(Update) October 23, 2025, 8:25 AM GMT+1: Article updated with European Commission comment. The energy chiefs of leading liquefied natural gas (LNG) exporters Qatar and the United States on Wednesday addressed a letter to European Union heads of state calling for the removal of provisions in the Corporate Sustainability Due Diligence Directive (CSDDD) that they say curtail LNG trade. The directive does not single out the LNG sector, or the energy industry. It compels any “large” EU company or that sources revenue from the EU to, as per the words of the European Commission, “identify and address adverse human rights and environmental impacts of their actions inside and outside Europe”. According to the latest amendment to the CSDDD adopted by the European Parliament and Council on April 14, 2025, the new rules will not take effect for companies until 2028. That is a year after EU member states are required to transpose the directive into their national laws. However, the U.S. and Qatar expressed concern over a lack of engagement on the EU side over “unintended consequences for LNG export competitiveness and the availability of reliable, affordable energy for EU consumers”, according to the letter. “We have consistently and transparently communicated how the CSDDD, as it is worded today, poses a significant risk to the affordability and reliability of critical energy supplies for households and businesses across Europe and an existential threat to the future growth, competitiveness and resilience of the EU’s industrial economy”, U.S. Energy Secretary Chris Wright and Qatar Energy Affairs Minister Saad Sherida Al-Kaabi said in the open letter, shared on the U.S. Energy Department’s website. It said an omnibus revision package proposed by the European Commission to make the CSDDD workable for affected companies “falls grossly short of its aspirations”. “The EU and its member states

The energy chiefs of leading liquefied natural gas (LNG) exporters Qatar and the United States on Wednesday addressed a letter to European Union heads of state calling for the removal of provisions in the Corporate Sustainability Due Diligence Directive (CSDDD) that they say curtail LNG trade. The directive does not single out the LNG sector, or the energy industry. It compels any “large” EU company or that sources revenue from the EU to, as per the words of the European Commission, “identify and address adverse human rights and environmental impacts of their actions inside and outside Europe”. According to the latest amendment to the CSDDD adopted by the European Parliament and Council on April 14, 2025, the new rules will not take effect for companies until 2028. That is a year after EU member states are required to transpose the directive into their national laws. However, the U.S. and Qatar expressed concern over a lack of engagement on the EU side over “unintended consequences for LNG export competitiveness and the availability of reliable, affordable energy for EU consumers”, according to the letter. “We have consistently and transparently communicated how the CSDDD, as it is worded today, poses a significant risk to the affordability and reliability of critical energy supplies for households and businesses across Europe and an existential threat to the future growth, competitiveness and resilience of the EU’s industrial economy”, U.S. Energy Secretary Chris Wright and Qatar Energy Affairs Minister Saad Sherida Al-Kaabi said in the open letter, shared on the U.S. Energy Department’s website. It said an omnibus revision package proposed by the European Commission to make the CSDDD workable for affected companies “falls grossly short of its aspirations”. “The EU and its member states must now act swiftly to address these legitimate concerns, either by repealing the

Norway averaged 326.26 million standard cubic meters a day (MMscmd) in natural gas production in the first three quarters, down from 341.25 MMscmd in the same nine-month period last year, according to official data. Data is preliminary for September 2025, for which the Norwegian Offshore Directorate (NOD) estimated 282.1 MMscmd of gas output. That is down 15.6 percent from August 2025 but up 17.2 percent against September 2024. The September 2025 figure fell short of the NOD’s forecast for the month by 1.9 percent. Norway sold 8.5 billion scmd last month, down 1.9 billion scmd from August, according to the data published on the NOD’s website. According to the European Commission’s latest quarterly gas market report, covering the first quarter of 2025, the Nordic country remained the European Union’s top gas supplier, accounting for 31 percent or 21.7 Bcm. Norway remained the EU’s biggest pipeline gas supplier, accounting for 55 percent or 20.6 Bcm. Norway’s share of the EU’s piped gas imports increased by five percentage points compared to the fourth quarter of 2024 following the end of the Ukraine-Russia transit deal. Meanwhile Norway’s oil production in September averaged 1.82 million barrels per day (MMbpd), down seven percent from August but up 13.7 percent from September 2024. The figure exceeded the NOD projection by 5.4 percent. Total liquids production was 1.99 MMbpd, down 7.8 percent month-on-month but up 14.8 percent year-on-year. “Preliminary production figures for September 2025 show an average daily production of 1,991,000 barrels of oil, NGL [natural gas liquids] and condensate”, the NOD reported. “The total petroleum production so far in 2025 is about 176.2 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 78.5 MSm3 o.e. of oil, about 8.7 MSm3 o.e. of NGL and condensate and about 89.4 MSm3 o.e. of gas for sale”, it

