OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey. The 12 members of the Organization of the Petroleum Exporting Countries boosted supplies by 200,000 barrels a day in May to 27.54 million barrels a day, the survey showed. The Saudis accounted for about half of the increase. OPEC and its allies stunned oil markets in early April by announcing they would start to revive output at three times the planned rate, briefly sending crude prices to a four-year low. Brent futures have since recovered slightly, trading near $65 a barrel in London on Tuesday. Delegates have described the shift as a strategy designed by Riyadh to punish the coalition’s rogue members and recoup lost market share. At the weekend, the Saudis pressed OPEC+ to ratify a third super-sized hike, despite some objections from its partners.  Saudi Arabia bolstered production by 110,000 barrels a day to 9.08 million barrels a day in May, the survey showed, though this hike fell short of the full amount the kingdom could have added under the agreement. The next biggest boost came from Libya, which is exempt from OPEC+ quotas as it gradually recovers from years of conflict and instability. The North African exporter added 50,000 barrels a day to an average of 1.32 million barrels a day.  Iraq kept output flat, possibly in observance of its obligation to compensate for earlier overproduction. It pumped 4.18 million barrels a day, still considerably above its target, according to the survey. The United Arab Emirates added just 10,000 barrels a day to 3.31 million barrels a day. Like Iraq, data compiled by Bloomberg indicate the UAE is exceeding its quota significantly, though figures compiled by OPEC’s secretariat in Vienna show both countries broadly in

Oil rose for a second day as supply disruptions from Canada’s wildfires countered OPEC’s latest bumper supply increase. West Texas Intermediate advanced 1.4% to close above $63 a barrel, the highest in three weeks. The blazes in Canada’s energy heartland of Alberta have shut down almost 350,000 barrels a day of heavy crude production, more than three quarters the amount of oil OPEC and its allies agreed over the weekend to add back to the market. Strong US hiring data also supported prices. Meanwhile, President Donald Trump said the US won’t allow any uranium enrichment as part of a potential nuclear deal with Iran, countering an earlier report that some enrichment could be allowed. Geopolitics have returned into focus over recent days as traders also weigh the repercussions of Ukraine’s brazen drone attack on Russian military infrastructure.  US crude rose as much as 5.1% on Monday after OPEC+ boosted supply in line with expectations, easing concerns of a bigger increase and leading to an unwinding of bearish bets made in advance of the weekend decision. Oil is still down about 12% this year after the producer group abandoned its former strategy of defending higher prices by curbing output and on concerns trade wars will hamper demand. “Beyond the near-term, we continue to expect that crude markets will struggle to absorb OPEC barrels over the coming months as Gulf exports are more likely set to rise following peak seasonal demand for the region,” said Daniel Ghali, a commodity strategist at TD Securities.  Crude has also found support in recent days from a softer dollar. A gauge of the greenback closed at its lowest since July 2023 on Monday before rebounding slightly, with Wall Street banks reinforcing their calls that it will decline further.  Prices WTI for July delivery rose 1.4% to settle at $63.41 a barrel in

Dive Brief: The Texas Legislature wrapped up its 2025 session on Monday without approving three energy bills that advocates said would have made it harder to build and operate renewable power plants in the state. The measures would have imposed “firming” requirements on new and existing renewables installations, required new wind and solar installations to pair with an equal amount of non-battery dispatchable capacity and singled out renewables for additional permitting. All three bills passed the Texas Senate but did not advance to a final vote in the state House of Representatives. Other energy-related measures did pass the full legislature, including a requirement that the Texas Parks & Wildlife Department review proposed offshore wind projects, a $350 million nuclear development fund and billions in appropriations for dispatchable generation via the Texas Energy Fund. Dive Insight: The demise of the three Republican-sponsored anti-renewables bills averts a scenario that a broad coalition of Texas stakeholders said could have dramatically reduced investment in the state’s rapidly-growing power system.  Mirroring language used in a thus-far fruitless attempt to preserve federal clean energy tax credits in the Congressional GOP budget bill, renewables advocates appealed to Texas Republicans’ pro-energy sensibilities in calls to oppose the three bills. “With energy demand rising fast, Texas needs every megawatt it can generate to keep the lights on and our economy strong. We cannot afford to turn away from the pro-energy and pro-business policies that made the Lone Star State the energy capital,” the Solar Energy Industries Association said in April after S.B. 819, the renewables permitting bill, passed the state Senate.  Texas power developers, operators and some large-load customers were especially concerned about S.B. 715, which would have imposed retroactive “firming” requirements on wind and solar resources. By raising costs not only for planned resources but for operating power

