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OPEC+ oil producers have used high summer demand to launch their first output increases in three years, but those targets have proved difficult to hit, leaving the market surprisingly tight. On paper, the world’s largest group of oil-producing countries should be pumping an extra 2.5 million barrels of oil a day in September versus March, …
Why the Oil Market is Tight Despite Big OPEC+ Output Hikes Read More »
(Reuters) – Kuwait’s oil minister Tariq Al-Roumi said on Thursday that OPEC is closely monitoring global oil supply, demand trends, and U.S. President Donald Trump’s recent remarks on Russian oil. “Through OPEC, we are monitoring the market in terms of supply and demand, and we are monitoring the U.S. President’s statements,” Al-Roumi told reporters, adding …
Kuwait Oil Minister Says OPEC Monitoring Market, Trump Remarks on Russian Oil Read More »
(Reuters) – ConocoPhillips will sell its Anadarko Basin assets for $1.3 billion, the energy producer said on Thursday, after beating Wall Street estimates for second-quarter profit. Shares of the company rose nearly 2% in premarket trade. The asset sale, expected to close at the beginning of the fourth quarter, pushes ConocoPhillips past its $2 billion non-core …
ConocoPhillips to Sell Anadarko Assets for $1.3 Bln; Profit Beats Estimates Read More »
Summary US crude inventories fall by more than expected Investors remain cautious after Trump tariffs on India Saudi Arabia raises its crude prices to Asia (Reuters) – Oil prices steadied on Thursday, paring early gains after the Kremlin announced that Russian President Vladimir Putin will meet U.S. President Donald Trump in the coming days, raising …
Oil Steadies on Potential Trump-Putin Meeting in Coming Days Read More »
U.S. President Donald Trump on Wednesday said he could announce further tariffs on China similar to the 25% duties announced earlier on India over its purchases of Russian oil, depending on what happens. “Could happen,” Trump told reporters, after saying he expected to announce more secondary sanctions aimed at pressuring Russia to end its war …
*Crude exports rise by 620,000 bpd, driving inventory draw *Gasoline stocks fall by 1.3 mlb bbls, demand above 9 mln bpd *Distillate stockpiles drop unexpectedly, down by 565,000 bbls (Updates throughout, adds market reaction) By Stephanie Kelly NEW YORK, Aug 6 – U.S. crude oil stockpiles fell last week as exports rose, while gasoline and …
US Crude Inventories Fall as Exports Rise, EIA Says Read More »
U.S. refiners are expected to continue operating above 90% of their combined production capacity of 18.2 million barrels per day (bpd) in the third quarter, said analysts contacted by Reuters. High refining margins are driving the continuing high levels of production from the second quarter into the third, but tropical storms could drive down production …
U.S. President Donald Trump’s tirade against India over trade and Russian oil purchases threatens to undo two decades of diplomatic progress, analysts and officials say, and could derail other areas of cooperation as domestic political pressures drive both sides to harden their stances. India’s opposition parties and the general public have urged Prime Minister Narendra …
India-US Spat Over Trade and Oil Threatens Wider Fallout Read More »
Summary Total prioritizes LNG projects with low liquefaction costs Tariffs raised Rio Grande construction costs Total pushing ahead with its own projects in Mozambique, PNG Aug 6 (Reuters) – TotalEnergies has decided not to invest in U.S. developer NextDecade’s fifth liquefied natural gas Rio Grande export facility in Texas or to buy LNG from its output, two …
TotalEnergies Won’t Invest in NextDecade’s Train 5 LNG Project, Sources Say Read More »
US diesel prices have surged to the highest in almost a year due to tightness in global supplies, according to Bloomberg. The national average price of a gallon of diesel has risen 7% since early June to $3.738, American Automobile Association data show. The rising cost of diesel threatens to boost inflation and cause additional …
Diesel Pump Prices Are Surging in Potential Boost to Inflation Read More »
