfolio of companies in these areas, and rely less and less on oil exports.
Aramco signs MoUs for 6.2 Million Tons of LNG with NextDecade and Sempra
Saudi Aramco, the oil giant, will sign memorandums of understanding on Tuesday with NextDecade, a U.S. natural gas producer, and Sempra, a utility firm, according to Aramco’s CEO. The move comes as Aramco expands its LNG market. Amin Nasser, CEO of Aramco, told the U.S. Saudi Investment Forum that "the U.S. He added that the U.S. was a great place to invest, pointing out that Sempra would be supplying around 6.2 millions tons of LNG to Aramco under the MoUs. In the coming years, producers plan to double their capacity.
The Crown Estate of the UK gives its approval to increase capacity at offshore wind farms
The Crown Estate of King Charles III, which controls the seabed in Britain, has approved the expansion of high-density offshore wind farms. They are looking for a space-efficient and rapid way to increase capacity and support Britain's energy transformation. This Capacity Enhancement Programme will see seven projects, including RWE Rampion 2 and SSE, Equinor and Dogger Bank D increase their capacity by 4.7 gigawatts. Britain wants to decarbonise the electricity sector by 2030…
Bunge reports Q1 profit beating as uncertainty over tariffs fuels demand
Bunge Global, a grain trader and processor, posted a lower-than-expected first quarter profit decline on Wednesday due to increased export demand. The company's first-quarter earnings were the lowest in five years due to a combination of lower ocean freight returns and weaker oilseed crushing margins in North America, Argentina and South America. Bunge shares rose 1.1% in pre-market trade to $79.01. Rising global trade tensions stoked by U.S. President…
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula.
