Crude Oil – Oil & Gas 360

Brazil to join OPEC+, group of major oil-exporting nations

February 18, 2025

(BOE Report) – BRASILIA, Brazil (AP) — Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit. The National Council for Energy Policy’s approval came in response to an official invitation in 2023. The group includes the 12 members

Halliburton launches its second electric TRSV following success of industry’s first

February 18, 2025

(World Oil) – Halliburton today announced the launch of the new EcoStar® electric tubing-retrievable safety valve (eTRSV). This second-generation product builds on the success of the industry’s first electric TRSV, which won the OTC Spotlight on New Technology Award in 2017. With the new EcoStar eTRSV, Halliburton solved a three-decade industry challenge by eliminating hydraulic actuations from safety valve systems.

Drone strike on pipeline could cut Kazakhstan oil exports by 30%, operator says

February 18, 2025

(Reuters) – MOSCOW – Kazakhstan’s oil exports could be cut by 30% for up to two months via its main pipeline due to damage from a Ukrainian drone attack, Russia’s state pipeline operator said on Tuesday. Monday’s attack occurred a day before U.S. and Russian officials met in Riyadh for their first talks on ending the war in Ukraine, as Kyiv and

Oil trades steady as Ukraine peace talks counter supply disruptions

February 18, 2025

(CNBC) – Oil prices were largely steady on Thursday, paring losses of more than 1% earlier in the session, as a potential peace deal between Russia and Ukraine continued to exert downward pressure, but expectations about a pause in new U.S. tariffs fueled optimism. Brent crude futures closed down 16 cents, or 0.21%, at $75.02 a barrel, while U.S. West Texas Intermediate crude (WTI) settled down 8

US Energy Secretary attacks ‘sinister’ net zero goals, singling out Britain

February 17, 2025

(Investing) – LONDON – U.S. Energy Secretary Chris Wright on Monday called a pledge to achieve net zero carbon emissions by 2050 a “sinister goal”, and criticised the British government’s attempts to hit clean energy targets. Former President Joe Biden set a target in 2021 for the United States to achieve net-zero emissions by 2050 to help fight climate change, in

Trump creates National Energy Dominance Council to expedite oil and gas flow

February 17, 2025

(World Oil) – – President Donald Trump ordered the creation of a White House council focused on steering the U.S. toward “energy dominance,” with the promise of action as soon as next week. “We have more energy than any other country, and now we are unleashing it,” Trump said Friday in the Oval Office as he signed an executive order

OPEC+ mulls over delaying supply increase amid market fragility- report

February 17, 2025

(Investing) – The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is contemplating a delay in its planned monthly supply increases, which were set to begin in April. This decision is under consideration despite the request from US President Donald Trump for lower oil prices, Bloomberg News reported. The global oil markets are currently too unstable

Trump unleashes LNG and drilling free-for-all

February 14, 2025

(Oil Price) – President Donald Trump wasted no time flexing his pro-fossil fuel stance, approving the first LNG export permit since Biden’s controversial pause last year and creating a new energy council to expand U.S. oil and gas production. The move is a sharp policy reversal and seeks to reinforce America’s position as the world’s top hydrocarbon producer. Commonwealth LNG, the

Will the bulls defend $70 oil?

February 14, 2025

(Oil Price) – This week in the crude oil market was a rollercoaster of price swings as bullish supply concerns clashed with bearish macroeconomic and geopolitical developments. The early week saw oil extend its gains on supply constraints from Russia and Iran, but prices reversed sharply midweek as rising U.S. inventories, a hawkish Federal Reserve, and renewed optimism about a resolution

Latest US sanctions on Russia throw global oil trade into disarray

February 14, 2025

(BOE Report) – Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim of western

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 2 as of this week, at 588

February 14, 2025

This week’s Baker Hughes Rig Count shows that the U.S. had an increase of 2 over last week, resulting in a total count of 588 rigs. Canada had an decrease of 4 over last week, resulting in a total Canadian count of 245 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash and the Permian

Oil prices on course for weekly gains; US trade relief helps

February 14, 2025

(Investing) – Oil prices rose Friday, on course to snap three straight weeks of losses amid relief that U.S. President Donald Trump did not immediately impose reciprocal tariffs as initially threatened. At 09:10 ET (14:10 GMT), Brent oil futures expiring in April rose 0.3% to $75.24 a barrel, while West Texas Intermediate crude futures rose 0.2% to $71.43 a barrel. Both benchmark contracts were trading

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