A statement by the Russian government said that flows along the Caspian Pipeline Consortium infrastructure had dropped by between 30% and 40% on Tuesday following the terrorist attack that involved seven unmanned aerial vehicles, per a statement by the CPC. Reuters said the attack was carried out by Ukrainian forces.
Portugal will increase purchases of liquefied natural gas (LNG) from the United States and Nigeria, as it aims to end imports of Russian gas, Environment Minister Maria da Graca Carvalho said on Tuesday. According to data from electricity and gas grids operator REN, Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96% was LNG.
The U.S. is pumping more than 13 million bpd, exceeding every other nation and up almost 45% in just a decade. The global oil market is closely watching to see if American explorers can drill enough new wells to offset the natural decline in aging shale discoveries.
Light crude from the U.S. has been winning over customers globally with its low sulfur content and refining qualities similar to other light grades from the North Sea and Africa.
If Permian crude gets lighter than it is right now, refiners may have to use heavier grades to blend it.
Chances are that crude pumped from the Permian could become increasingly lighter as output continues to rise to record highs and drillers are moving to lower-quality locations with more associated natural gas at wells.
Exxon Mobil Corp has announced plans to sell a portion of its assets in North Dakota’s Bakken shale formation, according to Reuters.
U.S. offshore oil and gas producers are evacuating staff and halting operations as Tropical Storm Francine looms, expected to become a Category 1 hurricane. The storm threatens significant disruption to production and export facilities, with potential impacts including heavy rainfall, power outages, and flash flooding in the Gulf region.
Equinor has been announced as a provisional winner in the Bureau of Ocean Energy Management’s (BOEM) offshore wind energy lease auction in the U.S. Central Atlantic region. The 2 GW lease will have the capacity to produce enough energy to power approximately 900 000 US homes.
Kosmos Energy Ltd. announced the successful start-up of oil production at the Winterfell development in the Green Canyon area of the U.S.Gulf of Mexico.
OPEC+ has extended its production cuts totaling 3.66 million bpd until 2025.
Further production cuts by OPEC+ could impact global oil prices and economic stability, particularly affecting China and the U.S.
Prominent OPEC countries may be reluctant to risk lower oil prices, as doing so could jeopardize the budgets for their ambitious national spending programs.
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