The full effects from the swift collapse of Bashar al-Assad's regime in Syria is still playing out on the ground, but his sudden fall is set to shake up the Middle East and beyond. Here's what it means for China. Finding Perspective: China has been aligned with Assad since Syria's civil war began in 2011 but largely through its close ties to Russia and Iran, which backed the Syrian leader. At the United Nations, Beijing has often voted with Moscow, blocking condemnations of Assad as well as cross-border aid. Beijing supported the Assad regime with…

U.S. oil and gas giant Exxon Mobil Corp. (NYSE:XOM) has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently. According to Exxon CEO Darren Woods, the increased project spending is expected "to generate returns of more than 30% over the life of the investments."  Woods says that Exxon is focusing on growing production from low-cost fields…

U.S. oil and gas giant Exxon Mobil Corp. (NYSE:XOM) has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently. According to Exxon CEO Darren Woods, the increased project spending is expected "to generate returns of more than 30% over the life of the investments."  Woods says that Exxon is focusing on growing production from low-cost fields…

Crude oil production from all OPEC members rose by 104,000 barrels per day (bpd) in November compared to October, the organization’s Monthly Oil Market Report (MOMR) showed on Wednesday. Total OPEC-12 crude oil production averaged 26.66 million bpd last month, as output in Libya, Iran, and Nigeria increased, according to OPEC’s secondary sources used to track supply to the market. Of the three countries where production rose the most in November from the previous month, two – Libya and Iran – are exempted from the OPEC+…

OPEC has cut oil demand growth forecasts for 2024 and 2025 for a fifth straight month, with the latest cut so far the deepest. OPEC has cut 2024 demand growth by 210,000 barrels a day to 1.6 million barrels a day, 27% below its first estimate made in July, Bloomberg reported.  The OPEC secretariat said the revision takes “into account recently received bearish data” for the third quarter,” including “downward revisions to OECD Americas and OECD Asia Pacific.” Different energy agencies have been issuing varying…

OPEC has cut oil demand growth forecasts for 2024 and 2025 for a fifth straight month, with the latest cut so far the deepest. OPEC has cut 2024 demand growth by 210,000 barrels a day to 1.6 million barrels a day, 27% below its first estimate made in July, Bloomberg reported.  The OPEC secretariat said the revision takes “into account recently received bearish data” for the third quarter,” including “downward revisions to OECD Americas and OECD Asia Pacific.” Different energy agencies have been issuing varying…

Crude oil prices fluctuated today after the Energy Information Administration reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds. The crude oil inventory figure compared with a draw of 5.1 million barrels for the previous week that pushed prices higher for a while but the gains soon got erased by the now chronic perception of weak global demand growth prospects. A day before the EIA, the American Petroleum Institute had estimated inventory changes at a positive…

Russian pipeline natural gas supply to Europe via Ukraine remained stable on Wednesday, three weeks before the deal for transiting the gas via Ukrainian territory expires on December 31. Gazprom is sending 42.4 million cubic meters of gas to Europe via Ukraine on Wednesday, flat compared to Tuesday, Reuters quoted the Russian gas giant as saying. Gas supply to Austria, Slovakia, and the Czech Republic remains stable compared to the previous few days. The volumes Gazprom has been sending to Europe via Ukraine have been more or less flat since the…

Russian pipeline natural gas supply to Europe via Ukraine remained stable on Wednesday, three weeks before the deal for transiting the gas via Ukrainian territory expires on December 31. Gazprom is sending 42.4 million cubic meters of gas to Europe via Ukraine on Wednesday, flat compared to Tuesday, Reuters quoted the Russian gas giant as saying. Gas supply to Austria, Slovakia, and the Czech Republic remains stable compared to the previous few days. The volumes Gazprom has been sending to Europe via Ukraine have been more or less flat since the…

This year’s plunge in lithium prices has forced curtailments in production in China and Western Australia as lithium miners look to limit losses and reduce the oversupply hanging over the market and prices.  However, the lithium glut has not gone away and the market could remain oversupplied until 2027, analysts say.  One of the reasons for a persistent glut could be the fact that while producers in Australia and, to some extent, in China, are curtailing output and delaying project ramp-ups, lithium mines in Africa owned by Chinese…

