Daily Energy Report
ADEPIC summary, India’s Russian oil imports, OPEC+ V8 decision, Russia/China sanctions, Exxon warning to EU, China LNG spoofing, China renewables curtailment, Turkey non-Russian oil, and more.
November 03, 2025
Messages from ADEPIC:
More than 200,000 people are attending ADIPEC this year. The expo is the largest energy expo on earth. It would take a person two days to go through it. The large presence of Russian and Chinese companies is noticeable.
The most important takeaways are these:
There is no energy transition, only energy addition
Demand for oil will continue to grow
OPEC: Investment of $18.2 billion is needed to meet oil demand by 2050.
Innovation is more important than regulation
AI is changing the energy industry
Here is the speech from US Energy Secretary Doug Burgum: U.S. Secretary Doug Burgum Defends Fossil Fuels, Challenges “Energy Transition” Narrative
Bloomberg: Adnoc CEO Says AI Raises Energy Investment Needs to $4 Trillion
Reuters: BP CEO Expects Non-OPEC+ Oil Supply Growth Could Decline by April
Summary
UAE energy chief Sultan Al Jaber said the global energy sector needs $4 trillion in annual investment to meet rising demand from data centers and AI. The Adnoc CEO said long-term growth will outweigh short-term supply gluts, stressing the need to expand resources and modernize power grids. Despite Brent crude falling 13% this year, producers like the UAE are boosting capacity. BP CEO Murray Auchincloss generally agrees with Jabar. He expects long-term demand growth driven by aviation and petrochemicals, urging more investment in regions like Abu Dhabi, Iraq, and Libya.
EOA’s Main Takeaway
It is now clear that we will see a two-way partnership between energy companies and IT/AI companies: One to develop AI for the energy industry, and another to provide AI companies with energy. The main theme at ADIPEC was AI. The general sentiment is that we do not know what AI will do to the energy industry on one side, and we do not know how much electricity is needed. However, some issues are very clear, such as autonomous operations to improve efficiency.
Related:
ADNOC, Masdar, XRG and Microsoft to Advance AI for Energy and Energy for AI
Chart of the Day
Reuters: India’s Russian Oil Imports Rise in October, Ship Tracking Data Shows
Summary
India’s crude oil imports from Russia rose slightly to about 1.48 mb/d in October from 1.44 mb/d in September, despite US pressure to cut purchases. However, shipments are expected to slow after November 21 following U.S sanctions on Russia’s top producers, Lukoil and Rosneft, prompting Indian refiners like Reliance, MRPL, and HPCL-Mittal to halt or reconsider Russian oil orders and seek alternatives from Abu Dhabi, the Americas, and other sources. India remains the largest buyer of seaborne Russian crude, having imported 1.9 million bpd in the first nine months of 2025, about 40% of Russia’s total exports.