OPEC+ will likely raise oil output again in November as the group continues its strategy to reclaim global market share, according to people familiar with its plans. The alliance led by Saudi Arabia will consider adding at least as much as the 137,000 barrel-a-day hike scheduled for October when it meets online Oct. 5, the people said. They asked not to be identified as the talks are private. The Organization of the Petroleum Exporting Countries and its allies have started to revive a new layer of halted output, amounting to 1.66 million barrels a day, in monthly stages despite warnings from across the oil industry of an impending surplus.  So far, the oil market has absorbed additional barrels from the group without significant ructions, and Brent futures have risen 3 percent this month.  Still, the planned October hike is sharply lower than the increments that the group announced in the two prior months, and delegates emphasized at the time that the actual supply boost would be even smaller because some countries lack the ability to increase.  The upcoming meeting also takes place against the backdrop of a planned trip by Saudi Crown Prince Mohammed bin Salman to Washington in November. He will meet President Donald Trump, who has repeatedly called for lower fuel prices while he seeks to tame inflation and reduce interest rates.  No final decision has been made yet, and deliberations could still evolve ahead of Sunday’s meeting, the people said. The expectation for the meeting was first reported by Reuters. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and

Treasuries held small gains in early US trading Monday, supported by a slump in oil prices and a rally in UK government bonds, and by anticipation of buying into Tuesday’s month-end index rebalancing. Yields were lower, the two-year by about a basis point and long maturities by as much as three basis points, remaining inside last week’s ranges. US benchmark crude oil futures were down about 2% on signs OPEC+ will hike production again in November. The prospect of a US government shutdown beginning Wednesday also has implications for the Treasury market, as shutdowns are associated with gains for bonds based on their potential to restrain the economy. The market racked up gains even as Cleveland Fed President Beth Hammack — who becomes a voting member of the central bank’s rate-setting committee next year — reiterated her view that inflation remains too high to warrant cutting interest rates. Futures markets continue to anticipate about 100 basis points of additional Fed easing over the next 12 months. Expectations for Fed rate cuts rest mainly on signs of stress in the US labor market, where job creation has slowed precipitously in recent months. September data is set to be released on Friday. Tuesday’s month-end bond index rebalancing — to add eligible bonds created during the month and remove those that no longer fit the index criteria — typically drives buying by passive and other index-tracking investment funds that can support the market if their needs exceed expectations.  The rebalancing will increase the duration of the Bloomberg Treasury index by an estimated 0.06 year, less than the average for September over the past decade. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be

Dive Brief: A group of 107 state lawmakers on Monday urged the PJM Interconnection to take steps to support the rapid addition of clean energy resources onto the grid to ensure the grid operator has enough power supplies to meet the region’s needs. The lawmakers in the National Caucus of Environmental Legislators want action from PJM so that renewable energy developers can take advantage of federal tax credits before they expire, according to Maryland Delegate Lorig Charkoudian, a Democrat who spearheaded the letter to PJM. “We’re asking them to work with states and move these projects forward so they can get in under the deadlines for tax credits,” Charkoudian said in an interview Friday. PJM should urge the Trump administration to stop hampering clean energy projects, which can be built quickly and would help address the United States’ power supply needs and bolster reliability, according to the lawmakers. Dive Insight: PJM has been warning since at least February 2023 that it faces a potential shortfall in power supplies, partly driven by data center development. In the letter, the lawmakers ask PJM to communicate with federal agencies about the need to support renewable energy as part of an “all-of-the-above” energy strategy that addresses reliability and affordability. The Trump administration and Congress have taken a range of actions aimed at limiting clean energy resources from coming online despite concerns about a lack of adequate power supplies, and PJM appears to be silent on the issue, Charkoudian said. “Either we have a resource adequacy issue or we don’t — and I believe we do — so we need to be getting all of this energy online as quickly as possible,” Charkoudian said. Also, the legislators want PJM to give states more information about projects that are close to finishing their interconnection reviews so states

