OPEC+ will ramp up oil production more aggressively than anticipated in August, accelerating the rollback of its 2023 voluntary supply cuts in a bid to capture market share amid peak summer demand. At a virtual meeting Saturday, eight core members led by Saudi Arabia agreed to add 548,000 barrels per day (bpd) to global supply—exceeding earlier expectations of a 411,000 bpd hike. The move sets the bloc on track to fully unwind 2.2 million bpd of prior cuts nearly a year ahead of schedule. The decision reflects short-term bullish fundamentals:…

In late June the Energy Institute (EI) released the 2025 Statistical Review of World Energy, which was published previously for more than 70 years by BP. Here is the link to the full 2025 Statistical Review of World Energy. The Review confirmed that a troubling trend continues. Despite historic investments in renewables and net-zero pledges from nearly every major economy, global carbon emissions hit a record high in 2024. This article is the first in a series breaking down the key findings—and what they mean for the global energy sector.…

Donald Trump has launched a fresh attack on Elon Musk, declaring that Doge, Musk’s cost-cutting body, is “the monster” that “that might have to go back and eat Elon”. On Truth Social on Monday, he continued: “Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. [sic]”  Trump acts like…

The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…

The sudden death of Andrey Badalov, 62, vice president of state-owned pipeline giant Transneft, who fell from an elite Moscow apartment block, marks the latest in a disturbing string of unusual fatalities among senior energy figures since Russia’s Ukraine invasion began. The official line: suicide. But the trend is too consistent to ignore. A Closer Look at the “Window Murders” Badalov was discovered beneath a luxury building on Rublyovo?Uspenskoye Highway. Though a preliminary investigation listed suicide—apparently backed…

The price gap that once made Russian Urals crude a go-to for Indian refiners is rapidly shrinking. Traders say the discount on Urals oil for August delivery to India has narrowed to just $1.70–$2 per barrel below dated Brent—the tightest spread since Russia invaded Ukraine in 2022. That discount is down from $2–$2.50 in July, and well below the steep markdowns India enjoyed throughout 2023 and early 2024. The reason? High demand from India and Turkey, reduced spot market availability, and falling Russian supply due to domestic…

Russian President Vladimir Putin told his US counterpart, Donald Trump, that Moscow would not give up its objectives in Ukraine, dimming White House hopes for a cease-fire in a war now in its fourth year. During a July 3 phone call, Putin told Trump that “Russia will achieve its goals” in Ukraine and “will not abandon” them, according to Kremlin aide Yury Ushakov. Russia is seeking to conquer Ukraine and bring the independent country back into Moscow's orbit. Trump told reporters before leaving for an event in Iowa that…

OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…

OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…

OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…

OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…

OPEC oil production ticked up by 270,000 barrels per day (bpd) in June, led by Saudi Arabia and the UAE, according to the latest Reuters survey. The group’s total output hit 27.02 million bpd last month as members began unwinding voluntary cuts. But the real story isn’t what’s on paper—it’s what’s actually flowing. Saudi Arabia accounted for 200,000 bpd of the increase, while the UAE added 100,000 bpd—both still technically pumping below their formal quotas. Iraq, under pressure for previous overproduction,…

On a relatively quiet trading day for oil markets, as the U.S. celebrates Independence Day, oil prices have been dragged lower on expectations of further output hikes from OPEC+.Friday, July 4th, 2025 Trading activity was thin towards the end of this week as the United States celebrates Independence Day – with a record-breaking 72 million people traveling – but both ICE Brent and WTI edged slightly lower on expectations of OPEC+ hiking production targets again in August. Whilst OPEC+’s Saturday meeting seems to be a rather…

Under pressure to increase payouts to Saudi Arabia, the Kingdom’s state oil giant Aramco is considering selling up to five gas-fired power plants in deals that could raise some $4 billion, sources familiar with the plans told Reuters on Friday. Aramco has seen profits – and payouts to the Kingdom – decline this year with the slide in oil prices compared to last year’s levels. Saudi Arabia relies on income from oil exports and Aramco’s dividend payouts to finance an ambitious Vision 2030 program, with which the Saudi…

Leaving Price Targets in the Past, OPEC+ Is Hunting for Market Share The upcoming OPEC+ meeting, initially planned for July 6 but subsequently moved a day earlier citing the Muslim holy day of Ashura, is set to see another expedited 411,000 b/d output increase as the oil group seeks to regain market share.  OPEC+’s market share has been above 30% throughout the 2010s, dipping below that threshold only from Q4 2019 onwards (currently 27%), but Riyadh and other oil-dependent economies are now willing to risk a period of lower prices. …

Oil prices made a modest recovery as June closed and July began, giving investors something to watch after weeks of sharp ups and downs. West Texas Intermediate (WTI) crude rose by $1.68, or about 2.5%, to end at $67.20 per barrel, reflecting a market that shifted from bearish to cautiously optimistic. Middle East Tensions Ease, but Risks Remain One of the main reasons for the recent swings in oil prices was the tension between Israel and Iran. In June, Israel launched air strikes on Iranian nuclear sites, a rare move that raised concerns about…

Politics, Geopolitics & Conflict Washington is shifting from enforcement to diplomacy where it concerns China’s purchases of Iranian oil. Trump has decided to tolerate record Chinese imports of Iranian crude (now above 1.8?million?bpd) while using selective sanctions and diplomatic channels to manage the flows. Trump has signaled Beijing is free to keep buying, as long as it increases U.S. crude intake in return. With the July 9 tariff deadline looming, the U.S. has struck its first bilateral deal, cutting a tariff agreement with Vietnam…

The temperature has dropped noticeably on the Iran-Israel-U.S. front. What dominated headlines with shock and awe just two weeks ago is now receding into the background, replaced not by resolution, but by a quieter, more calculated equilibrium. Iran’s missile strike on Al Udeid was the loudest part of this cycle, but it was a fleeting burst of noise. What’s followed has been strategic restraint. No follow-up barrage, no mass mobilizations, no new sanctions of major consequence. On the U.S. side, the administration seems content to leave…

Under pressure to increase payouts to Saudi Arabia, the Kingdom’s state oil giant Aramco is considering selling up to five gas-fired power plants in deals that could raise some $4 billion, sources familiar with the plans told Reuters on Friday. Aramco has seen profits – and payouts to the Kingdom – decline this year with the slide in oil prices compared to last year’s levels. Saudi Arabia relies on income from oil exports and Aramco’s dividend payouts to finance an ambitious Vision 2030 program, with which the Saudi…

The president-designate of this year’s climate summit in Brazil played down accusations from campaigners that the South American country’s plans to boost oil and gas production is in conflict with the drive to reach net zero. “We are thinking of a ‘net zero’ that incorporates some years continuing to use oil,” André Corrêa do Lago, president-designate for the UN Climate Change Conference (COP30) in November told the Financial Times in an interview published on Friday. The pledge for transitioning…