Forward Intelligence
Core OPEC, OPEC+ tighten oil output in January
Improving compliance among the group and wider group is offset by production increases in outliers Libya, Venezuela and Iran
Global LNG and life in the 2030s
The buildout of LNG infrastructure and projects provides a potential anti-hero story in the next decade as the fuel provides crucial energy security, navigates market cycles and faces tricky climate questions
‘Build, baby, build’ should be Trump’s oil mantra
‘Drill, baby, drill!’ may achieve increased oil and gas production, but not as a result of increased drilling
In Depth
Hydrocarbon Processing Refining Databook 2025: Introduction
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
Hydrocarbon Processing Refining Databook 2025: Asia-Pacific
A burgeoning middle class is boosting demand for refining capacity in Asia, with China leading the way and India also with many projects underway
Hydrocarbon Processing Refining Databook 2025: Middle East & Africa
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
Hydrocarbon Processing Refining Databook 2025: Europe, Russia & CIS
EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
Hydrocarbon Processing Refining Databook 2025: Americas
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
Letters
Letter from London: Equinor’s renewable reality check
Norwegian energy company slashes spending on low-carbon sectors as transition decelerates
Letter from the US: Oil’s tin problem
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention
Letter from Iran: US sanctions cut off crude supply line
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
Letter from India: Fast-tracking a global all-energy approach
The thrum of the government’s comprehensive energy internationalism could be seen in the flurry of deals and partnerships at India Energy Week amid a mission to meet the economy’s insatiable appetite
Americas
US refiners cornered as supply options become limited
Weighed down by higher costs and lower margins, the US downstream sector is facing closures that could shrink capacity
Canada to play key role in oil supply growth
Oil sands will be complemented by conventional and shale output growth and supply opportunities improved by the Trans Mountain Pipeline, but the tariff threat remains
Latin America’s evolving crude outlook
New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
Ecuadorean election prompts oil and gas push
Both candidates head into the run-off with a near identical voting share and big plans to raise investment in the country’s hydrocarbon sector
Asia Pacific
Chinese refiners face moment of truth
Changing oil demand patterns mean different downstream economics amid switch to naphtha, LPG and other petrochemicals
US-China trade war will have limited impact
Tariffs likely to compound already weakening energy flows between economic powerhouses and lead to trade being rerouted
China may not maintain record gas demand
Gas auctions underperform, signalling a slow start to 2025 after bumper 2024
Indonesia seeks to revitalise 1m b/d oil production dream
Policy initiatives will take time to reverse declining output, and restoring investor confidence is far from certain
Thailand’s LNG readies for commercial transformation
The start of private LNG imports may trigger an evolution in the country’s policy of energy security to encompass commercial exploitation
India welcomes more US oil and gas
Refiners in India are expected to take greater volumes of US oil in the short term at the expense of Russia
EMEA
The case for easing EU gas storage rules
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
Kazakhstan’s Tengiz growth tests OPEC+ limits
The oilfield expansion provides a fresh influx of revenue but will strain its cooperation with OPEC+ and fails to mask deeper issues with the economy and investors
Azerbaijan looks to solve its midstream conundrum
The country wants to kickstart its upstream but first needs to persuade investors to foot the bill
Turkmenistan, Turkey and Iran in gas triangle
The new agreement for Turkmen gas exports via Iran marks another step in Turkey’s efforts to become regional gas hub but may have limited benefits for Tehran
Oman’s domestic gas needs raise LNG doubts
Dip in reserves amid soaring power needs raise concerns about the country’s plans for a new LNG train
Libya’s armed oil industry takeover
Booming crude production has been met with international caution after the UN’s damning assessment
Thinking small helps African LNG prospects
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
Angola eyes upstream revamp
West African producer’s national oil agency considers licensing overhaul for faster rounds
Carbon Economist
Letter on carbon: Carbon capture’s new power play
Rising power demand has boosted the prospects for CCS as some more established transition technologies come under pressure
India’s carbon market challenge
Launch of credit trading scheme likely to slip into 2026 as government grapples with complex market design challenges
Sustainability’s true meaning
Ignoring questions of sustainability will not make the problems they focus on go away
Letter on Carbon: Major commitment
The massive expansion of the Northern Lights project in Norway is the clearest sign yet that the European oil and gas companies mean business when it comes to CCS
Digital Exclusives
Nominations now open for the 2025 Women in Hydrogen 50
Honouring the trailblazing women shaping the future of hydrogen
Gulf Energy Information opens nominations for 2025 Excellence Awards
Awards celebrate global innovation, leadership and achievement across the energy sector’s people, projects, technologies and companies.
Deepwater Development Conference overview
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.