“If Germany sinks, we all go with them,” one corporate lobbyist told Politico, pretty much summarizing the prevailing sentiment across the EU about its biggest economy, which has been teetering on the brink of recession, in large part because of high energy costs after it gave up cheap Russian pipeline gas and shut down its last operating nuclear reactors while doubling down on wind and solar—which are heavily subsidised.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.5 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Senate Majority Leader John Thune downplayed the setback, calling it part of the “process.” But Democrats, led by Senator Jeff Merkley, are sharpening their knives: “Democrats will not stand idly by while Republicans attempt to circumvent the rules of reconciliation in order to sell off public lands to fund tax breaks for billionaires.”
This year, production is set for a record annual average of 3.5 million bpd, up by 5% compared to the 2024 output, while oil sands volumes are expected to top 3.9 million bpd by 2030, per S&P Global Commodity Insights. The projection for 2030 is 500,000 bpd higher compared to the 2024 production level and is 100,000 bpd – or almost 3% — higher compared to the previous 10-year outlook.
Cheniere is planning further brownfield expansions in phases at both terminals, potentially increasing capacity to approximately 75 million tpy by the early 2030s. The company is following a capital allocation programme that calls for USD 20 billion in capital deployments by 2026.
Appointed by President John Mahama in consultation with the Council of State, the board is expected to deliver on several key priorities: operational revitalisation, accelerated green transition, human capital development, and strengthened public engagement.
Under the agreement, Cactus will build on its current use of SLB’s Precise™ automated drilling control systems by integrating DrillSync™, SLB’s automated controls platform and software suite. These technologies will work together to improve drilling efficiency, increase equipment utilization and provide real-time data insights for better execution.
The Israel-Iran conflict that began earlier this month took a major turn this weekend after the U.S. bombed three Iranian nuclear sites – at Fordow, Natanz, and Isfahan – and warned the Islamic Republic that retaliation against U.S. troops in the region or any other retaliation would be the worst mistake it will make.
“The Copper Moki wells have demonstrated exceptional reservoir performance, with cumulative production approaching one million barrels of oil to date”, said Monumental vice president for corporate development Max Sali. “The successful recompletion of CM-2 – including the perforation of three new intervals – is expected to significantly enhance output. We anticipate strong flush volumes and reservoir recharge, further validating the productivity of the Mt. Messenger formation.
Meyersson warned in the report that future talks will be difficult if negotiation positions remain the same, adding that “all parties have an interest in ending the fighting, but need to overcome the crux of nuclear enrichment in Iran, as well as its ballistic missile program, in order for a durable deal”.