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Outlook 2026: US onshore holds steady at sluggish rate as shale stagnates
As contradictory as it might seem, US oil output has continued to grow over the last several years, even as drilling in the shale plays has maintained a slow decline. This improbable dichotomy is a testimony to the industry’s technological prowess
The looming risks of a US-Venezuela war
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
Letter from Saudi Arabia: US-Saudi energy ties enter a new phase
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
Letter from London: Oil’s golden triangle
The interplay between OPEC+, China and the US will define oil markets throughout 2026
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
The duality of US shale
A sector beset by pessimism and pain amid price weakness contrasts with data signalling production strength and resilience
China’s oil plan comes together
The country’s rapid output growth is an example that other producers could learn from
China seizes oil security opportunity
A combination of geopolitical uncertainty and OPEC+ barrels has driven a renewed focus on building strategic oil stocks despite flagging demand
Arctic LNG comes in from the cold
Beijing now appears prepared to accept discounted Russian LNG, even at the cost of heightened sanctions risk
Fear and loathing in US LNG buildout
Overall gas optimism is blighted by concerns over lingering regulatory and infrastructure hurdles that could hamper expansion of US LNG exports, weaken security and stifle AI ambitions
US China
Shi Weijun
Beijing
10 December 2020
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Letter from China: Cautious welcome for Biden in Beijing

The Chinese government’s delayed response to the president-elect’s victory indicates wariness, but LNG trade could be a bridge to better relations

It perhaps came as no surprise when China dispensed with usual etiquette to take its time acknowledging US president-elect Joe Biden on his election win, given nearly four tumultuous years of a Trump administration that trampled decorum on numerous occasions. The belated congratulations from Beijing to Biden and his running mate Kamala Harris after days of silence represented a break with diplomatic protocol—especially since it came not from Chinese president Xi Jinping, but from a foreign ministry spokesman. “We respect the American people’s choice,” said Wang Wenbin. As congratulations go, it was not the warmest—indicative of caution in Beijing over the incoming administration. The pragmat

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