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By Irina Slav – May 27, 2025, 3:12 AM CDT Goldman Sachs expects substantial growth in non-OPEC supply to send oil prices lower in 2026, with Brent hitting $56 and WTI dropping to $52. U.S. shale production, which Goldman Sachs excluded from non-OPEC supply growth, could peak sooner than expected. UBS challenges Goldman’s surplus view, pointing to tighter Q1 inventories and potential forecast revisions for both supply and demand. Goldman Sachs analysts issued yet another update to their oil price forecast, reiterating expectations of weaker prices this year and next, on the back of substantial growth in non-OPEC supply—excluding…

The expectation that India would add lots of extra oil consumption is in part anchored in comparing it today with China. The average Indian consumes today about 1.4 barrels of oil a year, well below the 4.3 barrels a year of the average Chinese.India is the stuff of dreams for OPEC and Big Oil: a rapidly developing nation of nearly 1.5 billion people where petroleum consumption is still in its infancy. It’s the next China — so the theory goes. Perhaps one day, but in 2025 it’s still the stuff of dreams. For years, energy economists have talked about “structural…

Crude oil prices slid further today after a weak start to the week, following reports that OPEC+ was discussing a greater than originally planned production hike for July.These reports have been circulating for a few days now, fueling pessimism among traders and forecasters. At the time of writing, Brent crude was trading at $64.60 per barrel while West Texas Intermediate was at $61.30, after last week both recouped some of their earlier losses on reports about a more or less imminent Israeli strike on Iranian nuclear facilities.“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,”…

Indonesia aims to boost the buildout of renewable energy in its latest national power plan, scaling back gas additions to the grid. Southeast Asia’s largest economy will look to add roughly 60 gigawatts of power generation capacity over the next nine years, according to a presentation prepared by the energy ministry. About three quarters of that will be from renewable sources, with the rest supplied by gas and coal. “We have to be consistent in the energy transition while also recognizing our ability, energy supply and economic cost,” Energy Minister Bahlil Lahadalia said in a press conference on Monday. Indonesia…

Abu Dhabi National Oil Company (ADNOC) said its supply chain partners have committed to investing AED 3 billion ($817 million) in manufacturing facilities across the United Arab Emirates. ADNOC said the facilities are situated throughout the Industrial City of Abu Dhabi (ICAD), Khalifa Economic Zones Abu Dhabi (KEZAD), Dubai Industrial Park, Jebel Ali Free Zone (JAFZA), Sharjah Airport International Free Zone (SAIF Zone), and Umm Al Quwain. They will generate over 3,500 high-skilled jobs in the private sector and produce a diverse array of industrial goods such as pressure vessels, pipe coatings, and fasteners. ADNOC’s commercial agreements under the In-Country…

Petróleo Brasileiro SA (Petrobras) has signed an agreement to resolve existing contractual disputes and litigation with Proquigel, a Unigel unit. The agreement still has to be ratified by an arbitral tribunal to take effect. Both parties have requested ratification of the deal, Petrobras said in a media release. The agreement allows Petrobras to regain possession of the fertilizer plants in Bahia and Sergipe, allowing the company to resume operations through a bidding process for contracting operations and maintenance services. According to its 2025-2029 Business Plan, Petrobras said it plans to restart operations in the fertilizer sector to generate value from…

Petróleo Brasileiro SA (Petrobras) and its co-venturers have started oil production at the fourth project in Mero, raising the deepwater field’s capacity to 770,000 barrels per day (bpd). Mero-4 will connect 12 wells to the new Alexandre de Gusmão floating production, storage and offloading (FPSO) facility, which has an output capacity of 180,000 bpd. The fourth development will also enable 12 million cubic meters (423.78 million cubic feet) of gas compression a day. The consortium approved the project August 2021. “In order to maximize production, the wells are equipped with intelligent well completion technology, which enables the remotely [sic] switching between…

Wildfires erupted in the northern part of Alberta over the weekend, with some igniting near oil wells operated by Canadian Natural Resources. The wildfires have already prompted a mandatory evacuation order for the town of Swan Hills, Canadian media reported.Per the Alberta authorities, 48% of the wildfires are under control, with another 44% out of control. One of the latter was about half a kilometer from a Canadian Natural Resources well and some 20 kilometers from other oil sites, according to Bloomberg.Spring is wildfire season in Canada’s oil country and the blazes sometimes interfere with oil sands production. Back in…

The boss of Australian gas giant Woodside, Meg O’Neill, has attacked young people who take an ideological stand against fossil fuels, suggesting they are hypocrites for ordering cheap online consumer goods “without any sort of recognition of the energy and carbon impact of their actions”.O’Neill was speaking during the gas industry’s annual conference in Brisbane, where the resources minister, Madeleine King, said the government was working to enhance exploration for gas while improving the approvals process for companies.Woodside is waiting for a decision from the new environment minister, Murray Watt, on a project to extend gas production in north-west Australia…

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