United States Energy Secretary Chris Wright called on European countries on Monday to stop purchasing Russian oil and gas, if they want Washington to impose additional sanctions on Moscow. In an interview for the Financial Times, the energy secretary stated that Europe should buy US natural gas and other fossil fuel products in order to fulfill the terms of the US-EU trade agreement. “We think it’s good economically for Europe. You want to have secure energy suppliers that are your allies, not your foes … The other reason is a huge goal of the Trump administration, and I believe of the EU, is to end the Russia-Ukraine war. Russia funds its war machine off oil exports and natural gas exports and if you cut off European purchase of those, it shrinks their money,” Wright commented.
Netanyahu: Israel is in war against terror on all fronts
Israeli Prime Minister Benjamin Netanyahu said on Monday that Israel is fighting a “mighty war against terror on all fronts,” after an terror attack in Jerusalem killed six people and injured 10 others. He told reporters that Israeli authorities are “encircling” the villages where the suspects, identified as West Bank Palestinians, came from. Netanyahu claimed that the Israeli police, military and intelligence forces have “thwarted hundreds” of planned attacks in the West Bank since the start of the year. He also reaffirmed that Israel intends to “destroy Hamas” in the Gaza Strip and free all remaining hostages.
Oil up over 1.5% amid Russia sanctions threat
Crude oil prices rose by more than 1.5% on Monday after United States President Donald Trump stated yesterday that he is “ready” to intensify pressure on Russia with additional sanctions, further fueling supply worries. On the other hand, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) decided to raise oil production by 137,000 barrels per day (bpd) in October The West Texas Intermediate (WTI) for October’s settlements increased by 1.78% at 2:22 am ET, going for $62.97 per barrel. At the same time, Brent for deliveries in November went up by 1.77%, selling at $66.66 a barrel.
Oil Gains as Constrained Output Hike by OPEC+ Hints at Caution
- Oil climbed after OPEC+ agreed to raise production at a modest rate, highlighting some caution from the group as the market heads into an expected surplus.
- The Organization of the Petroleum Exporting Countries and its allies will add 137,000 barrels a day in October, smaller than the increments scheduled for the previous two months.
- The market will be monitoring whether boosting production quotas will actually translate into higher exports from OPEC+, with some members facing pressure to compensate for earlier oversupply and forgo their output hikes.
Oil climbed after OPEC+ agreed to raise production once again but did so at a modest rate, highlighting some caution from the group as the market heads into an expected surplus. The hike marks the reversal of cuts that were set to remain in place until the end of 2026, and follows the rapid return of idled barrels over recent months, as the alliance abandons efforts to shore up prices in favor of reclaiming market share. Traders initially expected a pause, but OPEC+ opted instead — in an 11-minute meeting — to press ahead with its bold strategy. Brent climbed above $66 a barrel and West Texas Intermediate rose toward $63, moves that follow sharp drops at the end of last week on signs an output hike was on the way.
Prices pushed higher after Bloomberg News reported that the European Union is exploring new sanctions on Russian banks and energy companies as part of its latest measures to end the war in Ukraine.The Organization of the Petroleum Exporting Countries and its allies will add 137,000 barrels a day in October, smaller than the increments scheduled for the previous two months, but a looming glut is still hanging over the market. Early last month, the International Energy Agency predicted the surplus would reach a record next year, which Goldman Sachs Group Inc. forecasts will push Brent to the low-$50s a barrel. The global benchmark is down more than 10% this year, with President Donald Trump’s trade tariffs also weighing on the energy demand outlook. OPEC+ said on Sunday that restarting the remainder of the 1.66 million barrels of cuts would be contingent on “evolving market conditions,” and increases could be reversed. The group’s faster-than-expected return of idled barrels over recent months stunned sections of the oil market, but prices have held up relatively well following an initial slump in April.“The market had expected a bigger unwind,” FGE NexantECA Chairman Emeritus Fereidun Fesharaki said on Bloomberg Television, adding that oil could still fall below $60 a barrel into the end of the year and the start of 2026. “Until you actually see inventories building up, then there will be no impact.” FGE NexantECA Chairman Emeritus Fereidun Fesharaki believes there is a ‘serious possibility’ that oil prices could fall below $60 by the first-quarter of next year. The market will be monitoring whether boosting production quotas will actually translate into higher exports from OPEC+. Some members such as Kazakhstan are facing pressure to compensate for earlier oversupply and forgo their output hikes, while several other producers lack spare capacity. Saudi Arabia’s Crown Prince Mohammed bin Salman is visiting Washington in November to meet with Trump, indicating there could also be political considerations behind the supply decision. The US president has repeatedly called for lower fuel prices as he seeks to tame inflation. China’s stockpiling of roughly 200,000 barrels a day in recent months has helped to support demand, Frederic Lasserre, global head of research and analysis at Gunvor Group, said at the Asia Pacific Petroleum Conference in Singapore on Monday. Still, the country might not be able to absorb all of the impending market surplus, he added.
NN: What horse shit, A lot of Russian oi is stuck on tankers. Pries in the sixties is shutting in production, And sanctions on Russian and Iranian oil are coming
Trump: Ready to impose more sanctions on Russia
United States President Donald Trump affirmed on Sunday that he is ready to proceed to the second stage of adding more sanctions against Russia after its latest attacks on Ukraine.
More to come…
NN: What a Suprise
OPEC+ to raise production by 137,000 bpd in October
The Organization of the Petroleum Exporting Countries and its partners (OPEC+) announced in a Sunday statement their decision to increase oil production by 137,000 barrels per day (bpd) in October from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. In a meeting that reportedly lasted only approximately 13 minutes, the group recommitted to “a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.” The next gathering is scheduled for October 5. The decision came after OPEC+ reportedly decided not to make changes to production baselines before 2027. The group previously advocated for cuts.
