Oil Daily | Saudi-Kuwait Oil Discovery Boosts Energy Status Amid Venezuela Sanction Concerns

【Oil-Producing Countries Dynamics】

Greenland seeks investments in its minerals sector from any country, including China, due to hesitance from the EU and the United States. Greenland, an autonomous territory of Denmark, has granted Greenland Anorthosite Mining A/S a 30-year exploitation license, aiming for operational mining in five years.

Venezuela's Nicolas Maduro solidified power following recent elections, potentially incurring more U.S. oil industry sanctions. The opposition called for boycotts, alleging unfair elections. U.S. licenses for firms like Chevron in Venezuela are set to expire, possibly leading to further declines in oil exports.

Saudi Arabia and Kuwait announced a new oil discovery in the Partitioned Zone, enhancing energy supplier status. Saudi Arabia leads OPEC efforts to manage oil supply, while Kuwait plans significant investments to boost production capacity.

【Latest Oil Policies】

The U.S. Department of Energy resumed LNG export permit approvals, ending a freeze that stalled Gulf Coast investments. Despite trade frictions like Chinese tariffs, U.S. LNG maintains a strong position in the global market with flexible contracts and competitive pricing.

Indonesia's Pertamina considers importing U.S. oil products to reduce trade surplus, navigating tariff negotiations. The move is part of Indonesia's strategy to balance trade relations and avoid high tariffs imposed by the Trump Administration.

【Industry News】

Wildfires in Alberta have prompted evacuations and threaten oil wells, impacting oil sands production. The wildfire season in Canada could lead to production curbs amid strong winds and environmental challenges.

Global LNG demand is marked by "deep uncertainty" due to volatile pricing and geopolitical fragmentation, according to GIIGNL. U.S. LNG remains dominant, but regional dynamics diverge, affecting long-term projections and market strategies.

The offshore wind industry in Japan seeks better auction and fiscal terms to develop potential projects. Industry representatives call for extended project durations, fiscal relief, and adjustments to attract investment amidst global sector challenges.

【Company News】

Greenland Anorthosite Mining A/S plans to operationalize its anorthosite mining project in five years. The company was granted a 30-year license, with aluminum production from anorthosite promising lower emissions compared to traditional methods.

【Others】

India is poised for a surge in power demand and renewable energy build-out, potentially becoming a clean energy powerhouse. The country must boost investments to meet ambitious targets and capitalize on growth opportunities amidst urbanization and economic expansion.