In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.
We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy.
– Gold prices surged to an all-time high above $3,500 per ounce on Tuesday amidst increasing bets on a September interest rate cut from the US Federal Reserve and ongoing tension between President Trump and Fed Chair Jerome Powell.
– The bullion has now risen by more than 30% in 2025 alone, continuing its bull run that started three years ago as geopolitical risks, inflationary pressures and a weakening outlook for global trade nudged investors to go for safe-haven assets.
– With US nonfarm payrolls data this Friday potentially opening the pathway for the anticipated interest rate cut, markets are negatively assessing the prospect of the Federal Reserve potentially weakening its independence under Trump.
– Gold was also supported by the weakness of the US dollar as China’s yuan hit its strongest level in 2025 to date against the USD, with the euro also gaining 15% on the greenback since the beginning of this year.
Market Movers
– Colombia’s national oil company Ecopetrol (NYSE:EC) is reportedly mulling the purchase of Canacol assets in the country, representing almost 20% of total gas supply, seeking to boost production synergies in the Magdalena Valley Basin.
– Mozambique LNG, the $25 billion liquefied gas project developed by French major TotalEnergies (NYSE:TTE), could see its years-long force majeure lifted this month after Rwanda agreed to station troops in Cabo Delgado province.
– Top shareholders of UK upstream firm Ithaca Energy (LON:ITH), Italy’s ENI and Israel’s Delek, sold 2% of the company’s issued share capital, after the company’s shares went up by 40% over the last month.
– Nigeria’s government signed a production sharing agreement for offshore blocks 2000 and 2001 with French oil major TotalEnergies (NYSE:TTE), spanning some 775 square miles in the Niger Delta basin.
Tuesday, September 02, 2025
Speculation around OPEC+’s upcoming meeting is rife, with market consensus still anticipating a rollover of current production quotas, limiting the price volatility ahead of the weekend call. Beyond OPEC+, there have been very few notable market developments as ICE Brent continues to hover slightly above $68 per barrel, with the dearth of news caused by the US Labor Day holiday sapping the market’s risk appetite.
White House Targets Iraqi Oil Tycoon. The US Treasury Department sanctionedWaleed al-Samarra’i, an Iraqi individual who is believed to operate a fleet of vessels (owned via Marshall Islands shell firms) carrying Iranian oil, in the latest round of sanctions against Iran’s oil industry.
Russia and China Approve Power of Siberia-2. Russia’s Gazprom and China’s CNPC have signed a legally binding memorandum to construct the long-stalled Power of Siberia-2 gas pipeline, aiming for additional 50 bcm per year of gas supplies to China, however there’s still no agreement on pricing.
Beijing Parade Lifts Iron Ore Prices. Chinese iron ore futures rose to ¥772 per metric tonne ($108/mt) as market participants anticipate regional authorities in Tangshan’s steel hub to lift air quality controls after the country’s WWII commemoration parade is over, greatly boosting demand.
Sudan’s Oil Artery Clots After Drone Barrage. Sudan was forced to shut down its oil production sites in the Heglig basin after a series of drone strikes from the paramilitary Rapid Support Forces (RSF) made safe operations impossible with two impacts this week, shuttering some 30,000 b/d of output.
EU Mulls 10-Year Tax Pause on Jet and Shipping. The European Commission proposed a 10-year delay to the introduction of continent-wide taxes on CO2 emitted through aviation and shipping until at least 2035, as EU governments have been resisting any fuel carbon levies up until now.
Saudi, Iraq Halt Exports to India’s Key Refiner. Both Saudi Aramco (TADAWUL:2222) and Iraqi state oil marketer SOMO have stopped delivering term supplies of crude to India’s Nayara Energy, co-owned by Russia’s Rosneft and under EU sanctions imposed in late July, citing payment difficulties.
Equinor Comes to the Rescue. Norway’s national energy firm Equinor (NYSE:EQNR) agreed to pump roughly $1 billion into embattled wind developer Orsted (COP:ORSTED) as the Danish company pushes ahead with a $9.4 billion rights issue, under pressure from Trump’s anti-wind policies.
Africa’s New Oil Frontier to Auction Blocks. Kenya is planning to offer 10 exploration blocks since it adopted a new petroleum law in 2019, seeking to finally tap into its 1-billion-barrel reserves that remain underdeveloped after UK explorer Tullow Oil halted operations due to security concerns.
Brazil Wants a Spot at The IEA Table. Brazil has formally asked to become a full-fledged member of the International Energy Agency, seeking to play a stronger role in global energy affairs just as its production soared to an all-time high of 3.76 million b/d in the latest data published for June 2025.
India Powers Up to Feed Industry. As India’s manufacturing activity posted its highest rate in 17 years, the South Asian country’s power generation has been soaring in tandem with its industrial output, rising 4% year-over-year thanks to robust coal generation and nationwide solar boom.
There’s Never a Bad Timing for a French Strike. LNG import terminals across France could be impacted as the country’s largest energy industry trade union CGT called for a nationwide strike on 2 September, with further protests slated for 10 and 18 September, demanding higher wages.
Spanish Power Firms Crippled by Negative Prices. Spain has witnessed more than 500 instances of negative-price hours in January-August 2025, more than double last year’s total after solar generation has been booming on the Iberian peninsula with capacity already exceeding 20 GW.
Africa to Add New Refinery Soon. Angola’s 30,000 b/d Cabinda refinery has started its commissioning process with first runs expected this November, as the African country intends to keep more of its crude domestically and halve diesel and jet fuel imports by 2027.
By Michael Kern for Oilprice.com
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