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Kazakhstan Breaches OPEC+ Compliance. Buoyed by booming production from the Tengiz field, oil and condensate production in Kazakhstan soared to 2.12 million b/d last month, which would put crude-only output in the country some 350,000 b/d above its OPEC+ quota of 1.468 million b/d.

Libya Prepares First Upstream Auction Since 2007. Masoud Suleman, the acting chairman of Libya’s NOC, announced that the North African country plans its first exploration bidding round in more than 17 years, seeking to garner the $3 to $4 billion required to reach output of 1.6 million b/d.

China Takes Over Ecuador’s Main Field. The government of Ecuador has vowed to transfer the operation of its highest producing asset, the 75,000 b/d Sacha field, to a consortium led by China’s Sinopec (SHA:600028) as Quito seeks to reverse production declines.

Trade War Risks Depress Iron Ore. Heavily affected by the deteriorating U.S.-China trade war, iron ore futures have been declining for seven consecutive trading sessions with China's benchmark Dalian May contract dipping to ¥780 per metric tonne ($107/mt).

India Wants Billions from Reliance. India’s Petroleum and Natural Gas Ministry has raised a demand of $2.81 billion vis-a-vis the country’s largest private energy firm Reliance Industries, citing gas migration to its offshore KG D6 block from the acreage run by state-controlled ONGC.

Saudi Aramco Slashes Its 2025 Dividend. Saudi Arabia’s national oil company Saudi Aramco (TADAWUL::2222) announced that it expects to pay an annual dividend of $85.4 billion, a 30% decline year-over-year, a much bigger cut than the 12% dip in annual net profits last year.

Chinese Copper Smelters Prioritize Market Share. Chinese copper production is set to rise by 5% in 2025 to 12.45 million tonnes, squeezing smelting margins to the lowest reading ever with processing fees currently being $20 per metric tonne negative, preferring to retain market share at the expense of profit.

Iraq Rushes to Bring Kurdish Oil Back. Iraq failed to reach a comprehensive deal with international oil firms operating in the semi-autonomous Kurdistan region, agreeing on the initial volumes of 185,000 b/d but seeking to introduce a third-party consultant to oversee future transactions.

UK-based energy giant BP has announced it will cut its renewable energy investments and instead increase its investment in oil and gas production.

The company buckled under pressure from investors who were unhappy over the company’s underperformance compared to its main rivals such as Shell and ExxonMobil.

For example, BP shares have risen by 36% from the end of February 2020 until February 25, 2025. Shareholders in rivals Shell and Exxon have seen returns of 82% and 160% respectively.

As a result of the investor’s demands, BP stated that it would increase its investments in oil and gas from about $8.5bn a year to $10bn. At the same time, the company would decrease previously planned funding for renewables by more than $5bn.

BP’s capex on low carbon will be around $2bn over the next two years, which is $10bn less than previous plans. In 2023, the company expected to spend $30bn during the decade. Now it sets a limit of spending $4bn by 2030.

The firm said it plans to increase its production to between 2.3m and 2.5m bopd by 2030, with hopes of major oil and gas projects starting by the end of 2027.

BP boss Murray Auchincloss said at the company’s capital markets day event that this was a “reset” of the UK firm and that BP misplaced its optimism for a fast transition. He added that the energy giant went “too far, too fast” in its efforts to cut its oil and gas business and shift to renewable energy.

This shift has been the primary focus of the company since previous CEO Bernard Looney unveiled plans in 2020 to cut hydrocarbon production by 40% and increase spending on wind farms, solar, hydrogen, and other clean energy types.

The company also announced plans to raise $20bn by selling assets. Its 125-year-old Castrol business will be reviewed ahead of a potential sale. BP will also seek a joint venture partner for its Lightsource solar business similar to the agreement it has with Jera for its offshore wind investments.

BP’s EVP for regions, cities, and solutions William Lin stated that solar and offshore wind sectors have been affected by inflation while hydrogen investments ran into policy issues and higher costs combined with reduced customer willingness to pay.

Another savings method from BP was a plan for a staff reduction of 5%. This includes 4,700 BP staff and 3,000 contractors.

However, BP is not alone in this pivot as Shell and Equinor have also announced their plans to reduce green energy investments. The decision is partly political as US president Donald Trump announced it would be firmly behind fossil fuels with his “drill baby drill” policy. The moratorium on offshore wind in the US is also a firm sign of where Trump’s energy policies lie.

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