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For the first time in history, fossil fuels supplied less than half of the United States electricity generation for an entire month, according tonew data releasedby energy think tank Ember. This milestone, achieved in March 2025, represents a turning point in the evolving energy mix of the worlds largest economy. Historically, fossil fuelsprimarily coal and natural gashave dominated U.S. electricity production.
Al Khairat Thermal Power Plant in Iraq. Source: Harlow Group, 2025. Our Saturday Note “ What Do Saudi Arabia & Allies in OPEC+ Want from Accelerating the Unwinding of Voluntary Cuts ?” concluded that the increased production ceiling has limited impact, but bearish sentiment will delay market realization. Oil prices fell 4.5% initially, recovering to a smaller decline by day's end.
U.S. crude oil supply will rise more slowly than expected for the rest of 2025 and in 2026 and peak as early as this year, as WTI benchmark prices below $60 per barrel are testing the breakeven point of shale production, energy flows intelligence firm Kpler said on Monday. Oil prices have slipped by more than 15% since the beginning of April as the market fears recessions from the U.S. tariffs and oversupply from the aggressive production hikes from OPEC+.
LNG Canada has completed the cooldown of its liquefied natural gas plant in Kitimat, British Columbia, and is preparing for the plant to produce its first LNG in June, two people familiar with the process told Reuters.
The multi-layered strategic importance of Syria to Russia was underlined in 2011 when President Vladimir Putin ordered his military to intervene to counter the popular uprising that threatened to depose then-President Bashar al-Assad at that time. A sustained and dramatic escalation of its armed forces there, working closely with Iraqs key local sponsor Iran, ensured that Russia continued to benefit from the strategic advantages Syria offered it until the U.S.- and U.K.
It is possibly the strangest claim Ive ever seen made about the UK energy industry, that the rollout of wind and solar power over the last decade has made the electricity supply more British as hydrocarbon production/imports continued their long-running decline.
Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but its anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging inready to pump more, not less.
(Investing) –Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down by $2 from its previous estimate.
(Investing) –Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down by $2 from its previous estimate.
The worlds biggest international oil and gas firms are sticking to their dividend distribution policies as most met or exceeded analyst expectations of first-quarter profits. BP and Chevron reduced the pace of their share buybacks for the second quarter, but the others, Exxon, Shell, and TotalEnergies, maintained their guidance on repurchases despite the slump in oil prices at the start of the second quarter.
(Oil Price) –Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices to $62.50 per barrel in the third and fourth quarters of this year, down by $5 per barrel from the previous f
Oil markets took another hit this weekend as OPEC+ threw another curveball. In a virtual meeting Saturday, the groups top producersSaudi Arabia and Russiaannounced a 411,000 barrels per day (bpd) output hike for June, nearly triple what had originally been planned. The move follows a similar surge for May and signals a stark strategic pivot from defending prices to flooding the market.
(World Oil) –Rising Phoenix Capital, an investment firm specializing in oil and gas mineral royalty acquisitions, have announced a strategic purchase of mineral interests in Ector and Midland Counties, TX, operated by ConocoPhillips. This purchase strengthens the firms growing position in the core of the Midland basin, widely regarded as one of the most prolific energy-producing regions in the United States.
Last week, the United States and Ukraine signed a long-awaited minerals deal, with Washington gaining access to Kyivs mineral resources in exchange for establishing an investment fund. The fund will be capitalized from future natural resource extraction, with Kyivs Economy Minister Yulia Svyrydenko saying the full ownership and control of the resources will stay with Ukraine.
(Oil & Gas 360) –HOUSTON, May 5, 2025 /PRNewswire/ Gretchen Watkins, President, Shell USA since July 1, 2018, will step down, effective July 31, 2025, after seven years in role. Colette Hirstius , currently Executive Vice President, Gulf of America, will take on the responsibility of President, Shell USA, in addition to her current role as Executive Vice President, Gulf of America, effective August 1, 2025.
Goldman Sachs has slashed its oil price forecast for a third time in one month after OPEC+ decided this weekend to hike production in June with a similar 410,000-bpd increase it is implementing in May. In an online meeting on Saturday, key OPEC+ producers led by Saudi Arabia and Russia agreed to raise collective output by 411,000 barrels per day (bpd), nearly triple the volume originally scheduled.
(BOE Report) –NEW YORK (Reuters Breakingviews) Oil fields are just as quick to make fortunes as break them. The 1901 Spindletop gusher in Texas jumpstarted the petroleum age, crashing oil prices. A mere two years later, over-extraction drove the field into decline. Sure, todays industry is far larger and more sophisticated. But even in the mighty Permian Basin, which turned the United States into the worlds biggest oil producer, resources eventually deplete.
We think it's time we can officially present the ESG grift - which we have spoken out against and called a scam for the better part of the last decade - dead. The latest casualty? BPs top sustainability executive, Giulia Chierchia, will leave the company on June 1, marking another high-profile exit and an obvious signpost in the oil giants sharp pivot away from green energy and environmental, social, and governance (ESG) goals,according to The Guardian.
Much of the habitat across the region is in good condition ByWill Gibson The footprint of energy development continues to occupy less than three per cent of Albertas oil sands region, according to areportby the Alberta Biodiversity Monitoring Institute (ABMI). As of 2021, energy projects impacted just 2.
Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices to $62.50 per barrel in the third and fourth quarters of this year, down by $5 per barrel from the previous forecast.
I once had a CEO say to me, If it comes to getting results or singing Kumbaya, Ill pick results. My reply? Too bad you have neither. It was a half-joke that revealed a mindset problem: communication is still viewed as a soft skill nice to have, but not essential for performance. But heres the truth: strategic conversation is one of the most vital skills an executive can master.
Saudi Arabia has raised the price of its flagship crude grade loading for Asia in June, just as the Saudi-led OPEC+ group decided to continue easing the production cuts by adding a larger-than-expected volume to the market next month. In a sign that the worlds top crude oil exporter expects solid demand in Asia next month, the Kingdom lifted the price of the Arab Light crude grade for June by $0.20 per barrel over May prices to a premium of $1.
Calgary, Alberta–(Newsfile Corp. – May 5, 2025) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex” or the “Company”) reports its operating and financial results for the three months ended March 31, 2025 (all amounts are in Canadian dollars unless otherwise noted).
Onshore crude oil production in the United States has peaked, Diamondback Energy has said, expecting output to start declining later this year unless prices reverse course. At the release of its first-quarter results, the company said fracking crews in the shale patch had declined by 15% since the start of the year and are set for further declines amid the international oil price rout.
MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (Diamondback or the Company) today announced financial and operating results for the first quarter ended March31, 2025. FIRST QUARTER 2025 AND RECENT HIGHLIGHTS Average oil production of 475.9 MBO/d (850.7 MBOE/d) Net cash provided by operating activities of $2.
Sunoco LP (NYSE: SUN) is bulking up againthis time north of the border. The Dallas-based fuel distributor announced Monday it will acquire Parkland Corporation (TSX: PKI) in a $9.1 billion cash-and-stock deal, including assumed debt. The move expands Sunocos footprint deep into Canada and the Caribbean, while consolidating its position in North American fuel supply and distribution.
The Nigerian company reported $809.3 million in revenue for Q1, up 350 percent from the same three-month period in 2024 as higher oil and gas volumes offset lower prices.
Last month, Saudi Arabia and India agreed to boost energy cooperation, including by potential Saudi investment in two refineries in the worlds third-largest crude oil importer. However, initial talks have already hit a snag as the worlds top crude exporter, Saudi Arabia, is at odds with India over the pricing and volumes of crude it will supply for the refineries, sources with knowledge of the matter told Bloomberg on Monday.
Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt, the U.S. fuel supplier said on Monday, in a move the companies said would create the largest independent fuel distributor in the Americas.
Prompted by the war in Ukraine and increasingly fraught trade relations with the United States, the European Union is on the hunt for natural resources. That search is increasingly focused on Central Asia, as the recentEuropean Union-Central Asia summitin Samarkand showed. The summit, at which the EU announced nearly12 billion eurosin investments in Central Asia, opened a new chapter in the relationship between the two regions, European Commission President Ursula von der Leyen said.
Lundin Mining Corp. has declared the Filo del Sol copper discovery one of the largest in recent history, containing an estimated 13 million tons of the basic metal that is crucial for the energy transition. The company operates the Filo del Sol and another copper project, Josemaria, both of which are located between Argentina and Chile, in a joint venture with mining heavyweight BHP.
'Both Brent crude and WTI fell back toward the four-year lows last seen in the aftermath of the March sell-off', Ole Hansen, Saxo Bank's head of commodity strategy, said.
Shell is reportedly considering a takeover bid for fellow supermajor BP, which has seen its fortunes dim recently after its rather premature bet on a fast energy transition. The report comes from Bloomberg, which quoted unnamed sources familiar with the developments. The Financial Times, meanwhile, quoted Shells chief executive, Wael Sawan, as saying he would rather buy back Shells own stock than take over BP.
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, May 5 (Reuters Breakingviews) – Oil fields are just as quick to make fortunes as break them. The 1901 Spindletop gusher in Texas jumpstarted the petroleum age, crashing oil prices.
The European Union has a non-binding goal to phase out imports of Russian natural gas by 2027, but its unlikely to resort to a ban to achieve that indicative target. The EU is set to unveil on Tuesday a roadmap for phasing out Russian gasa pledge the bloc made in the aftermath of the Russian invasion of Ukraine in 2022. However, Russian gas still accounts for more than 15% of the EUs gas deliveries, including by pipeline and via LNG imports.
Woodside Energy, Australia’s top natural gas producer, said on Tuesday it would seek to sell a further 20%-30% stake in Louisiana LNG, with interest growing in the $17.5 billion project since its final approval last week.
Warren Buffett is retiring by the end of the year as CEO at the Berkshire Hathaway empire he has built and is recommending the board replace him with Greg Abel, an energy executive and dealmaker. At the very end of the Berkshire Hathaway annual shareholders meeting, Buffett, 94, said he would ask the conglomerates board to vote Abel, 62, as the chief executive to replace the Oracle of Omaha by the end of 2025.
Discover the potential of network telemetry and its wide-ranging applications that enhance security, efficiency, and network performance in part 3 of our blog series.
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