Tengiz Disruption Lifts Brent Back to $65

Oil Market Dynamics - A fire at Kazakhstan's Tengiz field has led to supply disruptions, causing Brent crude prices to rise back to $65 per barrel [8] - The International Energy Agency (IEA) report may influence market sentiment, but prolonged supply issues from Tengiz could lead to further price increases [8] China Energy Sector - China's fossil-fuel power generation saw its first annual decline since 2015, with thermal electricity generation at 6.29 trillion kWh, down 1% year-over-year, despite coal output reaching a record 4.83 billion metric tonnes [3] - Power demand growth in China is slowing, with a 5% annual growth rate in 2025 compared to a 6.8% increase in 2024, while total electricity consumption surpasses that of the EU, Russia, India, and Japan combined [4] - Renewable energy sources accounted for over 60% of new installed generation capacity in 2025, bringing total installed capacity to 1,760 GW [4] Refinery Operations - China's refinery throughput reached a record high of 14.8 million barrels per day in 2025, marking a 4% increase from the previous year, driven by the expansion of private refiner Yulong and improved margins for state-owned refiners [10] Market Transactions - Mitsubishi has agreed to acquire Aethon Energy Management's Haynesville basin assets for $7.53 billion, significantly increasing its LNG equity production [5] - Equinor has discovered gas and condensate reserves of up to 28 million barrels of oil equivalent (boe) at its Sissel exploration well near the UK continental shelf [6] - Grupo Carso is set to purchase Lukoil's offshore assets in Mexico for $270 million [6] Geopolitical Developments - Syria's new government is regaining control over oil and gas fields in the northeastern provinces, consolidating approximately 100,000 barrels per day of crude output [11] - The Trump administration is working to expand Chevron's production license in Venezuela, where the company currently produces around 240,000 barrels per day [13]