Oil Daily | Brazil's Drillship Halts Threaten Production; Iran Faces Export Challenges Due to Sanctions

【Global Oil Supply and Demand】 The European Union aims to save over $47 billion in energy imports through faster permitting of renewable projects and revised electricity tariffs. These measures may cut the energy import bill by $130 billion by 2030, but questions remain about the source of higher subsidies. The American coal industry faces significant decline as planned retirements of coal-fired power plants double in 2025. The shift to renewables and natural gas challenges coal's viability, despite grid reliability concerns. The rise of data centers further complicates the transition. Global LNG demand is set to surge by 60% through 2040, driven by Asia's economic growth and emission reduction efforts. Shell's report indicates the need for more investment to meet demand, with significant new supply expected from the U.S. and Qatar. 【Oil-Producing Countries Dynamics】 Brazil's oil regulators have temporarily halted several drillship operations, potentially impacting crude oil production growth. Unplanned stoppages previously led to a decline in production, affecting Brazil's role as a key non-OPEC supply contributor. The growing number of U.S.-sanctioned oil tankers is limiting Iran's ability to ship crude, as it competes with Russia and Venezuela for available vessels. Iranian oil exports have declined amid increased sanctions, impacting the country's oil supply chain. Europe's rising import of Russian LNG poses a concern, prompting calls for diversification with sources like Qatar. The EU plans to replace Russian gas with U.S. LNG and renewables, amid expectations of a tighter LNG market in 2025. 【Latest Oil Policies】 Trinidad and Tobago seeks to extend a U.S. license to develop a natural gas field offshore Venezuela. The license, crucial for energy security, expires in 2025. The project aims to boost regional gas supply, with first gas expected around 2027. 【Industry News】 A massive power outage in Chile disrupts copper production, affecting major operations like Escondida. Copper's role in the energy transition raises concerns over potential supply shortages, despite challenges in expanding production. 【Company News】 Petronas delays the first LNG cargo from LNG Canada to July 2025 due to weather and labor challenges. The project, a joint venture with several partners, is expected to boost Canadian natural gas prices as it redirects supply to Asia. Portugal's Galp announces a new oil and gas-condensate discovery offshore Namibia, highlighting the region as an exploration hotspot. The Mopane-3X well shows promise with good porosities and high pressures, unlocking further opportunities in the area.