Key OPEC+ members brought forward to Saturday an online meeting where they’re set to consider a fourth bumper oil production increase, delegates said.  Saudi Arabia and its partners have been discussing another output hike of 411,000 barrels a day for August as their base-case scenario as they seek to recoup lost market share. The video-conference was moved one day earlier because of scheduling issues, said the officials, who asked not to be identified since the change isn’t yet public.   The Organization of the Petroleum Exporting Countries has roiled markets in recent months by speeding up the return of halted output, despite faltering demand and an impending surplus. Their strategy shift is dragging crude prices lower, offering relief to consumers and playing into calls from US President Donald Trump for cheaper fuel. Eight major OPEC+ members have already agreed to restart 411,000 barrels a day in May, June and July, triple the rate they initially scheduled. Officials have said that Riyadh is eager to revive more idle production as quickly as possible to regain market share ceded to US shale drillers and other rivals. The kingdom’s pivot away from years of supply restraint aimed at shoring up crude prices has upended traders’ assumptions about what role the OPEC+ alliance will continue to play in world oil markets. Brent crude futures traded near $68 a barrel in London on Friday. The international benchmark plunged 12% last week as a tentative truce between Israel and Iran allayed fears over the threat to Middle East energy exports.    Further OPEC+ increases threaten to create a glut. Global oil inventories have been building at a brisk clip of around 1 million barrels a day in recent months as demand cools in China and supplies continue to swell across the Americas.  Markets are headed for a substantial surplus later this year,

A new analysis piece published on the U.S. Energy Information Administration (EIA) website recently, which was penned by Mickey Francis, Program Manager and Lead Economist for the EIA’s State Energy Data System, has outlined how U.S. energy use has changed since the Declaration of Independence was signed in 1776. The piece highlighted that, according to the EIA’s monthly energy review, in 2024, the U.S. consumed about 94 quadrillion British thermal units (quads) of energy. Fossil fuels – namely petroleum, natural gas, and coal – made up 82 percent of total U.S. energy consumption last year, the piece pointed out, adding that non-fossil fuel energy accounted for the other 18 percent. Petroleum remained the most-consumed fuel in the United States, the piece stated, outlining that this has been the case for the past 75 years. It also highlighted that, last year, nuclear energy consumption exceeded coal consumption for the first time ever. The analysis piece went on to note that, when the Declaration of Independence was signed in 1776, wood was the largest source of energy in the United States. “Used for heating, cooking, and lighting, wood remained the largest U.S. energy source until the late 1800s, when coal consumption became more common,” it added. “Wood energy is still consumed, mainly by industrial lumber and paper plants that burn excess wood waste to generate electricity,” it continued. The piece went on to highlight that coal was the largest source of U.S. energy for about 65 years, from 1885 until 1950. “Early uses of coal included many purposes that are no longer common, such as in stoves for home heating and in engines for trains and ships. Since the 1960s, nearly all coal consumed in the United States has been for electricity generation,” the piece said. The analysis piece went on to state that petroleum has

Subsea services firm Ocean Installer has been awarded a fast-track engineering, procurement, construction and installation (EPCI) contract by Var Energi for further development of the Balder Phase VI project for the further development of the Balder area in the North Sea. This project is part of Var Energi’s hub development strategy in the Balder area, which is centered around the newly installed Jotun floating production storage and offloading vessel (FPSO), Ocean Installer said in a news release. Ocean Installer said it will execute subsea umbilicals, risers, and flowlines (SURF) activities including the fabrication and installation of flexible flowlines and umbilicals. Financial details of the contract were not disclosed. The project is scheduled to deliver first oil by the end of 2026, reinforcing both companies’ shared commitment to efficient development of subsea tie-backs on the Norwegian Continental Shelf (NCS), according to the release. “Var Energi is a key customer for Ocean Installer and the wider Moreld group. It’s exciting to see that Ocean Installer signs a new contract within the same week that the Jotun FPSO starts producing first oil as part of the Balder Future project, in which Ocean Installer has played a key role,” Moreld CEO Geir Austigard said. The contract is called off under the strategic partnership contract entered into with Vår Energi in June 2022. It is also a continuation of a multi-year collaboration between Vår Energi and Ocean Installer in the Balder area, where Ocean Installer has been engaged since 2019, the release said. “We are happy that Vår Energi continues to place their trust in us. Subsea tiebacks have been the core of our business for 14 years, and as the NCS transitions to more marginal fields, our expertise is valuable in enabling faster and more cost-efficient developments. Working together with Vår Energi to utilize

