AGP Executive Report

Oil Supply: Crude eased from near six-month highs on hopes of US-Iran diplomacy, but attacks and disruption around the Gulf keep supply risks elevated. A widening tanker spill has also forced more UAE beach closures. Gas Markets: European gas prices have hit a four-year high as winter supply fears grow. Indonesia says its reduced gas exports to Singapore remain within contract limits as it prioritizes domestic demand. Industry: EQT agreed to buy Range Resources in an all-stock deal valuing the combined US gas giant at more than $50 billion; it would produce over 9 billion cubic feet of gas equivalent a day. Renewables: Malaysia is ready to help develop a 300-megawatt floating solar project at Johor’s Linggiu Dam to supply Singapore, as the neighbors advance plans for a subsea power link. New Supply: Libya opened a gas field with capacity of 50 million cubic feet a day and restarted a processing unit expected to send 60 million cubic feet a day into the network instead of flaring it.

Singapore’s Energy Buildout: Singapore has unveiled a five-year plan for new power generation, grid upgrades, more solar and expanded storage as electricity demand could rise sharply by 2031. The announcement follows Indonesia’s gas export cuts; Singapore says the reduction is under 2% of daily demand but warns that weakening supply contracts could deter investment. Oil Supply Risks: Brent surged to a near six-month high after Houthi attacks on Saudi targets, then eased on Monday as traders watched for signs of regional de-escalation. The price spike is adding pressure to businesses and households. Coal Versus Storage: A proposed 1,600-megawatt coal plant in Tamil Nadu could deepen utility debt, a study warns, estimating solar paired with batteries would cost less to run over five years despite higher upfront investment. Nigeria’s Clean Power: A new $300 million fund aims to expand mini-grids and standalone solar for underserved communities and businesses.

Oil Markets: Brent climbed 3.1% to $116.72 a barrel, its highest close in nearly six months, as Middle East tensions raised fears of supply disruption. Spill Fallout: Oil from a damaged tanker has spread along the UAE coast, prompting beach closures in several emirates and cleanup efforts. Gas Security: Indonesia cut pipeline gas exports to Singapore by about 9%; the reduction is less than 2% of Singapore’s daily demand, but officials say suppliers should honor their contracts. Solar Expansion: Malaysia’s Johor state aims to add 5 GW of solar power over four to five years as data centres drive electricity demand sharply higher. U.S. Supply Response: The U.S. authorized an emergency release of up to 400,000 barrels from oil reserves to support a Louisiana refinery.

Oil Shock: Brent topped $117 a barrel, its highest since April, as fears of renewed U.S. strikes on Iran and threats to Middle East energy infrastructure stoked supply concerns. Gulf Risks: Yemen’s Houthis claimed attacks on Saudi oil sites and pipelines, while a tanker spill has prompted beach closures across several UAE emirates. Gas Security: Indonesia cut pipeline gas exports to Singapore by about 9%, redirecting supply for domestic power needs. Singapore says the shortfall is under 2% of daily demand and it can turn to LNG and other sources. New Supply: Maurel & Prom reported a gas discovery off Tanzania estimated at 200 billion cubic feet gross, with production testing expected as soon as November. Nigeria’s Oil Sector: Crude losses have fallen 82.9% since 2021, but rose to 17,600 barrels a day in the first seven months of 2026, nearly double 2025’s low. The navy also seized 132,000 litres of stolen crude. Energy Security: Global oil inventories outside China have dropped sharply during the conflict, leaving less emergency stock to absorb further supply disruptions.

Oil Shock: Brent settled at $116.72 a barrel, its highest close since April, as Houthi attacks on Saudi energy targets and fears of renewed US strikes on Iran raised supply concerns. Gulf Spill: An offshore tanker leak has prompted beach closures in Ras Al Khaimah, Umm Al Quwain and Sharjah, with UAE authorities assessing the environmental impact. Gas Security: Indonesia began cutting gas exports to Singapore by 31 billion Btu a day to prioritize domestic use; Singapore says the reduction is under 2% of demand and it has backup supplies. Power Links: A €22 billion green energy corridor linking Azerbaijan to Europe via Georgia and the Black Sea is moving into design, with its first 1.3-GW line targeted for 2032. Clean Energy: India’s Fourth Partner Energy secured ₹750 crore for a wind-solar project with 750 MWh of storage, while GK Energy won an order for 14,000 solar water pumps. Fuel Supply: The US plans to spend up to $150 million to restart refineries, while Germany has opened a sale of oil products from strategic reserves.

Oil Shock: Brent settled at $116.72 a barrel, its highest close since April, as Houthi attacks on Saudi energy infrastructure heightened supply fears. A tanker spill off the UAE prompted beach closures and cleanup efforts. The US also authorized an emergency release of up to 400,000 barrels from its Strategic Petroleum Reserve to support a Louisiana refinery. LNG Realignment: QatarEnergy signed a deal for up to 4 million tonnes of US LNG a year and is in talks for another 3 million tonnes, after Iranian strikes damaged part of its export capacity. Iraq’s Oil Sector: Chevron secured exclusive negotiating rights to take over the West Qurna 2 oil field from Russia’s Lukoil, a potential shift in control of a major asset. Energy Efficiency: Moldova began work to upgrade two hospitals as part of a €72.4 million program expected to cut energy use across 10 facilities by about 40%.

