Norway defies expectations: oil output tops forecasts, hits 1.722 mn bpd in May
Norway’s offshore oil industry continued to outperform expectations in May, with crude production once again exceeding official forecasts despite easing from April’s exceptionally strong output, underscoring the Nordic country’s role as one of Europe’s most dependable energy suppliers during a period of heightened geopolitical uncertainty.
Preliminary data from the Norwegian Offshore Directorate (NOD) showed crude oil production averaged 1.722 million barrels per day (bpd) in May, down from 1.952 million bpd in April but still 7.2 percent above the government’s forecast of 1.607 million bpd.
Natural gas production averaged 303 million cubic meters per day, broadly in line with expectations but below April’s level.
Qatar to resume normal lng production within a few weeks
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said the Gulf state would resume normal liquefied natural gas production within a few weeks. Qatar gas plant blast kills 13, including Pakistani nationals, injures dozens: energy minister. Establishing a hotline between the US and Iran is essential to reopen the Strait of Hormuz, he told. QatarEnergy suspended LNG production after the US and Israel launched their war on Iran on February 28 following a drone attack on its huge Ras Laffan plant.
Milk production slows to 4pcl
Raw milk production in India is expected to slow to 4 percent this fiscal, down from a 5 percent compound annual growth rate between FY20 and FY25, as El Niño-linked weather disruptions and rising fodder costs weigh on cattle yields. Yet organised dairy companies are projected to grow revenues by 13-15 percent, up from around 11 percent last year, highlighting how branded processors are increasingly relying on pricing and higher-value products rather than milk volumes to sustain growth.
For organised dairies, the challenge this year is likely to be securing enough milk rather than finding consumers. While weather-led disruptions are constraining supply, resilient demand for everyday dairy products, phased price increases and faster growth in value-added offerings are expected to keep revenue growth well ahead of milk production. The shift underscores how organised dairies are becoming increasingly dependent on product mix and branding, rather than milk volumes alone to drive growth.
IGC forecasts decline in global wheat production
The International Grains Council (IGC) in its June update forecasts global wheat production in the 2026/27 marketing year at 821 million tonnes. This represents a decline of around 3 percent year-on-year, reflecting expected lower output across several key producing regions.
According to the outlook, the initial 2026/27 wheat balance appears somewhat tighter as production is projected to fall while consumption continues to rise. The Council notes that demand growth is expected to persist, contributing to a gradual tightening of global wheat availability.
IGC highlights weather as a key uncertainty, particularly the ongoing El Niño event, which is expected to strengthen in the second half of the year. This increases the risk of yield volatility, especially in major Southern Hemisphere producers where a significant share of global wheat output is concentrated.
At the same time, some country-level forecasts have been revised upward. Russia’s wheat production outlook was raised to 89 million tonnes from a previous estimate of 87.9 million tonnes, although this revision does not offset the broader global downward trend.
The Council stresses that the forecast remains preliminary at this stage and may change depending on weather developments and input cost dynamics. Fertiliser affordability and production costs continue to be a concern, although recent easing in input prices has provided some relief to producers.
China: renewable energy and coal consumption
China’s latest five-year energy plan confirms two seemingly contradictory positions: it will continue to be the world’s leader in both renewable energy and coal.
The trick is to view China’s plans to massively expand renewable power while keeping coal production and consumption around record levels through the prism of energy security.
China’s industrial leadership in renewables coupled with its vast domestic coal reserves and mining system is seen by as a way of reducing reliance on imports such as crude oil and liquefied natural gas.
It is said that the world’s biggest energy consumer, expects to generate half of its electricity from non-fossil fuel sources by 2030, up from a 42.3 percent target for 2025.
This will be achieved by increasing wind and solar generation to more than 50 percent of installed capacity, or 2,700 gigawatts (GW), an increase from 47 percent as of the end of last year.
US uranium production gains again
US mines produced 1,388,000 pounds U3O8 (534 tU) in 2025, up from 677,000 pounds U3O8 in 2024. The 2025 figure was the highest since 2016’s production of 2,545,000 pounds, according to the government agency’s Domestic Uranium Production Report, released on 23 June. Production was from one underground mine and seven in-situ recovery operations – the same as in 2024 – with some production from “other sources” of uranium, which the Energy Information Administration (EIA) says could include mine water, mill site cleanup and mill tailings, and well field restoration.
Uranium exploration and development drilling activities in 2025 were at their highest levels since 2013 for number of holes drilled and for total footage drilled, the EIA reported. Although at the end of 2025 only one conventional uranium mill – Energy Fuels’ White Mesa Mill in Utah – was in operation, two remained on standby (the Shootaring Canyon Uranium Mill in Utah and the Sweetwater Uranium Project in Wyoming), while the Sheep Mountain heap leach facility in Wyoming had reached a partial permitting and licensed stage.