OilPrice

MAY 20, 2025

The biggest international oil firms used the first-quarter earnings calls to reassure investors that Big Oil is in a business as usual mode at oil prices at $60 per barrel. The market rout began on April 2, just after the first quarter ended, so the worlds top international

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OilPrice

MAY 13, 2025

The worlds biggest oil and gas firms are embracing AI and related technology to maximize savings, optimize operations, and boost earnings. Robot Dogs, AI Drones Oil and gas firms use robot dogs and AI-enabled drones for inspections at operating assets,

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OilPrice

MAY 2, 2025

The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 2 rig increase in each of the two weeks prior. The number of oil rigs fell by 4 to 479down by 20 compared to this time last year.

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OilPrice

MAY 5, 2025

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. tariffs and oversupply from the aggressive production hikes from OPEC+.

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OilPrice

MAY 12, 2025

Saudi Arabia is again making news in the oil markets. In a move reminiscent of the disastrous price war of 2015-2016 (see OPECs Trillion Dollar Miscalculation), the kingdom has decided to boost oil production in a market that is already adequately supplied.

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OilPrice

MAY 27, 2025

Goldman Sachs analysts issued yet another update to their oil price forecast, reiterating expectations of weaker prices this year and next, on the back of substantial growth in non-OPEC supplyexcluding U.S.

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OilPrice

MAY 1, 2025

Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data.

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OilPrice

MAY 26, 2025

Saudi Arabia and Kuwait have announced a new oil discovery in the so-called Partitioned Zone (PZ) between the two OPEC heavyweights which share equally output from the area. Saudi Arabia and Kuwait announced on Monday that Wafra Joint Operations had made a new oil discovery in the North Wafra Wara-Burgan field, located 5 kilometers (3.1

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OilPrice

MARCH 15, 2025

Five years after an Exxon-led consortium produced the first oil offshore Guyana, the country is pumping more than 600,000 barrels per day (bpd) of crude and has become South Americas fifth-largest oil exporter. Guyana and ExxonMobil expect oil production to jump to 1.3

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OilPrice

MARCH 19, 2025

Exxon is planning to boost its oil production regardless of where international oil prices are heading. This comes from a senior company executive who spoke to Semafor this week. It also likely reflects the sentiment across the supermajor segment of the energy industry. After all, thats what the consolidation drive was all about.

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OilPrice

MAY 15, 2025

The term peak oil has sparked debate for decades, fueling speculation and more than a few forecasts of doomsday scenarios. But for all the noise, it remains a largely misunderstood concept. Thats unfortunate, because peak oilboth in theory and in practicestill carries serious implications for the global economy and energy markets.

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OilPrice

MAY 14, 2025

Crude oil inventories in the United States saw an increase of 4 million barrels during the week ending May 9, according to new data from the U.S. Crude oil prices were trading down prior to the crude data release by the U.S. crude oil inventories with draws in gasoline and distillate stocks. Energy Information Administration.

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OilPrice

MAY 1, 2025

Russia expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. Russia now sees its oil and gas revenues at about $101.7 billion (8.32 billion (8.32 billion (10.9

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OilPrice

MAY 20, 2025

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose again, this time by 2.499 million barrels in the week ending May 16 after analysts had estimated a 1.85-million-barrel Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve

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OilPrice

APRIL 8, 2025

The oil market meltdown in recent days could pose risks to the Russian economy, Russias Central Bank Governor Elvira Nabiullina said on Tuesday. The main channel of influence may lie through fluctuations of oil prices, a decline of oil prices, Nabiullina was quoted as saying.

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OilPrice

MAY 23, 2025

Kazakhstan is likely to top its oil production plan this year, due to the expansion of the Chevron-led Tengiz field, Kazakhstans Energy Minister Erlan Akkenzhenov said on Friday, in yet another snub at OPEC+ quotas. million tons of crude oil and condensate in 2025, or about 2 million barrels per day (bpd), which would be 9.7%

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OilPrice

MAY 7, 2025

Russia saw its budget revenues from oil and gas drop by 12% in April from a year earlier, due to the oil price rout last month, the Russian finance ministry said on Wednesday. Oil and gas revenues for the Kremlin dipped to $13.45 Oil and gas revenues for the Kremlin dipped to $13.45 billion (1.09 billion (1.23 billion (1.09

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OilPrice

MARCH 23, 2025

This year will see the highest amount of new oil supply in a decade, according to data analyzed by Raymond James that showed projected global additions of nearly 3 million barrels daily. But only if the price is right. Production expansions

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OilPrice

APRIL 1, 2025

As Saudi Arabia pushes ahead with its ambitious Vision 2030 plan to build huge futuristic cities and resorts, the worlds top crude oil exporter will need to borrow more money on the debt markets as oil prices continue to linger at levels of about $20 per barrel lower than the Saudi fiscal breakeven oil price.

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OilPrice

MARCH 11, 2025

The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.

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OilPrice

MAY 3, 2025

China trade war is already hitting oil demand in the shipping and aviation sectors, and this weakness could soon move into the U.S. Shipping and aviation account for a combined 10% of global oil consumption, and the decline in container shipping traffic is set to hurt Signs have emerged that the U.S.-China

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OilPrice

APRIL 7, 2025

The price slump in crude oil that began last week has extended into this one as market players fears about a global recession deepen. Last week, crude oil prices took a 7% dive after China announced retaliatory tariffs for U.S. per barrel, both down by over 2% from Fridays close. imports, matching the U.S.

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OilPrice

MAY 16, 2025

The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 6-rig decrease last week. The number of oil rigs fell by 1 to 473 after falling by 5 during the previous weekand down by 24 compared to this time last year.

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OilPrice

MAY 1, 2025

The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. The IMF expects oil prices to decline in 2025 to $66.90 per barrel, nearly $6 below the

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OilPrice

MARCH 26, 2025

British Oil & Gas giant BP Plc (NYSE:BP) has received final approval by the Iraqi government for the redevelopment of the giant Kirkuk oil fields, with an initial plan to produce 3B boe. BP will develop Iraq's Kirkuk oil and gas fields based on a profit-sharing model, