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OPEC+ Output Decision Reassures Markets OPEC+ confirmed over the weekend it will stick with its planned July production increase of 411,000 barrels per day—the third month in a row at that level. The decision came after speculation that a larger increase might be on the table. Traders had already priced in the 411,000 bpd move, helping oil avoid a bearish reaction. Analysts noted that a larger-than-expected increase could have sharply undercut prices. Onyx Capital Group’s Harry Tchilinguirian noted that markets dodged a negative surprise, while PVM’s John Evans pointed to Kazakhstan’s open refusal to cut output as evidence of internal…

The Kashagan oilfield, which began production in 2013, is expected to hit the landmark 1 billion barrels of cumulative production by the end of the year, according to Kazakhstan media.Kashagan is located in the North Caspian Sea in Kazakhstan and is one of the biggest oil discoveries globally of the past 50 years. The oilfield has approximately 35 billion barrels of oil in place, of which nearly half are estimated to be recoverable.The Kashagan oilfield is being developed by the North Caspian Project consortium of international majors and Kazakhstan’s state oil firm KazMunayGas. The shareholders in the consortium include KazMunayGas…

More than a dozen National Weather Service (NWS) forecast offices along the hurricane-prone Gulf of Mexico coast are understaffed as the US plunges into an expected active season for ruinous storms, data seen by the Guardian shows.There is a lack of meteorologists in 15 of the regional weather service offices along the coastline from Texas to Florida, as well as in Puerto Rico – an area that takes the brunt of almost all hurricanes that hit the US. Several offices, including in Miami, Jacksonville, Puerto Rico and Houston, lack at least a third of all the meteorologists required to be…

New Delhi: Oil India Ltd (OIL) has commenced natural gas production from the Bakhritiba block awarded under the Discovered Small Field (DSF) III bid round in Rajasthan’s Jaisalmer district. The production has begun at a rate of 67,200 standard cubic meters per day (SCMD), which is planned to be enhanced to 100,000 SCMD (100 MSCMD), according to the Ministry of Petroleum and Natural Gas.The gas output is being supplied to GAIL (India) Ltd and Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL), the ministry stated. The production comes after successful drilling of three MWP wells within the block’s stipulated development period.Petroleum…

Ukraine’s Naftogaz Group and Poland’s ORLEN SA have signed another energy collaboration agreement, after an earlier one that aims to help the war-hit country secure natural gas supply. Under the new memorandum of understanding, “the parties will seek to increase natural gas deliveries via Poland to Ukraine and to advance joint projects in oil and gas extraction”, ORLEN said in an online statement. “These initiatives are expected to strengthen Ukraine’s resource security and flexibility. “Naftogaz also stands to benefit from ORLEN’s technical expertise in the modernization of the Kremenchuk oil refinery, as well as in the refurbishment of gas infrastructure…

A statement posted on OPEC’s website on Saturday announced that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman “will implement a production adjustment of 411,000 barrels per day” next month. The statement noted that “the eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on 31 May 2025, to review global market conditions and outlook”. “In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a…

A $570-billion German asset manager has sold all its shares in ExxonMobil as it has found the U.S. supermajor doesn’t have strong enough climate targets, a senior executive told the Financial Times.Union Investment, one of Germany’s top investors with nearly $570 billion (500 billion euros) in assets under management as of September 2024, has divested its stake in Exxon, as well as in another U.S. oil and gas producer, EOG Resources, due to what the investor says are insufficient targets to reduce emissions.The decision came as Union Investment “could not identify a sufficient commitment to the required climate targets” after…

Moscow: Russian energy giant Gazprom’s average daily natural gas supplies to Europe via the TurkStream undersea pipeline increased by 10.3 per cent in May from a month earlier, Reuters calculations showed on Monday.Turkey is the only transit route left for Russian gas to Europe after Ukraine chose not to extend a five-year transit deal with Moscow when it expired on January 1. Calculations based on data from European gas transmission group Entsog showed that Russian gas exports via the TurkStream pipeline rose to 46.0 million cubic metres (mcm) per day in May from 41.7 mcm per day in April. That…

TotalEnergies SE has signed a deal to sell its 12.5 percent stake in Nigeria’s OML118 production sharing contract, which contains the producing Bonga field, to Shell PLC for $510 million. The French company, through subsidiary TotalEnergies EP Nigeria Ltd., derived 11,000 barrels of oil equivalent a day (boed) from its share of production in the block, mainly oil, in 2024. Shell, the operator through Shell Nigeria Exploration and Production Co. Ltd. (SNEPCo), will increase its stake to 67.5 percent. The other owners are Exxon Mobil Corp. through Esso Exploration and Production Nigeria (20 percent) and Eni SpA’s Nigerian Agip Exploration…

Seeing a 3-year low valuation in Reliance Industries Ltd (RIL) shares, global brokerage firm Bernstein has raised its target price on the stock to ₹1,640, implying a potential upside of 15.4% from the stock’s previous close, while maintaining an ‘outperform’ rating on the same.It should also be noted that Bernstein’s target price on the stock is even higher than the latter’s 52-week high of ₹1,608.95 on the BSE.The revision in the target price comes on the back of the brokerage firm citing strengthening growth momentum, an improving earnings outlook, coupled with supportive valuations.Bernstein noted that Reliance is nearing the end…