Hindustan Petroleum Corp. Ltd. is building an 80,000 mt underground LPG rock cavern in Mangalore, which is expected to be operational by mid-2025, company and government officials said.

Hungary has gone the other way, leveraging its ties to Moscow for economic gain. It carved out exemptions from under EU sanctions on Russian oil and doubled down on natural gas purchases from Russia. Hungary is also pressing on with the Russia-led expansion of its sole nuclear power plant.

“The benefits of expanding U.S. LNG exports have never been more clear, and I am proud to be taking action to support the American people and our allies abroad with more affordable, reliable, secure American energy,”

Furthermore, the eight countries reiterated their collective commitment to full conformity with the additional voluntary production adjustments as agreed under the 53rd JMMC meeting on April 3, 2024. T

According to Iran’s oil ministry, Qatar has already implemented pressure enhancement schemes, boosting production on Qatar’s side of the field (called North Dome).

The Boca de Jaruco field produces extra-viscous, extra-heavy oil (natural bitumen) from carbonate deposits using thermal steam methods. Zarubezhneft has quadrupled its annual production over the past five years, while the stock of production wells has remained unchanged at seven wells.

OIL Markets have been experiencing dehorning by the bears with the benchmark BRENT trading at $69.45/bbl and WTI Crude trading at $66.12/bbl. We have seen a short squeeze on Natural Gas to $4.34/mmBtu pricing as plays within the COTs Reports have had sluggish skewness pushing prices higher currently at $4.50/mmBtu.Tread cautiously as this is thin ice.

To compete globally, US must expand energy production and reduce energy costs for American families and businesses.

Global Energy Complex is still on positive gyrations with twists and turns within the ebbs and flows,Global Oil maintaining the low 70s support zone with jitters of breaks when you look at historical inventories data.

Chinese customs also reported that for the ten-month period from January to October 2024, China-Russia bilateral increased by 2.8% compared to the same period in 2023.

The Ecuadorian Ministry of Energy and Mines has announced a US$42bn investment plan to boost oil production, natural gas and the country's energy infrastructure over the 2025-2029 period.

New US President Donald Trump has declared a national energy emergency, announced the country's withdrawal from the Paris Agreement, and named cabinet-level appointees including new heads of the Department of Energy and the US Nuclear Regulatory Commission.

“The Department of State’s designations aim to reduce Russia’s oil and natural gas revenue through sanctions on operators of significant Russian crude oil production and liquified natural gas projects. We are designating the chief executive officer and members of State Atomic Energy Corporation Rosatom’s (Rosatom),” according to a State Department Fact Sheet.

Consequently, Russia will increasingly rely on China and boost energy exports, particularly crude oil and natural gas, in 2025,

Our forecast Henry Hub natural gas spot price: Nov. 2024 average: ~$2.10/MMBtu Rest of winter average: ~$3.00/MMBtu