Beijing flagged its intention in March to force plants to produce less transport fuels and more petrochemicals, as electrification rapidly undermines traditional energy usage. Refining profits have only worsened since then, while Beijing’s efforts to combat involution across industries has taken on greater urgency due to persistent deflationary and trade pressures on the economy.
Rystad chief analyst Per Magnus Nysveen said, “Full extraction of these oil resources will require oil prices stabilizing at higher levels and further estimate increases will require new technologies to lower production costs. Over the next decades, the capital needed will likely not be available to meet continuously increasing oil demand, service prices could skyrocket, and there will likely be limited appetite for innovations to sustain such high emissions from oil”.
While oil prices have fallen this year as OPEC+ returns shuttered production, natural gas has remained strong in both Asia and Europe, O’Neill said in a separate interview with Bloomberg TV. LNG is traditionally sold under long-term contracts linked to oil. However, Woodside has benefited as about a quarter of its fuel is sold with an indexation to gas, O’Neill said.
“The flow of oil to Slovakia is currently standard,” Slovak Economy Minister Denisa Sakova said in a statement, as quoted by the publication. “In the coming days, we will have clearer information about whether there will be any adjustments to the supply schedule for this month … However, I believe that given the rapid resumption of flow through the Druzhba pipeline, the impact will be minimal.”
Earlier this year, President Trump tried to delegate the decision about biofuel mandates to the two rival industries: oil refiners and corn growers. “It makes it easier for (the Trump administration) to arrive at whatever number they arrive at if they are hearing from groups that have historically been at the opposite sides of this,” Will Hupman, vice president of downstream policy at the American Petroleum Institute, told Reuters in March.
The Gulf still does the heavy lifting when it comes to US oil production, pumping 14–15% of all U.S. crude. Twice-yearly lease sales give operators something they haven’t had in years: predictability. That matters when deepwater projects eat billions in upfront capital. A guaranteed sales schedule lowers risk and ensures the pipelines, rigs, and jobs tied to Gulf production keep humming.
“Africa must take charge of its energy future.” With this bold statement, John Abdulai Jinapor, Minister of Energy for the Republic of Ghana, has set the tone for Africa Oil Week (AOW) 2025, the continent’s largest upstream oil and gas event, which will be hosted in Accra from 15th to 18th September 2025 at the Kempinski Hotel Gold Coast City.
“By uniting our world-class offshore engineering expertise with Karpowership’s pioneering energy solutions, we are advancing the development and deployment of rapid, reliable, and flexible power solutions to meet growing global energy demands, said Chris Ong, Chief Executive Officer of Seatrium.
Eni CCUS currently encompasses the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands and has the option to participate in the Ravenna CCS project in Italy – cornerstone assets aimed at decarbonizing industrial clusters. The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni’s depleted oil and gas fields once the relevant regulatory and market conditions allow. Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts.
“While discussions and final confirmatory due diligence have continued to be collaborative, the parties are yet to reach agreement on acceptable terms of a binding SIA [scheme implementation agreement]. Further, Santos has this week been informed by the XRG consortium that even if the terms of an SIA were agreed and final due diligence was complete, it will still not be in a position to sign a binding SIA, as it is yet to obtain requisite final approvals which are required by the XRG consortium in order to enter into a binding transaction”.