South Korea's Presidential adviser will fly to Washington before the tariff deadline
His office announced on Saturday that the South Korean presidential security advisor plans to visit Washington between July 6 and 8, 2018. Wi Sung Lac, the national security advisor to President Lee Jae Myung, will "have in depth discussions about all pending issues between South Korea & the United States", the office announced in a press release. The visit coincides with the possibility that South Korea will seek to extend the U.S. Tariff Freeze, which is due to expire in a few days. Yeo Han Koo, South Korea's Trade Minister, flew on Friday to Washington for talks with U.S. trade representative Jamieson Greer.
Inpasa: Vibra's founder's family has invested in Vibra to achieve financial goals
Inpasa, an ethanol producer, said that on Friday a family fund connected to its founder had invested in Brazilian fuel retailer Vibra. The investment was made with purely financial goals and has no connection to Inpasa's operations. The news outlet Brazil Journal reported late on Thursday that Inpasa (which was founded in Paraguay, and is Brazil's largest corn ethanol producer) had been buying shares in Vibra. They now have a 3% share and want to increase it. Inpasa didn't disclose in a press release the amount of Vibra shares owned by the fund. Vibra didn't immediately respond to an inquiry for comment.
EUROPE GAS - Prices in a narrow range due to stronger winds and healthy supply
Due to a healthy supply of gas and forecasts for higher wind output, Dutch and British wholesale prices traded in a tight range on Friday morning. According to LSEG, the benchmark Dutch contract for August deliveries at TTF hub increased by 0.08 euros to 33.83 Euro per megawatt-hour (MWh) as of 0844 GMT. The weekend contract increased by 0.43 euros to 33.08 Euro/MWh. The British contract for the month of August has dropped by 0.50 pence, to 80.10 cents per therm. LSEG data indicated that wind power production is expected to be stronger in the first half of next week, especially on Tuesday. Solar output, however, should be lower.
South Korea's trade minister could ask for an extension of the tariff freeze during US-South Korea talks
South Korea's Trade minister Yeo Han Koo said that he may request an extension to the U.S. Tariffs Freeze that expires in a few days, when he travels to Washington to meet with U.S. officials. Yeo, South Korea's newly appointed trade envoy, will fly to the U.S. this Friday. He plans to meet with U.S. Representative Jamieson Greer, and other senior officials, on Saturday. This is just before the deadline of July 9, when U.S. Tariffs may increase dramatically. Donald Trump, the president of the United States, said that his administration will begin sending letters to countries on Friday specifying which tariff rates they must pay on imports from other countries.
Sources say that arbitrators have made a decision in the Exxon-Hess dispute regarding Chevron's deal.
According to two sources with knowledge of the dispute, arbitrators have made a decision regarding a major oilfield in Guyana. Chevron's acquisition of Hess for $53 billion will be determined by the ruling. The Paris International Chamber of Commerce overseeing the arbitration is reviewing the decision now before it is made available to the parties. The arbitrators' decision or the date of the release of the decision is not clear. Hess Chevron, and the ICC have not responded to our requests for comment. Chevron has agreed to buy smaller U.S. oil producers Hess and Exxon in October 2023.
Australia's Santos signs LNG deal with QatarEnergy unit
Santos, an Australian oil and natural gas producer, announced on Friday that it had signed a long-term contract for the supply of liquefied gas with QatarEnergy Trading. This is a unit owned by QatarEnergy which is the largest LNG exporter in the world. Santos has agreed to supply 0.5million tonnes of LNG annually over a two-year period starting in 2026. In a statement, the company said that it would supply the commodity from its wide portfolio of LNG assets. Qatar is the third largest liquefied gas exporter in the world after the U.S.A. and Australia.
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday. The law drastically reduces the 30% tax credit that developers were relying on for their solar and wind projects. This credit was set to last until 2032. Energy Innovation, a research firm, predicted that the bill will result in a decline of 300 gigawatts in U.S.
Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539, the lowest level since October 2021. Baker Hughes released its report a day early than usual due to Friday's Fourth of July holiday in the United States. Baker Hughes reported that the total number of rigs is down 46 or 8% from this time last week. This week, oil rigs dropped by seven, to 425, the lowest level since September 2021.
Venture Global signs 20-year LNG contract with Petronas
Venture Global Inc, a U.S. LNG exporter, announced Thursday that Petronas had agreed to purchase 1 million metric tonnes of LNG from the CP2 Project. This is its first new CP2 client in two years. Venture Global, a startup just three years ago has grown to be the second largest LNG producer in the United States and played a major role in keeping this country stable. According to a person who has knowledge of this matter, Petronas's 20-year deal would supply oil from the first phase of the project. The CP2 plant, if constructed in Louisiana, will be the U.S.'s second largest LNG facility with a combined production capacity of 28 MTPA.
French and Spanish operators form joint venture to develop hydrogen pipe
It announced on Thursday that French gas grid operator Natran (a unit of utility Engie) has formed a joint-venture to develop a trans-border hydrogen pipe with French storage operator Terega, and Spain's Enagas. The Barcelona-to-Marseille underwater pipeline, or Barmar, is part of a larger 2.5 billion euro ($2.93 billion) project called H2Med that will link Portugal, Spain, France and Germany by 2030, as the European Union hopes to displace some natural gas use with hydrogen, which does not emit CO2 when combusted. When built, H2Med will have the capacity to transport approximately 10% of EU's expected hydrogen consumption by 2030.
