Norway's state oil company Equinor reported nearly doubled profits of $11.5bn in Q2, exceeding predictions, driven by increased oil and gas production and soaring prices due to the war against Iran and a blockade in the Strait of Hormuz.
Abu Dhabi's National Oil Company (ADNOC) will invest $6.2 billion to develop the offshore Umm Shaif Gas Cap, aiming to expand natural gas production and LNG exports. This project, expected to begin production by 2030, is crucial for strengthening UAE's energy security and global market position amidst Middle East disruptions.
Adura urges UK government approval for Jackdaw gas production to avert winter shortages. Environmentalists oppose it due to climate change concerns. The project faces regulatory hurdles after a court ruling.
The International Energy Agency (IEA) has revised its forecast for Russian gas production in 2026, slightly lowering it to 683 billion cubic meters (bcm) from the previous estimate of 687 bcm. The agency also projects Russian gas production to be 683 bcm this year, up from 663 bcm in 2025.
Qatar anticipates restoring normal LNG production within weeks as US-Iran peace negotiations show progress, aiming to reopen the Strait of Hormuz and ease global gas market pressures.
China's crude oil production rose 1.1% to 91.31 mln metric tons in January-May 2026. However, crude oil processing volumes in May fell 9.1% year-on-year. Natural gas production increased 1.7% in the same period, while coal output declined.
Indonesia aims for 612,500 bpd oil and 5.469 million standard cubic feet of gas daily next year. Meanwhile, the EBRD forecasts slower growth in developing markets due to high energy costs and supply chain disruptions from the Middle East conflict.
The Aberdeen South by-election on June 18 is a pivotal contest on North Sea oil politics. Reform UK and Scottish Conservatives are campaigning on reviving oil and gas production, challenging the SNP's net zero commitments. The outcome could signal a wider debate on the economic burden of net zero ahead of a UK general election.
China's oil and gas production increased by 1.3% and 2.7% respectively in January-April 2026. However, oil refining saw a 0.5% decrease. Russia remains China's top energy supplier, with oil imports down but LNG and Power of Siberia pipeline gas up.
Gas production in 2026 is expected to rise to 688.4 bcm
Norway’s energy minister says country has a ‘responsibility’ to address shortfalls caused by wars in Ukraine and Middle EastIn case of any doubt about Norway’s commitment to maintain – and expand – its production of gas and oil offshore, the energy minister, Terje Aasland, has a pithy response: “We will develop, not dismantle, activity on our continental shelf.”This week, to the alarm of environmental campaigners, he announced that three gasfields off the country’s southern coast would reopen by the end of 2028 – nearly three decades after they closed – to meet a shortfall caused by the impact of the war in Ukraine and disruption to supplies from the Middle East. Continue reading...
Despite claims of energy independence, the US faces rising gasoline prices and global energy market disruptions due to the Iran conflict, highlighting its vulnerability to international supply chain issues and the need for demand reduction.
