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Libya’s eastern-based parliament is preparing to approve a 2019 maritime pact that would allow Turkey to explore for oil and gas in Libyan waters, according to people familiar with the talks in Benghazi and Ankara. Most obstacles to the accord have been cleared, they said, a striking reversal for the east—long aligned with commander Khalifa Haftar’s Libyan National Army and historically opposed to Turkish involvement. Tripoli, which already maintains close ties with Ankara, backs the deal. If ratified, Turkish survey and drilling…
China’s shipments of rare-earth permanent magnets snapped back in July, signaling a return toward pre-curb trade flows even as the West doubles down on alternative supply. Overall magnet exports hit a six-month high of 5,577 metric tons in July—up ~75% month-on-month and 5.7% year-on-year—after Beijing agreed to normalize sales as part of a trade truce with Washington and Europe. Shipments to the U.S. climbed ~76% m/m to 619 tons, recovering from a May low of just 46 tons during the height of the tit-for-tat restrictions. Germany…
Mexico is betting on ‘complex geology’ development to reverse the fortunes of its state-owned oil and gas giant Pemex, which has been struggling with declining production and enormous debts in recent years. A return to unconventional exploration could be a boon to the Mexican firm’s production and profits and to the state’s finances. New Mexican president Claudia Sheinbaum is open to shale resource development, unlike her predecessor Andrés Manuel López Obrador, who had cancelled previous contracts and…
Global oil supply at current rates may not be enough to meet rising demand if it grows at the pace expected by OPEC, according to the latest resource estimate by intelligence firm Rystad Energy. Recoverable oil resources, including estimates for undiscovered fields, have stabilized at approximately 1.5 trillion barrels globally. However, in the most significant revision in resources over the last 10 years, Rystad Energy has lowered its estimate by around 456 billion barrels for yet-to-find resources. That’s because frontier exploration has…
The return of previously curtailed oil production by OPEC+ members is killing U.S. shale growth, with industry executives referring to it as a “price war” to the Financial Times. A prediction by the IEA of a deep oil glut is not helping, either. The shale industry is facing tough times. “We are not going to be putting any more rigs out until prices get back and stabilise in the $75 range ahead. You will see US production start to drop in the fall and into 2026,” the chief executive of Latigo Petroleum, Kirk Edwards, told…
