Author: Reuters

Oil prices held firm in early trading on Tuesday as market participants assessed risks stemming from Ukrainian drone strikes on Russian energy sites, mounting U.S.-Venezuela tensions and mixed expectations for U.S. fuel inventories. Brent crude futures…

Venezuela’s President Nicolas Maduro is running out of options to step down and leave his country under U.S.-guaranteed safe passage, following a short call with U.S. President Donald Trump last month where Trump refused a series of requests from…

The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Monday. WCS for January delivery in Hardisty, Alberta, settled at $12.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock,…

The outcome of Sunday’s OPEC+ meeting marked a turning point, state TV Al Ekhbariya reported, citing Saudi Energy Minister Prince Abdulaziz bin Salman on Monday. OPEC said the OPEC+ group had approved a mechanism to assess members’ maximum …

At first glance the decision by OPEC+ to leave oil output levels unchanged for the first quarter of next year could be viewed as confirmation the exporter group is concerned about a looming crude supply glut. It was widely expected that the eight membe…

U.S. President Donald Trump confirmed on Sunday that he had spoken with Venezuela’s Nicolas Maduro, but did not provide details on what the two leaders discussed. “I don’t want to comment on it. The answer is yes,” Trump said wh…

OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world&#…

OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world&#…

OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world&#…

Russia’s foreign ministry said on Sunday that Ukrainian attacks on oil tankers and Caspian Pipeline Consortium (CPC) infrastructure in the Black Sea were “acts of terrorism” that threaten freedom of navigation in the region. The CPC, …

U.S. President Donald Trump said on Saturday that the airspace above and surrounding Venezuela should be considered “closed in its entirety”, but gave no further details as Washington ramps up pressure on President Nicolas Maduro’s go…

U.S. President Donald Trump said on Saturday the airspace above and surrounding Venezuela should be considered “closed in its entirety”, without giving details, as Washington continues to ramp up pressure on President Nicolas Maduro’s…

U.S. oil production rose to a record high in September, data from the Energy Information Administration (EIA) on Friday showed, despite oversupply worries. Oil production in the U.S. has continued to hit record highs this year despite a weak price envi…

U.S. oil production rose to a record high in September, data from the Energy Information Administration (EIA) on Friday showed, despite oversupply worries. Oil production in the U.S. has continued to hit record highs this year despite a weak price envi…

U.S. oil production rose to a record high in September, data from the Energy Information Administration (EIA) on Friday showed, despite oversupply worries. Oil production in the U.S. has continued to hit record highs this year despite a weak price envi…

Oil prices are projected to remain under pressure in 2026, as swelling supplies eclipse modest demand growth, while geopolitical risks could cap deeper losses, a Reuters poll showed on Friday. The survey of 35 economists and analysts forecast that Bren…

Brent crude oil futures rose on Friday as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated, while traders kept one eye on the outcome of an OPEC+ meeting on Sunday for clues about potential output changes. However, U.S. West Texas …

Russia’s Urals oil price discount to global benchmark Brent widened by six percentage points this month to 23%, Russian central bank said on Thursday it its review. The discounts, though less severe than those seen after the initial wave of Weste…

Ukraine’s and the U.S. negotiating teams will meet soon, Foreign Minister Andrii Sybiha said on Thursday, adding that Kyiv would focus on specific steps in peace proposals. “Our expectations are concrete results. Concrete results so that pr…

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks, with oil rigs dropping to a four-year low, energy services firm Baker Hughes said in its closely followed report on Wednesday. The oil an…

Britain will allow some new oil and gas production on or near existing fields, the government said on Wednesday, easing its stance on new licences while dashing oil and gas producers’ hopes for an early end to windfall taxes on their sector. From…

GOLDMAN SACHS: * ESTIMATE DOWNSIDE RISKS TO CRUDE PRICES, AND ESPECIALLY REFINED OIL PRODUCT PRICES, IF SANCTIONS ON RUSSIA’S OIL SECTOR WERE TO BE LIFTED * SAYS ITS BASE CASE STILL ASSUMES A STATUS QUO FOR SANCTIONS ON RUSSIAN OIL, AN EXTENSION …

