Fossil Fuels

The death toll from the fire on a Chevron operated oil platform off Angola has now reached three. Government and company officials confirmed this late Tuesday. Officials said that two workers had been transferred to South African hospitals with specialist units, and the body of the third worker was still to be recovered from the ocean. The fire that broke out at the Benguela Belize Lobito (BBLT), a deep-water platform, in the early hours of the morning on May 20, injured seventeen people, including four who were seriously hurt. According to a government source, the accident happened in the week...

Three sources familiar with the decision confirmed on Tuesday that the Trump administration had granted a limited authorization to U.S. oil company Chevron, allowing it to retain assets in Venezuela. This included its stakes in joint ventures for oil with PDVSA. In recent weeks, Chevron and other European companies had been in discussions with Washington officials to get authorizations for their assets and stakes in Venezuela due to President Donald Trump’s restrictive policies. The guidelines were issued as the administration let the Chevron's license to operate in Venezuela expire Tuesday. Joe Biden, the former U.S. president, had granted that license...

The Dutch and British wholesale prices of gas were not much different on Tuesday morning, as the warmer weather helped to reduce demand and offset a weaker Norwegian supply due to maintenance at Troll gas fields. LSEG data shows that the benchmark Dutch front-month contract was 36.84 euros per Megawatt Hour (MWh) or $12.25/mmBtu at 0818 GMT. This is a decrease of 0.31 euros. The Dutch July contract increased by 0.06 Euros to 36.88 euros/MWh. The British day-ahead contracts rose 0.35 pence, to 87.60p/therm. In a daily research report, LSEG analyst Saku Jusli stated that "demand is slowly decreasing with...

Oil prices fell for a second time on Tuesday, as expectations grew that members of the Organisation of Petroleum Exporting Countries (OPEC+) and their allies would decide to raise their production at a meeting this week. Brent crude futures fell 24 cents or 0.4% to $64.50 per barrel at 0507 GMT. U.S. West Texas Intermediate crude (WTI crude) was down 29 cents or 0.5% at $61.24 per barrel. WTI did not settle Monday due to the U.S. Memorial Day Holiday. Daniel Hynes is a senior commodity strategist with ANZ. He said that crude oil prices fell as traders pondered the...

The CEO of the Pirelli group told Corriere della sera that the Italian tyre manufacturer is in a dangerous situation because its Chinese major shareholder Sinochem has rejected the company's proposal to resolve governance issues which could hamper its expansion in the United States. Pirelli, and its second largest shareholder, Italy's Camfin have stated that Sinochem's stake in the company poses a risk to Pirelli's ambitions of expanding into the U.S. where some legislators are against approving projects supported by Chinese companies. Pirelli's Chinese shareholders rejected the company's proposal earlier this month, despite it not being detailed. In an interview...

Bloomberg News reported that the U.S. administration of President Donald Trump is about to issue Chevron a license which will allow it to maintain essential operations in Venezuela with minimal effort. According to the report, which cited people with knowledge of the issue, the U.S. Treasury Department intends to grant the waiver, allowing Chevron only to perform safety and maintenance functions in Venezuela. Chevron and the U.S. State Department as well as Treasury Department have not responded to immediate requests for comments. The U.S. business license in South America is due to be renewed. Expiration Date Most partners of Venezuelan...

Anfield Energy’s proposed Velvet Wood uranium mining project in Utah was approved by the Trump administration on Friday following a rapid environmental review of 14 days. This is part of a process designed to speed up permitting for energy and mining projects. These studies can take many years to complete due to the potential environmental impact of uranium mining. The Canadian project is the first to be approved under an emergency process Interior Department must permit energy installations on federal land. The new procedures were created in response to the national energy emergency declared by President Donald Trump on his...

