Proposed DOE funding will accelerate domestic chemical production WASHINGTON—The U.S. Department of Energy’s (DOE) Alternative Fuels and Feedstocks Office (AFFO) today announced its intent to fund the advancement of novel, high-impact chemical technologies. The proposed funding opportunity, Accelerating Scale-up and Pre-piloting of Emerging Chemical Technologies (ASPECT), will advance technologies for producing chemicals from alternative and waste feedstocks. In accordance with President Trump’s Executive Order Unleashing American Energy, this funding opportunity will strengthen domestic supply chains, reduce reliance on foreign imports, and accelerate American technology innovation. More than 96% of manufactured goods rely on products from the U.S. chemical sector, which directly employs more than half a million Americans. The ASPECT funding opportunity will reinforce domestic manufacturing and chemical supply chains by expanding the use of alternative feedstocks. Funding provided through ASPECT will target chemical technologies that improve performance, reduce costs, and show large market growth potential. AFFO expects to issue a notice of funding opportunity (NOFO) in August 2026, making up to $58 million available for projects that address the following topic areas: Topic Area 1: Bench ASPECT – to support the development and adoption of new technologies for producing chemicals from alternative feedstocks, moving beyond proof-of-concept to bench and pre-pilot scale. Topic Area 2: Pre-pilot ASPECT – to accelerate the development and market entry of strategically valuable, domestically produced chemicals. Following the NOFO announcement, AFFO will host an informational webinar to discuss a new, streamlined application and review process. Learn more about the topic areas, applicant eligibility and registration requirements, and the Teaming Partner List. Visit DOE eXCHANGE to view the full NOI.

PTT Exploration and Production Public Co. Ltd. (PTTEP) has completed Thailand’s first total wellhead platform reuse project by redeploying an entire decommissioned petroleum wellhead platform as a complete structure in Funan field in the Gulf of Thailand. The reuse project comes as part of PTTEP’s program to maximize value and extend utilization of wellhead platforms that remain structurally sound and safe after depleting resources at a location by redeploying the platform as a complete structure. The first implementation was carried out at the Jakrawan K wellhead platform (JKWK), in Funan field under the G1/61 Project. As part of the project, PTTEP adopted the wet-tow method to relocate the jacket, helping curb energy consumption and minimize impacts on marine life attached to the platform structure, supporting a balance between energy production and marine environmental stewardship. The topside, jacket, and selected pile sections were relocated and reinstalled for use within the same field, reducing the overall construction and installation period to only 6 months, down from about 20 months for a newly built platform.  Additionally, the approach cut construction costs by about 35–50% compared with construction of an entirely new wellhead platform. PTTEP said it expects the initiative to also reduce greenhouse gas emissions by about 3,270 tonnes of CO2e/platform by limiting the use of steel and other equipment required for construction of new platforms. PTTEP is operator of the G1/61 project (60%) with partner Mubadala Investment Co. (40%).

US President Donald Trump said the ceasefire and memorandum of understanding (MOU) reached with Iran last month is effectively over following a fresh exchange of strikes, reigniting supply concerns and sending crude prices sharply higher. Speaking alongside NATO Secretary-General Mark Rutte at the alliance’s summit in Ankara, Pres. Trump said Washington no longer sees value in maintaining the ceasefire framework with Tehran, though he left open the possibility of continued talks. He added that further US military action against Iran remains likely after strikes overnight. Stay updated on oil price volatility, shipping disruptions, LNG market analysis, and production output at OGJ’s Iran war content hub. The escalation was triggered by alleged Iranian attacks on three commercial vessels transiting the Strait of Hormuz on July 7. US Central Command said it responded with strikes on more than 80 Iranian targets, including air defense systems, command-and-control infrastructure, anti-ship missile capabilities, and over 60 Islamic Revolutionary Guard Corps (IRGC) fast boats operating in and near the strait. US Central Command described the tanker attacks as a clear violation of the June 17 agreement. Iran’s Foreign Ministry called the US strikes a breach of the MOU and said Tehran would continue to defend its sovereignty. The IRGC said it retaliated with drone and missile strikes targeting US military facilities in Bahrain and Kuwait. Authorities in both countries reported intercepting incoming projectiles, with no material damage confirmed. Trump said on July 8 the US is considering reinstating a naval blockade targeting Iranian ports and vessels. He also raised the possibility of strikes on civilian infrastructure, including electric plants and desalination facilities, as well as a potential move to take control of Kharg Island, home to the bulk of Iran’s crude export infrastructure. He said Tuesday’s strikes had reached the island but had not targeted its

