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Rosneft's head says OPEC+ can increase oil production by a year
Igor Sechin said that the OPEC+ group, which includes major oil producers around the world, could accelerate its production increases by a year compared to their initial plan. He said the decision of OPEC+ to increase output now looks far-sighted and justifiable in light of the conflict between Israel and Iran. In April, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia shocked the oil markets by agreeing to a larger-than-expected increase in output for May, despite low prices and a slowing of demand. OPEC+ decided to increase prices by more than originally planned. "The increase in production announced since May this year is more than three times the initial plan of the alliance. He said that the entire increase in OPEC+ could also be shifted a full year ahead of schedule. He added that "the decision taken by OPEC to increase production forcefully looks very farsighted today and justified from the point of view of the market, taking into consideration the interests of consumers, in light of uncertainty regarding the size of the Iran-Israel war." OPEC+ crude oil output is approximately 41% of the global oil production. The main goal of the group is to regulate oil supply to the global market. After years of reducing production, eight OPEC+ nations increased their output modestly in April, before tripling the amount for May, then June, and now, July. OPEC+ also has two additional layers of cuts, which are expected to continue until 2026. The OPEC+ decision of increasing oil production initially caused the price of oil to fall, but an aerial conflict between Israel and Iran is the primary reason for the return of prices to $75 per barrel. This level has not been seen since the beginning of the year. Sechin, an ally of Russian president Vladimir Putin for many years, said that despite the increase in production, there would be no oil glut on the long term due to the low levels of stockpiles, although the rising use of electric vehicles by Chinese consumers could affect oil demand. Putin said that he agreed with OPEC on Friday, that the demand for oil would remain high. Putin also stated that the conflict between Iran & Israel had not caused oil prices to rise significantly, and that OPEC+ did not need to intervene on oil markets. Sechin said Rosneft has budgeted for the price of oil to be $45 per barrel this year. This is the price level that the European Union considers as the new cap on Russian oil imports. The price cap now stands at $60.
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Israeli Defense Minister: Military killed the head of Palestine Corps in IRGC’s overseas arm
Israel Katz, Israel's Minister of Defense, said that the Israeli military killed a veteran commander from the Iranian Revolutionary Guards overseas arm in an attack on a Qom apartment. Katz released a statement about the veteran commander Saeed Izadi who led the Palestine Corps Quds Force. The IRGC has not confirmed this. The Quds force built up an alliance of Arab allies, known as Axis of Resistance. In 1982 it established Hezbollah and supported the militant Islamist Palestinian group Hamas. Hezbollah and the Palestinian group Hamas have both been weakened by Israeli offensives following Hamas attacks against Israel on October 7, 2023. Katz claimed that Izadi had financed and armed Hamas in the first attacks. He described the commander's death as "a major achievement for Israeli Intelligence and the Air Force". Izadi has been sanctioned by both the U.S.A. and Britain for what they claim are his links to Hamas, and the Palestinian militant group Islamic Jihad which was also involved in the attacks of October 7.
