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Letter from London: Oil’s golden triangle
The interplay between OPEC+, China and the US will define oil markets throughout 2026
The complex crude glut picture
The swelling crude supply story involves the key plot twists of reluctant buyers, limited oil stocks and refiners playing the long game
Alberta’s energy hub sees silver lining
US tariffs bolster Alberta’s Industrial Heartland exports to Asia
The curious case of oil-on-water
The market is facing being drowned in excess crude, but one caveat is that a large chunk is due to buyers reluctant to snap up sanctioned barrels
OPEC+ nears output targets amid unsolved riddles
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
Nigeria charts ‘just transition’ course for NOCs
OPEC Governor Ademola Adeyemi Bero argues that only by prioritising oil and gas through partnerships with IOCs and stable OPEC market management can NOCs fulfil their pivotal global role
Oil’s fragile AI trillions
Prices risk hitting $10/bl should the tech bubble burst amid worrying economic fallout
OPEC+ exposes its producers’ limits
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US sees energy dominance as strategic necessity
The Trump administration is using energy exports to strengthen political and economic ties with allies and weaken adversaries, while simultaneously exploiting those ties to open up further markets for US energy
China’s role as oil buffer stock manager
The country’s intervention in global oil markets to stabilise prices could last well into 2026
Nikki Martin, president of EnerGeo Alliance
Markets
Paul Hickin,
Editor-in-chief
18 July 2023
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Hydrocarbons are a clean fuel for 30% of the world

The Russia crisis has brought some rational thinking back into the broader energy conversation around what constitutes clean and affordable fuel

The energy debate is full of hypocrisy, and hardline approaches to sustainability that damage the oil and gas industry may serve only to be counter-productive to longer-term transition goals, says Nikki Martin, president of EnerGeo Alliance. EnerGeo, a global trade body for the energy geoscience industry, stands in the crosshairs of the oft-tense conversation around energy affordability, sustainability and security. “Energy has been such a polarising topic, but it is changed a little bit with the crisis. Ukraine and Russia are bringing energy security back to the spotlight again, said Martin in an interview with Petroleum Economist. “The phrase ‘energy security’ really fell out of favour. An

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