In its July 7 Short-Term Energy Outlook (STEO) report, the US Energy Information Administration (EIA) said it expects global oil prices to decline as supply disruptions linked to the Strait of Hormuz ease and production recovers.  On June 18, the US and Iran signed a memorandum of understanding to end the conflict and reopen the strait, which had been largely closed since Feb. 28. The disruption to this critical oil transit chokepoint constrained global flows, driving major price volatility. Brent crude averaged $85/bbl in June, down $22/bbl from May and $32/bbl below its April peak. Prices fell below $70/bbl on July 1 as tanker traffic through the strait increased sharply, easing supply concerns. EIA now expects most shut-in crude production to return to near pre-conflict levels by yearend, with full restoration largely to be completed by first-quarter 2027.  Despite the recovery in flows, global inventories remain significantly depleted following earlier draws. EIA estimates oil inventories declined by an average of 5.1 million b/d in second-quarter 2026 and will fall by a further 2.2 million b/d in third-quarter 2026, as much of the recent tanker movement reflects previously stranded cargoes. As a result, the market is expected to remain relatively tight through most of third-quarter 2026 before shifting back into oversupply. EIA forecasts global oil consumption will decline by 1.2 million b/d in 2026, led by a 0.8 million b/d drop in non-OECD demand, particularly in the Asia Pacific. Demand is expected to rebound in 2027 as prices ease and supply normalizes, with consumption rising by 2.0 million b/d to 104.8 million b/d.  As supply growth outpaces demand, inventories are projected to build by 2.7 million b/d in fourth-quarter 2026 and by 5.0 million b/d in 2027. This shift is expected to place sustained downward pressure on prices. EIA forecasts Brent

Eni North Ganal has let an engineering, procurement, construction, and installation (EPCI) contract to a joint venture between PT Saipem Indonesia and PT Tripatra Engineers and Constructors for a floating production, storage, and offloading (FPSO) unit for the Kutei North Hub Field Development Project in Kutei basin, offshore Indonesia, about 70 km off East Kalimantan. The project execution, with an estimated duration of 48 months, includes project management, engineering, procurement of materials, fabrication, construction and installation activities, as well as commissioning and start-up of the FPSO unit. The contract is valued at about $2 billion for Saipem’s share. The Kutei FPSO project is part of the Kutei North Hub Development, which comprises a subsea development tied back to the new FPSO, a dedicated gas export pipeline to the Bontang LNG plant, and domestic gas users via the existing East Kalimantan System. Eni North Ganal is controlled by Searah Ltd., which was formed through a strategic partnership between Eni and Petronas.

US crude oil inventories for the week ended July 3, excluding the Strategic Petroleum Reserve, increased by 3.0 million bbl from the previous week, according to data from the US Energy Information Administration (EIA). At 411.4 million bbl, US crude oil inventories are about 6% below the 5-year average for this time of year, the EIA report indicated. EIA said total motor gasoline inventories decreased by 1.9 million bbl from last week and are about 6% below the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories decreased by 5.0 million bbl last week and are about 12% below the 5-year average for this time of year. Propane-propylene inventories decreased by 800,000 bbl from last week and are 29% above the 5-year average for this time of year, EIA said. US crude oil refinery inputs averaged 17.0 million b/d for the week ended July 3, which was 173,000 b/d less than the previous week’s average. Refineries operated at 95.8% of capacity. Gasoline production decreased, averaging 9.7 million b/d. Distillate fuel production decreased, averaging 5.2 million b/d. US crude oil imports averaged 5.6 million b/d, up 351,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.4 million b/d, 11.4% less than the same 4-week period last year. Total motor gasoline imports averaged 423,000 b/d. Distillate fuel imports averaged 87,000 b/d.