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First Steel Cut for HVAC Infrastructure for Belgian Offshore Energy Hub
A new milestone has been reached in the development of Belgium’s offshore energy hub, Princess Elisabeth, with the first steel cut for the construction of the high-voltage alternating current (HVAC) infrastructure.The steel cutting ceremony was held at the HSM Offshore Energy yard in Schiedam in the Netherlands.The HVAC modules, which include high-voltage substations and a facility module, will be directly installed onto the Princess Elisabeth offshore energy hub.Located 45 km off the Belgian coast, the artificial island will serve as a key connection point for transporting at least 2.1 GW of offshore wind energy generated in the Princess Elisabeth Zone to the mainland.The HVAC substations will house essential components such as power transformers and gas-insulated switchgear (GIS), so forming the backbone of the island’s AC transmission infrastructure.The modules are being built by HSI Pemac, a Belgian-Dutch consortium comprising HSM Offshore Energy, Smulders, and Iv-Offshore & Energy.The consortium was awarded the engineering, procurement, construction, installation and commissioning (EPCIC) contract by Elia, Belgium’s national transmission system operator, which is part of Elia Group.Engineering works, including the layout and a detailed 3D model, are being carried out at Iv’s offices in Papendrecht (NL). The prefabrication process is taking place at Smulders’ Belgian facilities and HSM’s Schiedam yard, with the final assembly occurring in Schiedam and Vlissingen.The broader HVAC infrastructure for the island will include 330 km of 220 kV HVAC subsea cables, divided into two 165 km packages. These cables will connect the island’s AC infrastructure to Belgium’s mainland grid. "The start of the construction of the island’s HVAC infrastructure shows that the project is progressing steadily, even as we adapt its next phase in line with new market realities. The Belgian government’s recent decision to develop an alternative approach for the HVDC components will ensure that we can maintain the strategic ambition of the project in a more cost-effective way,” said Frédéric Dunon, CEO of Elia Transmission Belgium.On June 6, 2025, the Belgian federal government announced that an alternative approach for the next phase of the Princess Elisabeth offshore energy hub would be developed.While aligned with the project’s original goals, the updated approach will be aimed at reducing the costs involved by responding to the sharp global increase in the price of high-voltage direct current (HVDC) technology and related offshore services.The ambitions for this phase remain unchanged - to expand the offshore wind capacity in Belgium’s second offshore wind zone and to realize a second interconnector with the United Kingdom. Elia will work closely with the government, the Commission for Electricity and Gas Regulation (CREG) and other stakeholders to assess all of the options and assess what the most efficient and cost-effective approach will be.Princess Elisabeth offshore energy hub will be the world’s first artificial energy island. As part of its first phase of operation, it will collect electricity from two new wind farms located in Belgium’s second offshore wind zone and so enable the integration of this energy into the country’s onshore grid.The island will strengthen Belgium’s long-term electricity supply and accelerate the integration of renewable energy into the European grid.
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Egypt Still on Hold as Israel Resumes Limited Gas Exports
Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle.A ministry spokesperson told Reuters that exports are now resuming "from surpluses, after domestic needs are met."An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only "tiny volumes" reached Egypt this week.Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week.The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment.Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand.Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe."I don't want to use our strategic storage, so therefore, I needed to cut exports," he told Reuters.Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units.Israeli gas typically accounts for up to 60% of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organisations Data Initiative (JODI).(Reuters - Reporting by Mohamed Ezz and Steven Scheer; Editing by David Gregorio)
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Ministry: Armed men on motorcycles killed 34 Niger soldiers
The Defence Ministry reported that several hundred armed men - many of them on motorbikes - attacked an army base in Niger near the Mali border, killing at least 34 soldiers and wounding 14 others. According to a statement read on state television, the attackers -- described by the ministry as "mercenaries," used eight vehicles and over 200 motorbikes during the raid at the Bani-bangou base on Thursday. In a Friday statement posted on its Telegram channel, the Islamic State claimed responsibility. Niger, along with other countries of West Africa's Sahel, are fighting islamist militants tied to al Qaeda or Islamic State. The ministry did not go into detail about the assault, but said that troops conducted aerial and ground searches to secure the area. (Reporting and additional reporting by Yomna ehab; Writing and editing by Ayen deng bior; Editing, Andrew Heavens, Rod Nickel; Reporting by Moussa aksar)
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LME introduces new restrictions for holders of large positions
