Petrobras is closing out 2025 on a high note, preparing to launch yet another floating production unit at the massive Búzios oil field after setting multiple output records and raising shareholder payouts. The company has confirmed that the P-78 FPSO will begin producing in December, adding up to 180,000 barrels per day of new capacity at what is now the world’s largest producing oil field. The vessel arrived off Rio de Janeiro in late September and marks Petrobras’ latest step in an aggressive pre-salt expansion drive that continues…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count in the US rose to 548 this week, according to Baker Hughes, down 37 from this same time last year.  The number of active oil rigs stayed the same in the reporting period, according to the data, at 414. Year over year, this represents a 65-rig decline. The number of gas rigs rose by 3 to 128, which is 26 more than this time last year. The miscellaneous rig count fell by…

U.S. electric utility giant Duke Energy (NYSE: DUK) posted consensus-beating earnings for the third quarter as rates and retail sales volumes increased.  Duke Energy on Friday reported adjusted earnings per share (EPS) of $1.81 for the third quarter, up by 11% from the same period a year earlier.  The earnings also beat the analyst consensus estimate of $1.75 per share.   The higher earnings for the third quarter “were driven by the implementation of new rates and riders, along with higher retail sales volumes,”…

The global market for automotive semiconductors is projected to reach a valuation of $133.05 billion by 2030, expanding significantly from an estimated $77.42 billion in 2025, according to a new report published by market research firm MarketsandMarkets. The analysis indicates a Compound Annual Growth Rate (CAGR) of 11.4% between 2025 and 2030, a rate attributed primarily to the accelerated adoption of electric vehicles and the increasing integration of Advanced Driver-Assistance Systems (ADAS). The report highlights that semiconductors are foundational…

Japan will gradually increase fuel subsidies for households until it scraps the gasoline and diesel taxes at the end of this year and in April next year, with subsidies intended to avoid consumers waiting until 2026 to fill up with cheaper fuel.  Japan’s ruling and opposition parties last week agreed to scrap the gasoline tax surcharge at the end of the year and the diesel tax in April next year, as a way to alleviate the cost of living for households amid surging fuel prices.  Japan’s fuel tax was introduced in the 1970s…

Oil market sentiment is decidedly bearish at the moment, but Trump's threats around Venezuela mean there is plenty of potential for volatility in the near future.Friday, October 24, 2025Tacitly anticipating Trump’s next moves on Venezuela, the oil markets have been trending sideways as ICE Brent continues to hover around $64 per barrel. Barring any upcoming moves in the Caribbean, the sentiment is tilting towards the bearish side. Now that the US government shutdown is actively impacting jet fuel consumption across the country, geopolitical…

Venezuela’s Barrels in the Balance as Trump Turns Up the Heat As the US Senate voted down a motion that would have required President Trump to get congressional approval for any military attack on Venezuela, the oil markets are now bracing for a new geopolitical risk premium to kick in soon. Any potential US attack on Caracas would have a short-term bullish impact on oil as the return of Chevron to Venezuela has allowed PDVSA to stage a minor production rebound to 1 million b/d in recent years. Venezuela reported crude production of 1.097…

Traders and crude market analysts are baffled by a ship-to-ship (STS) transfer of a Rosneft crude cargo offshore India without any attempt to conceal the origin of the oil, as the U.S. sanctions on Russia’s top oil producers and exporters have upended India’s crude purchases in recent weeks.   Earlier this week the Fortis tanker, sanctioned by the UK and the EU, took about 720,000 barrels of Russia’s Urals crude from another sanctioned vessel, the Ailana, off the coast of Mumbai, according to tanker-tracking data compiled…

There will be plenty of warmth on display as US President Donald Trump welcomes Hungarian Prime Minister Viktor Orban at the White House on November 7, but alongside the strong personal chemistry there will be a full plate of issues as they sit down to lunch. Long united by ideology and words, the two leaders are on opposite sides of the policy fence when it comes to imports of Russian oil. Meanwhile, plans for Orban to host Trump and Russian President Vladimir Putin at a summit in Budapest have been placed very much on the back burner. An exemption…

Politics, Geopolitics & Conflict Iraq heads to the polls on November 11 with Prime Minister Mohammed Shia al-Sudani seeking a second term under his Reconstruction and Development list. The vote is expected to confirm Iraq’s power map/status quo. Turnout is expected to be low, and outcomes will hinge on post-election coalition bargaining among Shia blocs and Kurdish and Sunni partners. Sudani remains the front-runner, helped by relative stability, salary payments, and oil revenues, but he faces quiet resistance from rival Coordination…

