OPEC+ will press on with its plan to increase its oil production quotas for the month of July, anonymous sources have told Reuters—with the group staying the course despite the low oil price environment. OPEC has long argued that it makes output decisions based on supply and demand expectations—not oil prices. The group is planning to meet on Wednesday, with three delegates from the OPEC+ group telling Reuters that it is not expecting to change its policy that it set previously: increase production quotes each month until all the production…

Leading off… Armenia: Russian Foreign Minister Sergei Lavrov traveled to Yerevan and pronounced himself satisfied that the visit worked out “misunderstandings and suspicions.” As a result, Moscow and Yerevan can now have “sincere” conversations on contentious policy issues, Lavrov indicated. A statement issued by the Armenian Foreign Ministry was somewhat more circumspect, noting that “negotiations were very informative and at the same time constructive, covering a wide range of issues.” It went on to…

Alberta’s wildfire season is off to a fiery start, with a major blaze near the town of Swan Hills prompting evacuations and temporarily shuttering oil operations. The fire—burning out of control and spanning roughly 1,600 hectares—is just 7 km from Swan Hills, forcing the town’s 1,200 residents to flee Monday night. Aspenleaf Energy, active in the area, has shut in about 4,000 boepd and evacuated field crews out of precaution. CEO Bryan Gould said the fire was around 10 km from their assets as of Monday evening. Canadian…

After days of emerging indicators that Saudi Aramco (Aramco), the world’s largest oil company, is considering significant asset sales, the giant has entered the bond market again. This move is crucial as it comes in the wake of slightly disappointing Q1 figures of Aramco, showing a 4.6% decrease in profits, caused by lower sales and higher operating costs. As reported by the financial news site IFR, the bond sale involves a three-part dollar-denominated bond, with three tranches, and 5-10-30 years of maturities. According to financial news…

On May 27, the European Union formally approved its 150 billion-euro ($170 billion) scheme to boost defense spending in the bloc. The so-called SAFE (Security Action For Europe) regulation was first proposed in March by the European Commission in response to calls from member states for financial and political support to meet new defense targets pushed by NATO -- and to potentially step in for Ukraine should the United States shift its focus elsewhere. The final regulation, seen by RFE/RL before the approval, spells out clearly that “the…

Saudi Aramco, the world’s biggest oil firm, is expected to price later on Tuesday a three-part bond in U.S. dollars as a campaign to raise funds, IFR news service reports. The bond sale is set to be benchmark-sized, which typically means the issue would be of at least $500 million. Saudi Aramco is also reportedly exploring asset sales as a means of increasing the availability of funds to fuel its international expansion and existing operations, according to unnamed sources who spoke to Reuters. At the end of last year, Saudi Aramco’s…

Saudi Aramco, the world’s biggest oil firm, is expected to price later on Tuesday a three-part bond in U.S. dollars as a campaign to raise funds, IFR news service reports. The bond sale is set to be benchmark-sized, which typically means the issue would be of at least $500 million. Saudi Aramco is also reportedly exploring asset sales as a means of increasing the availability of funds to fuel its international expansion and existing operations, according to unnamed sources who spoke to Reuters. At the end of last year, Saudi Aramco’s…

Saudi Aramco, the world’s biggest oil firm, is expected to price later on Tuesday a three-part bond in U.S. dollars as a campaign to raise funds, IFR news service reports. The bond sale is set to be benchmark-sized, which typically means the issue would be of at least $500 million. Saudi Aramco is also reportedly exploring asset sales as a means of increasing the availability of funds to fuel its international expansion and existing operations, according to unnamed sources who spoke to Reuters. At the end of last year, Saudi Aramco’s…

The boss of Enquest has slammed the windfall tax on oil and gas firms as doing “irreversible damage” to the industry and “driving job losses across the sector”. Amjad Bseisu, Enquest’s chief executive, called for the North Sea tax to be scrapped in an operations update on Tuesday after claiming it makes the UK a less attractive place to invest. The UK Energy Profits Levy (EPL) was introduced in May 2022 and applies to oil and gas companies operating in the North Sea. It is designed to tax the extra profits these companies…

Italy’s industry needs an urgent plan from the government to help reduce the high energy costs, which are higher than in other European countries, the president of the Italian business lobby, Confindustria, said on Tuesday. “Our companies continue to incur energy costs that are more than 35% higher than the European average, and even 80% compared to some major industrialized European nations,” Emanuele Orsini said at Confindustria’s annual meeting. High energy costs are weighing on Italy’s competitiveness, Orsini added.…

