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Trump: Venezuelan oil deal will help refill US reserve
United States President Donald Trump said oil secured under a newly announced agreement with Venezuela will be used to replenish the Strategic Petroleum Reserve (SPR), which has been heavily drawn down in recent years to respond to global supply disruptions and high fuel prices. Trump said in a post on Truth Social that the "topping out" process would begin shortly, describing the crude as a "Gift from Venezuela to the People of the United States". The comments followed Trump's announcement of what he described as "THE BIGGEST OIL DEAL IN WORLD HISTORY", under which the United States, through partnerships with private companies, would secure majority control of more than 65 billion barrels of Venezuela's proven oil reserves. Trump said the agreement would more than double U.S. oil reserves, boost supply and lower fuel prices, while supporting Venezuela's economic recovery. Venezuelan interim President Delcy Rodriguez said the agreement would remain in force for 25 years and aims to increase crude production to more than 1.5 million barrels per day (bpd), while preserving national sovereignty over natural resources. Rodriguez described the accord as a "historic" agreement that would revive the economy and increase go
Energy
OPEC+ completes rollback of voluntary oil cuts
The Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed on Sunday to raise oil production quotas by around 188,000 barrels per day from September, completing the phased rollback of a layer of voluntary output cuts introduced in 2023. According to the group's statement: "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026 as detailed in the table below." Despite a series of monthly production increases this year, export disruptions caused by the wars involving Iran and Ukraine have meant much of the additional supply has remained on paper, with limited impact on global oil markets. The latest increase by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman completes the unwinding of a 1.65 million barrels-per-day voluntary production cut first agreed in 2023, when the United Arab Emirates was still part of the group before leaving OPEC in May. Although OPEC+ sources had indicated before the meeting that production increases were likely to pau
Energy
OPEC+ lifts August oil output targets
The Organization of Petroleum Exporting Countries (OPEC+) has approved a further increase in oil production targets from August, adding more supply to global markets as exports through the Strait of Hormuz gradually recover and crude prices remain under pressure. The producer group announced the decision following its latest meeting on Sunday, saying the move reflects its ongoing commitment to maintaining stability in global oil markets. "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. "The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023."Credit: OPECThe seven core OPEC+ producers - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman - have increased their combined
Energy
US permit delays threaten US$121bn in clean energy
More than US$121 billion worth of renewable energy investment in the United States is at risk as permitting delays continue to slow the development of wind, solar and energy storage projects needed to meet growing electricity demand, according to a report released by energy research firm Wood Mackenzie. The report, published on Monday, highlights the tension between President Donald Trump's push to accelerate energy infrastructure to support the rapid expansion of artificial intelligence (AI) and his administration's opposition to renewable energy development. Wood Mackenzie examined early-stage renewable energy projects valued at approximately $121 billion that face investment risks because of prolonged permitting delays. The report found that 92 gigawatts of clean energy capacity, enough to supply electricity to around 69 million homes, is now subject to heightened federal scrutiny following policy changes introduced last year. Among those changes was a Department of the Interior directive requiring senior-level approval for renewable energy permits at every stage of the process. "Since 2025, dozens of gigawatts of early-stage capacity have been cancelled or stalled across solar, wind and energy storage. However,
Energy
Iraq weighs OPEC exit over oil quota dispute
Iraq is reportedly considering leaving OPEC if they do not agree to a signicant oil supply increase. The Organization of the Petroleum Exporting Countries (OPEC) already saw the United Arab Emirates exit the group back in April, and now Iraq, the second largest oil exporter in the group, is considering the same. With an economy heavily reliant on the exporting of oil, Iraq has been significantly impacted since the U.S declared war on Iran in February, with exports reliant on the Strait of Hormuz. A spokesperson for the Iraqi oil ministry was quoted as saying a “decision will have to be made regarding whether to remain in or withdraw”, dependent on the increase of oil quotas, though later in the week clarification was issued that this “did not reflect the Iraqi government’s official position". Another senior official within the oil ministry told Reuters that the increase in quotas was a serious issue and should be given due consideration by other OPEC member nations. "Saudi Arabia and other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options," he said.

