Despite OPEC+ postponing its planned production increases until 2025, oil prices remain under pressure due to demand uncertainty. In a widely anticipated move, OPEC+ postponed its planned supply increases by another quarter, now pledging to start unwinding output cuts from April 2025 onwards. This, however, was not enough to convince oil markets of a bullish narrative lurking out there, not even the postponement of the UAE’s baseline quota increase could stop ICE Brent from dipping back below $72 per barrel. OPEC+ Delays Unwinding of…

OPEC+ Delays Return of Production Cuts By Three Months - In a largely anticipated move, OPEC+ announced it would postpone the easing of its production cuts for another quarter and only start bringing back some of its 2.2 million b/d of voluntary cuts from April 2025. - In what seems to be a diplomatic win for Saudi Arabia, even the United Arab Emirates agreed to delay a 300,000 b/d hike to their production baseline, phasing in the subsequent increase over the remaining months of 2025. - OPEC+ has signaled it would be managing oil supply in the…

Crude oil prices have found some support this week, driven by China’s economic recovery and OPEC+ production strategies. China, the world’s second-largest oil consumer, reported its fastest factory activity growth in five months, reinforcing optimism about future crude demand. Analysts view Beijing’s targeted stimulus measures as a potential catalyst for stabilizing global oil markets. OPEC+ has already acted to stabilize prices by extending its voluntary production cuts of 2.2 million barrels per day (bpd) until March 2025. These…

Politics, Geopolitics & Conflict Libyan oil production has hit an 11-year high at 1.422 million bpd, recovering (at least for now) from the Central Bank control battle that saw oil once again taken hostage, with production cut in half earlier this year. At the same time, Libya’s NOC has announced it will put up for exploration 22 new onshore and offshore areas in a public tender, though no exact date for presenting the blocs to international oil companies has yet been announced. The seemingly smooth sailing for Libyan oil production right…

When I sat down to write this piece, I intended to start with “There has never been a better time to buy MLPs”, then I realized that that isn’t true. About six weeks ago, before the US election results were known, was almost certainly a better time. But if you didn’t have access to a crystal ball back then and missed the opportunity, don’t worry. Now may not be the best time, but it is still a very good one. MLPs, or Master Limited Partnerships to give them their full name, are listed on exchanges, and they can be…

Amid the tentative ceasefire in Lebanon, the fighting has shifted to Syria, where the Syrian rebels have now taken their second city from Assad’s forces in two weeks. Hezbollah has shifted more attention to Syria, backing Assad’s forces. On Thursday, Syrian rebel forces captured Homs, in the country’s central region, after an unexpectedly large offensive last week that saw them capture Hama city and close in on and capture Aleppo, Syria’s second-largest city. The Syrian rebels have been emboldened by Israel’s recent…

BP is looking to sell up to 49% of its U.S. natural gas pipeline network in a deal that could fetch up to $3 billion, Reuters reported on Friday, citing anonymous sources with knowledge of the plans. The potential sale would be part of BP’s efforts to reduce its net debt, which has recently increased, according to some of Reuters’s sources. BP Pipelines North America Inc. operates in 14 states and 136 counties in the Midwest and Northwest, with an ownership stake in approximately 1,500 miles of additional pipelines. BP’s North…

BP is looking to sell up to 49% of its U.S. natural gas pipeline network in a deal that could fetch up to $3 billion, Reuters reported on Friday, citing anonymous sources with knowledge of the plans. The potential sale would be part of BP’s efforts to reduce its net debt, which has recently increased, according to some of Reuters’s sources. BP Pipelines North America Inc. operates in 14 states and 136 counties in the Midwest and Northwest, with an ownership stake in approximately 1,500 miles of additional pipelines. BP’s North…

Oil supplies from Russia to the Czech Republic via the Druzhba pipeline resumed early on Friday, Czech refiner ORLEN Unipetrol said, after flows were interrupted earlier this week. “Oil supplies were restored this morning and oil is flowing again through the Druzhba pipeline to the Czech Republic,” Unipetrol’s chief executive Mariusz Wnuk said in a post of the company on X. Oil is currently flowing at normal levels, said Wnuk. On Tuesday, supply via the Druzhba pipeline to the Czech Republic was halted. Unipetrol, which is a subsidiary…

Europe’s industry is set to lose further competitiveness as high energy prices, rising natural gas prices, and concerns about gas supply this winter are increasing uncertainty about factory utilization amid rising costs. European benchmark natural gas prices are hovering around a one-year high hit last month as cold snaps in November dashed hopes and prayers of a third relatively mild winter in a row. In recent weeks, Europe has been depleting its natural gas stocks at the fastest pace since 2016 as demand has increased with the colder temperatures.…