London Metal Exchange announced on Friday that it has placed new restrictions on large position holders in nearby contracts due to low inventories. LME took action when premiums on nearby copper contracts rose to their highest level since October 2022. In recent months, the exchange, which is the oldest and largest industrial metals market in the world, has said that it has monitored large positions and had to take some action in certain cases. The LME stated that "at times, the Special Committee of the LME has directed market participants in order to take certain actions to reduce large positions on the exchange relative to the current stock levels." The Special Committee feels that it is now appropriate, given the low stock situation, to introduce... a transparent and widely applicable set of requirements." It was done to prevent the creation of a "corner" or "undesirable situations" on the market. It added that the new rule extends restrictions already in place by the LME on "tom next" positions, which are those nearer to delivery. Holders of long positions that are higher than the total stock levels must lend the money back to the market with no premium. Copper premium is the difference between the three-month cash contract and the copper cash contract. It is now trading at $180 per ton, up from $3 a month earlier. LME data shows that one company holds a dominant position with more than 90% of 0#LMEWHC> copper warrants or cash contracts, and two other companies hold 50%-79%. The title document that confers ownership on metal is a warrant. The 99,200 tons of copper in LME warehouses has dropped by more than 60% from the middle February to its lowest level since August 2023. . Hong Kong Exchanges and Clearing Ltd. owns the LME. (Reporting and editing by Chris Reese and Diane Craft; Reporting by Eric Onstad)
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Reports from FT suggest that UK's Thames Water could be required to restate its accounts
The Financial Times reported that Britain's Thames Water could be required to restate their financial accounts for the period ended March 2024. This would mark another possible setback for this struggling utility, as it attempts to avoid nationalisation. The newspaper cited documents that were seen by the report to say that Thames Water was trying to determine the implications of having to restate certain figures in the accounts it published last year. The report stated that there was concern at Thames Water that any change to its accounts might prompt one of the senior lenders to claim that debt terms were breached. It was reported that the Financial Reporting Council (UK's accounting watchdog) was aware of the problem, citing sources familiar with the matter. In response to an email request for comments, a Thames Water representative said: "We adhere to all UK-adopted International Accounting Standards. We take our regulatory accounting responsibility seriously." KKR, a U.S.-based private equity firm, backed out of a plan earlier this month to inject equity of 4 billion pounds ($5,39 billion) in the struggling company. This left its fate in senior creditors who are now negotiating a deal for a rescue with the water regulator Ofwat.
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Putin: No need for OPEC+ intervention in the oil market because of Iran-Israel conflict
Vladimir Putin, the Russian president, said that the conflict between Iran & Israel had not caused oil prices to rise significantly. He also stated that the OPEC+ oil producers did not need to intervene on the oil market. Brent crude futures reached their highest level since late January as investors were on edge due to the escalation of a recent air war between Israel, Iran and Syria. Putin stated that the price of crude oil is now around $75 per barrel. Before the conflict escalated, it was $65. "We see, of course, that the current Middle East situation, as well as the conflict between Iran, and Israel has caused a slight increase in the prices." Our experts believe that this price increase is not significant. Iran is the third-largest producer of oil among the members of the Organization of Petroleum Exporting Countries. Hostilities may disrupt the oil supply and increase prices. Putin said OPEC, along with its allies, including Russia, a group called OPEC+ that pumps half the world's crude oil, were increasing their oil production, but gradually to maintain a balance on the oil market, and "comfortable prices". We will all watch together the unfolding of the situation. "No immediate action is needed," he stated. (Reporting and editing by Andrew Osborn, Jan Harvey and Guy Faulconbridge)
Israeli military claims it has killed two Iranian Revolutionary Guard Commanders
Israel Katz, Israel's Minister of Defense, said that the Israeli military killed a veteran commander from the Iranian Revolutionary Guards overseas arm in an attack on an apartment in Iran’s Qom Province.
Katz stated that Saeed Izadi led the Palestine Corps, the overseas arm or Quds force.
Later, the Israeli military said it had killed a second leader of the Guards overseas arm. It identified him as Benham Shariyari. The strike was carried out overnight in western Tehran.
The report said that the commander was "responsible for all weapon transfers from the Iranian government to its proxies in the Middle East".
According to Israeli military, Shariyari provided missiles and rockets fired at Israel by Hezbollah and Hamas to Yemen's Houthis and Hezbollah.
The IRGC has not confirmed the death of the two leaders. The Quds force built up an alliance of Arab allies, known as Axis of Resistance. It established Hezbollah Lebanon in 1982, and supported the Palestinian militant Islamist Hamas group in Gaza Strip.
The Iranian-aligned network suffered major blows in the past two years as Israeli offensives have been launched since Hamas' attacks on Israel, October 7, 2023. This has weakened the Palestinian group, and Hezbollah.
Katz claimed that Izadi had financed and armed Hamas in the first attacks. He described the commander's death as a major achievement for Israeli intelligence.
Izadi has been sanctioned by both the U.S.A. and Britain for what they claim are his links to Hamas, and the Palestinian militant group Islamic Jihad which was also involved in the attacks of October 7.
(source: Reuters)