Oil Supply Shock: Brent topped $115 a barrel, a five-month high, as Houthi attacks on Saudi facilities and fears of renewed US-Iran fighting raised the risk of wider supply disruption. Gas and Winter Security: Britain expects enough gas and power this winter, but relies on costly imports; meanwhile, global gas output fell year on year in August, with Qatar’s production hit by Strait of Hormuz disruption. Ukraine’s Energy Deficit: Kyiv says it needs another €1.5 billion to protect infrastructure and prepare for winter after losing its 1.3-gigawatt internal generating capacity. UAE Oil Spill: Authorities closed beaches in Umm Al Quwain and began cleanup after a tanker spill, adding environmental risks amid regional shipping tensions. Clean Energy Investment: Scatec and the EBRD launched a $221 million platform to finance Egyptian solar, wind and battery projects, including a 1.1-gigawatt solar plant with storage. Energy Access: The US Department of Energy announced more than $48 million for tribal-led projects in Alaska, targeting reliable power and lower costs in remote communities.

Oil Supply Risks: Brent hovered near $113 a barrel after a 4% jump to a five-month high, as Houthi attacks on Saudi Arabia and reported tanker strikes in the Strait of Hormuz raised fears of wider disruption. Saudi Arabia reported two deaths in an attack on Dammam airport; Aramco evacuated staff from its Dhahran headquarters. Pump Prices: An operating problem at ExxonMobil’s Joliet refinery sent gasoline prices sharply higher across five Midwestern states, led by a 17-cent overnight rise in Michigan. LNG Expansion: Qatar’s North Field West project drew bids from at least seven contractors, advancing a plan to lift the country’s LNG capacity from 77 million to 142 million tonnes a year. Methane Rules: The European Parliament backed delaying key methane requirements for oil, gas and coal importers until 2031, citing strained markets and supply concerns. Winter Readiness: Britain’s grid operator says supplies should cover winter demand, though gas plants may be needed during cold, still periods when renewable output is low.

Oil Shock: Brent climbed above $110 a barrel as Houthi attacks hit Saudi targets and Iran reported strikes on tankers near the Strait of Hormuz, raising fears of wider supply disruption. Iran’s offshore oil stocks used for sales to China are reportedly depleted under a US blockade, though estimates of remaining reserves vary. Gas Crunch: European gas futures topped $1,050 per 1,000 cubic metres for the first time since 2022, while Asian LNG prices reached a four-year high as winter approaches and Middle East supplies tighten. Energy Security: Ukraine says key energy facilities were damaged more than 170 times in 11 days. Malaysia is finalising a gas roadmap focused on domestic resources, diversified LNG supplies and infrastructure readiness. New Supply: The UK approved the Jackdaw gas project off Scotland’s coast, citing energy security despite environmental opposition. Storage Gap: Africa attracted $13.84 billion in energy-transition investment last year, but less than 5% went to storage, even as battery prices fell sharply.

Oil Shock: Brent held above $110 a barrel as Houthi attacks in Saudi Arabia killed two people at an oil field and raised fears for regional supplies. Shipping risks are spreading beyond the Strait of Hormuz, though Middle East oil exports have recovered to above pre-war levels by rerouting more cargoes through alternative pipelines and ports. UK Gas: Britain approved the controversial Jackdaw North Sea gas field, with the government citing energy security and jobs; climate groups warned the project would prolong fossil-fuel dependence. Heating Costs: The US will release 315,000 barrels from its Northeast heating-oil reserve as prices hit records, but analysts say the temporary loan may offer limited relief. Energy Trade: France secured a gas supply deal with Qatar during President Emmanuel Macron’s Gulf visit. Dangote Industries also bought a 25% stake in Kenya’s petroleum pipeline network, part of a wider push to expand fuel distribution across Africa.

Oil Shock: Brent crude climbed above $111 a barrel before easing on hopes of diplomacy and a U.S. heating-oil reserve release, but Middle East supply risks remain high. The IEA sees little chance of oil-market conditions normalising next year. North Sea: The UK approved drilling at the controversial Jackdaw gas field, citing energy security; the government is reportedly minded to reject the Rosebank oil field, arguing most of its output would be exported. Oil Diplomacy: The U.S. is courting India’s Reliance to refine more Venezuelan crude, as Secretary of State Marco Rubio visits the Jamnagar refinery and seeks to reshape energy trade. Gas Security: Azerbaijan has begun offshore construction on a Shah Deniz project expected to deliver an additional 50 billion cubic metres of gas over its lifetime, boosting supplies to Europe via a route that bypasses Russia. Clean Energy: Malaysia’s MRT Corp and utility TNB plan to explore solar power and efficiency upgrades for rail infrastructure, while an Indian solar-plus-battery deal will supply 21 MW to auto plants.