Alberta reduced the number of its inactive oil and gas wells by 5% last year, to a total of 79,000 from 83,000 a year earlier, according to a report by the Alberta Energy Regulator. The watchdog said that oil and gas companies in the province spent over C$769 million, or about $550 million, on the closure of non-producing wells in 2023, exceeding the sum required by the authorities. “This year's data indicates the industry is making notable progress on cleaning up oil and gas wells, pipelines, and facilities,” the chief executive of…

Chevron has reduced the amount of capital expenditure it will allocate for its operations in the Permian Basin next year, the company said in an update. The company said it planned to spend between $4.5 billion and $5 billion on production in the Permian, “as production growth is reduced in favor of free cash flow.” Total upstream spending for 2025 is planned at $13 billion, with the company’s total capex budget set in a range of between $14.5 billion to $15.5 billion. This would be a decline from this year’s capex budget…

Dropping temperatures in the United States and Europe have prompted a rally in U.S. natural gas prices. Although somewhat hesitant, this rally could help avoid a shortage in the not-too-distant future. Winter is peak demand season for natural gas as demand for readily available, baseload electricity shoots up. This year has been no exception. In Europe, Germany’s gas consumption surged by 79% in November from October—the biggest monthly increase in consumption ever recorded, Reuters’ Gavin Maguire reported. Germany, as the rest…

2024 was one of those years that will go into the books as one of great instability and upheaval. With fears of World War III looming, safe haven assets and critical minerals have seen prices soar. Central banks are rushing to buy gold, defense stocks are booming, and there’s even talk about starting a national strategic Bitcoin reserve in the U.S.First of all, gold continues to assert its status as the ultimate safe-haven asset, hitting a record price of $2790 in October amid escalating uncertainty.  Bitcoin, often dubbed "digital gold,"…

Natural gas prices are on the climb and this climb is about to intensify in the first months of the new year as seasonal demand hits its peak in the northern hemisphere. That’s bad news for struggling economies. Gas prices in Europe, Asia, and North America have made solid gains this year. Reuters’ Gavin Maguire reported this week those fall in the range between 30% and 50%--and that’s not the end of the rally. Winter is just beginning, and the weather in Europe and Asia, as well as most of North America, is about to get a lot…

  Via Metal Miner   With the growing imperative of a global clean energy transition, many nations face deficits in reserves of mineral resources. In response to this, a significant number of them are turning their focus to the African continent, but that’s old news. For the last year or so, Saudi Arabia has taken major steps beyond its traditional oil sector, investing heavily in the exploration and development of its extensive domestic mineral resources. This effort is two-pronged. On the one hand, the country wants to develop…

In a move aimed at stabilizing European energy markets, Russian President Vladimir Putin has scrapped the requirement for natural gas payments to be processed exclusively through the sanctioned Gazprombank. European buyers can now settle payments via other banks, a significant shift that briefly calmed markets, with European gas benchmark prices dropping by 2.3%. The decision comes amid heightened tensions after the U.S. sanctioned Gazprombank last month as part of broader measures against Moscow for its ongoing war in Ukraine. The market became…

In a move aimed at stabilizing European energy markets, Russian President Vladimir Putin has scrapped the requirement for natural gas payments to be processed exclusively through the sanctioned Gazprombank. European buyers can now settle payments via other banks, a significant shift that briefly calmed markets, with European gas benchmark prices dropping by 2.3%. The decision comes amid heightened tensions after the U.S. sanctioned Gazprombank last month as part of broader measures against Moscow for its ongoing war in Ukraine. The market became…

Economic growth and added complexity sound like they would be good, but at some point, the combination gets to be too much–simplification is needed. Too much of the world’s income starts going to non-working individuals and to high-earning workers in privileged fields. Ordinary working citizens start to say, “Wait a minute, there is not enough left for my everyday expenses. The system needs to change.” Elections lead to the selection of politicians who want war, or who want to overturn the current system. The system then…

Alim Sailybaev knows how to drive change: he is literally developing Kazakhstan’s voluntary carbon credit market from seed. And he is doing it on the parched bed of the Aral Sea. When we meet at a planting site in Aralkum, one of the planet’s youngest deserts, 31 miles northwest of the fishing village of Karateren, Sailybaev is brimming with ideas: micro-nurseries for seedlings, an eco-corridor, a green e-currency and a crowdfunding platform. His salt-and-pepper hair sways as he excitedly discusses concepts ranging from green ecology,…