Vistra Corp. has reached a final investment decision to expand gas capacity at its Permian Basin Power Plant, locking in a plan to build two new natural gas power units totaling 860 MW, the company said Monday. “This expansion more than triples the site’s current capacity from 325 MW to 1,185 MW,” Vistra said in a release. The decision to expand was “based on customer demand and to meet West Texas’ growing power needs, particularly the state’s expanding oil and natural gas industries.” “As the leading competitive generator in Texas, customers from residential to commercial and industrial are turning to Vistra to help them meet their energy needs,” said Jim Burke, president and CEO of Vistra. “We recognize that energy is critical to powering this economic opportunity, and we expect Texas will play an outsized role.” Vistra also filed an 8-K with the Securities and Exchange Commission on Monday, confirming that it “has entered into a 20-year power purchase agreement (with options to extend for up to an additional 20 years) with a large, investment grade company … pursuant to which the Company has agreed to supply to the Customer 1,200 MW of carbon-free power from the Comanche Peak Nuclear Power Plant.” Vistra said it “anticipates power delivery to begin in the fourth quarter of 2027 and ramp to full capacity by 2032.” The company received permission last year from the Nuclear Regulatory Commission to extend the operation of Comanche through 2053, an additional 20 years beyond its original licenses. On Sept. 22, Jefferies downgraded Vistra’s stock to “hold” based on the lack of a deal up to that point and their view that the company’s stock, which rallied based on excitement about a deal, had gotten close to its peak price. “We still have a positive view of [the

The U.S. National Oceanic and Atmospheric Administration (NOAA) announced in a statement posted on its site recently that it and Fugro have partnered “to accelerate deep ocean mapping [and] characterization”. The statement noted that NOAA Ocean Exploration and Fugro have signed a cooperative research and development agreement (CRADA) “to develop and use uncrewed systems for ocean exploration to enhance the efficiency, reach, and impact of NOAA’s mission to explore the deep ocean”. “This collaboration unites NOAA’s scientific and operational excellence with Fugro’s cutting-edge technological expertise to expand ocean exploration capabilities,” the statement added. According to the statement, the agreement “focuses on the key objectives of seeking better ways to operate ocean exploration missions using remote technology, developing tools that enable scientists to control underwater robots in real-time from distant locations, and creating new sensors that can aid in environmental baseline studies, including the observation of critical minerals”.  This agreement also enables NOAA and Fugro to coordinate on the use of ships, USVs, underwater devices and buoys that transmit data, the statement said. “Together, NOAA and Fugro plan to advance remote mission control, develop cloud-based workflows, and improve real-time data delivery through high-bandwidth communications,” the statement added. NOAA noted in the statement that Fugro’s “extensive experience operating uncrewed vehicles, providing data services and remotely managing offshore systems and assets makes it a valuable partner for NOAA as they explore previously unexplored or poorly explored areas of the deep ocean”. “While Fugro and NOAA Ocean Exploration will develop specific projects together in the coming months, the CRADA lays the groundwork for ongoing collaboration and innovation between the public and private sectors,” NOAA highlighted. NOAA said in the statement that this CRADA “reflects NOAA Ocean Exploration’s broader mission to unlock the mysteries of the deep ocean and enable the sustainable use of marine resources

Abu Dhabi National Oil Co PJSC (ADNOC), through its global investment arm XRG PJSC, has completed the purchase of an 11.7 percent stake in phase I of NextDecade Corp’s Rio Grande LNG project in Brownsville, Texas. “The transaction was undertaken through an investment vehicle of GIP [BlackRock Inc’s Global Infrastructure Partners], with XRG acquiring a portion of GIP’s existing stake”, XRG said in a statement on its website. “The transaction, initially announced in May 2024, is the company’s first gas infrastructure investment in the U.S., and reflects XRG’s long-term investment plans in the country”, XRG said. “As LNG demand is projected to grow by 60 percent by 2050, the investment in Rio Grande LNG advances XRG’s strategy to build a leading global gas and LNG business to meet structural demand from industry, AI and broader economic growth”, it said. XRG aims to build a top-five integrated gas and liquefied natural gas (LNG) business with a capacity of 20-25 million metric tons per annum (MMtpa) by 2035, as announced by the company June 3. ADNOC launched XRG late last year to drive the United Arab Emirates’ expansion in the natural gas, low-carbon energy and chemical markets. Rio Grande LNG’s first phase, which comprises the first three out of five federally approved liquefaction trains, is under construction. ADNOC has also committed to buying 1.9 MMtpa from the fourth train. Earlier this month NextDecade and its co-venturers announced a positive FID (final investment decision) on train IV and a notice for contractor Bechtel Energy Inc to proceed to construction. According to a Department of Energy (DOE) order August 13, 2020, amending Rio Grande LNG’s export authorization, the facility’s five trains each have a nominal capacity of 5.4 MMtpa. However, the Houston, Texas-based developer has said phase I would be capable of up to about