Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday.  “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais.  Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…

Ukrainian emergency crews were battling to restore power to northern parts of the country as Russian forces continued to attack crucial civilian infrastructure with drone and rocket attacks, while Ukraine's strategic Pokrovsk region remained under pressure. Meanwhile, Russian President Vladimir Putin, speaking in Sochi amid drone alerts in that Black Sea resort city, warned the United States against sending long-range Tomahawk missiles to Ukraine, saying it would bring an entirely new “level of escalation.” Ukrainian Prime Minister…

Crude oil futures posted a sharp weekly decline, pressured by a renewed wave of supply-side concerns and deteriorating demand outlooks. After reaching a seven-week high early in the week, WTI crude retreated aggressively, driven by speculation of an OPEC+ production hike, the return of Kurdish exports, and signs of softening global consumption. By Thursday, prices had notched a four-day losing streak, and sentiment turned decisively bearish. OPEC+ Output Speculation Reignites Oversupply Fears The central driver behind this week’s sell-off…

Politics, Geopolitics & Conflict Washington has greenlit intelligence support for Ukrainian strikes on Russian energy infrastructure, in a package deal that includes intel on refineries, pipelines, and power plants deep inside Russia, not just on the front lines. This is a policy break that comes in the middle of Kyiv’s negotiations for long-range strike capacity and missiles. Moscow obviously views this as proof that the U.S. is a direct party to the war, and there will have to be retaliation (most likely asymmetric forms such as cyber,…

Trump’s 20-point peace plan for Gaza has landed with sharp contrasts between official endorsements and Arab interpretations. The White House plan calls for an immediate ceasefire, Israeli withdrawal to agreed lines, the release of hostages within 72 hours, and a large-scale prisoner exchange, all of which exclude Hamas and mandate the destruction of its military infrastructure. Gaza would be administered by a transitional Palestinian committee overseen by an international “Board of Peace” chaired by Trump and including figures…

Following an explosion of a yet-to-be-determined nature, a large fire broke out on Thursday night at Chevron’s El Segundo refinery in the Los Angeles area.  The fire, which was first seen at around 9:30 p.m. on Thursday, was later contained, the police in El Segundo said, adding there wasn’t a call for residents to evacuate.  Authorities have not received any reports of injuries of fatalities, El Segundo Mayor Chris Pimentel told local news station KCAL News.  Chevron’s 280,000-barrels-per-day refinery in El Segundo…