In a speech Friday, Canada's new Natural Resources minister Tim Hodgson promised to speed up the approval process for major energy projects. The announcement was welcomed by oil and natural gas executives who wanted to see Ottawa rethink its regulatory approach towards energy development. Hodgson gave his first speech since joining the new Cabinet of Prime Minister Mark Carney in Calgary, Alberta. Carney, Canada's top exporter of energy, has promised to diversify markets for the sector amid a dispute over trade with Canada. The United States is Canada's No. 1 customer. Hodgson, speaking at an event organized by the Calgary...

BlackRock, BlackRock is the largest asset manager in the world. It said that the U.S. support of a "baseless case" alleging asset management conspired to decrease competition in the coal industry risks undermining the goal of energy independence. The U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) filed a Statement of Interest on Thursday in the case brought by Texas and twelve other states against BlackRock, Vanguard and State Street Global Advisors. The states claim that the companies used their significant holdings in U.S. companies of coal to discourage competition. BlackRock stated in a press release that "DOJ's...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Australian shares closed slightly higher on the Friday as investors remained cautious due to concerns about domestic growth and global uncertainty. The S&P/ASX 200 closed 0.2% higher at 8,360.9. The benchmark was mostly unchanged for the week. Caution prevailed after Republican-controlled U.S. House voted by a slim margin to pass U.S. President Donald Trump's proposed tax cut bill that could add $3.8 trillion to America's debt. The domestic economy's outlook was also clouded Thursday by a Purchasing Manager's Index reading that was the lowest in three months. The rate-sensitive financials increased by 0.5%, with the "Big Four" banks of the...

Phillips 66 is expected to lay off most workers at its 139,000-barrel-per-day Los Angeles-area refinery in December, sources familiar with the matter said on Thursday. The company announced that it would shut down the facility in October and start winding down its operations in October 2025. Two months later, the company will start reducing its workforce. About 600 employees work at the Los Angeles facility, along with 300 contractors. The United Steelworkers Union represents over half of the hourly employees. Sources said that a few of the retained employees will be transferred to Phillips 66 Los Angeles Marine Oil Terminal....

The oil prices rose in the early hours of trading on Wednesday, as the U.S. banned Chevron's exports from Venezuela due to a new authorization for its assets there. This raised the prospect of a tighter supply. Brent crude futures gained 47 cents or 0.73% to $64.56 per barrel at 0028 GMT. U.S. West Texas Intermediate crude rose 49 cents or 0.8% to $61.38 per barrel. Sources reported that the Trump administration had issued a new approval for U.S. giant Chevron, which would allow it to retain assets in Venezuela without allowing them to export oil or expand their activities....

After agreeing to the first reduction in output in 2022, OPEC+ producers have implemented three levels of cuts. Eight OPEC+ oil producers have begun to increase production this year and unwind the most recent tranche. Sources said that the 22-member OPEC+ group will meet online on Wednesday. This meeting is not expected change policy on output. Eight OPEC+ members plan to meet on Saturday and decide on a July production increase. Algeria, Iraq and Kuwait are the eight countries that have met earlier this year to discuss their production targets. They raised them by almost 1 million barrels a day...

Gulf stock markets mixed on Tuesday. Saudi Arabia's Tadawul main index fell 0.78%, as investor sentiment was fragile due to the unpredictable nature of U.S. president Donald Trump's policies. Trump's announcement on Sunday that he would delay his threat to impose 50% tariffs on the European Union gave a boost on futures markets. The deadline of July 9 was set for Washington to reach a deal with the 27-nation EU. Nasdaq Futures rose by 1.67%, while S&P 500 Futures increased by 1.49%. Brent crude futures were up 11 cents or 0.2% by 0640 GMT as the markets awaited clarity from...

RIA News Agency reported that Alexander Novak, the Russian prime minister, said on Monday morning that the OPEC+ grouping of major oil producers had not yet discussed raising output by another 411,000 barley per day before its meeting. On May 28, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia will host an online ministerial conference. Novak told RIA that he expected the two to discuss the current market conditions, forecasts, and "adjustments". Eight OPEC+ nations will meet separately, who had committed to voluntary extra cuts in oil production. Three OPEC+ source told us earlier...