Oil Shock: Brent climbed above $110 a barrel as tanker attacks and threats to Saudi energy sites heightened supply fears. The IEA sees little chance of oil markets returning to normal next year. India’s Supply Shift: US Secretary of State Marco Rubio urged India to buy more US energy and discussed having Reliance refine Venezuelan crude, as Washington and New Delhi pursue a trade deal and energy-security cooperation. Europe’s Gas Squeeze: European gas prices reached their highest levels since 2022, with LNG prices at more than three-year highs and storage concerns adding pressure ahead of winter. Ukraine’s Grid: Russian strikes hit energy infrastructure in Kyiv and other regions, causing outages as attacks on the country’s power system continue. Transition and Supply: Türkiye says it aims to meet about 70% of its energy needs with renewables by 2040. In Libya, the Bouri gas project is starting up, with recovered gas set to supply domestic power and support exports to Italy.

Oil Shock: Crude surged to five-month highs, with Brent above $111 a barrel as attacks on shipping and threats around the Strait of Hormuz stoked supply fears. Houthi claims of strikes on Saudi energy sites added to concern, though the claims have not been independently verified. A US waiver on some Russian oil sanctions has offered only a potential counterweight; higher crude threatens to push fuel costs up further. Energy Diplomacy: During a visit to India, US Secretary of State Marco Rubio urged Reliance to refine more Venezuelan crude, as Washington and New Delhi discuss energy diversification and a trade deal. War on Energy Infrastructure: Russia continues striking Ukraine’s energy system, raising winter supply concerns; Kyiv says it is open to an energy truce if supplied with enough interceptor missiles. Winter Bills: Dutch gas storage reached 65.5% after the government lowered its target to the EU minimum of 64%. In the UK, households face mounting energy debt, while eligible Scottish households are due a £150 bill discount this winter.

Oil Markets: Brent slipped to about $109 a barrel as traders weighed a US waiver of some Russia-related sanctions against fresh Middle East supply threats, including attacks around the Gulf. Ukraine’s Winter Risk: Russian strikes damaged more than 10 energy facilities in one night, leaving at least 550,000 households without power as Kyiv races to repair its grid before winter. New Supply: Equinor reported an oil and gas discovery in Norway’s Oseberg area, estimated at 19 million to 50 million barrels of oil equivalent, with a possible tie-in to existing facilities. Power Shift: AEP, Amazon and X-energy will study a 960-megawatt small-reactor project in Indiana; separately, China’s Inner Mongolia says its energy storage capacity topped 25 gigawatts, the world’s largest. African Industry: Nigeria’s local-content initiatives have retained more than $10 billion in the economy and supported over 50,000 oil-sector jobs, according to the NCDMB.

Oil Shock: Brent slipped to about $108 a barrel after Washington waived new Russian energy sanctions, but risks remain acute: Persian Gulf oil exports fell to 8.5 million barrels a day last week, less than half the prior week’s pace, as tanker traffic slowed and a vessel struck a mine in the Strait of Hormuz. War and Energy: Ukraine and Russia traded attacks on energy infrastructure, including Ukrainian drone strikes on Russian oil facilities and Russian strikes on Ukrainian power sites. Houthi threats against Saudi oil facilities add to concern over supply security. Gas Supply: Eni and Libya’s National Oil Corporation have started commissioning a project to capture gas previously flared at the offshore Bouri field. It could add about 700 million cubic metres of gas a year for domestic power generation and exports to Europe. Storage and Infrastructure: BYD says it has delivered more than 650 battery-storage projects and is expanding its global service network. In the US, the administration pledged up to $42 million for permitting and pre-construction work on a proposed Northeast gas pipeline. Europe’s Energy Policy: The European Commission said it has no plans to resume Russian gas imports, despite reported US proposals to revive pipeline supplies.

Oil and Supply Risks: Brent fell to about $108 a barrel after President Trump paused some Russia sanctions, but Iran says another tanker caught fire after hitting a mine in the Strait of Hormuz, a route that normally carries about a fifth of global oil. War on Energy Infrastructure: Ukrainian drones set fires at oil sites in St. Petersburg, while President Zelenskyy said Russia had attacked Ukraine’s energy sector 76 times since the ceasefire call. Australia’s Energy Buildout: Queensland shortlisted four bidders for 400MW of new gas-fired capacity by 2032, with proposals exceeding 4GW. Atmos also bought two operating solar farms totaling 126MWp, while work on Woodside’s Scarborough gas project was paused after a Greenpeace protest. Kirkuk Operations: BP has become strategic partner in a new authority managing four Iraqi oil and gas fields, with targets of 450,000 barrels of oil and 500 million cubic feet of gas a day.