OPEC's August report reveals Russian production above quotas and commercial dominance in Asia, while Kazakhstan massively exceeds its reduction commitments.
The eight OPEC+ members concerned will end next month the cuts introduced in November 2023, while keeping the option to readjust their output depending on market fundamentals and quota compliance.
Field studies to determine the location of Kazakhstan’s first nuclear power plant have begun near the village of Ulken, marking a key stage in a project led by Rosatom.
Recon Technology secured a $5.85mn contract to upgrade automation at a major gas field in Central Asia, confirming its expansion strategy beyond China in gas sector maintenance services.
KazMunayGas has completed its first delivery of 85,000 tonnes of crude oil to Hungary, using maritime transport through the Croatian port of Omisalj as part of a broader export strategy to the European Union.
French group Orano returns to profitability in the first half of the year, supported by strong plant performance and stabilisation of international activities, notably after resolving the situation in Niger.
KATCO, a joint venture between Orano and Kazatomprom, has started operations at the South Tortkuduk site, backed by a $190mn investment, targeting a production capacity of 4,000 tonnes per year by 2026.
South Korean company YPP and Kazakh Invest have signed a framework agreement for the development of a green hydrogen production project in Kazakhstan, with investments potentially reaching $3.1 billion.
The Russian company InterRAO anticipates a 4% annual reduction in electricity exports, primarily impacted by a significant decrease in shipments to China due to limited hydroelectric production and rising domestic demand.
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
The Asian Development Bank provides nearly a million dollars for improving Kyrgyzstan's energy system and considers an additional $150 million for the strategic Kambarata-1 hydroelectric dam.
OPEC confirms global oil demand estimates for 2025-2026 despite slightly adjusted supply, while several members, including Russia, struggle to meet their production targets under the OPEC+ agreement.
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Blue Sky Uranium’s Ivana mining project in Argentina could begin production within three years, backed by an initial $35mn investment and an annual output capacity of 1.5 million pounds of uranium.
Masdar and Samruk-Kazyna are collaborating to develop renewable energy and storage projects in Kazakhstan, targeting 500 MW of baseload energy and up to 2 GW of storage capacity.
Chevron reports a sharp decline in quarterly results, impacted by weak refining margins, stable production and exceptional charges in the United States and the United Kingdom.
Despite turbines priced 30 to 40% lower, Chinese manufacturers struggle to overcome credibility barriers hindering their progress in the European wind sector.
Iraq and the United Arab Emirates have submitted compensation plans to OPEC+ to offset their production surplus in February, amid falling crude prices and the gradual reduction of cuts planned for April.
MOL optimizes oil production in Azerbaijan, capitalizing on decades of experience in managing mature fields, with promising prospects in the Caspian region.
Orano, the French nuclear fuel specialist, posted a loss of 133 million euros in the first half of 2024, due to the deteriorating political situation in Niger, affecting its mining activities.
Iraq, Russia and Kazakhstan have pledged to cut production by 2.284 million b/d by September 2025 to offset overproduction, according to OPEC.
The cuts will be staggered and vary on a monthly basis.
Saudi Arabia and Russia reaffirm their commitment to the OPEC+ agreement to stabilize the oil market, despite geopolitical challenges and Western sanctions.
Iraq acknowledged that it had produced 184,000 barrels per day (b/d) above its OPEC+ quota in June, and pledged to offset this surplus by September 2025 through further production cuts.
Kazakhstan will hold a referendum this autumn to decide whether to build a nuclear power plant, a crucial project to diversify its energy mix and reduce CO2 emissions.
Niger has cancelled Orano's operating permit for the Imouraren uranium mine, despite the recent start of work on the site, calling into question the future of this strategic project.
Kazatomprom has signed a new mining concession agreement with the Kazakh Ministry of Energy, validating four years of pilot production for a total of 701 tonnes of uranium (tU) from the Inkai 3 landfill.
Kyrgyzstan lifts ban on uranium mining to revitalize its economy, despite environmental concerns. The government promises strict compliance with ecological standards to reassure the public.
Azerbaijan and Kazakhstan are discussing a significant increase in the transit of Kazakh oil via Azerbaijan, aiming to reach 7 million tonnes. This initiative aims to diversify Kazakhstan's oil export routes, thereby reducing its dependence on Russia.
SaskPower has identified two potential sites in Estevan to host Saskatchewan's first Small Modular Reactor (SMR). Detailed site evaluation will precede the final selection, scheduled for 2025.
The United States is advancing the deployment of small modular reactors in Ghana through key agreements, an SMR training center and a welding certification program, positioning Ghana as a regional hub for SMRs.
