Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday.  “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais.  Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…

Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday.  “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais.  Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…

Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday.  “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais.  Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…

Ukrainian emergency crews were battling to restore power to northern parts of the country as Russian forces continued to attack crucial civilian infrastructure with drone and rocket attacks, while Ukraine's strategic Pokrovsk region remained under pressure. Meanwhile, Russian President Vladimir Putin, speaking in Sochi amid drone alerts in that Black Sea resort city, warned the United States against sending long-range Tomahawk missiles to Ukraine, saying it would bring an entirely new “level of escalation.” Ukrainian Prime Minister…

Crude oil futures posted a sharp weekly decline, pressured by a renewed wave of supply-side concerns and deteriorating demand outlooks. After reaching a seven-week high early in the week, WTI crude retreated aggressively, driven by speculation of an OPEC+ production hike, the return of Kurdish exports, and signs of softening global consumption. By Thursday, prices had notched a four-day losing streak, and sentiment turned decisively bearish. OPEC+ Output Speculation Reignites Oversupply Fears The central driver behind this week’s sell-off…

Politics, Geopolitics & Conflict Washington has greenlit intelligence support for Ukrainian strikes on Russian energy infrastructure, in a package deal that includes intel on refineries, pipelines, and power plants deep inside Russia, not just on the front lines. This is a policy break that comes in the middle of Kyiv’s negotiations for long-range strike capacity and missiles. Moscow obviously views this as proof that the U.S. is a direct party to the war, and there will have to be retaliation (most likely asymmetric forms such as cyber,…

Trump’s 20-point peace plan for Gaza has landed with sharp contrasts between official endorsements and Arab interpretations. The White House plan calls for an immediate ceasefire, Israeli withdrawal to agreed lines, the release of hostages within 72 hours, and a large-scale prisoner exchange, all of which exclude Hamas and mandate the destruction of its military infrastructure. Gaza would be administered by a transitional Palestinian committee overseen by an international “Board of Peace” chaired by Trump and including figures…

Following an explosion of a yet-to-be-determined nature, a large fire broke out on Thursday night at Chevron’s El Segundo refinery in the Los Angeles area.  The fire, which was first seen at around 9:30 p.m. on Thursday, was later contained, the police in El Segundo said, adding there wasn’t a call for residents to evacuate.  Authorities have not received any reports of injuries of fatalities, El Segundo Mayor Chris Pimentel told local news station KCAL News.  Chevron’s 280,000-barrels-per-day refinery in El Segundo…

The U.S. Administration wants to ensure that the just-restarted oil exports from Iraq’s semi-autonomous region of Kurdistan continue to flow via pipeline to Turkey in the long run, an anonymous official at the U.S. Department of State told Bloomberg on Friday. The Trump Administration is working toward the goal of keeping Kurdistan’s crude flowing in the long term to boost the Iraqi economy, counter Iran’s influence in the region, and benefit U.S. companies operating in Iraq, according to the official.    The U.S. has…

Iraq could ramp up its crude oil exports by some 250,000 barrels daily as it saves this amount from local consumption with the help of several solar power projects. Zawya reported the news, citing a government official, who said that “Iraq consumes nearly a quarter million bpd of crude oil for energy use…switching to renewable energy will save this quantity.” “This will allow Iraq to export more crude and boost revenues…switching to renewable energy is a significant step, but it does not mean Iraq will shift away…

The world’s biggest international oil and gas firms are accelerating layoffs this year in search of further cost cuts and greater efficiency amid industry consolidation, weaker oil prices, and technology advances.   Big Oil promised investors efficiency and cost savings last year, when oil prices normalized from the highs of $100 per barrel in 2022 that brought windfall profits to the industry in 2022 and 2023. Earnings “normalized” in 2024 and have trended lower from the prior years so far in 2025, prompting the top…

Last month, OPEC+ agreed to increase oil output from October by 137,000 barrels per day, a much lower clip compared to the 555,000 bpd increase announced for August and September and 411,000 bpd in June and July. That meant that the group has started unwinding the second tranche of 1.65 million bpd in production cuts more than a year ahead of schedule, having fully unwound the first tranche of 2.5 million bpd since April. The eight members of OPEC+ are set to meet virtually on Sunday, 5th October, to determine the next course of action in unwinding…