ADNOC Drilling Company said it was awarded a contract valued at up to $800 million by ADNOC Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs. The five-year agreement is set to begin in the third quarter, ADNOC Drilling said in a news release. The contract’s scope of work supports ADNOC’s strategic goal to accelerate the development of conventional and tight reservoirs across the United Arab Emirates (UAE) and includes the design, execution, and evaluation of multistage hydraulic fracturing treatments, which will be deployed across a wide range of assets in Abu Dhabi, according to the release. Fracturing services for conventional and tight reservoirs are used to enhance the flow of oil or gas through existing natural pathways and optimize production by improving flow rates, the company said. ADNOC Drilling said it plans to “deploy advanced technologies throughout the project to maximize efficiency and performance”. Proprietary fracturing simulation software will be used to optimize every stage of the operation, increasing flow rates and overall hydrocarbon recovery. Intelligent fluid systems will adapt dynamically in real-time to reservoir conditions, improving fracture efficiency and reducing environmental impact, while automated pumping units and blending systems will enhance safety, streamline operations and reduce the need for on-site manpower, the company stated. ADNOC Drilling’s new CEO, Abdulla Ateya Al Messabi, said, “This significant contract is a powerful endorsement of ADNOC Drilling’s expanding capabilities and our trusted partnership with ADNOC Onshore. It reflects our ability to deliver high-impact, technologically advanced fracturing services that will help unlock the UAE’s energy potential. As we continue our transformation, we are proud to support the nation’s strategic energy goals and reinforce our position as a leader in integrated drilling and completion solutions”. The award “further reinforces ADNOC Drilling’s leadership in high-tech oilfield services, combining next-generation equipment,

State-owned Vietnam National Industry-Energy Group (PetroVietnam) and its international partners in Block 15-1 have signed a new production sharing contract (PSC). The new 25-year PSC paves the way for a final investment decision on the Phase 2B development in the White Lion (Su Tu Trang) gas and condensate field, which aims to deliver 125 million standard cubic feet of gas a day for seven years “to support Vietnam’s rapidly growing domestic market”, Perenco Group said in a press release Thursday. The Cuu Long Basin’s Block 15-1 is located 180 kilometers (111.85 miles) southeast of Ho Chi Minh City in waters about 47 meters (154.2 feet) deep. It started production 2003 through the Black Lion field, which holds estimated reserves of 600 million barrels of oil. Golden Lion, Brown Lion and White Lion were subsequently put into production October 2008, September 2014 and November 2016 respectively. The block reached 400 million barrels of oil production in 2022, according to PetroVietnam. “With a series of mines discovered and continuously put into exploitation, Cuu Long Petroleum Operating Company – the unit exploiting and developing projects at Block 15-1 has become the 2nd largest oil exploiter in Vietnam”, PetroVietnam said separately. Oil is processed at the Dung Quat refinery for delivery to the domestic market. The block also supplies gas to Vietnam’s Southeast region, according to PetroVietnam. “[N]ot many offshore oil and gas blocks in Vietnam possess both large-scale commercial oil and gas fields. Block 15-1 is one of the few rare exceptions”, PetroVietnam said. “Here, oil fields such as Black Lion, Golden Lion, and Brown Lion operate in parallel with the White Lion gas field – creating an integrated exploitation ecosystem, optimizing both technical infrastructure and operational efficiency”. In the new PSC, PetroVietnam owns 59 percent through Oil and Gas Exploration and Production Corp. (PVEP). Perenco

Venture Global Inc. has secured a contract with Petroliam Nasional Bhd. (Petronas) to supply the Malaysian national oil and gas company one million metric tons per annum (Mtpa) of liquefied natural gas (LNG) from its CP2 LNG project in Louisiana. The 20-year deal “builds upon Venture Global’s existing agreement with PETRONAS for 1 MTPA of LNG supply from Plaquemines LNG”, the Arlington, Virginia-based LNG developer said in a press release Thursday. “PETRONAS, a world-class partner in the LNG industry, joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project to global energy supply and security. “To date, approximately 10.75 MTPA of the 14.4 MTPA nameplate capacity for CP2 Phase One has been sold”. Separately on Thursday Venture Global said it had completed the offering of senior secured notes with a principal amount of $4 billion to pre-pay certain outstanding amounts under Plaquemines LNG’s existing credit facilities. The notes were issued in two series: $2 billion notes maturing 2034 with a 6.5 percent interest and $2 billion notes due 2036 with a 6.75 percent interest. Venture Global said it has now issued a total of $6.5 billion senior secured notes for Plaquemines LNG since the project began producing December 2024. Last month Venture Global said it had started site work at CP2 LNG after receiving final clearance from the Federal Energy Regulatory Commission. In March the Department of Energy (DOE) conditionally allowed CP2 LNG to export to countries without a free trade agreement (FTA) with the United States. The project has already secured authorization for its export volume, the equivalent of about 1.45 trillion cubic feet a year of natural gas, when it received FTA export approval April 2022. Venture Global announced full mobilization after the DOE said it has resumed issuing final