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Oil: OPEC maintains forecasts, Russia below production quota
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.
European Union Hesitates to Independently Lower Russian Oil Price Cap
Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.

Dangote opens its refinery to Nigerian distributors starting August 15

Starting August 15, the Dangote refinery will directly supply gasoline and diesel to Nigerian distributors and industries, expanding its commercial outlets and significantly reshaping the energy landscape of Africa's leading oil producer.
Hydrocarbon pollution: Rømø closes beaches at peak tourist season
The sudden appearance of hydrocarbon clusters has forced the closure of beaches on the Danish island of Rømø, triggering an urgent municipal investigation and clean-up operation to mitigate local economic impact.
Cenovus Energy restarts full production at Christina Lake site
Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.

CGC launches Vaca Muerta project and bets on heavy crude

Argentine company Compañía General de Combustibles is starting operations in the Vaca Muerta shale basin while boosting heavy crude production due to strong local demand and rising prices.
Nigeria struggles to secure $5 billion loan from Aramco
Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
Italiana Petroli to Decide Buyer by Late June for Estimated €3 Billion Sale
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.

ExxonMobil tops upstream explorer ranking according to Wood Mackenzie

ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
Petronas cuts 5,000 jobs and exposes contradictions in its African operations
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
Kremlin Warns of Global Impact from New Russian Oil Price Cap
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.

Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability

Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
Two powerful financial algorithms now dictate global oil prices
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
DNO raises $400mn in hybrid bonds to refinance Sval Energi’s debt
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.

Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire

The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.
Shell Shuts Unit After Fire at Its Ethylene Cracker in the U.S.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.

Vallourec completes acquisition of Thermotite do Brasil from Mattr

French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
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Orano launches Project IKE with Oak Ridge office to enrich uranium in the United States
UK Unlocks £14 Billion for Sizewell C Nuclear Power Station
Plug Power CFO buys 650,000 shares to reinforce his position
CWP Global suspends $40 billion hydrogen project in Mauritania due to lack of buyers
Rolls-Royce SMR selected to develop UK’s first modular nuclear reactors
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
Valeura to drill ten new wells after successful campaign offshore Thailand
Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.

Shell awards Mecpec Trading as Best Reseller in East Asia

Shell recognised Mecpec Trading for its 2023 fuel sales growth and contribution to Singapore's distribution network, with a 23% increase in total volume delivered.
Fire halts operations at Ecuador’s largest oil refinery
Petroecuador suspended activities at its Esmeraldas refinery following a fire, with no injuries reported, while an investigation is under way to assess the damage.
Pemex Launches Major Restructuring Aimed at Saving 10.5 Billion Pesos
Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.

TotalEnergies launches Mero-4 production with 180,000 barrels per day in Brazil

TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
Oil majors threaten dividend cuts as crude holds at $60
Falling oil prices strain shareholder returns as supermajors weigh high dividends against cash flow stability.
Trump casts uncertainty over oil licenses in Venezuela
Economically fragile Venezuela awaits a critical U.S. decision on renewing oil licenses granted to multinationals, a crucial issue that could significantly affect its recent economic recovery and financial stability.

Niger orders CNPCNP executives to leave over breach of local content rules

Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
Union Investment removes TotalEnergies from sustainable funds amid Uganda dispute
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.
Libya shuts down oil pipeline after leak near Zawiya
The National Oil Corporation suspended crude transport from the Hamada fields following a leak detected south of Zawiya, 45 kilometres from Tripoli.

Iraq entrusts major energy project in Basra to Sino-Iraqi consortium

Iraq has signed a deal with China’s Geo-Jade and Hilal al-Basra to develop an integrated project combining oil, refining and electricity in the country’s south.
US oil stocks rise despite strong refinery activity
US commercial crude oil inventories rose by 1.3 million barrels last week, defying market expectations, according to data published by the US Energy Information Administration.
Essequibo Oil Under Tension: Guyana Monitors Venezuelan Elections ##
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims. ##

GATE Energy and HD Hyundai join forces to expand global offshore offering

GATE Energy and HD Hyundai Heavy Industries have signed a memorandum of understanding to jointly pursue international offshore contracts, combining engineering, construction and commissioning capabilities.
BW Offshore transfers operation of FPSO BW Adolo to its Gabonese subsidiary
BW Offshore has handed over the operations of the FPSO BW Adolo to BW Energy Gabon while retaining ownership and the vessel lease under previously agreed terms.
Savannah Energy increases revenues by 19% and strengthens oil assets
Savannah Energy recorded a 19% rise in revenues in the first quarter of 2025, driven by the integration of a new asset in Nigeria and improved cash flows.

Petrobras moves forward with Amazon exploration plans, but uncertainty over future permits persists

Petrobras reaches a crucial milestone for exploring the Foz do Amazonas basin, yet stringent conditions for upcoming permits raise questions about future operations in this strategic region.
PermRock Royalty Trust announces monthly cash distribution of USD371,192.79
PermRock Royalty Trust will pay a monthly distribution of USD371,192.79 on June 13, based on oil and gas production from March 2025 and calculated at USD0.030511 per trust unit.
Mazoon Mining secures USD 270 million strategic financing for copper project in Oman
Mazoon Mining, a subsidiary of Minerals Development Oman (MDO), has secured USD 270 million in financing and signed key contracts for Oman’s largest copper concentrate project, aimed at supporting the country’s mining sector.

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