article thumbnail

Global Oil Demand Robust Despite Tariff Chaos

OilPrice

government data showed a draw in fuel inventories. per barrel at 12.30 government data showed that crude stocks rose by 1.7 million barrels last week to 437 million barrels, significantly higher than the Wall Street consensus of a 512,000-barrel build. per barrel at 12.30 million barrels to 114.8

Oil 354
article thumbnail

Crude Below $65 Squeezes U.S. Shale, Even as Drivers Celebrate

OilPrice

In a market increasingly governed by geopolitical tremors and macroeconomic mismatches, crude oil dipping below $65 per barrel seems like a gift to global consumers. Even after a brilliant spike on Monday, Brent is still languishing around $65 per barrel, with WTI trailing slightly lower.

Drivers 356
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Oil Theft, Explosions, and Militants: Nigeria’s Energy Future at Risk

OilPrice

million barrels daily. The countrys government has a stated ambition to boost that considerably, by some 1 million barrels daily within two years. Last November, Nigerias oil production hit the highest in 2024, at 1.7 But there is a problem it needs to solve first: pipeline sabotage.

Pipeline 312
article thumbnail

Carney: new Canadian oil pipeline Is ‘highly likely’

Oil & Gas 360º

The PM has pledged that the federal government would work to fast-track major projects to make Canada an energy superpower. Earlier in June, Smith said that Alberta is working to engage private backers for a new pipeline to ship about 1 million barrels per day (bpd) of crude to British Columbia’s northwest coast.

Pipeline 246
article thumbnail

Canada’s Trans Mountain Pipeline Could Boost Capacity by 2027

OilPrice

The expanded Trans Mountain pipeline in Canada could raise its capacity by another 75,000 barrels per day (bpd) by early 2027, which could potentially increase Canadian crude oil exports from its Pacific Coast to non-U.S.

Pipeline 147
article thumbnail

UK Could Cover Half of Its Energy Needs With Local Oil and Gas

OilPrice

Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of oil equivalent until 2050, under the governments net-zero plans, which estimate total energy demand of 13 to 15 billion barrels of oil equivalent in that period.

IT 287
article thumbnail

Iraq Seals Major Oil Deal with Chinese Company

OilPrice

Iraqs government has signed a deal with Chinese Geo-Jade Petroleum to expand production at the Tuba oil field, build a refinery and two power plants. The refinery that Geo-Jade Petroleum will build will have a capacity of 200,000 barrels daily.

Refinery 330