The International Energy Agency says the kingdom exceeded its output quota by about 700,000 barrels a day. The most surprising part of the International Energy Agency’s latest monthly outlook isn’t its demand forecast, which remains pessimistic, but rather what it says about how much oil an OPEC+ stalwart pumped last month. Traditional production quota cheats …
World oil market may be tighter than it looks, IEA says IEA sees 2025 demand growth slowing to 700,000 bpd Raises 2025 supply forecast after OPEC+ hike Says price indicators suggest tighter physical market (Reuters) – The world oil market may be tighter than it appears despite a supply and demand balance pointing to a …
World Oil Market May be Tighter Than it Looks, IEA Says Read More »
By Grant Smith OPEC reinforced its view — an outlier even within the petroleum industry — that global oil consumption will keep increasing to the middle of the century. Demand will grow by roughly 19% to reach almost 123 million barrels a day by 2050, the Organization of the Petroleum Exporting Countries said in a …
OPEC Fortifies Outlier View That Oil Demand Will Grow to 2050 Read More »
By Kevin Crowley and Nathan Risser Chevron Corp. is reducing local and regional business units in favor of a more centralized model to improve performance and cut as much as $3 billion of costs by 2026. A single offshore division will operate assets in the US Gulf, Nigeria, Angola and Eastern Mediterranean while shale assets …
Chevron Shifts From Local to Centralized Hubs to Cut Costs Read More »
Summary Brent, WTI rise after 2% loss in previous session IEA describes tight market despite flagging surplus for 2025 Summer travel demand propping up prompt market Trump says he will make a major statement on Russia on Monday (Reuters) – Oil prices edged up on Friday, as investors weighed a tight prompt market against a …
Oil Edges Higher as Investors Weigh Market Outlook Read More »
(Reuters) – U.S. natural gas futures climbed on Thursday on a smaller-than-expected storage build, rising gas flows to liquefied natural gas export plants and forecasts for hotter-than-normal weather over the next two weeks than previously expected. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 10.3 cents, or 3.2%, to $3.317 …
US Natgas Prices Climb 3% on Small Storage Build, Rising LNG Export Flows Read More »
*Trump budget sharply reduces planned spending of SPR purchases *Emergency stocks at 56% of capacity *Trump has vowed to fill storage ‘right to the top’ By Ron Bousso LONDON, July 10 – U.S. President Donald Trump’s signature budget bill slashed funding for refilling U.S. emergency oil reserves, violating his previous vow to fill them “right …
Trump’s Flip-Flop on Emergency Oil Reserves Has its Merits Read More »
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures narrowed on Thursday to its tightest discount this month. WCS for August delivery in Hardisty, Alberta, settled at $10 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.15 a barrel on Wednesday. * Thursday’s WCS …
Discount on Western Canada Select Narrows to $10 a Barrel Read More »
Monumental Energy’s second workover at the Copper Moki-1 (CM-1) oil and gas well will restore oil and associated gas production from the well in New Zealand’s Taranaki Basin.
EOG Resources “is basically out of Tier 1 Karnes [County, Texas] inventory” for oily Eagle Ford wells, Roth analyst Leo Mariani said. In the Permian Basin, “EOG may only have a few years left of Tier 1 Permian inventory.”