BP’s 440,000-barrel-per-day oil refinery in Whiting, Indiana, has returned to normal operations following a planned maintenance turnaround in September and a fire in October, two sources said. The largest refinery in the U.S. Midwest returned to …

U.S. crude stocks climbed as imports rose to an 11-week high, the EIA said on Wednesday, while fuel inventories also increased as refining activity ticked higher. Crude inventories climbed by 2.8 million barrels to 426.9 million barrels in the week end…

A Reliance Industries joint venture will invest $11 billion over five years to develop 1 gigawatt of AI data capacity in the southern Indian state of Andhra Pradesh, the companies and the state’s government said on Wednesday. Canadian multination…

Oil prices recovered slightly on Wednesday, after dipping to one-month lows in the previous session amid signs that Ukraine is nearing a peace deal with Russia that would likely lead to the end of international sanctions on Russian supply. Brent crude …

Igor Sechin, one of the most influential men in Russia’s energy sector, said on Tuesday that sanctions imposed by the United States, European powers and their allies on Russia and China will trigger an economic crisis in the West. The West has sl…

Oil prices eased on Tuesday as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. Brent futures fell 27 cents, or 0.4%, to $63.10 a bar…

BP’s Olympic Pipeline system remained shut on Monday as the company and authorities investigated a fuel leak near Everett, Washington, while airlines activated contingency plans to limit disruptions during the busy Thanksgiving travel week. The l…

Revenue from energy production on U.S. public lands and waters fell 11% in the latest fiscal year to $14.61 billion, the Interior Department said on Monday, citing lower prices for commodities like oil. WHY IT’S IMPORTANT The total was the lowest…

The United States on Monday formally designated Cartel de los Soles a foreign terrorist organization, layering additional terrorism-related sanctions on the group it has said includes Venezuelan President Nicolas Maduro and other high-ranking officials…

The United States on Monday formally designated Cartel de los Soles a foreign terrorist organization, layering additional terrorism-related sanctions on the group it has said includes Venezuelan President Nicolas Maduro and other high-ranking officials…

U.S. ENERGY INFORMATION ADMINISTRATION: * SAYS ALTHOUGH NATURAL GAS GENERATION STILL PROVIDES MORE ELECTRICITY THAN ANY OTHER SOURCE IN CALIFORNIA, ELECTRICITY GENERATION FROM NATURAL GAS HAS DECREASED OVER THE PAST SEVERAL YEARS WHILE GENERATION FROM …

U.S. ENERGY INFORMATION ADMINISTRATION: * SAYS ALTHOUGH NATURAL GAS GENERATION STILL PROVIDES MORE ELECTRICITY THAN ANY OTHER SOURCE IN CALIFORNIA, ELECTRICITY GENERATION FROM NATURAL GAS HAS DECREASED OVER THE PAST SEVERAL YEARS WHILE GENERATION FROM …

JPMorgan forecast on Monday Brent crude at $57 a barrel and West Texas Intermediate (WTI) at $53 in 2027, while keeping its 2026 estimates unchanged at $58 and $54 respectively. Brent crude futures were trading around $62.54 a barrel as of 1434 GMT, wh…

JPMorgan forecast on Monday Brent crude at $57 a barrel and West Texas Intermediate (WTI) at $53 in 2027, while keeping its 2026 estimates unchanged at $58 and $54 respectively. Brent crude futures were trading around $62.54 a barrel as of 1434 GMT, wh…

Oil prices took a breather on Monday after last week’s fall of about 3%, as investors weighed the chances for a U.S. rate cut against the prospect of a Russia-Ukraine deal that could free up more Russian supply through an easing of sanctions. The…

Oil prices eased on hopes for a U.S.-brokered Ukraine ceasefire, but diesel spreads remain stubbornly high as the war keeps global supplies squeezed with little sign of relief. Crude oil prices have dropped by around 1.2% since the November 20 announce…

