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Oil & Energy
India Power Supplies Strain as Gas Output Drops During Heatwave, Bloomberg Analysis Says
India's gas-based electricity generation dropped to a multi-year low as power demand climbed to a record 270.8 gigawatts during the summer heatwave, according to Bloomberg analysis on Monday.A sharp rise in temperatures lifted electricity use across India for four straight days last week as households increased use of air conditioners and other cooling appliances.Utilities managed daytime demand with strong solar generation, but power supplies tightened after sunset when solar output faded.Between April and May 21, gas-fired plants produced about 3.6 billion kilowatt-hours of electricity, the lowest level in at least six years, down about one-third from last year and almost half of 2024 levels, according to the analysis, citing power ministry data.Blockades tied to the Iran conflict disrupted shipments through the Strait of Hormuz, which handles about 20% of global liquefied natural gas supply, sharply reducing India's imports from Qatar and the UAE.Power producers purchased imported fuel through the Indian Gas Exchange to cover evening demand, but electricity generation from gas plants still remained weak.Grid failures and electricity shortages triggered blackouts in regions including the Indian capital, New Delhi, and the states of Uttar Pradesh and Tamil Nadu, as businesses and households struggled with extreme heat.Although gas-fired plants represent only a small share of India's electricity supply, utilities rely heavily on them during hot summer nights when solar generation shuts down.
Oil & Energy
Eni, Petroci, Vitol Approve Baleine Phase 3 to Boost Oil Output to 150,000 b/d
Eni (E), Petroci, and Vitol approved the final investment decision for Baleine Phase 3, targeting 150,000 barrels per day of oil output, Eni said Monday.The Baleine Phase 3 expansion will increase crude production to 150,000 b/d from 60,000 b/d, while gas output will rise to 200 million cubic feet per day from 80 MMcf/d, according to the company.Cote d'Ivoire Energy Minister Mamadou Sangafowa-Coulibaly attended the approval ceremony in Abidjan as Eni and its partners advanced development of the country's largest hydrocarbon discovery.The project includes a new floating production, storage and offloading unit that will help improve efficiency, increase safety standards and reduce environmental impact.Eni will use the phased development model from Baleine's earlier stages to speed up production, lower development costs and make better use of existing infrastructure.The partners will direct all gas from Baleine Phase 3 to Cote d'Ivoire's domestic market to help expand electricity generation and support industrial growth nationwide.Eni Chief Executive Officer Claudio Descalzi said the project highlights the company's fast-track development model while supporting energy security, economic growth and lower-carbon energy goals.Eni has operated in Cote d'Ivoire since 2015, where it discovered the Baleine and Calao fields and supported education, healthcare, training and local business initiatives.Price: $54.39, Change: $-0.75, Percent Change: -1.36%
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Oil & Energy
Trump Links Potential Iran Deal to Broader Regional Abraham Accords
President Trump said on Monday that negotiations with Iran were "proceeding nicely," as he called on Middle Eastern countries, including Qatar and Saudi Arabia, to join in and normalize relations with Israel as part of the Iranian peace deal.Trump said, in a social media post, that "... to try and pull this very complex puzzle together, it should be mandatory that all of these countries, at a minimum, simultaneously, sign onto the Abraham Accords.""It should start with the immediate signing by Saudi Arabia and Qatar, and everybody else should follow suit," the US President said in a post on Truth Social. " If they don't, they should not be part of this deal in that it shows bad intention."Trump said those countries would be honored to have Iran as part of the accords once a deal to end the war is reached.Crude oil prices dropped by over 5% after Trump said the peace talks with Iran to reopen the Strait of Hormuz are advancing.