Southeast Asia’s biggest economy, Indonesia, has allowed private fuel retailers, including the units of BP and Shell, to import fuel via state-controlled energy firm Pertamina, Indonesia Energy Minister, Bahlil Lahadalia, said on Friday.  Private fuel retailers in Indonesia have experienced shortages at their pump stations as fuel has been scarce since August.  Indonesia removed Pertamina’s monopoly in the fuel retail market two decades ago. But the state oil and gas firm has continued to have a dominant position in supply,…

Southeast Asia’s biggest economy, Indonesia, has allowed private fuel retailers, including the units of BP and Shell, to import fuel via state-controlled energy firm Pertamina, Indonesia Energy Minister, Bahlil Lahadalia, said on Friday.  Private fuel retailers in Indonesia have experienced shortages at their pump stations as fuel has been scarce since August.  Indonesia removed Pertamina’s monopoly in the fuel retail market two decades ago. But the state oil and gas firm has continued to have a dominant position in supply,…

1. Speculators Flee Crude as Oversupply Drains Future Bets Oversupply is steadily becoming the buzzword for oil markets in 2026, with the IEA’s updated outlook for next year predicting a 3.3 million b/d market surplus if current policies remain in place.  The International Energy Agency predicts that global oil supply will grow by 2.7 and 2.1 million b/d in 2025 and 2026, respectively, compared to a mere 700,000 b/d in global demand growth.  OPEC does not forecast oil production of its own members, only publishing retrospective…

Oil prices ended the week slightly lower as U.S. inventory builds and oversupply fears outweighed the Federal Reserve’s long-awaited interest rate cut.Friday, September 19, 2025The long-anticipated US Federal Reserve interest rate cut has failed to deliver a new bullish boost to oil prices, as the news was quickly offset by larger-than-usual US inventory builds and recurring concerns about OPEC+ policy leading inevitably to oversupply next year. Oil prices are set for a minor week-over-week decline, with ICE Brent closing the week around…

Iraq has given the preliminary green light to oil exports from the semi-autonomous region of Kurdistan to resume, Reuters reported on Friday, citing sources with knowledge of ongoing talks.  For months, Iraq has been reportedly close to restoring Kurdistan’s oil exports via the Iraq-Turkey pipeline to the Turkish Mediterranean port of Ceyhan.  However, outstanding issues needed to be resolved between Iraq and the Kurdistan Regional Government (KRG), Iraq and Turkey, and Iraq and the foreign oil companies operating in Kurdistan,…

Sweden’s government will ask the Parliament to approve state loans worth $23.4 billion (220 billion Swedish crowns) to companies to build nuclear reactors in the Scandinavian country.   Sweden plans to build two new nuclear reactors by 2035 in a hedge on low-carbon energy security, with 10 new reactors hoped for by 2045.  The Swedish government moved to phase out nuclear power completely in 1980, but that decision was reversed by Parliament in 2010. Five years later, four aging reactors were shut down. Six of 12 reactors…

Sweden’s government will ask the Parliament to approve state loans worth $23.4 billion (220 billion Swedish crowns) to companies to build nuclear reactors in the Scandinavian country.   Sweden plans to build two new nuclear reactors by 2035 in a hedge on low-carbon energy security, with 10 new reactors hoped for by 2045.  The Swedish government moved to phase out nuclear power completely in 1980, but that decision was reversed by Parliament in 2010. Five years later, four aging reactors were shut down. Six of 12 reactors…

With oil trading just above multi-year lows - despite mounting speculation of peak shale - pessimism on oil prices has never been greater, and earlier this week sentiment hit rock bottom after WTI managed money spec positions hit a record low, the clearest sign yet of what speculators think of the future of oil. And yet, this may prove to be one of the biggest conventional wisdom blunders yet because according to the International Energy Agency, the world needs to spend some $540 billion a year looking for oil and gas to maintain…

Politics, Geopolitics & Conflict Ukraine has stepped up its long-range campaign, striking two Russian oil refineries on Thursday (Ryazan plant southeast of Moscow and Kirishi refinery near St. Petersburg). Both are among Russia’s largest, with combined capacity over 700,000 b/d. Russian authorities reported fires and temporary shutdowns; Ryazan, in particular, supplies fuel to central Russia, while Kirishi is a key export hub via the Baltic. Potential localized fuel shortages inside Russia, possible adjustments in export flows, and further…

Israel is testing just how far Gulf partners will let it run amok in the region while equities and interconnects deepen. The UAE signal is the clearest: if Israel moves to annex the West Bank, Abu Dhabi is prepared to downgrade the normalization path, which could mean ambassadorial recall and visibility limits for Israeli defense firms for starters. That’s leverage, not rupture, and it’s already being floated to Washington as much as it is to Tel Aviv.  The Saudi side of things is slower and more conditional. For Riyadh, any Saudi…

Crude oil futures are on track to close higher this week, bolstered by renewed geopolitical tensions, a bullish U.S. inventory report, and monetary easing by the Federal Reserve. But gains have been tempered by persistent concerns around U.S. economic softness and signs of weak fuel demand. As of Thursday’s close, light crude was up 1.40% on the week at $63.21, with one trading session remaining. This week’s price action is driven almost entirely by shifting fundamental forces, with market participants weighing conflicting cues from…

The European Commission is set to propose a ban on imports of Russian LNG by January 1, 2027, which would be a year earlier than previously planned, EU sources told Reuters on Friday, as the bloc looks to respond to U.S. pressure to phase out Russian energy.  Following a call between U.S. President Donald Trump and European Commission President Ursula von der Leyen earlier this week, banning Russian LNG earlier than planned has become a “priority” for the EU, one of the sources told Reuters.  The EU currently plans to phase…

As a result, Iraq is now actively seeking alternative solutions for its gas supply, including negotiations for floating regasification terminals to import liquefied natural gas.Iraq’s hopes to boost its natural gas supply and end crippling power shortages have been dashed as an Iraqi plan to import gas from Turkmenistan via pipeline through Iran has failed to secure approval from the United States.   Iraq has sought U.S. approval to import Turkmenistan’s gas via Iran, but an approval never came, Iraqi officials told Reuters.…

India will continue to buy Russian crude in the coming months, with active purchases for cargoes loading in November and December, sources familiar with the plans of Indian refiners told Bloomberg. The tensions of the past weeks between the U.S. and India over the latter’s continued purchases of Russian crude oil appeared to ease this week after U.S. President Donald Trump held a phone call with India’s Prime Minister Narendra Modi to wish him a happy birthday and thank him for efforts to end the war in Ukraine. “Just had a wonderful…

Australia’s oil and gas giant Santos will review any future takeover offer, but it’s confident it can hike cash flow and returns to shareholders with major upcoming projects, CEO Kevin Gallagher said on Friday, after the collapse of a $19-billion takeover bid from a consortium led by Abu Dhabi’s ADNOC.  Earlier this week, Santos said that Abu Dhabi’s energy major ADNOC had pulled an $18.7-billion bid for the Australian group as the two failed to reach an agreement on the valuation of the company and the terms of the…