Despite the U.S. government souring on the global climate agenda ahead of the COP30 summit, American companies did not shy away. A Reuters analysis of attendance lists shows there were 60 representatives of Fortune 100 companies at the Brazil event, co…

The United States is poised to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration escalates pressure on President Nicolas Maduro’s government. Reuters was not able …

U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since September, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of f…

The United Arab Emirates said on Friday it will invest up to $50 billion in Canada under a framework that includes projects in artificial intelligence, energy, and mining sectors. The UAE has been looking to expand its energy investments abroad, especi…

Ukraine called on its partners to respect its position as work continues on the technical level to study a U.S.-backed plan to end the war, a senior Ukrainian official said on Friday. Rustem Umerov, the secretary of the National Security and Defence Co…

The COP30 climate summit was headed for a showdown on Friday over the future of fossil fuels after hosts Brazil dropped efforts to develop a global plan to shift away from oil, gas and coal from its proposed deal. A draft text for a deal for this year&…

Oil prices extended their decline for a third straight session on Friday as the U.S. pushed for a Russia-Ukraine peace deal that could bring more oil supplies onto the global market, while uncertainty over U.S. interest rate cuts curbed investor risk a…

Venezuela’s National Assembly on Thursday approved a 15-year extension of the joint ventures between state company PDVSA and a unit of Russia’s Roszarubezhneft that operate two oilfields in the South American country’s western region,…

The U.S. Department of Energy on Thursday announced a reorganization of the agency that prioritizes oil and nuclear resources over offices that had been dedicated to renewables and efficiency. DOE published a new organizational chart alongside a brief …

Oil prices edged up on Thursday after falling in the previous session as concerns a U.S. push to end the Russia-Ukraine war may add supply into an amply supplied market were offset by a bigger-than-expected draw in U.S. crude stockpiles. Brent crude fu…

U.S. crude stocks fell as refining and export demand rose, while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.4 million barrels to 424.2 million barrels in the …

Saudi Arabia will sign energy sector agreements with the U.S. worth $30 billion, the CEO of Saudi state oil giant Aramco, Amin Nasser, said on Wednesday in comments carried by Saudi state TV. His comments came during the U.S.-Saudi investment forum, be…

Saudi Arabia’s crude oil exports hit a seven-month high in September, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Crude exports from the world’s largest oil exporter increased to 6.460 million barrels per d…

Oil prices fell on Wednesday as an industry report showing crude and fuel inventories rose last week in the U.S., the world’s biggest crude consumer, reinforced mounting concerns that supply is exceeding demand in the market. Brent crude futures …

Rising power demand driven by data centers is shrinking U.S. electricity supplies and increasing the risk of energy shortages if extreme winter weather strikes this year, the North American Electric Reliability Corporation said on Tuesday. The swift pr…

A race is on among energy companies to build a major fuel pipeline to the U.S. West Coast, a potentially lucrative prize as the planned closure of two California refineries threatens to send gasoline prices in the isolated market soaring. Motorists in …

President Donald Trump is willing to sign legislation to impose sanctions on Russia as long as he retains ultimate decision-making authority over any such measures, a senior White House official said on Monday. Trump told reporters late on Sunday that …

Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a production surge that will keep the market in a large surplus of around 2 million barrels per day. The bank forecast Brent crude will average $56 a barrel and WTI $…

U.S. oil and natural gas drilling activity has continued to decline even as production reaches record highs, the U.S. Energy Information Administration (EIA) said on Monday. The EIA said the average number of active rigs in the Lower 48 has fallen from…

A visit by Saudi Arabia’s de facto ruler to the White House for talks on Tuesday with U.S. President Donald Trump aims to deepen decades-old cooperation on oil and security while broadening ties in commerce, technology and potentially even nuclea…

U.S. liquefied natural gas plants could use 40 billion cubic feet of natural gas per day in the coming years, Cheniere Energy’s chief commercial officer, Anatol Feygin, said on Friday at a seminar held by the Federal Reserve Bank of Kansas City. …

