(World Oil) – OPEC cut forecasts for global oil demand growth slightly this year and next as President Donald Trump’s tariff onslaught takes a toll on consumption, while remaining more bullish than other forecasters. The cartel lowered demand growth projections for 2025 and 2026 by about 100,000 barrels a day (bpd), projecting an expansion of 1.3 million barrels a day
(BOE Report) – A steep drop in crude oil prices largely due to U.S. President Donald Trump’s tariffs will squeeze budgets of emerging market oil exporters, analysts said, while the potential economic slowdown could also curb any benefits for importers. Concerns about the impact of a tit-for-tat trade war on global growth and demand for oil sent Brent crude prices
(Oil Price) – Oil prices are sagging like a tired trampoline, and U.S. shale producers are feeling the bounce—just not in a good way. With WTI dancing around $60 and analysts wringing their hands over breakeven levels near $65, you’d be forgiven for assuming the shale patch was in full panic mode. But U.S. Energy Secretary Chris Wright—former CEO of Liberty
(Investing) – bp today announced an oil discovery at the Far South prospect in the deepwater U.S. Gulf of America/Gulf of Mexico. bp drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of
(Oil Price) – Last week’s price crash, which saw Brent Crude prices dip below $60 per barre, was an excessive market reaction to the U.S. tariffs, with speculators assuming there would be no growth in oil demand due to recession fears, Gunvor’s head of research Frederic Lasserre told Bloomberg. “I think the market overreacted,” Lasserre told Bloomberg in an interview, commenting on last week’s
(BOE Report) – CALGARY – Hundreds of kilometres up the Pacific coast from where Canada’s first liquefied natural gas export terminal is set to start up this summer, a monster lays dormant. Alaska has long had ambitions to ship its natural gas to international markets, but the cost and scale of such an undertaking has held it back for decades. But
(Investing) – HOUSTON – Oil prices held steady on Monday as exemptions for some electronics goods from U.S. tariffs and data showing a sharp rebound in China’s crude imports in March, were outweighed by concerns that the trade war could weaken global economic growth and dent fuel demand. Brent crude futures were flat at $64.76 at 11:19 a.m. ET (1519 GMT). U.S.
(Investing) – ABU DHABI – U.S. Energy Secretary Chris Wright said on Friday that the United States could stop Iran’s oil exports as part of President Donald Trump’s plan to pressure Tehran over its nuclear programme. The January return to the White House of Trump, who in his first term withdrew the U.S. from a 2015 nuclear accord with Tehran
(Oil Price) – BP expects to post a weak natural gas trading result for the first quarter, as well as lower gas output, as the UK-based supermajor is resetting its strategy back to core oil and gas operations. Reported upstream production in the first quarter is expected to be lower compared to the prior quarter, with oil production slightly higher and
(Oil Price) – The April market rout, which crashed oil prices into the low $60s per barrel, is creating additional fiscal challenges to petrostates and oil-producing countries heavily dependent on oil revenues, on top of any tariff-related hardships. As Brent Crude prices sank to $63 per barrel, major producers in the Gulf region, as well as Brazil and Nigeria, are looking to contain
This week’s Baker Hughes Rig Count shows that the U.S. decreased by 7 over last week, resulting in a total count of 583 rigs. Canada had a decrease of 15 over last week, resulting in a total Canadian count of 138 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Barnett, and the Haynesville regions experienced an
(Investing) – HOUSTON- At least two vessels carrying Venezuelan crude chartered by Chevron (NYSE:CVX) are now stalled in Venezuelan waters due to state oil company PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member’s buyers, two sources with knowledge of the matter said on Friday. The U.S. oil producer awaits customs paperwork to return the
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