Fossil Fuels

Suhail al Mazrouei, United Arab Emirates Energy Minister, said that oil markets were absorbing OPEC+ increases in production without building up inventories. This means they were thirsty for even more oil. OPEC+ has cut production to support the oil market for many years. It reversed its course in order to gain market share, and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. OPEC+ started to reverse its 2.17 million barrels a day cut in April, with a 138,000 bpd increase. In May, June and Juli each month saw increases of 411,000...

The Norwegian defence manufacturer Kongsberg Gruppen announced on Wednesday that it had received more orders for the second quarter 2025, which reflects an increase in military spending by European nations. Kongsberg has customers from the defence, aerospace and maritime industries. It also serves energy, fishing, and the energy industry. Geir Haiy, CEO of the company, said in a press release that "there is a need to enhance defence capabilities and we are expanding capacity to meet growing demand." In response to Russia's invasion in Ukraine, and the threat by President Donald Trump to reduce military support to the region, many...

Six traders and a source in the industry said that the zinc contamination of the Mars crude oil stream has slashed the price of the U.S. flagship coastal crude on Tuesday. Mars, an offshore grade popular with U.S. refining companies, is a grade that has been a major supplier along the U.S. Gulf Coast. This comes at a time of tight supply due to the absence of heavy Venezuelan barrels. Mars was trading at a 10-cents discount to crude oil in the Cushing storage hub, Oklahoma. This is a reduction from a 75 cents premium on Monday. Shell, the company...

The Trump administration announced on Tuesday that it had approved a coal mine proposal in Claiborne County Tennessee under a process expedited to speed up federal environmental reviews for energy projects. The Department of the Interior announced in a press release that it had granted Hurricane Creek Mining LLC approval to mine coal at Bryson mountain, located in Claiborne County Tennessee. The agency stated that the mine would produce up to 1 million tons of coal in the next decade. The site has been mined in various periods between 1950 and 2010. The rush permit aligns with the goal of...

The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, released on Tuesday, predicted that the U.S. Natural Gas output and demand would both reach record highs by 2025. However, they will then decline in 2026. EIA projects that dry gas production will increase from 103.2 billion cubic feet per day in 2024, to 105.9 in 2025, before slipping to 105.4 in 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.4bcfd by 2025 and then ease back to 91.1bcfd by...

Four industry sources with knowledge of the matter have said that India intends to import about 10% of its domestic cooking gas from the U.S. starting in 2026. This is part of an effort to increase energy purchases and narrow the trade gap between Washington and India. Middle Eastern LPG producers are the world's largest importers and consumers of liquefied gas. In 2024, more than 90% (or 20.5 million tons) of their imports will come from this region. LPG, a mixture of butane and propane used as a cooking fuel, is imported mainly by state retailers Indian Oil Corp. Bharat...

The U.S. The U.S. Interior Department proposed rule changes on Monday to allow energy companies more easily to combine oil and natural gas output from several leases using the exact same well pad. This could save the industry up to $1.8 billion annually, according to the department. The proposed rule, which would primarily affect onshore oil-and-gas drilling in the U.S. West would ease limitations on so called commingling. According to the Department, this would improve operations. The Interior Secretary was directed to approve the commingling of applications by President Donald Trump’s tax-cut law. The current U.S. Bureau of Land Management...

Three sources familiar with the preparations say that lawyers representing holders of a Venezuelan bond in default and some bidders who participated in an auction in the United States of shares of the Venezuelan parent company of U.S. refiner Citgo Petroleum, are preparing to object to its recommended outcome. The group led by Gold Reserve, which made the $7.4billion offer, could derail again the sale of Venezuela’s foreign asset. This asset was put up for auction to compensate creditors that lost billions due to Venezuela’s expropriations. The proceeds from the auction organized by the court of PDV Holding will be...

The Dutch and British wholesale prices of gas were in a tight range on Monday due to the strong supply from Norway, and LNG. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.06 euros to 33.46 Euro per megawatt-hour (MWh) as of 0843 GMT. The contract for the day ahead was up by 0.15 euros at 32.65 Euro/MWh. The British contract for tomorrow's day has dropped by 0.25 pence, to 78.25 cents per therm. Fundamentals remain the same. The fact that Norwegian production is back at normal levels, and the low wind generation...

The Thai Finance Minister announced on Monday that Thailand had submitted a new proposal to the United States. It offered to reduce tariffs to zero for many U.S. imported products in an effort to avoid steep tariff increases on its own goods. Washington has threatened to levy a 36% tax on Thai imports, if no agreement is reached before July 9th when the 90-day period that caps tariffs at 10% for most countries expires. Last year, the United States was Thailand's largest export market, accounting for 18.3%, or $54,96 billion, in total. Washington claims that its trade deficit with Thailand...

Sky News reported Saturday that Britain's Octopus energy is nearing the hiring of bankers to oversee an $13.7 billion ($10 billion) separation from its technology arm Kraken Technologies and a stake sale. The report was based on sources who are familiar with this matter. The report stated that a minority stake of up to 20 percent in Kraken is expected to sold to external investors to validate the technology platform’s valuation. According to the report, Octopus Energy shareholders will receive shares in Kraken, the newly independent business, when the demerger is completed within the year. The report cited a source...

Sources familiar with the plant's operations on Thursday said that a fire-damaged hydrotreater will be closed at Marathon Petroleum Galveston Bay Refinery, Texas until September. All other units at the 631,000-barrel-per-day (bpd) refinery in Texas City, Texas, are operating at or near full capacity following the June 14 fire at the 400 train hydrotreater, which is part of the 64,000-bpd Residual Hydrotreating Unit (RHU), the sources said. Sources who refused to identify themselves because the information was not publicly available did not quantify exactly the production impact. In an email sent Thursday night, Jamal Kheiry, the spokesperson for Marathon, declined...