Brent crude could rise above $85 per barrel if Russian exports fall sharply, Barclays said, well above the bank’s previous forecast of $66 per barrel for 2026. In late October, U.S. President Donald Trump imposed Ukraine-related sanctions on Russia&#82…

U.S. energy firms this week added oil and natural gas rigs for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by 1 to 549 in …

Activist investment firm Kimmeridge Energy Management has taken a stake in U.S. shale producer Devon Energy, according to a stock market filing released on Friday. THE DETAILS Kimmeridge owned 5.66 million shares in Devon as of the end of September, th…

Oil prices jumped about 2% on Friday on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub. Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT, while U.S….

The Trump administration on Thursday finalized its rollback of Biden-era limits on oil and gas drilling in an Alaska area that is the nation’s largest tract of undisturbed public land. The move is consistent with President Donald Trump’s go…

Goldman Sachs expects global oil demand to grow to 113 million barrels per day in 2040 from 103.5 mbpd in 2024, driven by rising energy needs and ongoing challenges in low-carbon technology and infrastructure, the Wall Street bank said on Thursday. &#8…

U.S. private equity giant Carlyle is exploring options to buy Russian oil major Lukoil’s foreign assets, three sources familiar with the situation said. The U.S. has hit Lukoil with sanctions as part of its effort to bring the Kremlin to peace ta…

U.S. crude stocks rose while gasoline and distillate inventories fell last week on stronger demand, the Energy Information Administration said on Thursday. Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended Novembe…

Around 1.4 million barrels per day of Russian oil, or almost a third of the country’s seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday. The U.S. set a N…

European Union lawmakers backed further cuts to the bloc’s corporate sustainability law on Thursday, following months of pressure from companies and some governments demanding the EU weakens its rules. The European Union’s corporate sustain…

The International Energy Agency (IEA) raised its global oil supply growth forecasts for this year and next in its monthly oil market report on Thursday, signalling a deeper surplus in 2026. “Global oil market balances are looking increasingly lop…

The U.S. Energy Department said on Wednesday that it has bought 900,000 barrels of crude oil for nearly $56 million, a small step in replenishing the Strategic Petroleum Reserve. Trafigura Trading will supply 600,000 barrels while Energy Transfer Crude…

The U.S. Energy Department said on Wednesday that it has bought 900,000 barrels of crude oil for nearly $56 million, a small step in replenishing the Strategic Petroleum Reserve. Trafigura Trading will supply 600,000 barrels while Energy Transfer Crude…

BP is in active talks with investment firm Stonepeak over the sale of its Castrol lubricants unit, two people with knowledge of the situation said, in what would be a major step in meeting the energy company’s $20 billion goal. KEY DETAILS • Both…

U.S. oil production is expected to set a larger record this year than previously forecast, even as global oil supply outpaces fuel demand, the Energy Information Administration said in its Short-Term Energy Outlook report on Wednesday. The Department o…

World oil supply is expected to match demand next year in a reflection of the wider OPEC+ group’s production increases, an OPEC report showed on Wednesday, marking a further shift from its earlier projections of a supply deficit in 2026. OPEC+, w…

The International Energy Agency’s latest outlook signals that oil demand may continue rising into 2050, a sharp shift from its previous reports and a stark reminder of how dominant black gold remains in the global economy. The IEA’s annual World …

Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally. Brent crude futures rose 47 cents, or 0.74%, to $64.10 a b…

U.S. President Donald Trump has been talking up the prospects of Saudi Arabia agreeing to normalise ties with Israel, but it is unlikely to happen when Saudi Crown Prince Mohammed bin Salman visits the White House this month. The establishment of diplo…

The United States seeks to take advantage of a “moment” in Lebanon in which it can cut Iranian funding to Hezbollah and press the group to disarm, the U.S. Treasury Department’s top sanctions official said. In a late Friday interview,…

U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to…

The Trump administration will hold an auction for drilling oil and gas off the U.S. Gulf next month and has proposed another in a waterway in southern Alaska, it said on Friday. The lease sale in the U.S. Gulf of Mexico, which President Donald Trump re…

