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$18 Trillion or Total Nonsense? The Oil Demand Divide

OilPrice

trillion in new oil and gas investments in the period until 2050 in order to secure a sufficient supply. This is what OPEC warned in the 2025 edition of its World Oil Outlook. Yet the International Energy Agency continues to believe oil demand growth is going to peak before 2030, suggesting there is no such need for investments.

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TotalEnergies Warns of Looming Oil Glut

OilPrice

TotalEnergies (NYSE: TTE) reported on Thursday its weakest adjusted net income for a quarter since 2021, hit by lower oil and gas prices, and warned of a coming oil glut in an unstable macroeconomic and geopolitical environment. The French supermajor booked an adjusted net income of $3.6

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Oil-Rich Alberta Forecasts Unexpected Budget Surplus

OilPrice

Alberta expects to have booked a budget surplus of about US$4.2 billion) for the fiscal year 2024-2025 that ended in March, as Nate Horner, the finance minister of Canada’s oil-producing province, prepares to deliver the year-end fiscal update later on Friday. billion (C$5.8

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Equinor’s Earnings Drop on Lower Oil Prices

OilPrice

Equinor (NYSE: EQNR) booked lower core earnings for the second quarter compared to a year earlier amid lower oil prices, kicking off the earnings season of the international majors, all of which have warned of declining profits. Equinor reported on Wednesday an adjusted operating income, its closest metric of core earnings, of $6.53

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Oil Tanker Rates Retreat as Middle East Tensions Cool

OilPrice

Charterers that had paused bookings or rerouted vessels in mid-June amid fears of an Iranian blockade have begun re-entering the market, easing pressure on freight. According to tanker brokers cited by gCaptain, VLCC rates for Gulf-to-China routes have dropped to approximately $63,000 per day, down from nearly $100,000 just…

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Petrobras Swings Into Profit in Q2

OilPrice

Brazil’s Petrobras reported a profit for the second quarter of the year, booking a net positive result of some $1.6 The positive result came despite weaker average oil prices, the company noted. million barrels of oil equivalent for the three-month period, noting it was 5% higher than the average for the first quarter of the year.

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BP sees lower oil prices denting Q2 profit

Oil & Gas 360º

(Oil Price) – Lower oil and gas prices are expected to dent the second-quarter earnings at BP, despite higher output and stronger refining margins. Brent oil prices averaged $67.88 The gas marketing and trading result is expected to be average, BP said, but noted that the “The oil trading result is expected to be strong.”

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