Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…
Algerian court upholds five-year jail term for French-Algerian writer
Ennahar TV reported that an Algerian court confirmed on Tuesday the five-year sentence Boualem Sansal is serving for undermining nation unity. France has called for clemency. Sansal was 80 years old and lived in France. He was arrested in Algeria while on a visit in November. In March, he was sentenced for making statements in French media outlets in which he supported Morocco's claim that a part of Morocco was taken under French colonialism, and annexed by Algeria.
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…
Saudi Energy Minister on Iranian oil loss: We only react to reality
Saudi Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia will only "react to reality" when asked on Thursday if it and Russia would replace any possible loss of Iranian crude oil. Speaking at an economic conference in St Petersburg the prince added that OPEC+ was a reliable organization that was attentive when circumstances prevailed. He declined to comment on hypothetical question.
Commodity Report: Meeting Oil Demand a Challenge if Israel Hits Iran Oil
Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply in just two days this week.After Israel attacked Iran and Tehran pledged to retaliate, oil prices jumped as much as 13% to their highest since January as investors price in an increased probability of a major disruption in Middle East oil supplies.Part of the reason for the rapid spike…
How do OPEC+ oil companies unwind their production cuts?
Eight members of the OPEC+ oil producing countries have begun to unwind some of their output restrictions. They are looking to slowly add back around 2.2.million barrels per day. In an online meeting held on Saturday, the eight participants agreed to increase production by 411,000 bpd during July. Here are the details of the most recent decisions made by OPEC+. This group includes members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies…
Edison confident in positive outcome of Venture Global LNG arbitration
The chief executive of Italian utility Edison said that it is confident in a favorable outcome of an arbitration between Venture Global, a U.S. supplier of liquefied gas, expected to be completed by the end the year. Edison is among several European energy firms, including Shell, BP, and Galp that have filed arbitration cases claiming Venture Global intentionally failed to fulfill its supply…
Edison Confident In Venture Global LNG Arbitration
The chief executive of Italian utility Edison said on Thursday he was confident of a positive outcome in arbitration involving U.S. liquefied natural gas supplier Venture Global, expected by the end of the year.Edison is one of several European energy companies, including Shell, BP and Galp, that have filed arbitration claims saying Venture Global deliberately failed to fulfil its supply contracts…
Egypt In Talks to Buy LNG Cargoes Amidst Energy Crunch
Egypt is in talks with energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told Reuters.The country faces spending up to $3 billion at current prices to secure the LNG, squeezing government coffers already under strain to keep the lights on amid falling gas production…
Sources say Egypt is in talks with suppliers to purchase 40-60 LNG cargoes during this year due to the energy crisis.
Three sources familiar with the matter said that Egypt is in discussions with international energy companies and trading houses about buying 40-60 cargoes (LNG) of liquefied gas to ensure emergency fuel imports ahead of summer peak demand amid an worsening energy crisis. According to the latest available data from the Joint Organisations Data Initiative, Egypt's gas production fell by 39% in February to its lowest level in 9 years. It was 3.3 billion cubic meters.
Documents show that Eni, an Italian company, delivered Russian gas to Turkey in the last year.
Eni supplied gas to Turkey last year, according to documents published on the Italian energy company's website on Monday. This confirms that the company is still dealing with Russian gas, despite the suspension of supplies within Europe. Documents show that in a response to a written question from an Eni shareholder, ahead of the AGM scheduled for Wednesday, the company stated that Algeria would be the largest gas supplier to the group by 2024.
Oman's sovereign wealth fund signs preliminary agreement with Algeria to invest in a fund
The Oman Investment Authority has signed a preliminary deal with the Algerian Finance Ministry for establishing an investment fund in the amount of 115 million Omani Riyals ($298.79 Million). According to an OIA statement, the fund announced by the sovereign wealth fund of the sultanate will focus on the mining, food and pharmaceutical industries. The agreement was signed during the official visit of Oman's Sultan Haitham bin Tariq al-Said in the North African nation.
Sources say that the EU is looking at tweaking its methane regulations for US gas in order to facilitate trade negotiations.
Three sources with knowledge of the situation said that the European Union was looking for ways to help U.S. exports comply with their methane emission rules. The bloc is trying to avoid a trade conflict with U.S. president Donald Trump. Both sides have indicated that energy may be included in a larger trade agreement. Trump has repeatedly said that the EU should purchase more American oil and natural gas in order to reduce its trade surpluses with the United States.
Eni CEO: Eni will invest 26 billion dollars in North Africa within the next four years.
Claudio Descalzi, CEO of Italian energy company Eni, said Tuesday that the group will invest approximately 24 billion euros ($26.24billion) in Algeria Libya and Egypt during the next four-year period to boost energy production. The investments will coincide with Rome's efforts to revive its economic and political relations with Africa, as part of the so-called Mattei Plan. Eni has been a major investor in the energy sector of North Africa for many years.
Shell anticipates a 60% increase in global LNG demand between 2040 and 2040, with Asia leading the growth.
Shell's annual report said that the global demand for liquefied gas will increase by 60% by 2040. This is mainly due to economic growth in Asia and AI, as well as efforts to reduce emissions in heavy industry and transportation. As the world moves to cleaner fuels, demand for natural gas is increasing. Shell's 2025 LNG annual outlook forecasted that the industry will demand between 630 and 718 millions metric tons of LNG per year by 2040.
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026. Here is a short…
What OPEC+ oil production cuts are currently in effect?
OPEC+ will likely make more changes to its oil policy at its meeting on December 5, delaying a planned production increase further into the next year, as it is facing a weaker outlook for oil demand. In June, the oil producers' group reached a complex agreement to extend production cuts deep into 2025. The agreement has been modified to allow the group to delay a planned production increase by three months to the start of next year.
UN: Companies and countries are lagging behind in tackling methane emissions
Since the U.N. began monitoring oil and gas infrastructure for leaks of methane last year, 1,200 alerts have been sent to government and company officials. Only 12 out of the 2,000 alerts for large plumes, or 1%, were followed up with "substantive" action to stop the leaks. This was according to the report released by the U.N. International Methane Emissions Observatory. Roland Kupers, the lead architect of the programme…
After a 1-month low, the price of gas in Europe has seen a small increase.
The Dutch and British wholesale prices of gas traded slightly higher on Thursday morning, after having hit a one-month low the day before. This was due to full storages as well as a rising supply of liquefied gas (LNG), which offset fewer pipeline gas deliveries from Norway or Algeria. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euros to 36.25 Euro per megawatt hour or $11.78/mmBtu at 0838 GMT.
Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal
Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.The acquisition, which is expected to be completed at the start of next year, is one of the biggest oil and gas deals in Europe in years.The deal fits the Italian group's…