Abu Dhabi state oil firm ADNOC’s trading unit plans to increase the volume it handles by two-thirds over the next few years as part of its international expansion, Bloomberg News reported on Friday, citing its CEO. ADNOC has been stepping up its …

Global investments in renewable energy aren’t bearing fruit and the world should focus on securing reliable supplies of fossil fuels, U.S. energy and interior secretaries said this week as they worked on convincing Europe to buy more U.S. oil and…

The volume of oil stored onboard ships in Asian waters doubled in recent weeks after tightening western sanctions hit imports from China and India and as a shortage of import quota curbed demand from independent Chinese refiners, analysts said. The Eur…

Oil edged up on Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices are set for a second weekly loss. Brent crude futures rose 28 cents, or 0.44%, to $63.66 a barrel at 0421 GMT. U.S. Wes…

Oil and gas producers will need to step up drilling to sustain or increase output due to rapid declines in production from existing wells, the U.S. Energy Information Administration said on Tuesday. WHY IT MATTERS The U.S. is the world’s largest …

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.2 million barrels to 421.2 million barrels in the week ended October 31, the EIA said,…

U.S. field production of crude oil rose to a record high for a second week in a row last week, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Wednesday. EIA said output reached 13.651 million barrels per …

Western sanctions on Russia and Iran are creating record volumes of oil kept in floating storage, preventing a supply glut from forming in global markets, Gunvor Group’s CEO said on Wednesday. The European Union, United Kingdom and the United Sta…

Oil prices dipped on Wednesday amid a wider slump in financial markets and a strong U.S. dollar, while investors assessed the supply outlook. Brent crude futures edged lower by 6 cents, or 0.1%, to $64.38 a barrel by 0408 GMT, having touched a near two…

HSBC expects OPEC+ to accelerate oil output quota increases in the second and third quarters of 2026 as the producer group focuses on regaining market share, the bank said on Tuesday. OPEC+ agreed on Sunday a small oil output increase for December and …

The proposed 135-mile (217-km) Constitution natural gas pipeline could provide price relief and other economic benefits to the U.S. Northeast, generating up to $11.6 billion in energy savings and supporting nearly 2,000 jobs annually over 15 years, S&#…

Activist investor Kimmeridge on Tuesday called on Coterra Energy to overhaul its leadership and strategy, saying the 2021 merger of Cabot Oil & Gas and Cimarex Energy has failed to deliver value and left it trading at a discount to its peers. In an…

Saudi Arabia’s Crown Prince Mohammed bin Salman will be at the White House on November 18 for an official working visit with U.S. President Donald Trump, a White House official said on Monday. The visit comes as Trump pushes Saudi Arabia to join …

The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for December delivery in Hardisty, Alberta, settled at $11.10 a barrel under the U.S. benchmark WTI, according to brokerage CalRoc…

BP said on Monday it would sell stakes in the Permian and Eagle Ford midstream assets of its U.S. onshore oil and gas business for $1.5 billion to funds managed by investment firm Sixth Street. The sale comes as BP reviews how to develop its oil and ga…

(Adds shares and details throughout) Nov 3 – SM Energy and Civitas Resources said on Monday they will merge in a deal valued at about $12.8 billion, including debt, creating one of the largest independent U.S. oil producers that will hold a domin…

Morgan Stanley on Monday raised its Brent crude forecast for the first half of 2026 to $60 a barrel from $57.5, citing the decision by OPEC+ to pause quota hikes in the first quarter of next year and recent U.S. and EU sanctions on Russian oil assets. …

The U.S. Department of Energy’s deputy secretary, James Danly, said on Monday that he does not think there will be an oil glut in 2026. “We have a demand signal for energy that is going up rapidly”, Danly said at the ADIPEC energy con…

OPEC Secretary-General Haitham Al Ghais said on Monday that the group was still seeing positive signs for oil demand and did not expect any surprises in the market. “We are making sure we maintain the supply demand balance”, Ghais added at …

Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut. Brent crude futures rose 47 cents, or 0.73%, to $65.24 a barrel by 2336 GMT afte…

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future…

U.S. oil and gas production rose to record highs in August, data from the Energy Information Administration released on Friday showed, despite concerns that the market is heading towards a surplus. Record U.S. oil production has been one of the main ca…

President Donald Trump on Friday denied he was considering strikes inside Venezuela, appearing to contradict his own comments from last week and amid intensifying expectations that Washington may soon expand drug-trafficking-related operations. The Uni…

U.S. oil and gas production rose to record highs in August, data from the Energy Information Administration showed on Friday, shrugging off concerns that the market is heading towards a surplus. U.S. crude oil output rose 86,000 barrels per day to a re…

U.S. Environmental Protection Agency Administrator Lee Zeldin told reporters on Friday he has raised the issue of wildfires with Canada’s government, saying it has become a crucial cross-border matter alongside fentanyl. Canada has experienced se…

U.S. Energy Secretary Chris Wright said on Friday that there is lots of room for a “win-win” on energy trade between China and the United States. U.S. President Donald Trump and China President Xi Jinping secured a fragile trade truce in So…

A momentous week in the technology sector made it clear there is no sign the boom in building artificial intelligence infrastructure is slowing — despite the bubble talk. Nvidia, whose processors are the AI revolution’s backbone, became the first…

A judge in North Dakota on Wednesday slashed by almost half jury-awarded damages of about $667 million against environmental advocacy group Greenpeace over its role in protests against the construction of the Dakota Access Pipeline. State District Judg…

A new wave of Western sanctions on Russia’s oil industry has roiled the diesel market, sending refining margins soaring, but global supplies are unlikely to be severely disrupted for long. U.S. President Donald Trump last week sanctioned Russia’s…

U.S. refiner HF Sinclair is considering expanding its pipeline systems across the Rocky Mountain and West Coast to bolster fuel supplies in markets including California and Nevada, the company said on Wednesday. New pipeline expansions could help ease …

U.S. energy company Expand Energy, the nation’s biggest natural gas producer, expects to spend less to produce more gas in 2025 and 2026, the company’s CEO Nick Dell’Osso told analysts on an earnings call on Wednesday. “We are clearly…

(Adds oil prices in paragraph 3, gasoline and diesel prices in paragraph 8) HOUSTON, Oct 29 – U.S. crude stocks and gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories dro…

U.S. weekly oil field production rose by 15,000 barrels per day (bpd) to a record 13.6 million bpd during the week ended October 24, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Wednesday. Gulf Coast we…

Kuwait Oil Company (KOC) plans to spend 1.2 billion dinars ($3.92 billion) on its exploration drilling program through 2030, its senior executive told Reuters in an interview. The spending is part of a 9.8-billion-dinar budget – the company&#8217…

The United States wants its allies to engage in a policy of energy abundance to keep prices down, the U.S. Department of Energy’s deputy secretary, James Danly, said at a panel at the annual Future Investment Initiative (FII) summit in Riyadh. (R…

U.S. President Donald Trump’s sweeping tariffs are set to raise operating costs, disrupt supply chains and weaken investment momentum for the oil and gas industry in 2026, a report published by Deloitte showed on Wednesday. WHY IT’S IMPORTA…

U.S. natural gas producer Expand Energy reported a profit for the third quarter on Tuesday, compared with a year-ago loss, driven by increased output and stronger commodity prices. Average U.S. natural gas prices during the quarter jumped more than 26%…

Canada will consider potential off-take agreements with price floors for critical minerals with its Group of Seven partners this week, as the country hosts the meeting of energy and environment ministers in Toronto, Natural Resources Minister Tim Hodgs…

The Kremlin said on Tuesday that Russia offered top quality energy at a good price and so its partners would decide for themselves whether or not to buy Russian energy after the United States slapped sanctions on Russia’s top oil companies. The r…

