Nikkei reports that Japan's PM has rejected the US request to ban Russian imports of energy
The Nikkei daily, citing Japanese officials, reported that the Japanese Prime Minister Sanae Takaichi had told U.S. president Donald Trump during their meeting on Wednesday in Tokyo that it would be difficult to ban Russian LNG imports. Sakhalin-2 is a project in which Japanese companies Mitsui & Mitsubishi have stakes. Before Trump's Asia visit this week, the U.S. encouraged buyers of Russian oil, including Japan to stop imports and put sanctions on Moscow’s two largest oil exporters…
Indian refiners pause new Russian oil orders, await clarity, sources say
Sources told Reuters on Tuesday that Indian refiners had not placed any new orders to purchase Russian oil since the sanctions were implemented, because they awaited clarification from both the government and their suppliers. Sources who declined to be identified because they were not authorized to speak with the media said that some refiners use the spot market to meet their crude needs. Sources claim that Indian Oil, a state-run company, has published a tender to purchase oil.
IEA predicts record LNG demand to lower prices and spur demand
The International Energy Agency announced on Monday that a record amount of liquefied gas production capacity will be coming online by 2030. This is expected to change the dynamics of the gas market, strengthening global supply and easing pressures. In its "Gas 2025", medium-term outlook, the IEA stated that by 2030, 300 billion cubic meters per year of LNG will be exported. This capacity is mainly in the United States and Qatar.
China Suspends Russian Oil Purchases Due to Sanctions
Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday.The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S.
Halliburton's profits beat expectations on the back of steady drilling demand in North America
Halliburton's third-quarter profits surpassed Wall Street expectations on Tuesday thanks to the steady demand for oilfield equipment and service in North America. The North America segment's quarterly revenue was $2.4 billion. This is the same as a year ago, but it's above analysts’ average estimates of $2.17billion. Halliburton stated that the results were supported in part by the increased stimulation activity on U.S. soil…
Zelenskiy believes that peace in the Middle East can lead to peace in Russia
On Thursday, Volodymyr Zelenskiy, the Ukrainian president, said that the momentum of the Middle East Peace Process would help to end the more than three-and-a-half-year-old conflict between his country and Russia. Zelenskiy posted on Telegram that "we have a meeting with President Trump planned tomorrow. Zelenskiy didn't refer to Trump's promise, during a phone conversation with Vladimir Putin on Thursday, that he would hold new discussions.
Oil Prices Drop Amidst Gaza Ceasefire Plan As Risk Premium Fades
Oil prices declined to multi-month lows on Friday as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.Brent crude futures were down $1.73, or 2.7%, at $63.49 a barrel at 1316 GMT. Earlier, they fell to $63.27, the lowest since early June.U.S. West Texas Intermediate crude was down $1.71, or 2.8%, to $59.80. The contract had dropped to $59.57 a barrel, the lowest…
US Imposes Sanctions on Oil Refineries and Purchases
The U.S. imposed sanctions on about 100 individuals, entities and vessels, including a Chinese independent refinery and terminal, that helped Iran's oil and petrochemicals trade, the administration of President Donald Trump said on Thursday.The Treasury Department sanctioned the Shandong Jincheng Petrochemical Group, which it said is an independent teapot refinery in Shandong Province that has purchased millions of barrels of Iranian oil since 2023.It also sanctioned China-based Rizhao Shihua Crude Oil Terminal…
Palm oil closes strong in Indonesian biodiesel plans and Dalian oils
Malaysian palm futures closed at their highest level in seven months on Thursday. This was due to the strength of rival Dalian oil and Indonesia's plans for biodiesel. Profit-taking ahead of Malaysia Palm Oil Board (MPOB's) monthly data is expected. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange in Malaysia rose 49 ringgit or 1.08% to 4,594 Ringgit ($1,090.18) per metric tonne - its highest close since the 7th of March. For the third session in a row, the contract recorded gains.
Palm oil gains from Indonesia's biodiesel plan, and strong Dalian oils
Malaysian palm futures rose for the third session in a row on Thursday. This was due to strength in Dalian oils, a rival oil company, and Indonesia's plans to produce biodiesel. However, traders are expected take profits before the Malaysia Palm Oil Board releases its monthly data. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery had gained 26 ringgit or 0.57% to 4,571 Ringgit ($1,085.23) per metric ton.
