Energy

Hungary has successfully found a solution to facilitate payments for Russian gas shipments through the Turkstream pipeline from Bulgaria, avoiding potential violations of U.S. sanctions, as announced by the country’s foreign minister on Friday. Key Highlights:U.S. Sanctions Impact: Following the U.S. sanctions imposed on Russia’s Gazprombank on November 21, European buyers faced challenges in making […]

Trafigura, a global commodity trading giant, has reported a substantial decrease in its earnings for 2024 and has revised its equity and profits for prior years after uncovering a billion-dollar oil fraud in Mongolia. Key Highlights:Earnings Decline: Trafigura’s earnings plummeted by 60% in 2024, totaling $2.8 billion, marking the lowest earnings since 2020.This drop signifies […]

Three major Canadian oil producers—Suncor Energy, Cenovus Energy, and Imperial Oil—projected higher production levels for 2025, driven by strong demand for Canadian crude in both U.S. and international markets. Key Highlights:Production Forecasts: Suncor Energy expects its 2025 production to range between 810,000 and 840,000 barrels per day (bpd), marking a 4.4% increase at the midpoint […]

The International Energy Agency (IEA) announced on Thursday that the global oil market will remain comfortably supplied in 2025, even as OPEC+ extends its oil supply cuts and raises its demand forecasts slightly. Key Highlights:Market Outlook: The IEA’s forecast indicates continued challenges for OPEC+, which includes the Organization of the Petroleum Exporting Countries and its […]

According to the Energy Information Administration (EIA), U.S. crude inventories decreased for the third consecutive week, while fuel stockpiles experienced an increase in the week ending December 6. This trend is attributed to robust refinery activity. Key Highlights:Crude Inventory Changes: U.S. crude stocks fell by 1.4 million barrels, bringing the total to 422 million barrels. […]

Exxon Mobil (XOM) announced on Wednesday a strategic five-year plan aimed at increasing its oil and gas output by 18%. The company plans to escalate annual project spending to between $28 billion and $33 billion from 2026 to 2030, with an objective to enhance earnings by $20 billion over the projected $34.2 billion for this […]

In a notable shift, U.S. energy firms have added oil and natural gas rigs for the first time in eight weeks, according to Baker Hughes’ latest report released on Friday. This increase signals a potential boost in future output. Key Highlights:Rig Count Increase: The total oil and gas rig count rose by seven, reaching 589 […]

As winter approaches, Europe’s industries are bracing for a significant gas price shock, driven by depleting stocks, intensified competition for liquefied natural gas (LNG) from Asia, and the looming threat of reduced Russian gas supplies. Key Highlights:Historical Context: Following the energy crisis of 2022, when gas prices soared to nearly 350 euros per megawatt hour […]

Shell and Norway’s Equinor have announced a strategic merger of their British North Sea assets, creating what is poised to be the largest oil and gas company operating in the aging basin. This 50-50 joint venture, headquartered in Aberdeen, Scotland, aims to streamline resources and reduce costs to enhance profitability. Key Highlights:Joint Venture Formation: The […]

The Russian oil trade with India is undergoing significant changes as rising funding costs and restricted access to Western financial resources have led to the exit of many smaller intermediaries. This shift has resulted in three major trading houses dominating the market, according to data and multiple trading sources. Key Highlights:Market Dynamics: India has emerged […]