Oil & Gas

Haitham Al Ghais, Secretary General of OPEC, reiterated Wednesday that oil and gas will continue to make up about 30% in the global energy mix until 2050. He said that a growing economy, population increase and urbanisation are all signs "that the world will require much more energy than what it consumes today", in his remarks at the Russian Energy Week Conference in Moscow. He predicted a 23% increase in the primary energy demand between 2050 and 2050. "Yes, the world is turbulent and there's much going on. But that's constant." "For us at OPEC, the constant is our ability...

The front-month U.S. Crude Oil Futures contract ended Monday's trading with the smallest premium over the seven-month contract since January 2024, as OPEC+ increases supply and seasonal refinery maintenance pressures the demand for immediate barrels. The market term for immediate delivery fetching a higher premium than later deliveries suggests that investors are losing money by selling their oil on the spot market, as the near-term supply appears to be abundant. For the first time since January, U.S. crude oil futures would be in a contango if the spread reversed from a premium into a discount. WTI crude futures settled for...

The United States threatened on Friday to use sanctions and visa restrictions to retaliate to nations who vote in favor of the plan proposed by an agency of the United Nations to reduce greenhouse gas emissions that are responsible for global warming from ocean shipping. Next week, U.N. member countries will vote on the International Maritime Organization’s Net-Zero Framework to reduce global CO2 gas emissions. The international shipping industry handles about 80% of the world's trade and is responsible for about 3% of greenhouse gases. Under pressure from investors, large container carriers agree that a global regulation framework is essential...

Gold Reserve, a Toronto-listed company, said that it filed motions on Friday to disqualify the court officer overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela as well as the two advisory firms for the Delaware court. The miner is trying to stop the court from declaring the $5.9billion bid of rival Amber Energy, a hedge fund affiliate, Elliott Investment Management as the winner of the auction, since its own $7.9billion bid was not recommended by the court in August. Gold Reserve is among 15 creditors who are lining up for the cash proceeds of an auction...

The Indian state refiners extended the deadline for the first joint long-term bid for the import of liquefied petrol gas (LPG), from the United States, in 2026 for one week. This was announced on Thursday by trade sources. India is planning to increase energy imports from America to reduce its trade surplus, which is a major irritation for President Donald Trump. India's increased energy purchases from the U.S. could help prospects for a trade agreement between the two nations and New Delhi avoid the hefty tariffs that Trump imposed on its products. LPG, a mixture of butane and propane used...

According to lawmakers and officials, the majority of the European Parliament's member groups reached an agreement late Wednesday night to further cut the EU's Corporate Sustainability Law. Last year, the European Union adopted the Corporate Sustainability Due Diligence Directive (CSDDD), which requires companies to address human rights and environment issues in their supply chains or face fines up to 5% of their global turnover. After a backlash from Germany, France, the United States, Qatar and Exxon Mobil, Brussels is now working to simplify the rules. Jorgen Warborn is the EPP member leading the negotiations. He said that a key change...

After several days of fuel station closures, and amid fears of a fuel shortage following an al-Qaeda-linked blockade of fuel imports in Mali’s capital Bamako last month, motorists waited in long lines outside the stations on Wednesday. Since last week, many stations have been forced to shut down or only supply diesel. Analysts say this is a tactic used by militant groups to put pressure on the military-led Mali government. They want to cut of its economic oxygen. In a video announcing a blockade, a militant from Jama'at Nusrat al-Islam wal-Muslimin announced that "we are telling all traders" who import...

Exxon Mobil returned to Iraq two years after it left, signing an agreement on Wednesday with Iraq to develop the large Majnoon Oilfield and expand their oil export infrastructure. OPEC’s second-largest producer wants to attract Western oil majors back and increase production, which has been constrained for years by wars, corruption and religious tensions. Iraqi Prime Minister Mohammed Shia al-Sudani said that Exxon had signed a deal, but provided few details. According to four sources familiar with the situation, the agreement will include a profit sharing agreement for crude oil and refined oil products as well as plans to upgrade...

Investors brushed aside fears of oversupply on Wednesday, after digesting a decision by OPEC+ earlier to limit production increases in the coming month. Brent crude futures were up 48 cents or 0.7% to $65.93 per barrel at 0400 GMT. U.S. West Texas Intermediate Crude climbed 51 cents or 0.8% to $62.24. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. The market is stuck in limbo. One side believes there will be a glut of...

The U.S. Energy Information Administration (EIA) said Tuesday that the Short-Term Energy Outlook, or STEO, will show record levels of natural gas production and demand in 2025. EIA predicted that dry gas production would increase from 103.2 billion cubic feet per day (bcfd) in 2024, to 107.1 bcfd by 2025, and 107.4bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas demand will increase from 90.5 bcfd, a record in 2024, to 91.6 bcfd by 2025 and 2026. The EIA forecasts from September were 106.6 bcfd in production and 91.5...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut. Brent crude futures rose 23 cents or 0.35% to $65.70 per barrel at 0356 GMT. U.S. West Texas Intermediate Crude climbed 21 cents or 0.34% to $61.90. The previous session saw both contracts settle more than 1% above the previous one after the Organization of the Petroleum Exporting Countries, Russia and other smaller producers - also known as OPEC+ – decided to increase their collective oil production from November by 137,000 barrels a day. Analysts at...

The UK targeted Russia's largest oil companies Lukoil, Rosneft and 51 tankers of the shadow fleet on Wednesday in a new attempt to tighten sanctions against energy and cut off Kremlin revenue. While on a visit to the United States, Finance Minister Rachel Reeves informed reporters that "we are introducing targeted sanction against the two largest oil companies in Russia - Lukoil & Rosneft". "At the time, we increase pressure on companies located in a number of third-country countries, such as India and China, who continue to facilitate the flow of Russian oil onto international markets." She said that "there...