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy. They are entitled to 40% of production, which is around 2.1million barrels per day. Sources said that during the conflict between Israel and Iran last month, ADNOC informed equity holders it would reduce its Murban crude oil supply by 3 to 4 million barrels. The changes were not immediately apparent.
In June, Russia's budget revenues from oil and gas fell by a third on an annual basis
The Finance Ministry reported on Thursday that Russia's oil-and-gas revenue in June fell 33.7% compared to the same period last year, falling to 494.8 billion Russian roubles (6.29 billion dollars), its lowest level since January 2023. This was due to weak oil prices, and a stronger rouble. The Kremlin's main source of income is oil and gas revenues, which account for roughly a quarter the total federal budget revenue. Revenues fell 3.5% in May, despite a drop of a third on an annual basis. The revenue for the first half of this year fell by nearly 17% compared to the same period last year. It was 4.73 trillion rubles. The decline is painful for Russia.
Maurel et Prom, a French company, has acquired a stake in Colombia's Sinu-9 Gas Field
Maurel et Prom, a French oil and natural gas company, has agreed to increase its ownership stake of Colombia's Sinu-9 field by 21%, for a total cost of $79 million. This is part of its ongoing expansion in Colombia. Maurel et Prom now owns 61% of the total gas block. The remainder is owned by Canada's NG Energy International. In February, the company acquired the initial stake of 40% in the Sinu-9 field. The company holds a call-option for an additional 5% of the field for a payment $18,75 million. This option is valid for 12 month from the date of the original transaction. Maurel et Prom reported that the latest acquisition was subject to regulatory approvals.
Exxon-QatarEnergy JV requests permission from US regulators to reexport LNG starting October 1.
Golden Pass LNG, owned by Exxon Mobil, QatarEnergy and others, has requested permission from U.S. regulators to re-export Liquefied Natural Gas as of October 1. This is because the export facility, after delays, is nearing production. The company wants to reexport LNG cargos that it intends to import in order to cool down the export plant, still under construction, in Texas. The cooling down of the plant is usually the last step before LNG production. Golden Pass plans to export LNG by the end of this year after building a 18 million metric tonnes per annum (mtpa), LNG export facility at Sabine Pass in Texas. The project is behind schedule, over budget and plagued by problems.
US lifts restrictions Enterprise Product's ethane exports to China
Enterprise Products Partners said that the U.S. cleared the way for them to resume ethane exports to China. The company also revoked a license restriction put in place only a few weeks ago, when the U.S. - China trade war shifted from tariffs to supply chain issues. After accusing Beijing that it was slowing down shipments of rare Earths, vital for automakers and other industries, the U.S. placed new restrictions on ethane and a broad range of other exports to China. The letter rescinding the license requirement was sent on Wednesday after the United States and China settled issues last week relating to shipments of rare-earth minerals and magnets from China to the U.S.
Trump's budget bill increases fossil fuels and hits renewable energy
The U.S. Senate approved a budget bill on Tuesday, and now the House of Representatives will debate it for final approval. This would slow down the development of solar and wind power, eliminate climate funding, and increase oil, gas, and coal production. The law drastically reduces the access to 30% tax credits for solar and wind energy projects, which were set to last until 2032 and on which developers relied for future projects. For projects to qualify for the subsidy they must either start service before the end of 2027 (one year earlier than the House Bill proposed) or begin construction one year after the adoption of the House Bill.
Gazprom wins partial gas price war, but Orlen could owe up to $290 million
Orlen, a Polish oil and gas firm, could be hit with a bill for almost $300 million after deciding that Gazprom has the right to charge higher prices retroactively on gas supplied to Poland. Orlen is a brand of Orlen. The Polish gas monopoly PGNiG, which will be in 2022 and is involved in several disputes with Gazprom at an arbitration tribunal in Stockholm regarding the prices Poland paid for Russian Gas from 2017 to 2020. Gazprom has been involved in numerous legal disputes with European companies. According to calculations, the total claims from these companies is at least 20 billion euros (17 billion dollars).
Dallas Fed survey: Oil and gas activity decreased in Q2 due to higher US steel tariffs
The Dallas Fed survey released on Wednesday showed that activity in the U.S. Oil and Gas sector in Texas and Louisiana, and New Mexico, decreased slightly in the second half of 2025. This was due to the increase in steel tariffs. The drop in activity comes after U.S. president Donald Trump, who encouraged U.S. manufacturers to "drill baby drill", doubled tariffs for steel and aluminum imports from 25% to 50%. About a quarter (25%) of the steel and aluminum used in America is imported. Investors experienced significant volatility during the second quarter. U.S.
Germany fills up all LNG regasification slots in Wilhelmshaven terminals
The state-owned German Energy Terminal GmbH (DET), said that it has successfully allocated all regasification slots available for its Wilhelmshaven LNG terminals 1 and 2. This is a further step in enhancing energy security for Germany, and Europe. DET is responsible to market and operate floating terminals which turn liquefied gas back into natural gas and feed them into Germany's Gas Network. Germany is relying on global LNG shipping to replace Russian gas pipelines in response to the invasion of Ukraine by Russia in 2022. Prisma, the company's digital platform…
Engie buys DNO's Norwegian gas production for four years
The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said that it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi.
