The supply restrictions have meanwhile inflated the prices of the critical minerals, the report also said. According to defense industry traders, some of these now cost five times as much as they used to, and in at least one case, a critical mineral cost 60 times as much as it used to before Beijing started to restrict supply.
Analysts note that much of the actual production growth since April has come from Saudi Arabia and the UAE, with other OPEC+ members struggling to meet their targets. RBC Capital Markets’ Helima Croft said the strategy has favored producers with spare capacity, as prices have held steady compared to early-year lows despite rising supply.
Beginning in August 2025, Fugro will provide geophysical and geotechnical services and deploy uncrewed surface vessels to conduct the surveys. The company will also provide environmental and geo-consulting services to support FEED for the development projects, which were not identified.
Mr Jinapor explained that the investment plan was anchored in the National Energy Transition Framework and the Renewable Energy Master Plan, which implemented impactful initiatives like the smart solar street lighting, installation of electric vehicle superchargers along major highways and an increase in renewable energy capacity to at least 1,400 megawatts.
As Angola celebrates 50 years of independence, the Energy Leaders’ Summit will shed light on the energy sector’s role in driving the country’s socio-economic development. From early offshore discoveries to major infrastructure projects, Angola has consolidated its position as one of Africa’s most dynamic energy markets. Recent developments signal a new chapter shaped by strategic investments in mature fields, the momentum of local operators’ expansion and IOC initiatives that are driving the decarbonisation of upstream operations.
“We think that the Kavango West 1X prospect represents our best opportunity in the Damara Fold Belt to unlock the potential of this play, and we look forward to reporting results, expected before year-end 2025,” said ReconAfrica president and CEO Brian Reinsborough.
The U.S. government has made it clear it wants to prevent the Venezuelan government from reaping any financial benefit from the country’s oil wealth, but this has proved difficult, since U.S. refiners are sizable buyers of Venezuelan crude and the chief reason why Chevron was granted that sanction exemption. Last year, imports of Venezuelan crude in the U.S. hit peaks of some 300,000 barrels daily, per data from Kpler.
In the report, the Standard Chartered Bank analysts said rolling back the November 2023 tranche of voluntary cuts has improved market transparency and allowed traders to obtain a more realistic picture of spare capacity. They added that they think removing the April 2023 tranche would have a similar effect.
“CNOOC Ltd. has adopted an innovative combined development approach of ‘conventional water injection + steam huff and puff + steam flooding’, providing strong technical support for the efficient utilization of oil reserves”, it added. “The project’s platform integrates both conventional cold production and thermal recovery systems, and is equipped with over 240 sets of key equipment.
The collaboration aims to develop an ecosystem in Malaysia that empowers organizations to leverage AI for economic growth and social benefits. Focusing on nation-building, these companies will aid Malaysia in establishing regional leadership in AI and cultivating a robust local AI community through joint programs, Petronas said.