OPEC's monthly data revealed on Monday that Russian oil production increased in September, to 9,321 million barrels a day, an increase of 148,000 bpd over August. The world's top oil-producing countries have continued to ramp up their production. Despite the increase, last month's output was below Russia's OPEC+ production quota of 9.415 millions bpd for September. OPEC+ - the Organization of the Petroleum Exporting Countries, plus Russia and a few smaller producers - has increased their oil production targets this year by over 2.7 million bpd, which is equivalent to around 2.5% of the global demand. After years of reductions,...

Sources in the trade said that traders offering Russian oil are now asking Indian refiners to make payments in Chinese Yuan. They see recent signs of improved relations between New Delhi, China and Beijing as an opportunity to simplify transactions with Indian buyers. Indian Oil Corp, India's largest refiner and state-controlled company, paid in Chinese currency recently for two or three cargoes worth of Russian oil. Indian Oil has not responded to the request for comment immediately. Western sanctions against Russia following its invasion of Ukraine in 2022 have led to a greater use of alternative currencies such as the...

StoneX, a consultancy, said that Brazil's imports of diesel in September reached their highest level since 2023. This was due to a sharp increase in U.S. volume to compensate for declining Russian supplies, amid high agricultural demand. Why it's important The increase in imports is a reflection of the robust domestic demand that Brazil experiences during its soybean planting season, and reflects global market shifts as a result of disruptions in Russian exports. Brazil imports about 20% of its total diesel consumption. By the Numbers In September, total diesel imports reached 1,77 billion liters. This represents a 9.4% rise on...

Crude oil prices have been driven primarily by the unwinding of OPEC+'s production cuts, China's storage flows, and geopolitical tensions this year. This is likely to continue for the foreseeable. It is important to understand the factors that influence the market. It is impossible to predict with accuracy the future of these factors. Forecasting the market is a difficult task for the crude oil industry because all three factors are unpredictable and can change rapidly. The Energy Markets Forum, held in Fujairah (the hub for oil storage and shipping in the United Arab Emirates) this week, was a place where...

Two people who were familiar with the negotiations said that U.S. negotiators told their Indian counterparts to reduce India's tariffs and seal a deal by limiting purchases of Russian crude oil. A U.S. official stated that while trade negotiations were on the right track, there was still more work to be done in order for India to address U.S. concerns about market access, trade deficits, and purchases of Russian crude oil. U.S. president Donald Trump has tried to pressure India, European Union members and NATO to reduce purchases of Russian oil in order to cut Moscow's revenues and speed up...

Marco Rubio, U.S. secretary of state, said that the United States and India had made progress in their trade negotiations on Monday. This was despite ongoing trade discussions and steep U.S. duties imposed by Washington as part of its pressure campaign against Moscow for the invasion of Ukraine. Rubio, in an interview with ABC News' Good Morning America on Tuesday, said that "a lot of progress" had been made. The Indian trade minister was scheduled to travel to Washington, D.C. this week to try to speed up the talks that resumed after last week's resumption of negotiations. Trump imposed a...

Iraq's oil exports have increased following the gradual unwinding voluntary production cuts made under the OPEC+ Agreement, said the country's official oil marketing SOMO on Sunday. Eight members of OPEC+ have agreed to increase production by 137,000 barrels a day from October. OPEC+ increased production in April, after years of cutting to support the oil markets. Ali Nizar Al-Shatari, director general of SOMO and Iraqi state media agency, said that the increase in Iraqi exports will generate additional revenues of hundreds of millions at current prices. He did not specify how much the government's exports would increase, but he said...

Four market sources said on Friday that the price of Russia's Urals Crude Oil for delivery to India, its top buyer, is increasing despite rising sanctions risks. This is because Ukrainian attacks on Russian pipelines and ports as well as tightened sanctions have led to concerns over supply. In September, Ukrainian drone attacks disrupted the export of oil and increased production risks. This forced Russia to ship oil to western ports in order to reduce the impact. Four sources who are involved in Russian oil exports to India reported that the discount on Urals crude October loading has decreased to...

The European Commission will make a proposal Accelerating the phase-out Ursula von der Leyen, head of the European Union's executive branch, said Tuesday that she was concerned about Russian fossil imports after speaking with U.S. president Barack Obama. Donald Trump Von der Leyen stated that she spoke with Trump about a joint effort to increase economic pressure against Russia by taking additional measures. The U.S., and the European Union, import Russian energy and commodities worth billions of Euros, from liquefied gas to enriched Uranium. Von der Leyen posted a message on the social media platform X saying that "the Commission...

Three people with knowledge of the situation said that Russian-backed Indian refiner Nayara Energy was seeking Indian government assistance to obtain equipment and materials for maintenance, as European Union sanctions are making it difficult to procure key items. Sources said that the private refiner had approached the Centre for High Technology (a advisory body within the Indian oil ministry) to seek assistance in locating specialised equipment, catalysers, and other raw material. Nayara, and the Centre for High Technology, did not respond immediately to comments. Sources said that Nayara, which is majority owned by Russian companies, including Rosneft oil giant, operates...

Radiy Khabirov, the regional governor of Bashkortostan in Russia, said that a company producing oil will continue to produce despite an attack by drone on Saturday. Ukraine intensified its attacks on Russian energy infrastructure to weaken Moscow's military capability, while peace negotiations are still stuck. The attack caused a fire to break out at an oil refinery operated by Bashneft. Rosneft is Russia's biggest oil producer. Bashneft operates four major oil and petrochemical refineries in the area. Khabirov didn't specify the facility that was targeted. Both drones that were downed fell onto the property of the company. In the first...