Trump demands European leaders stop buying Russian oil and pressure China……Trump hits India with punishing 50% tariffs for buying Russian oil…….Hitting Venezuelan oil exports over their drug trade and starting to bomb them…… UK, France and Germany initiate ‘snapback’ sanctions on Iran over status of nuclear program…… Russian shadow tankers face Baltic, The Gulf of Finland and North sea ban in new EU crackdown
US President Donald Trump, during today’s call with Ukrainian President Volodymyr Zelenskyy and European leaders, urged Europe to take two important steps against Russia, The Guardian informs. An unnamed White House official said that Trump called for Europe to stop buying Russian oil. The US leader also, according to the official, urged European leaders to increase economic pressure on China to punish it for financing Russia’s military efforts.
Trump hits India with punishing 50% tariffs for buying Russian oil
President Donald Trump’s promised 50% tariffs on India took effect Wednesday as the United States risks blowing up a relationship considered crucial in its effort to counter the rise of China. Trump started the tariff rate at 25% but doubled it this month as punishment for India’s buying Russian oil, making it one of the highest of the many tariffs imposed during his ongoing global trade war.
Trump is Venezuelan oil exports over their drug trade and starting to bomb them
Much of Venezuela is ungoverned or ill-governed—allowing drug trafficking, illegal gold mining, and other criminal activities to spread to neighboring countries. Corrupt Venezuelans and other criminals use Venezuela’s permissive environment to generate illicit income and then move the assets to hide where they came from. U.S. agencies have taken on efforts to disrupt illicit financial transactions, including those related to drug trafficking and other criminal activities.
UK, France and Germany initiate ‘snapback’ sanctions on Iran over status of nuclear program
France, Germany and the United Kingdom moved Thursday to reimpose United Nations oil sanctions on Iran over its nuclear program, further isolating Tehran after its atomic sites were repeatedly bombed during a 12-day war with Israel. The process, termed a “snapback” by the diplomats who negotiated it into Iran’s 2015 nuclear deal with world powers, was designed to be veto-proof at the U.N. and could take effect in a month. It would again freeze Iranian assets abroad, halt arms deals with Tehran and penalize any development of Iran’s ballistic missile program, among other measures, further squeezing the country’s reeling economy. The move starts a 30-day clock for sanctions to return, a period that likely will see intensified diplomacy from Iran, whose refusal to cooperate with inspectors from the International Atomic Energy Agency, or IAEA, started the crisis. Iran will also probably emerge as a top focus of the U.N. General Assembly when it meets next month in New York.
Russian shadow tankers face Baltic, The Gulf of Finland and North sea ban in new crackdown
United States President Donald Trump’s new and threatened future secondary sanctions on Russian oil exports could significantly help to restrict Russia’s shadow fleet operations in the Gulf of Finland, some experts say. More than half of Russia’s crude exports go via the Baltic Sea, generally via hundreds of tankers with often dubious documentation – though experts say this latter aspect is making them harder to detect and not really deterring the growth of the shadow fleet, which goes on. A large share of Russian oil destined for China and India, who had been enjoying the benefits of getting cheap, albeit sanctioned Russian oil, via the Gulf of Finland. The U.S. and the EU have together so far blacklisted nearly half of Russia’s shadow fleet vessels — consisting of about 600 tankers, transporting Russian crude. Media reports say the White House is planning a fresh round of sanctions against the shadow fleet itself.
Zelensky: Russia launched 800 drones overnight…… Biggest attack yet
Ukrainian President Volodymyr Zelensky stated on Sunday that Russia launched 800 drones and 13 missiles, four of them ballistic, on his country overnight, including some set off from Belarus.Writing on Telegram, Zelensky said that the attacks killed at least two, including a child; damaged the Cabinet of Ministers building in Kiev; and hit civilian infrastructure in Odessa, Zaporizhzhia, and Safonovka, and Kryvyi Rih. “Such murders now, when real diplomacy could have begun long ago, are a deliberate crime and a prolongation of the war,” Zelensky insisted. “Washington has repeatedly said that sanctions will be imposed for refusing to talk. We must implement everything that was agreed upon in Paris. We also count on the implementation of all agreements to strengthen our air defense.”
NN: Russia launched what Ukraine called the “largest-ever” drone attack on Ukraine ever. Some Peace deal!
Iraq urges OPEC+ to revise oil quota ahead of key meeting
Iraq’s Prime Minister Mohammed Shia al-Sudani on Saturday called on OPEC+ to reconsider his country’s oil export quota, arguing it should better reflect Iraq’s production capacity.
The statement comes a day before eight OPEC+ members meet to discuss a potential increase in output, reversing previous cuts. Iraq, often criticized for overproducing, reported average exports of 3.38 million barrels per day in August and expects up to 3.45 million bpd in September. While the group has already raised production by 2.5 million bpd since April, Sudani said Baghdad is pushing for adjustments and plans to ease the entry of major oil firms like Chevron and TotalEnergies.
NN: This should get interesting
Trump: Ukraine war to end or there will be ‘hell to pay’
United States President Donald Trump warned on Friday that there will be “hell to pay” if the war between Ukraine and Russia does not end soon. Speaking from the White House, Trump emphasized that he managed to solve seven global conflicts, but the one between Moscow and Kiev “turned out to be a little bit more difficult than I thought.” However, he pledged to bring this war to an end, primarily because of the thousands of lost lives on a weekly basis. “7,813 people died last week, young soldiers, Russians and Ukrainians, not American soldiers … I want to see it stop,” he concluded.
NN: It ain’t gonna stop on its own. Putin has to be forced to stop