OPEC+ is expected to agree on a plan that would see production for the group increase in May, OPEC+ sources told Reuters on Tuesday. The OPEC+ group, comprised of the 12 OPEC members—Saudi Arabia, Iraq, Iran, Kuwait, Venezuela, Gabon, Algeria, Equatorial Guinea, Libya, UAE, Congo, and Nigeria—and non-OPEC member organizations Russia, Brazil, Mexico, Kazakhstan, Oman, Azerbaijan, Bahrain, Malaysia, South Sudan, Brunei, and Sudan—produce more than 45 million barrels of crude oil per day—or 59% of global oil production. The…

OPEC+ is expected to agree on a plan that would see production for the group increase in May, OPEC+ sources told Reuters on Tuesday. The OPEC+ group, comprised of the 12 OPEC members—Saudi Arabia, Iraq, Iran, Kuwait, Venezuela, Gabon, Algeria, Equatorial Guinea, Libya, UAE, Congo, and Nigeria—and non-OPEC member organizations Russia, Brazil, Mexico, Kazakhstan, Oman, Azerbaijan, Bahrain, Malaysia, South Sudan, Brunei, and Sudan—produce more than 45 million barrels of crude oil per day—or 59% of global oil production. The…

The Western news media on the US/Russia relations is almost always so far behind the curve, that it’s a miracle they’re still in the game. Anyone who follows the issue closely knows that the deal between the US and Russia to end the war in Ukraine has already been struck, the rest is rhetoric.  Putin knows that the mere mention of money makes Trump salivate, as shown by Netanyahu’s offer to the US of Gaza as a new gilded seaside resort. Not surprisingly, Putin followed up with an offer of another gilded seaside resort in…

Arctic LNG 2, the processing and export facility that was billed as Russia’s flagship LNG project, has gradually resumed gas processing after months of hiatus, Reuters reported on Tuesday, citing industry sources and satellite images. Arctic LNG 2 has been under U.S. and EU sanctions since last year, and the project hasn’t been able to sell any cargo because of the sanctions. The first production train at the plant was shut in early October over the project developers’ inability to secure buyers amid the Western sanctions on Arctic…

Arctic LNG 2, the processing and export facility that was billed as Russia’s flagship LNG project, has gradually resumed gas processing after months of hiatus, Reuters reported on Tuesday, citing industry sources and satellite images. Arctic LNG 2 has been under U.S. and EU sanctions since last year, and the project hasn’t been able to sell any cargo because of the sanctions. The first production train at the plant was shut in early October over the project developers’ inability to secure buyers amid the Western sanctions on Arctic…

Arctic LNG 2, the processing and export facility that was billed as Russia’s flagship LNG project, has gradually resumed gas processing after months of hiatus, Reuters reported on Tuesday, citing industry sources and satellite images. Arctic LNG 2 has been under U.S. and EU sanctions since last year, and the project hasn’t been able to sell any cargo because of the sanctions. The first production train at the plant was shut in early October over the project developers’ inability to secure buyers amid the Western sanctions on Arctic…

Stronger economic growth than previously expected and booming demand for petrochemicals will lift China’s oil demand by 1.1% this year, according to state giant China National Petroleum Corporation (CNPC). Chinese oil consumption is expected to reach 765 million metric tons this year, CNPC’s Economics and Technology Research Institute (ETRI) said in a new outlook cited by Reuters on Tuesday. This consumption figure is equal to about 15.36 million barrels per day (bpd) in a conversion with a ton-to-barrel ratio of 7.33. China’s…

Oil markets are on edge as Trump prepares to roll out his tariff plan, with commodities around the world set for significant disruptions in the coming weeks.- European gas and utility companies have moved into the spring replenishment season of 2025, although the lack of pricing downside creates no real incentive to buy natural gas on the market.- Gas inventories across the EU have started April being 33% full, with leading nations Germany and France seeing even lower stocks at 28% and 24.5%, respectively, after an unusually cold winter and halted…

Oil prices inched down slightly on Tuesday morning as OPEC+ begins adding supply from April 1, amid U.S. threats of secondary tariffs on buyers of Russian and Iranian oil and persistent concerns about U.S. tariffs weakening economic growth. As of 8:40 a.m. EDT on Tuesday, the front-month futures of the U.S. benchmark, WTI Crude, were trading down 0.07% at $71.43. Brent Crude, the international benchmark, was down by 0.08% at $74.65. On Monday, oil jumped by $2 per barrel from Friday’s close - to a five-week high - after U.S. President Donald…