Exxon could invest as much as $21.7 billion if it finds oil, gas in Trinidad, energy minister says
The official spoke on Tuesday at an event in Port of Spain to sign a production sharing contract with the company that will mark its return to the country.
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Reuters
2 hours ago
- Reuters
IEA raises 2025 oil supply forecast after OPEC+ output hike decision
LONDON, Aug 13 (Reuters) - The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following a decision by the OPEC+ producer group to hike production and lowered its demand forecast due to lacklustre demand across the major economies. The IEA expects world oil supply to rise by 2.5 million barrels per day (bpd) in 2025, up from 2.1 million bpd previously forecast, the agency, which advises industrialised countries said in a monthly report. World oil demand will rise by 680,000 bpd this year, down from 700,000 bpd previously forecast, the Paris-based agency said. "The latest data show lacklustre demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote," the IEA said. Oil prices briefly extended losses after the IEA published its report at 0800 GMT. Despite higher OPEC+ production, non-OPEC producers will continue to lead world supply growth this year and next, according to the IEA. Despite lowering its demand forecast, the IEA expects global oil refining runs to approach an all-time high of 85.6 million bpd in August, it said.
Reuters
3 hours ago
- Reuters
China's solar power capacity growth to slow in H2 after pricing reforms
BEIJING, Aug 13 (Reuters) - China's new solar power capacity will slow in the second half of 2025 as reforms removing guaranteed pricing create uncertainty for new projects, though full-year additions will still likely reach a record high because of frontloading, analysts say. Slowing growth in the world's largest solar fleet is a fresh blow for solar manufacturers already struggling with massive overcapacity and a vicious price war. Global solar manufacturers, the majority of which are in China, have the capacity to make more than twice the number of panels the world will buy this year, according to an estimate from Morningstar. Through June, China has added 212 gigawatts of new solar capacity, according to data from the National Energy Administration, more than double the first-half 2024 additions. But based on that figure, the latest annual forecasts from analysts show that capacity additions are likely to roughly halve in the second half compared to last year. Analysts at Natixis expect 300 GW of new solar for 2025 in its mid-point scenario. That likely means only 88 GW will be added for the rest of the year, based on calculations deducting the first half NEA data. Fitch Solutions' BMI forecasts an annual gain of 310 GW, which would mean an expected gain of only 98 GW for the rest of the year. NEA data showed 175 GW of solar were added in the second half of 2024, part of a record annual surge of 277 GW. Power reforms introduced earlier this year removed a guaranteed rate of return for renewable energy projects, forcing projects built from June to sell power at market prices. The change creates uncertainty around the rate of return for investors accustomed to fixed pricing. Adding to the confusion, the exact market mechanisms can differ between provinces. Because of this, companies surged their new capacity into the first half of the year, with 93 GW of new additions in May, which dropped to 14 GW in June, the NEA data showed. "All of the projects were rushing to be commissioned ahead of the last window where they have basically guaranteed revenue," said Linda Zeng, senior power and renewables analyst for BMI. She believes annual additions will still be higher "because of the sheer scale of the first half. But we expect for the rest of the months that additions could be at a similar rate as June, which is not super high." From 2026, solar installations are forecast to level out around 250 GW per year, said Zeng.
Reuters
3 hours ago
- Reuters
Russia's July seaborne oil product exports down 6.6% m/m, Reuters calculations show
MOSCOW, Aug 13 (Reuters) - Russia's seaborne oil product exports in July were down 6.6% from June at 8.67 million metric tons amid planned domestic refinery maintenance and strong domestic demand, data from industry sources and Reuters calculations showed. According to Reuters calculations based on data from industry sources, Russia's offline primary oil refining capacity for July rose to a maximum year-to-date level of 4.13 million metric tons, up 26% from 3.28 million tons in June. Rising idle capacity points to decreasing fuel production and exports. Total oil product exports in July via the Baltic ports of Primorsk, Vysotsk, St Petersburg and Ust-Luga fell by 5.4% month-on-month to 4.74 million tons, data from market sources showed. Fuel exports via Russia's Black Sea and Azov Sea ports last month decreased 10.5% on a monthly basis to 3.27 million tons. Oil product exports from Russia's Arctic ports of Murmansk and Arkhangelsk last month fell 41.8% from June to 39,700 tons from 65,900 tons. Fuel export loadings at Russia's Far East ports rose 15.3% month-on-month in July to 611,000 tons as local refineries completed seasonal maintenance, data from sources and Reuters calculations showed.
