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U.S. Energy Secretary to Visit Saudi Arabia, UAE next week, Officials Say

Conventional Energy, Latest, Oil, US News / By

May 10 (Reuters) – U.S. Energy Secretary Jennifer Granholm will visit Saudi Arabia and the United Arab Emirates next week to work on “climate co-operation” and other issues, two Biden administration officials told Reuters on Friday. The visit will run from Tuesday through Thursday, with Granholm visiting the UAE first, one of the officials said. …

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Oil Falls on Prospect of Higher-For-Longer U.S. Rates, Stronger Dollar

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Summary Fed’s Logan says policy may not be tight enough Dollar rises after consumer sentiment data, yen weaker Speculators cut U.S. crude oil net longs, CFTC says US drillers cut oil rig count to lowest since Nov – Baker Hughes NEW YORK, May 10 (Reuters) – Oil prices fell by nearly $1 a barrel on …

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Biden Urged to Halt Oil Exports After Terminal Approved

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Climate activists taking a page from LNG export pause playbook Deepwater oil terminal approved in April, three others pending Climate activists who successfully pushed President Joe Biden to halt new US liquefied natural gas exports are setting their sights on proposed crude oil shipping facilities, after the administration approved a massive petroleum terminal last month. …

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OPEC Switches to ‘Call on OPEC+’ in Global Oil Demand Outlook

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(Reuters) – OPEC will stop publishing a calculation of the world’s demand for its own crude in its monthly oil report, two sources close to the matter said, focusing instead on forecasts for demand for oil from the wider OPEC+ group. The change reflects what has become long-standing cooperation between the members of the Organization …

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Oil Benchmark Brent Above $84 on Perky Demand Signals, MidEast Conflict

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LONDON, May 10 (Reuters) – Global benchmark Brent hovered above $84 a barrel on Friday after data this week signalled growing demand in the U.S. and China, the world’s two largest crude users, while festering conflict in the Middle East added support. Brent futures were up 50 cents to $84.38 a barrel at 1130 GMT. …

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Oil’s Fragile Outlook Spells Weaker Prices in 2025

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Oil’s Fragile Outlook Spells Weaker Prices in 2025 Demand growth is set to cool and will be more than satisfied by a surge in supply. Bloomberg The emerging outlook for global oil markets next year suggests prices are set to come under pressure. In the past few weeks, forecasters such as the International Energy Agency have rolled out initial …

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Canada’s Pipeline Squeeze Set to Return Despite Trans Mountain Start-Pp

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(Reuters) – As Canada’s oil industry celebrates the start of the Trans Mountain pipeline expansion (TMX), some company executives and analysts are already warning that long-term production growth plans will depend on new takeaway capacity becoming available. TMX, which started commercial operations last week after years of delays, will ship an extra 590,0000 barrels per day (bpd) of …

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Oil Rises on U.S. Crude Storage Draw, China Imports Up

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Summary U.S. crude stockpiles fall, products post surprise build, EIA says China April oil imports rise 5.45% from a year ago (Reuters) – Oil prices rose on Thursday as falling U.S. crude inventories amid rising refinery intake and a rise in Chinese imports last month supported higher demand expectations for the world’s two largest crude …

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Insurance Firms Deny Chevron’s $57 Million Claim for Iran Oil Seizure

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Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated …

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Big Oil Needs to Figure Out Its Strategy, and Fast

Conventional Energy, Energy Topics & Technology, Exploration & Production, Finance, Latest, Oil, US News / By

Faced with a mixed bag of earnings, shareholders are looking for direction. Bloomberg The world’s oil supermajors wrapped up earnings season leaving investors with more questions than answers. BP Plc was last to report, missing estimates and suggesting it’ll do more deals in low-carbon energy — despite pledging to dial back renewables investments and focus on the core fossil-fuel …

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