12 Jun Energy news, commentary and analysis | Oil prices down as the market hopes the U.S. and Iran make progress in talks.
(Oilandgaspress) Iran’s top military command vowed a more severe response than before if the US launches new attacks, warning of wider regional insecurity. “Considering recent U.S. threats against Iran’s oil infrastructure, either oil and gas exports are for everyone or they will be available for no one,” the command reportedly said in a statement carried by state media
New strikes called off: President Trump cancelled planned US strikes, citing high-level talks with Iran, though Tehran denied progress towards a framework agreement. Related News
Record solar growth meant clean power sources grew fast enough to meet all new electricity demand in 2025, thereby preventing an increase in fossil generation. This was the first year since 2020 without an increase in electricity generation from fossil fuels and only the fifth year without a rise this century.
China and India, historically the largest contributors to the global rise in fossil power, both recorded a fall in fossil generation in 2025. In both countries, record clean power additions outpaced demand growth. This brought global net growth in fossil generation to a halt.
Solar power cemented its role as the dominant driver of change in the global power sector, with its record growth meeting three-quarters of the net rise in electricity demand in 2025. Solar’s rise was 18 times larger than that of gas, the only fossil fuel that increased in 2025. Global solar generation is now the same size as the total electricity demand of the EU. Related News
As electricity demand grows rapidly, driven by EVs, heat pumps, cooling systems, data centres, and industrial processes, international think tank Ember and Climate Group are joining forces to add valuable data to the global conversation. The Knowledge Partnership is built around Climate Group’s events, Asia Action Summit in Singapore (21 May), and later in the year at Climate Week NYC (20-27 September). Ember’s data expertise will inform the discussions on stage and strengthen the outcomes. Ember’s insights will focus on the energy transition, and on electrification in particular, providing analysis, context, and a data-grounded perspective to help attending governments and businesses and Climate Group’s network navigate the energy transition. Related News
Solar overtook coal generation in the US electricity mix for the first month on record in May 2026, according to official monthly and preliminary hourly generation data analysed by global energy think tank Ember. Solar supplied a record 12.8% of US electricity, while coal fell to 12.2%, its fourth-lowest monthly share ever.
In May 2026, solar generated an all-time high total of 45.5 TWh, exceeding output in May 2025 by 17% and surpassing the previous record set in July last year. This record could be broken again in the coming summer months. While total solar output typically peaks in June or July, its share of the electricity mix is often highest in April or May, when strong solar output coincides with more moderate demand before summer cooling needs increase. In May, solar also became the third-largest source of electricity in the US, behind gas and nuclear.
Coal generation hit an all-time monthly low of 39.3 TWh in April 2026. Although coal output rose slightly to 43.4 TWh in May, it remained 11% below May 2025 levels. The modest rebound was outweighed by an increase in solar generation, allowing solar to overtake coal in the US electricity mix for the first month on record. Related News
Ember finds that the gas share in the global electricity mix has fallen for the fifth consecutive year, while nearly half of the world’s gas-generating economies have already passed peak gas power generation, signalling a growing structural shift in the global electricity system.
The report finds that 61 out of 124 economies generating electricity from gas have already passed peak gas generation, including four G7 members: the UK, Germany, Italy and Japan. Gas share in the global electricity mix fell for the fifth consecutive year in 2025, declining from 23.9% in 2020 to 21.8% in 2025. While gas generation rose slightly in absolute terms, growth has slowed sharply as solar and wind increasingly meet rising electricity demand.
In 2025, solar generation grew by 636 TWh, 17 times more than gas generation, which rose by just 38 TWh. Solar alone accounted for around 75% of new global electricity demand growth in 2025, while gas contributed only around 5%.
Gas growth during 2021-2025 was around half the rate seen during 2016-2020, reflecting the diminishing role of gas in meeting new electricity demand globally. . Related News
CNPC officially released its 2025 Corporate Social Responsibility Report (CSR Report). Organized around the Company’s strategic priorities, the report details CNPC’s annual performance across economic, environmental and social dimensions in four areas: sustainable energy supply, responsible operations, people-centered employee development, and social contributions for better livelihoods.
CNPC Chairman Dai Houliang stated that the Company delivered strong results across all operations in 2025, with its business performance remaining among the top of China’s state-owned enterprises, its phased strategic goals achieved on schedule, and solid progress made in building world-class excellence, successfully concluding the 14th Five-Year Plan period. These efforts helped safeguard national energy security and reinforce the steady and positive momentum of China’s economy..Related News
As of May 28, the cumulative green power generated by CNPC’s Jilin Oilfield had surpassed 3 billion kWh. This is equivalent to reducing carbon dioxide emissions by 766,000 metric tons or planting trees on 4,453 hectares (11,003.6 acres).
