Commodities – Oil & Gas 360

Iran and Russia discuss boosting nuclear energy cooperation

October 9, 2025

(Oil Price)– Russia and Iran this week discussed boosting their cooperation in nuclear energy, including in building small nuclear reactors (SMRs) in the Islamic Republic, Iranian media report. Mohammad Eslami, director of the Atomic Energy Organization of Iran (AEOI), discussed nuclear energy cooperation in Tehran with Nikolai Spassky, Deputy CEO for International Relations at Rosatom, Russia’s state-owned nuclear energy company.

Carney pitches Keystone XL restart in exchange for progress on aluminum, steel

October 9, 2025

(BOE Report)– Prime Minister Mark Carney raised the prospect of reviving the Keystone XL pipeline project with U.S. President Donald Trump as part of a larger pitch on linking energy co-operation and support for Canada’s steel and aluminum sectors. A government source who was briefed on the disc aluminum, steelussions told The Canadian Press that Trump was “very receptive” to

Permian emissions fall 20% since 2022 even as output rises, new study finds

October 9, 2025

(World Oil)– Greenhouse gas emissions from the Permian Basin have declined nearly 20% since 2022 even as oil and gas production increased, according to a new analysis by S&P Global Commodity Insights. The report highlights significant progress in methane detection and mitigation technologies across one of the world’s most productive hydrocarbon regions. Between 2022 and 2024, total Permian emissions fell

Inside Europe’s energy price crisis

October 9, 2025

(Oil Price)– Energy prices for consumers across the UK rose again this month. Ofgem, the energy regulator, set the maximum annual rate for an average household for gas and electricity at £1,755 until the end of the year. The cap is now over £600 higher than when it was first introduced in 2019. Under the cap, the average price of

Russia says it is boosting oil production

October 8, 2025

(Oil Price)– Russia has raised its oil production close to the ceiling in the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said on Wednesday. “Production is growing… Just as we are unable to decrease it quickly, we are increasing it steadily. We will fulfil our quota,” Russian news agency Interfax quoted Novak as saying. Russia’s oil production in August was

OPEC+ nears its limit, leaving prices one crisis away from a spike

October 8, 2025

(Oil Price)– The OPEC+ group continues to return modest volumes of supply to the market, cautious not to sink oil prices as demand weakens after the summer. The production hikes are estimated to be lower than the headline figures suggest—some producers lack the capacity to boost output further, while others are compensating for previous overproduction. While the lower-than-planned production increases

Iraq, Exxon sign agreement to help develop oilfield

October 8, 2025

(Investing.com)– Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC’s second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Iraqi Prime Minister

Shell’s Q3 profit soars on strong trading and production

October 7, 2025

(Oil Price) – Strong gas trading, higher upstream production and liquefaction volumes, and increased refining margins are expected to boost Shell’s third-quarter earnings, the supermajor said in a trading update on Tuesday. Shell said in its third quarter 2025 update note that trading and optimization in its Integrated Gas division is expected to be “significantly higher” for the third quarter compared

Low oil prices: Saudi gift to Trump or ticking bomb?

October 7, 2025

(Oil Price)– OPEC+ yesterday agreed to yet another monthly boost in production, this time for a modest 137,000 barrels daily. Oil prices inched up, yet they remain tightly range-bound, with Brent at just over $65 per barrel following the news. On the one hand, this is good news for consumer countries—including the U.S. On the other hand, it’s bad news for

ReconAfrica advances drilling at Kavango West 1X exploration well in Namibia

October 7, 2025

(World Oil)– Reconnaissance Energy Africa Ltd. (ReconAfrica) reports that drilling operations are progressing on schedule at the Kavango West 1X exploration well in Namibia’s Damara Fold Belt. The company has set its final casing string at a depth of approximately 2,300 m, just above the targeted Otavi carbonate reservoir, and is now drilling ahead into the primary objective. President and

Zephyr Energy announces huge reserves boost, production potential in Paradox basin

October 7, 2025

(World Oil)– Zephyr Energy plc announced the results of an updated Competent Person’s Report (CPR) for its Paradox basin assets in Utah, revealing a major upgrade in reserves and resource estimates for the company’s flagship Paradox project. The report, compiled by Sproule-ERCE International Ltd., shows significant progress as the development advances toward full commercial production. According to the CPR, proved

Oil rises after OPEC+ hikes output less than expected

October 6, 2025

(Investing) – NEW YORK -Oil prices rose by about $1 on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains. Brent crude futures climbed $1.07, or 1.66%, to $65.60 a barrel by 12:52 p.m. EDT (1652 GMT), while U.S. West

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