Oil Daily | EU Reduces Russian Gas Imports; OPEC Plans to Restore 2.2 Million Barrels by November

【Latest Oil Policies】

The European Union aims to phase out Russian natural gas imports by 2027, avoiding a ban to achieve this goal. The EU has decreased Russian gas imports from 45% to 18% but continues to import Russian LNG. Efforts are underway to legally terminate long-term contracts with Russia’s Gazprom.

【Company News】

Warren Buffett plans to retire as CEO of Berkshire Hathaway and recommends Greg Abel as his successor. Abel, vice chairman of non-insurance operations, is poised to manage the conglomerate's significant cash reserves and investments, including a major stake in Occidental Petroleum. Abel's promotion aligns with past succession expectations.

Lundin Mining Corp. announced the Filo del Sol copper discovery as one of the largest in recent history. The deposit, located between Argentina and Chile, contains significant copper, gold, and silver reserves, with potential for high-grade open-pit mining. Copper demand is projected to rise due to the energy transition.

Shell is considering a takeover bid for BP amid BP's declining fortunes. However, Shell's CEO Wael Sawan suggests focusing on stock buybacks instead. The potential acquisition depends on BP's stock performance, while Shell reported stronger first-quarter results and plans further stock repurchases.

【Oil-Producing Countries Dynamics】

OPEC may restore 2.2 million barrels daily in supply by November, as Saudi Arabia pressures Iraq and Kazakhstan to comply with production targets. The cartel plans further rollbacks unless lagging members compensate for missed targets. This move reflects a controlled rollback of production cuts.