A senior executive at Mubadala Energy said that the company would be happy to provide all of the natural gas produced in its South Andaman Block for Indonesian domestic consumption, and do so at the best possible price. Indonesia wants producers of gas to increase their supplies to domestic consumers as the demand is increasing. The producers have been focusing on exports of LNG and asked the government to revise price caps for domestic gas. They argue that it is not a good business decision when spot LNG prices are so high. Abdulla Bu Ali (President Director of Mubadala Energy...

ConocoPhillips CEO Ryan Lance stated on Tuesday that U.S. shale production will plateau if oil prices stay where they are and will begin to decline when oil prices reach $50 per barrel. "The breakeven has probably not moved much." "I think that long-term if oil prices are in a range where they're comfortable - perhaps in the 70s or 65-75 - we will still see modest growth from the U.S.," Lance said, speaking at Qatar Economic Forum. We see a plateauing of production in the U.S. by the end of this year, unless we have a technological breakthrough. Don't bet...

The company announced on Tuesday that Alfred Stern, Chief Executive Officer of Austrian oil-and-gas group OMV, has decided to not run for reelection when his current term expires on August 31, 2026. Stern is CEO of the Vienna-based firm since September 2021. He previously ran the Borealis division, and tried to steer it away from fossil fuels toward sustainable fuels and chemical. In March, he oversaw the merging of Abu Dhabi National Oil Company with OMV's Polyolefin business, creating Borouge International, a chemical powerhouse with a $60 Billion enterprise value. The merger should be completed in the first quarter 2026....

Donald Trump, the U.S. president, concluded his Gulf tour Friday after securing what the White House claims is more than $2 trillion in combined deals for the U.S. It is not clear how that number was arrived at. A total of $700 billion is calculated by adding up all the deals that were announced. Deal inflation is common on major visits, even for a president who prides himself in being an expert at making deals. The trip included large orders for Boeing planes, contracts to purchase U.S. defense equipment, agreements on data and technology, and other contracts. Experts in finance...

Sultan al-Jaber of the UAE oil company ADNOC said that the United States and United Arab Emirates intend to invest a total $440 billion over the next decade in the energy industry. Donald Trump, the U.S. president, announced over $200 billion in deals with the UAE as part of his tour of Gulf nations. In March, senior UAE officials had already met Trump and committed to a 10-year investment framework of $1.4 trillion in the United States in order to strengthen reciprocal relations. In a Friday statement, the White House stated that the framework would "substantially" increase UAE investments in...

ADNOC, the state-owned oil company of Abu Dhabi, requested approval from the EU on Thursday under the rules on foreign subsidies for its $16.4 billion acquisition of German chemicals firm Covestro. The request was made on the website of the European Commission. ADNOC's largest acquisition ever, for which it received the green light last week under EU merger regulations, demonstrates the Middle East countries diversification of investments in order to reduce their dependence upon oil. The EU's Foreign Subsidies Regulations (FSR) target unfair foreign aid to companies in order to reduce the competition from non EU companies that are subsidised...

The International Energy Agency (IEA), said Thursday that economic headwinds and record sales of electric cars will reduce global oil consumption growth to 650,000 barrels a day for the rest of 2025. This is a significant drop from the 990 000 bpd that the IEA estimated for the demand growth between January and March. In its oil market report for May, the IEA stated that "increased trade uncertainties are expected to have a negative impact on the global economy, and by extension, the oil demand." IEA expects the global demand to grow by 740,000 bpd this year. This is an...

The majority of Gulf stocks were flat on Thursday morning, with oil prices falling and Asian stock markets declining after the initial excitement from eased trade tensions started to fade. Investors waited for more signals. Brent crude futures fell more than 2% and U.S. Crude also dropped. The global stock market had earlier in the week rejoiced over the truce between the U.S. and China trade war. However, the rally was lost as investors took a pause to assess the situation and its impact on the economy. Dubai's main stock index was the sole market in the region to choose...