Petroliam Nasional Bhd. is considering options for its Canadian company formerly known as Progress Energy Resources Corp., including a sale, according to people familiar with the matter. Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the people said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at $6 billion to $7 billion, they said. Petronas may also consider selling a minority stake in the business, depending on valuation, the people said. The company has started sounding out preliminary interest from prospective buyers, they said.  Considerations are ongoing and no final decisions have been made, they added. A representative for Petronas couldn’t immediately respond to a request seeking comment. Petronas bought Progress Energy for about $5.3 billion in 2012, boosting the Kuala Lumpur-based firm’s shale-gas assets and gas supplies. Petronas also holds a 25% stake in the LNG Canada project, a joint venture for liquefied natural gas in which Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp. and Korea Gas Corp. also participate. Lower oil prices have hit Petronas, which reported a slide of more than 30% in net income in 2024 and announced job cuts that will start taking place this year. Petronas Canada operates in the North Montney basin in northeast British Columbia and, together with joint venture partners, owns more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources, its website shows. 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 removed.

Dive Brief: The Environmental Protection Agency’s plan to eliminate the Energy Star program is a “misguided decision [that] would be counterproductive to our national housing, economic, and electricity goals,” Sen. Ruben Gallego, D-Ariz., wrote today in a letter to EPA Administrator Lee Zeldin and provided in advance to Utility Dive. EPA announced “organizational improvements” in May that would phase out the popular program, which has helped consumers identify energy-efficient home appliances for more than 30 years. While Gallego’s letter honed in on Energy Star’s potential impacts on energy prices, other lawmakers have focused on the program’s legal standing. Energy Star is “protected under federal statute and thus illegal for the Administration to terminate unilaterally,” 22 senators wrote in a May 20 letter to Zeldin and Secretary of Energy Chris Wright. Dive Insight: Efficiency advocates argue that Energy Star is a popular, cheap and effective program — and also protected by law. “At a time when American families are grappling with rising energy and housing costs and our nation faces mounting energy and climate challenges, eliminating a highly successful program that lowers utility bills and reduces emissions is indefensible,” Gallego wrote. “EPA will review the letter and will respond through appropriate channels,” an agency spokesperson said in an email. More than 2,500 builders, developers and manufactured housing plants are active in the Energy Star program, Gallego noted. In 2023, about 12% of all new U.S. homes were Energy Star compliant. The program was created in 1992 under President George H.W. Bush and has helped consumers save more than $500 billion in energy costs and 5 trillion kWh since its inception, according to the Energy Star website. “This program saves families and businesses more than $40 billion every year with a budget of less than $40 million. It’s an astonishingly good deal,” Steven Nadel, executive director of the

The White House on Monday said it was nominating Laura Swett, an energy attorney at Vinson & Elkins, to take the seat held by Federal Energy Regulatory Commission Chairman Mark Christie. Christie’s term expires June 30, although he can remain in his seat through this Congressional session, which typically ends around the end of the year. The move to replace Christie appears to have been a surprise. “I learned this evening from a media inquiry that Pres. Trump has appointed Laura Swett to replace me when my term expires,” he said on social media. “I congratulate Laura and wish her the best.” Christie said he would remain at FERC for a few weeks after June 30 to help get key orders out. The news is “bittersweet,” according to former FERC Chairman Neil Chatterjee. “I adore Laura Swett and believe she will be an excellent [FERC] chair (if given the chance by [the Office of Information and Regulatory Affairs] and [the Office of Management and Budget]),” he said on social media. “But [Christie] is a patriot. All he did was run the agency well. He’s a veteran who has dedicated his life to serving America. He deserved better.” If approved by the Senate, the move leaves five-member FERC with two Republicans — Swett and Commissioner Lindsay See — and two Democrats — commissioners David Rosner and Judy Chang. The White House will likely name See as, at least, interim FERC chair after Christie leaves, ClearView Energy Partners said in a client note on Tuesday. The seat held by former FERC Chairman Willie Phillips remains unfilled after he left FERC on April 22. He joined the law firm of Holland & Knight last month. His term was set to end on June 30, 2026. If approved, Swett will join FERC as the