Matador Resources Co., Dallas, ramped up operations and spending during the third quarter—topping the midpoint of the July capex guidance by $95 million—to take advantage of lower service prices. That decision resulted in Matador turning in line 34.5 net operated wells, which was 4.5 wells above executives’ guidance from 3 months ago. Those incremental wells added $15 million to capex during the quarter but executives said they also allocated $56 million to wells that they expect to turn in line this quarter. Also contributing to the spending increase was due to unexpected non-operated well activity of $15 million. Those factors contributed to third-quarter capex coming in at $430 million versus the $335 million midpoint of executives’ range from the summer. For the full year, chairman and chief executive officer Joe Foran and his team now expect the midpoint of spending to be a little more than $1.5 billion, up from nearly $1.28 billion after the year’s second quarter.  During the current quarter, Matador produced more than 119,500 b/d of oil, which was above the range of 116,500-118,000 b/d of production Foran and his lieutenants forecast 3 months ago but below second-quarter’s s nearly 123,000 b/d. Total production was flat with the spring quarter at about 209,000 boe/d. In midday trading, shares of Matador (Ticker: MTDR) were down about 10% to $39.42, the lowest level since early May. The company’s market capitalization, which was roughly $6.2 billion in late July, is now back to about $5 billion. The executive team is guiding for full-year production to be about 206,000 boe/d, slightly higher than the previous 202,500 boe/d estimate. For 2026, the company expects oil production growth of 2-5% and total production to be about 210,000 boe/d. Foran said the team will use the greater efficiency gained over the last quarter—Matador’s drilling and

Oil rose after a technical guage signaled recent declines were overdone, while a US government report showing a drop in inventories offered some relief over concerns about oversupply. West Texas Intermediate futures rose around 1% to settle above $58 a barrel, signaling a corrective phase following a roughly week-long stint in oversold territory on the relative strength index. Brent futures rose 2% to settle below $63. The commodity received support from government data that showed total US petroleum stockpiles declined by about 4.2 million barrels to reach the lowest since late September. The no-surprises report was also generally in-line with a closely followed industry forecast by the API. “While the release isn’t likely to change the broader consensus that large builds are imminent, it does help the market hold recent gains,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “That said, it’s not a strong catalyst for further upside, as many traders still believe sizable builds are just around the corner.” Oil still remains on track for a third monthly loss as signs of a global surplus put downward pressure on prices, though that’s provided an opportunity for the Trump administration to buy crude for strategic reserves. The US plans to purchase 1 million barrels for delivery in December and January. The commodity earlier perked up on a report the US and India are nearing a trade deal that could see the South Asian nation gradually reduce imports of Russian crude, which would boost demand for alternative supplies. India’s refiners have previously indicated they would trim, but not stop, the imports. Adding to that bullish sentiment, European Union leaders are expected to greenlight a 19th Russia sanctions package at a summit on Thursday, after Slovakia dropped its objections. Russia on Wednesday launched multiple drone and missile

New Zealand is relaxing climate reporting rules on concerns over the cost to businesses, in another retreat from policies designed to limit greenhouse gas emissions. Companies listed on the NZX, the country’s main exchange, will now only have to provide disclosures if their market capitalization is NZ$1 billion ($570 million) or more, Commerce Minister Scott Simpson said Wednesday in Wellington. The previous threshold was NZ$60 million. In addition, directors will no longer be deemed liable if companies break the reporting rules, he said. New Zealand was the first nation to legislate for mandatory climate-related disclosures when Jacinda Ardern’s government passed a law in 2021 designed to make the risks more transparent for investors and regulators. The center-right government that won power in late 2023 has softened a number of initiatives aimed at tackling emissions, citing their impact on farmers and business. “While the intentions were solid, the rules proved too onerous and have become a deterrent for potential listers,” Simpson said. “It made sense to review these after the first year of reporting. We have listened to the feedback, examined how the regime operates in practice, and are now resetting the settings accordingly.” Some firms claimed the cost of complying with the reporting rules was as much as NZ$2 million, he said. The decision to relax disclosure rules comes just days after New Zealand adopted a less ambitious methane emissions target and ruled out a tax on farm emissions. A ban on offshore oil and gas exploration has also been relaxed, and new rules introduced to slow the rate at which farmland is being converted into forestry for carbon credits. Lawmakers in the European Union this month also moved to limit the scope of sustainability reporting directives amid criticism from companies, while Singapore in August extended the timeline for some listed firms to comply with disclosure requirements. In