Sanctions on oil-exporting countries could push up crude prices but the effect will be limited because of surplus capacity, the International Energy Agency Executive Director Fatih Birol said on Tuesday. Global oil prices jumped more than 7% last week …

Oil prices edged lower Tuesday as OPEC’s plan to raise output offset optimism about a potential U.S.–China trade deal, while investors also weighed how effective sanctions on Russia would be. Brent crude futures fell 3 cents to $65.59 a barrel at…

Saudi Arabia is caught between Donald Trump and a hard place, as the U.S. president’s latest oil sanctions on Russia force Riyadh to weigh competing geopolitical and economic priorities. Washington last week sanctioned Russia’s top two oil compan…

Russia’s second-largest oil producer, Lukoil, said on Monday it would sell its international assets “owing to introduction of restrictive measures against the company and its subsidiaries by some states.” “The sale of the assets…

Oilfield services giants SLB, Halliburton and Baker Hughes are turning to data centers and related artificial intelligence infrastructure work to drive their next phase of growth as they navigate slowing drilling demand and idle rigs across North Ameri…

Iraq is in negotiations over the size of its OPEC quota within its available capacity of 5.5 million barrels per day, oil minister Hayan Abdel-Ghani said at an oil conference on Monday. The country, OPEC’s biggest overproducer, submitted plans in…

China led global underground gas storage expansion in 2025, adding 6 billion cubic metres (bcm) in working gas volume to boost its total capacity to 19.8 bcm, the International Gas Union (IGU) said in a report released on Monday. This helped lift globa…

The U.S. will double its natural gas exports over the next five years and could double them again in the following five or ten years “if demand is there, and I suspect it will be,” U.S. Energy Secretary Chris Wright said by video to a confe…

Oil prices rose in early trade on Monday after U.S. and Chinese economic officials sketched out a trade-deal framework, easing fears that tariffs and export curbs between the world’s top two oil consumers could dent global economic growth. Brent …

The Kremlin said on Sunday it was wrong to talk about cancellation of a meeting between Russian President Vladimir Putin and U.S. President Donald Trump, but added that preparation for it was needed, state television Vesti reported on its Telegram chan…

U.S. President Donald Trump’s administration has prepared additional sanctions it could use to target key areas of Russia’s economy if President Vladimir Putin continues to delay ending Moscow’s war in Ukraine, according to a U.S. off…

The premier of Canada’s most populous province has again complicated the country’s delicate trade negotiations with the U.S., this time with a political ad targeting Americans that has drawn the ire of U.S. President Donald Trump. The ad, commissioned …

Kirill Dmitriev, Russian President Vladimir Putin’s special envoy for investment and economic cooperation, said on Friday he does not believe that recently imposed U.S. sanctions on Russian oil companies will have a significant impact on the Russ…

Kirill Dmitriev, Russian President Vladimir Putin’s special envoy for investment and economic cooperation, said on Friday he believes his country, the United States and Ukraine are close to a diplomatic solution to end Russia’s war in Ukrai…

Baker Hughes CEO Lorenzo Simonelli said on Friday the global macro environment remains resilient through 2025, despite geopolitical and policy headwinds, supported by the rapid deployment of generative artificial intelligence driving power demand and i…

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since September, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of …

Mexico’s state-owned oil company Pemex has paid down off half its debts to suppliers since President Claudia Sheinbaum took office in October 2024, the company’s chief executive said on Friday. CEO Victor Rodriguez said in a presentation to…

Oil production in North Dakota fell 10,000 barrels-per-day (bpd) to 1,153,000 bpd in August, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,124,000 bpd in the month. The data was released on t…

Spot premiums in crude markets jumped on Thursday on expectations that U.S. sanctions on top Russian producers will spur China and India’s demand for supplies from the Middle East, Africa and South America, trade sources and analysts said. Washin…

Global financial titans descend on Riyadh next week for Saudi Arabia’s flagship investment conference, for the first time since the return to the White House of Donald Trump, whose taste for extravagant projects chimes with the kingdom’s bi…