What’s unfolding now is a real test of whether Israel and Egypt can run a joint energy project under political pressure. The $35-billion Leviathan-to-Egypt gas deal looked settled six months ago. This week, the pipeline, which would move that gas across Sinai, finally got technical clearance. On paper, that should have been the green light. In practice, everything else is stuck, and there are three pressure points: Egypt’s ability to pay, Israel’s internal gridlock, and Washington’s shift in posture. Let’s start with…

Light crude oil futures are on track to finish the week lower after failing to confirm a recent closing price reversal bottom for the second time. As of Thursday’s close, the market is trading at $59.70, down $1.28 or -2.10%. With one session remaining, traders remain focused on the fundamental backdrop, which continues to tilt bearish. OPEC+ Output Strategy Fails to Convince Market OPEC+ attempted to stabilize prices by confirming a modest 137,000 barrels per day (bpd) increase in December and signaling a pause on further production hikes…

Hungary will buy U.S. nuclear fuel for the first time to use at a Russia-built nuclear power plant in the country, Hungarian Foreign Minister Peter Szijjarto said ahead of a meeting of the U.S. and Hungarian leaders.  Szijjarto is part of a large Hungarian delegation led by Prime Minister Viktor Orban who is meeting with U.S. President Donald Trump on Friday. The U.S. and Hungary are expected to discuss energy cooperation and Hungary’s insistence that it should continue to rely on and import Russian crude oil, which Washington has advised…

Amid the highest Chinese refinery throughput so far this year, China’s crude oil imports jumped in October by 8.2% from a year earlier and by 2.3% month-on-month, while purchases of other commodities dropped from the previous months.  Last month, China imported on average 48.36 million metric tons of crude oil, equivalent to 11.4 million barrels per day (bpd), according to official data from the General Administration of Customs cited by Reuters. Improving refining margins resulted in higher refinery throughput, Emma Li, lead market…

Amid the highest Chinese refinery throughput so far this year, China’s crude oil imports jumped in October by 8.2% from a year earlier and by 2.3% month-on-month, while purchases of other commodities dropped from the previous months.  Last month, China imported on average 48.36 million metric tons of crude oil, equivalent to 11.4 million barrels per day (bpd), according to official data from the General Administration of Customs cited by Reuters. Improving refining margins resulted in higher refinery throughput, Emma Li, lead market…

Petrobras will be paying higher dividends for the third quarter compared to the second quarter as production and earnings jumped sequentially, the Brazilian state-owned oil giant said. Petrobras booked a net income of $6 billion for the third quarter, up by 2.7% on the year and a 27.3% jump on the quarter, despite the decline in oil prices.  Higher production and start-ups of new fields helped the Brazilian giant cushion the impact of the more than $10 per barrel decline in oil prices. Oil production from the Buzios field hit a record high…

“Drill, baby, drill” is not the central theme in the U.S. shale patch despite President Donald Trump’s best efforts to back the American oil and gas industry with eased permitting and reversal of climate and export-restricting policies.  Most U.S. oil and gas producers are boosting production through consolidation and efficiency gains, instead of drilling additional wells. Many rely on drilled but uncompleted wells (DUCs) to raise output as the U.S. benchmark oil price has dipped by about 15% since President Trump’s…

Democrats' pitch on reining in energy prices helped them handily win Tuesday’s elections, with several candidates promising to freeze utility rates. Democrats also notched seats in Georgia’s utilities commission for the first time in nearly 20 years, a clear rebuke of the Georgia Public Service Commission after it hiked electricity rates six times over the past two years. Georgia Power residential customers are now paying an extra $516 per year on their electric bill from two years ago. But Georgia is hardly alone. Surging electricity…

Not long ago, the UK’s Prime Minister declared his government would turn the country into an “AI superpower”. The EU leadership has similar plans for the bloc—while China and the U.S. race ahead without looking back. Neither the UK nor the EU will catch up soon. Their energy is too expensive. Now, Nvidia’s boss is warning that even the United States’ energy costs may be too high to help it win the race. “China is going to win the AI race.” Jensen Huang made the blunt statement at the Financial Times’…

Saudi Arabia’s Vision 2030 national development strategy establishes the aim of economic diversification, as the government seeks to reduce its reliance on fossil fuel revenues by expanding other economic sectors. In addition to drawing revenue from growing industries, such as construction, ICT, and tourism, the government is encouraging greater energy diversification to boost the country’s long-term energy security.  Saudi Arabia built its wealth on oil, and it remains the second-biggest oil-producing country in the world, with…