IEA reduces renewables forecast as US policy changes and China auction reforms weigh
The International Energy Agency cut its forecast of renewable power growth in 2030 by 900 Gigawatts compared to last year, citing weaker prospects for the United States and China. Solar power, however, continues to lead record additions. The data shows that the global renewable power capacity will now rise by 4,600GW by 2030, down from the forecast of 5,500GW in 2024. Solar accounts for about 80%. The IEA's U.S. Growth Expectations have been lowered by almost half…
Solar power is a ray hope for the Middle East's most electrified nation
Yemen's largest solar plant helps to relieve electricity shortages, especially in Aden. Residents and businesses who suffer from the heat of summer are also benefitted. The Aden Solar Power Plant, funded by the United Arab Emirates (UAE) and operating since July 2024 marks a major shift in the Middle East towards renewable energy. According to the International Energy Agency, Aden is the least electrified country. Yemen has suffered from an electricity crisis for almost 30 years due to fuel shortages…
BP and Total Deepen Commitments to US with Major Projects
BP and TotalEnergies, two European oil and natural gas companies, deepened their commitments towards the United States on Monday. BP approved a $5 billion offshore field for oil production and TotalEnergies bought into a gas field onshore. The goal of U.S. president Donald Trump to capitalize on hydrocarbon resources in the United States is aligned with increased investment in U.S. production of oil and gas. BP is increasingly reliant upon the United States for its oil and natural gas business…
BP expects oil demand to grow until 2030, due to a slowdown in energy efficiency gains
BP announced on Thursday that it expects the global oil demand will grow until 2030. This is five years later than their forecast a year earlier. They attributed this to slowed energy efficiency efforts and global carbon emission reductions. Two scenarios are modeled in the latest Energy Outlook from Shell, an annual report on energy trends to 2050. The "Current Trajectory' scenario is based upon existing policies and commitments.
BP delays oil demand peak forecast to 2030 from 2020
BP announced on Thursday that it expected global oil demand growth to continue until 2030. This is five years longer than the forecast made a year earlier. It also highlighted slowed energy efficiency efforts. Two scenarios are modeled in the latest Energy Outlook of oil major, an annual study on energy trends to 2050. The "Current Trajectory " scenario is based upon existing policies and commitments. In its "Below 2 Degrees" scenario, it envisions a 90 percent drop in carbon emission levels by 2050 compared to 2023.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration.
Palm snaps two consecutive sessions of losses, as export data lifts the market
The market for Malaysian palm oil futures ended two sessions of declines in a row on Monday as Dalian palm olein and Chicago soyoil rallied on the back of encouraging export data. The benchmark palm-oil contract for December delivery at Bursa Derivatives Exchange rose 17 ringgit or 0.38% to 4,442 Ringgit ($1,057.62), a metric tonne, by the close. A Kuala Lumpur-based broker said that the prices of crude palm oil rebounded after positive export figures for Chicago soyoil, Dalian palm olein and Dalian palm oil.
MPOC says that palm oil is expected to trade between 4,200 and 4500 ringgits in the coming weeks.
The Malaysian Palm Oil Council stated on Monday that palm oil prices are expected to fluctuate between 4,200 and 4,500 Ringgit ($998 and $1,069) per metric tonne in the coming weeks due to a tight supply of vegetable oil and weak demand from key markets. The palm oil futures traded on the Malaysian Stock Exchange ended the morning at 4,464 Ringgit, close to the upper end of the range. The council stated that consumption of four major vegetable oil - palm…
Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports.
What is the Abraham Accords?
The Abraham Accords which normalised diplomatic ties between Israel and certain Arab states are in the spotlight following Israel's airstrikes against Hamas that took place on 9 September, angering the U.S. ally who hosted ceasefire negotiations. The leaders of Arab and Islamic countries will meet in Qatar for a summit on Monday, to show their solidarity. Who signed them and what did they achieve? The Abraham Accords is a collection of agreements that normalise the relationship with Israel.