HOUSTON, OCT 24 – There are currently 28 active rigs in North Dakota, up from 27 in September, according to the state’s Department of Mineral Resources on Friday. There are currently 13 frac crews operating in the state, up from 12 in Septe…

The U.S. dollar was almost flat on Friday after dipping following fresh inflation data that showed that U.S. consumer prices increased less than expected in September, keeping the Federal Reserve on track to cut interest rates again next week. The Cons…

Reliance Industries Ltd, the top Indian buyer of Russian oil, will abide by Western sanctions against Moscow while maintaining its relationship with current oil suppliers, its spokesperson said in a statement. Reliance, which is controlled by billionai…

Canada’s Prime Minister Mark Carney embarks on his first official visit to Asia on Friday in an attempt to deepen trade and security ties at a time when the North American country is struggling to lessen its overwhelming dependence on the U.S. an…

Russia is analysing the latest Western sanctions, and will act according to its interests, Kremlin spokesman Dmitry Peskov said on Friday. “At the moment, we are analysing the sanctions that have been defined and announced, and, of course, we wil…

The Trump administration on Thursday announced a series of steps to open up Alaskan wilderness to energy and infrastructure development, including by resuming oil and gas leasing in the remote Arctic National Wildlife Refuge. The Interior Department sa…

President Vladimir Putin said on Thursday that Moscow would never bow to pressure from the United States or any other foreign power, and cautioned that it would deliver an “overwhelming” response to any military strikes deep inside Russia. …

OPEC is ready to raise production by rolling back its oil output cuts further if required to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday. In a sharp policy …

Google has entered into the first corporate agreement to buy electricity from a U.S. power plant using carbon capture and storage in a deal to help fuel its data centers in the country’s Midwest region, the technology company said on Thursday. Bi…

The prompt Brent crude futures contract on Thursday returned to trading at a premium to the six-month contract after new U.S. sanctions on Russia revived concern of a tight market in the near term, erasing earlier signs of a fear of a glut. The first-m…

Former Russian President Dmitry Medvedev said on Thursday it was now absolutely clear that the United States was Russia’s adversary and that U.S. President Donald Trump’s recent steps on Ukraine amounted to an act of war against Russia. Tru…

Russia said on Thursday that a European Union plans to ban on Russian liquefied natural gas imports were completely self destructive given the lack of gas reserves in Europe and the growing consumption of energy from Artificial Intelligence. Russian Fo…

The spot premium for the Middle Eastern oil benchmark Dubai crude jumped on Thursday after the United States sanctioned top Russian oil producers, trade sources said. U.S. hit major suppliers Rosneft and Lukoil with sanctions over the Ukraine war, spar…

UBS said on Thursday that fresh U.S. and EU sanctions targeting Russian energy firms could introduce short-term volatility to crude prices but are unlikely to spark a sustained rally due to oversupply in the global oil market. The bank forecasts Brent …

Japan’s top power generator JERA will acquire natural gas production assets in the U.S. from GEP Haynesville II for $1.5 billion, it said on Thursday. GEP Haynesville II is a joint venture between GeoSouthern Energy, backed by Blackstone, and pip…

U.S. President Donald Trump on Wednesday said he expected to reach a trade agreement with Chinese President Xi Jinping, and said he would raise concerns about China’s purchases of Russian oil during their meeting in South Korea next week. “…

U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war. The U.S….

Venezuela’s oil output rose to 1.13 million barrels per day (bbp) in September from about 1.06 million bpd at the beginning of the year, according to official data shown by the country’s oil minister, Delcy Rodriguez, at a conference in Car…

U.S.-based energy company EQT Corp said on Wednesday it expects to maintain natural gas production in 2026 at levels consistent with its 2025 exit rate, following lower sales volumes forecast for the current quarter. Shares of the Pennsylvania-based co…

Persistently weak crude prices pressured merger and acquisition activity in the U.S. upstream oil and gas sector in the third quarter, analytics firm Enverus said on Wednesday. Dealmaking fell for the third straight quarter as U.S. crude futures averag…