Yamal LNG, the plant of Russian LNG developer and exporter Novatek, has begun using the Axios II tanker for ship-to-ship transfers in the Barents Sea, Reuters reports, citing vessel-tracking data from LSEG. Transshipments are used to free ice-class tankers by unloading LNG to conventional LNG vessels. But these STS operations are also often used to attempt to make cargo and vessel tracking more difficult. The Axios II is now moored near the island of Kildin in the area of Russia's Murmansk, together with the Arc7 ice-class tanker Nikolay Urvantsev,…

Yamal LNG, the plant of Russian LNG developer and exporter Novatek, has begun using the Axios II tanker for ship-to-ship transfers in the Barents Sea, Reuters reports, citing vessel-tracking data from LSEG. Transshipments are used to free ice-class tankers by unloading LNG to conventional LNG vessels. But these STS operations are also often used to attempt to make cargo and vessel tracking more difficult. The Axios II is now moored near the island of Kildin in the area of Russia's Murmansk, together with the Arc7 ice-class tanker Nikolay Urvantsev,…

Yamal LNG, the plant of Russian LNG developer and exporter Novatek, has begun using the Axios II tanker for ship-to-ship transfers in the Barents Sea, Reuters reports, citing vessel-tracking data from LSEG. Transshipments are used to free ice-class tankers by unloading LNG to conventional LNG vessels. But these STS operations are also often used to attempt to make cargo and vessel tracking more difficult. The Axios II is now moored near the island of Kildin in the area of Russia's Murmansk, together with the Arc7 ice-class tanker Nikolay Urvantsev,…

Over the past couple of years, the nuclear energy sector has enjoyed a renaissance in the U.S. and many Western countries thanks to the global energy crisis triggered by Russia’s war in Ukraine, high power demand and nuclear’s status as a low-carbon energy source. Uranium demand has soared thanks to a series of policy "U-turns" with governments from Japan to Germany revising plans to phase out nuclear power. Uranium spot prices hit an all-time high of $81.32 per pound in February, double the level 12 months prior. According to the World…

The biggest solar equipment manufacturers in China, which have been grappling with overcapacity, very low prices, and losses for more than a year, have taken a leaf out of OPEC’s market-management book in their efforts to curb excess capacity. OPEC has perfected the art of supply management through the decades to influence market conditions and sentiment. Whenever they feel they need to restrict supply to boost oil prices, OPEC producers – and in recent years, several non-OPEC producers led by Russia – agree to reduce production…

Carbon could become a trillion-dollar asset class by the middle of the next decade, as governments and companies increasingly turn to market mechanisms to control greenhouse gas emissions (GHGs). The Middle East, which produces some 30 percent of the world's petroleum, is increasingly taking notice. As carbon becomes an important factor in global trade, the region’s governments and companies are turning to markets to help them meet targets and transform their economies.   Inevitable expansion Carbon is traded in national or regional…

Cuba has increasingly been falling into an energy crisis, which has plunged its citizens into darkness with uncertainty over the future of the country’s energy security. The most recent crisis commenced on the 17th of October when non-essential workers were ordered to go home to help reduce the demand for power. However, this attempt failed and one of Cuba’s main power stations, Antonio Guiteras, shut down, alongside several other facilities.  Much of Cuba’s energy system is outdated, and years of underinvestment make it…

Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.   For the week prior, the API reported a 1.232-million barrel build in crude inventories.   So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.     On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic…

Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.   For the week prior, the API reported a 1.232-million barrel build in crude inventories.   So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.     On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic…

Iran spent decades building the so-called axis of resistance, its network of regional armed proxies, Tehran-backed militant groups, and allied state actors. The network was the lynchpin of Tehran's efforts to deter Israel and the United States and exert its influence across the Middle East. But the fall of the government of Syrian President Bashar al-Assad, an ally of Tehran, has done irreparable damage to the network, analysts say.For Iran, Syria provided a crucial land corridor to the Levant that was considered the logistical backbone of the…