China’s network of subsea pipelines has reached a total length of 10,000 kilometers, CNOOC reported this week. The news was hailed by media as a milestone in offshore oil and gas development in the world’s largest importer of energy commodities as it seeks to change that status. China has been working to boost its domestic oil and gas production, both onshore and offshore, to reduce its reliance on imports, which, in crude oil, topped 12 million barrels daily earlier in the year. The pipeline network milestone is part of those efforts,…

The onshore wind sector has historically witnessed mild growth in Southeast Asia (SEA) since the start of the decade due to a combination of regulatory hurdles, weak grid infrastructure, high costs associated with developing local supply chains, and persistent reliance on cheaper fossil fuels like coal, which are perceived as more stable. However, this could change, with Rystad Energy’s analysis projecting onshore wind capacity in SEA to climb from 6.5 gigawatts (GW) in 2024 to 26 GW by 2030, an increase of 19.5 GW. This resurgence is fueled…

Corporations report profits on their books. Those profits may or may not translate into higher stock prices because all earnings are not equal. Investors often talk about high or low quality earnings, a distinction that refers to the reliability and sustainability of the earnings stream, as well as whether it results from real sales or fancy bookkeeping. They also evaluate whether the earnings are commensurate with the risk taken. That is why just boosting earnings often does not translate into a higher stock price. Stock multiples can decline…

Nigeria is pumping more crude and drilling harder than it has in years, thanks to reforms under President Bola Tinubu that are finally coaxing cash back into the upstream. Daily output has climbed to between 1.7 and 1.83 million barrels, while active rigs surged from 31 in January to 50 by mid-year, Minister of State for Petroleum Heineken Lokpobiri told delegates at Africa Energy Week. The turnaround is pinned on the “Project One Million Barrels” initiative and the long-delayed Petroleum Industry Act, which the government insists has…

Warren Buffett’s Berkshire Hathaway - which we have been following and watching take, then increase its stake in Occidential Petroleum for years - has finally tipped its hand at what it's end game with the company could be. While many had speculated Buffett would eventually take all of Occidental private, Berkshire is instead in advanced talks to buy Occidental's petrochemical business, OxyChem, for about $10 billion, according to the Wall Street Journal. A deal could be finalized within days and would mark Berkshire’s largest acquisition…

Greenpeace activists from 17 countries blockaded Belgium’s Zeebrugge LNG terminal on Thursday, forcing at least three tankers to divert. Protesters in kayaks, inflatables, and small craft occupied the channel, demanding an end to both Russian and U.S. LNG flows.  Fluxys, which operates the terminal, told Reuters that operations inside remain unaffected, though tanker access was restricted and the blockade was expected to continue through Sunday. The Megara and Rias Baixas Knutsen, both carrying U.S. LNG, along with the LNG Phecda carrying…

Greenpeace activists from 17 countries blockaded Belgium’s Zeebrugge LNG terminal on Thursday, forcing at least three tankers to divert. Protesters in kayaks, inflatables, and small craft occupied the channel, demanding an end to both Russian and U.S. LNG flows.  Fluxys, which operates the terminal, told Reuters that operations inside remain unaffected, though tanker access was restricted and the blockade was expected to continue through Sunday. The Megara and Rias Baixas Knutsen, both carrying U.S. LNG, along with the LNG Phecda carrying…

Greenpeace activists from 17 countries blockaded Belgium’s Zeebrugge LNG terminal on Thursday, forcing at least three tankers to divert. Protesters in kayaks, inflatables, and small craft occupied the channel, demanding an end to both Russian and U.S. LNG flows.  Fluxys, which operates the terminal, told Reuters that operations inside remain unaffected, though tanker access was restricted and the blockade was expected to continue through Sunday. The Megara and Rias Baixas Knutsen, both carrying U.S. LNG, along with the LNG Phecda carrying…