Energy
OPEC+ lifts output targets despite supply crisis
The Organization of the Petroleum Exporting Countries and allies (OPEC+) has agreed to increase its oil production targets for a fourth consecutive month, pressing ahead with plans to restore output despite an ongoing supply crisis that continues to disrupt exports from several key producers. The decision, announced on Sunday, comes as the conflict between the United States and Iran continues to restrict oil flows through the Strait of Hormuz, a critical shipping route for global energy markets. The disruption has prevented several Gulf producers from fully supplying customers since late February, creating significant challenges for the producer group. The situation has been further complicated by the departure of the United Arab Emirates (UAE) from OPEC+ after nearly six decades of membership. Seven core members of OPEC+, which include OPEC nations and allies such as Russia, have already increased their production quotas by almost 600,000 barrels per day between April and June. However, actual production has moved sharply lower as export constraints have outweighed quota increases. According to OPEC data, the group's output averaged 33.19 million barrels per day in April, down from 42.77 million barrels per day
Energy
UAE pipeline to bypass Hormuz 50% complete: ADNOC
The United Arab Emirates’ new oil pipeline bypassing the Strait of Hormuz is almost 50% complete, according to Abu Dhabi state-owned oil company ADNOC. Abu Dhabi said last week that it would fast-track the project’s construction, and is aiming for the pipeline to be operational in 2027. UAE oil exports have been disrupted since Iran began blocking the Strait of Hormuz in February. “Right now, too much of the world’s energy still moves through too few choke points,” ADNOC CEO Sultan Al Jaber told the Atlantic Council. “That is exactly why the UAE made the decision more than a decade ago to invest in infrastructure that bypasses the Strait of Hormuz, and it is why we moved ahead with our second pipeline in 2025.” “Today, it’s already almost 50% complete, and we are accelerating its delivery toward 2027.” The new pipeline would transport the UAE’s oil to the port of Fujairah, on the country’s east coast in the Gulf of Oman. The pipeline would double the UAE’s export capacity through Fujairah, the UAE has said. Its current pipeline to Fujairah can carry up to 1.8 million barrels per day. However, pre-Iran war oil flows will not resume for several months even after the strait reopens, said Al Jaber. “Even if this conf
Energy
Australia to spend A$10bn on fuel reserve
The Australian Federal government will spend A$10 billion on national fuel stockpiles, as well as setting up a fuel reserve. Prime Minister Anthony Albanese made the announcement today and confirmed that the fuel reserve would be a permanent, government-owned operation. According to a statement, “This will support an overall expansion of Australia’s onshore fuel reserves to ensure at least 50 days of fuel supply and storage of diesel and aviation fuel”, following nationwide shortages due to the ongoing war in Iran. The move comes ahead of the federal budget announcement next week. “This is aimed at making sure Australians can have more confidence in protecting our energy sovereignty not just during this crisis but going forward as well, protecting our nation's energy interests," Albanese was quoted as saying in this Reuters story. "Our fuel security reserve will focus on regional stockouts and supply constraints for essential users in the event of another supply crisis," Albanese said.
Energy
Australia, Japan deepen energy, critical minerals ties
Australia and Japan have agreed to deepen cooperation on energy and critical minerals, in a bid to reinforce supply chain resilience amid rising global uncertainties. The agreement was reached on Monday during a three-day visit by Japanese Prime Minister Sanae Takaichi, who met with Australian Prime Minister Anthony Albanese. The move follows a landmark defence agreement signed last month, as Japan signed contracts for a deal to supply Australia with warships, marking Tokyo’s most significant military export agreement since lifting its ban on such sales in 2014 Under the latest joint declaration, both countries committed to strengthening collaboration across energy, food and critical minerals supply chains, with a focus on safeguarding economic stability. "This Joint Declaration will boost our two-way trade and investment, particularly in the strategically significant sectors of critical technologies and critical minerals," the statement said. Albanese emphasised the importance of joint action in navigating global risks, stating: "Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty." "By working ⁠together, we will achieve more secure and resilient supply chai