S&P Global Platts announced on Tuesday that it would be changing the pricing mechanism of United Arab Emirates Murban crude oil in the Dubai benchmark oil from 2026, to better reflect the market dynamics. In a document posted on its website, the price-reporting organization said that the Abu Dhabi grade should be priced at a level above or below Dubai and other grades of medium-sour in the basket. Currently, a premium has been applied to the light-sour Murban in order to reflect its superior quality compared to other medium-sour grade - Dubai Oman Upper Zakum, and al-Shaheen - which can...

The U.N. Human Rights Council will vote on Tuesday whether to adopt a pledge that all fossil fuels must be phased out to combat climate change. Diplomats have warned Gulf states and other countries may not honor their previous commitments. The council recognized the right to a healthy and clean environment in 2021. It has revealed divisions between the 47 members, after the Marshall Islands - one of the countries most vulnerable to rising ocean levels with an average elevation of only 2 meters - made an amendment to motion to mention the exit of fossil fuels. The vote is...

OPEC+ is likely to agree on further accelerating oil production increases at its first Saturday meeting since oil prices jumped and then retreated following Israeli and U.S. attack on Iran. Since 2022, the group that pumps half the oil in the world has curtailed production to help support the market. It reversed its course in order to gain market share this year and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. Two sources familiar with the talks said that two groups may agree to increase output by up to 550,000 barrels...

Seven leaders from west and central Asia met on Friday and agreed to promote trade liberalisation, increase foreign investment and cooperation in green energy as a way to enhance regional economic integration. As part of its long-term strategy for development up to 2035 the Economic Cooperation Organization meeting also agreed to enhance transport connectivity in the region and restore areas that were affected by conflict. The summit was held under the theme of "A New Vision for ECO for a Climate-Resilient and Sustainable Future." Participants included the Turkish President Tayyip Erdoan, his Azerbaijani colleague Ilham Aliyev as well as Shavkat...

A survey on Thursday showed that the UAE's private non-oil sector grew steadily during June, even though regional tensions affected demand and firms increased output to clear backlogs. The S&P Global UAE Purchasing managers' Index (PMI), which is a seasonally-adjusted index, increased to 53.5 from 53.3 in June, indicating continued growth for the sector. However, new orders grew at their slowest rate in almost four years. The subindex of new orders dropped to 54.5 from 56.2 in may, the lowest reading since Sept. 2021. The tensions between Israel, Iran and other countries dampened demand. David Owen, senior economic analyst at...

In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged...

Saudi Arabian oil exports reached their highest level in over a year during June, as the country shipped more crude into overseas storage amid fears that supply disruptions could be caused by conflict in the Middle East. OPEC’s largest producer has intervened on oil markets since decades ago to supply more oil when there are disruptions in the market or reduce output when they feel that the market is oversupplied. Kpler data show that crude exports increased by 450,000 barrels a day (bpd), from the level of May to 6.33 millions bpd, in June. Kpler predicts that there could be...

Saudi Arabia's foreign direct investment (FDI), as measured by the government, fell 7% from the previous quarter to the first quarter 2025. The kingdom is still lagging behind its ambitious FDI targets. In the three-month period ending March 31, the kingdom attracted 22.2 billion riyals (5.92 billion dollars) in FDI, down from 24 billion riyals (6.40 billion dollars) in the final three months of 2024. General Authority of Statistics figures show that net FDI increased by 44% in comparison to the same period last year, when the Kingdom received 15.5 billion riyals (about $4.13 billion). The Kingdom's Vision 2030 Economic...

Analysts said that China's imports of Iranian oil surged in June, as shipments increased before the recent conflict and the demand from independent refineries improved. According to data from ship-tracking firm Vortexa's, the world's largest oil importer, and biggest buyer, of Iranian crude, imported more than 1.8 millions barrels per day between June 1-20. This is a new record. Kpler data puts the average month-to date of China's Iranian condensate and oil imports to 1.46 million barrels per day as of June 27. This is up from 1 million barrels per day in May. Kpler data revealed that the rise...

The International Monetary Fund raised its GDP growth forecast for Saudi Arabia for 2025 to 3.5%, from 3%. This was partly due to the demand for government-led project and the OPEC+ plan to gradually end oil production cuts. Saudi Arabia is expected to have a budget deficit of $27 billion in this year due to lower oil prices. The kingdom is still pushing ahead with a massive transformation program called Vision 2030, which aims to wean its economy off oil dependence. Saudi Arabia has made significant investments in sports, entertainment, and tourism in the last few years. Even though oil...

The price of oil rose on Wednesday, as investors weighed the stability and potential for a ceasefire agreement between Iran & Israel. However, it remained near its multi-week lows due to the expectation that crude oil flow would not be interrupted. Brent crude futures gained 85 cents or 1.3% to $67.99 per barrel at 0341 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 87 cents or 1.4% to $65.24. Brent settled at its lowest level since June 10, and WTI, since June 5. Both were before Israel launched an attack on Iranian nuclear and military facilities on June 13,...

China is the largest buyer of Iranian oil, accounting for approximately 13.6% of the purchases made by the world’s biggest crude importer this year. This leaves Beijing exposed to any disruption in supply caused by conflict in the Middle East. Beijing, the world's largest oil importer and buyer from Venezuela, has been able to reduce its import bill by billions of dollars in recent years. How much Iranian oil does China buy? China purchases 90% of the Iranian oil shipped, but this is limited due to U.S. Sanctions aimed at cutting funding for Tehran's Nuclear Programme. According to Kpler, China...