In recent years, Jilin Oilfield has accelerated its transition to new energy and the rollout of new technologies. It has built an integrated energy supply system with the coordinated development of oil and gas, wind power, photovoltaics, geothermal energy, energy storage and CCUS. Its total installed new energy capacity has exceeded 1 million kW, with green power meeting over 35% of the oilfield’s on-site operational electricity needs. . Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $83.90 | Down |
| Crude Oil (Brent) | US$/bbl | $86.94 | Down |
| Bonny Light 11/06/26 CBN | US$/bbl | $96.75 | — |
| Dubai | US$/bbl | $89.88 | — |
| Natural Gas | US$/MMBtu | $3.34 | Up |
| Murban | US$/bbl | $81.98 | Down |
| OPEC basket 11/06/26 OPEC | US$/bbl | $98.07 | Up |
| At press time June 12, 2026 |
On June 1, CNPC’s first liquefied petroleum gas (LPG) first-class refrigerated storage and wharf project officially started construction in the Binhai Port Area of Yancheng, Jiangsu Province.
The project will feature three atmospheric low-temperature full-containment storage tanks, three spherical pressure tanks, 16 truck loading racks and other auxiliary facilities. Designed for an annual throughput of 1.5 million metric tons, the trial operation of the project is scheduled for November 2027. Once commissioned, it will further improve the regional clean energy supply system and significantly enhance the clean energy supply capacity in the Yangtze River Delta region, providing stable momentum for local green economic development. Related News
CNPC has significantly boosted its influence in the setting of international standards. To date, CNPC has led the development or revision of 82 international standards and advanced industrial standards, and serves as the domestic mirror committee for 13 ISO technical committees and sub-technical committees.
Committed to independent innovation, CNPC has pushed for a shift from “method-based” to “product-based” standards. In high-end tubular goods, the standard “Petroleum and natural gas industries — Ceramic lined tubing”, developed by CNPC Tubular Goods Research Institute, has effectively addressed the failure of tubular products in highly sour and corrosive oil and gas wells, filling the gap of China leading the international standard setting for oil country tubular goods (OCTG). In oil production equipment, Daqing Oilfield led the development of “Oil and gas industries including lower carbon energy — Submersible linear motor systems for artificial lift — Part 1: Submersible linear motors”, securing China’s first-ever international standard in this field. During the 14th Five-Year Plan period (2021–2025), CNPC spearheaded 47 international standards and advanced industrial standards in key areas such as plastics, rubber and equipment materials. Related News
CNPC’s Daqing Oilfield had a combined installed capacity of 3.28 million kW for its wind and solar power projects under construction and in operation, with cumulative power generation exceeding three billion kWh. All of this green electricity has been directly supplied to core production processes, including oil extraction and water injection, effectively replacing traditional energy sources and improving the energy mix. Compared with coal-fired generation of the same volume, this amount of green power is equivalent to saving approximately 900,000 metric tons of standard coal and reducing carbon dioxide emissions by around 1.66 million metric tons.. Related News
CNOOC Limited announced its operating results for the first quarter of 2026. The Company continued to increase reserve and production, while pursue effective cost control and efficiency enhancement. Net production of oil and gas and net profit attributable to equity shareholders both grew strongly.
In the first quarter of 2026, CNOOC Limited achieved a net production of 205.1 million barrels of oil equivalent (BOE), representing an increase of 8.6% year-on-year (YoY), reaching a new record high. Net production from China grew by 7.0% YoY to 140.0 million BOE. Overseas net production rose by 12.3% YoY to 65.1 million BOE. The growth was mainly attributable to the production contribution from oil and gas fields including Kenli 10-2 and the Yellowtail Project in Guyana.
During the period, the Company made 4 new discoveries and successfully appraised 12 oil and gas-bearing structures. Among them, the new discovery of Luda 16-1 demonstrated the exploration prospects of Paleogene lithological play in the Liaozhong depression. Enping 20-5 was successfully appraised, showing remarkable results of integrated rolling exploration. In terms of development and production, the Huizhou 25-8 Oilfield Comprehensive Adjustment Project and the Penglai 19-3 Oilfield 1/2/3/8/9 Block Secondary Adjustment Project have successfully commenced production, while other new projects progressed smoothly.
Driven by higher realized oil prices and increased oil and gas sales, the Company’s unaudited oil and gas sales revenue for the quarter reached approximately RMB97 billion, representing an increase of 9.9% YoY. Net profit attributable to equity shareholders of the Company was RMB39.14 billion, an increase of 7.1%YoY. The all-in cost was US$28.41 per BOE, maintaining cost competitiveness. During the period, the Company’s capital expenditures amounted to approximately RMB33.02 billion, which was mainly due to the accelerated deployment of exploration and adjustment wells, as well as the ramp-up of production capacity construction. Related News
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