Italy’s industry needs an urgent plan from the government to help reduce the high energy costs, which are higher than in other European countries, the president of the Italian business lobby, Confindustria, said on Tuesday. “Our companies continue to incur energy costs that are more than 35% higher than the European average, and even 80% compared to some major industrialized European nations,” Emanuele Orsini said at Confindustria’s annual meeting. High energy costs are weighing on Italy’s competitiveness, Orsini added.…

Oil markets will be fully focused on OPEC+ this week after talks between Russia and Ukraine appeared to break down, the U.S. negotiations with Iran stalled, and Trump delayed his trade war with the EU until July.- As the US hurricane season officially starts June 1, oil markets have been placing their bets on potential supply disruptions as the NOAA predicts the 2025 Atlantic hurricane season to be above normal.- The agency is forecasting 13 to 19 named storms, of which 3 to 5 are expected to become major hurricanes (winds of 111 mph or higher),…

OPEC’s second-largest oil producer, Iraq, aims to accelerate solar power development with at least 1,000 small-sized projects over the next three years, a senior government official has said. “Solar energy will be an essential part of the national energy mix by 2030,” Mazhar Mohammed Salih, advisor to the Iraqi Prime Minister, was quoted as saying by IraqiNews. Iraq, like the other countries in the sunny Middle East, has huge potential for solar power development. Iraq is heavily reliant on fossil fuels for its energy and electricity…

Greenland will seek investments in its minerals from any country, including China, if the EU and the United States continue to hesitate about investing in the Arctic island’s rare earth and minerals sector, Greenland’s Business and Mineral Resources Minister, Naaja Nathanielsen, told the Financial Times in an interview published on Tuesday. Greenland, an autonomous territory of EU member state Denmark, has made headlines in recent months with the threats of U.S. President Donald Trump to take control of or buy the island. Greenland…

Goldman Sachs analysts issued yet another update to their oil price forecast, reiterating expectations of weaker prices this year and next, on the back of substantial growth in non-OPEC supply—excluding U.S. shale. In a note, the analysts said “oil production growth from non-OPEC ex Russia ex shale top projects will likely accelerate to 1MB/d over the next two years”, adding that natural gas liquids production was also set for a rise over the period, thanks to the launch of new projects in Saudi Arabia and Qatar. The exclusion…

U.S. energy executives are forecasting a significant increase in offshore oil production under a potential second Trump administration, attributing this to streamlined permitting processes, sustained investments, and technological advancements. The Gulf of Mexico’s output is projected to rise from 1.8 million barrels per day (bpd) to 2.4 million bpd by 2027, according to estimates from the U.S. Energy Information Administration (EIA) and the Bureau of Ocean Energy Management (BOEM). While shale oil offers flexibility, its growth is expected…

Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied, but according to Wood Mackenzie, the Permian is not done yet—not if prices improve. To be sure, the boom days seem to be over. Production growth in the most prolific shale play in the United States has been slowing already as production costs climb higher while oil prices slide lower. Most forecasts for…

Europe’s failure to put long-term international security interests above short-term economic benefits over Georgia in 2008 and over Ukraine in 2014 was key in encouraging Russian President Vladimir Putin to launch the full-scale invasion of Ukraine on 24 February 2022. Back then, Europe – and its de facto leader, Germany – had used cheap and plentiful imports of Russian gas and oil as a base to power economic growth for years. So when Russia launched military actions against two independent sovereign European countries within…

U.S. midstream companies are hesitant to commit to new pipeline builds amid market volatility and tariff uncertainty. Some companies are announcing new projects, especially those bringing natural gas to power data centers, but the industry is generally in a wait-and-see mode regarding greenfield projects despite the Trump Administration’s regulatory push to accelerate energy infrastructure expansion. Firms have announced in recent months new pipeline projects, but many others have preferred to buy operating assets in deals with competitors…

UK households are set to see a modest drop in their energy bills this summer, after regulator Ofgem revealed a seven per cent cut to its quarterly price cap – the first reduction in a year. The announcement will bring the average annual bill for a typical household in the UK down from £1,849 to £1,720 between the months of July and September. Offering short-term relief to consumers grappling with persistently high living costs, the move comes as a modest win for Keir Starmer’s government, which has faced growing pressure…