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Summary Iran reaffirms commitment to nuclear non-proliferation treaty OPEC+ to announce August output hike on Sunday US tariff risks resurface as July 9 deadline looms (Reuters) – Oil futures fell slightly on Friday after Iran reaffirmed its commitment to nuclear non-proliferation, while major producers from the OPEC+ group are set to agree to raise their …
Oil Falls as Iran Affirms Commitment to Nuclear Treaty Read More »
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. “Geopolitical tensions have eased as the U.S.-mediated ceasefire between Israel and Iran continues to hold and the risk premium has evaporated, …
Barclays Raises Brent Forecast to $72 Per Barrel for 2025 Read More »
The arbitrators in a legal dispute between Exxon Mobil and Hess have reached a decision related to a major oilfield project in Guyana, according to two sources familiar with the matter. The ruling will determine whether Chevron can move forward with its $53 billion planned acquisition of Hess. The Paris-based International Chamber of Commerce, which is overseeing …
By Nicole Jao Pause on US tariffs set to end on July 9 OPEC+ expected to raise output by 411,000 bpd US crude inventories rise unexpectedly NEW YORK, July 3 (Reuters) – Oil prices fell slightly on Thursday as the possibility of U.S. tariffs being reinstated raised questions about demand ahead of an expected supply …
Oil Prices Ease on US Tariff Uncertainty Ahead of Expected OPEC+ Output Boost Read More »
By Salma El Wardany, Grant Smith, and Fiona MacDonald OPEC+ has begun discussing another 411,000 barrel-a-day production increase for August ahead of the group’s video-conference this weekend, according to delegates who asked not to be identified. Saudi Arabia and its partners have previously approved hikes of the same size for May, June and July as …
OPEC+ Discusses 411,000-Barrel Hike in August, Delegates Say Read More »
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th week in a row for the first time since July 2020, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future …
US Drillers Cut Oil and Gas Rigs for 10th Week in a Row, Baker Hughes Says Read More »
The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil …
US Imposes New Sanctions Targeting Iran Oil Trade, Hezbollah, Treasury Dept Says Read More »
(Reuters) – The budget bill the U.S. Senate passed on Tuesday and the House of Representatives is now debating for final approval would dampen development of wind and solar power, kill climate funding and boost oil, gas and coal output. Below are some details about the bill’s provisions on energy development and the environment: SOLAR, …
Trump’s Budget Bill Boosts Fossil Fuels, Hits Renewable Energy Read More »
(Reuters) – Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. WHY IT’S IMPORTANT Significant volatility in the second quarter had global benchmark Brent crude futures dropping to …
Oil Futures, Options Trade at Record Levels in Q2 as Investors Navigate Volatility Read More »
(Reuters) – U.S. net imports of crude oil rose to 4.6 million barrels per day (bpd), its highest since June 2024, data from the Energy Information Administration showed, as export tumbled due to a narrow spread between U.S. West Texas Intermediate crude and Brent. Net imports rose by 2.94 million bpd in the week to …
US Net Imports of Crude Soar Last Week to Highest in a Year, EIA Says Read More »
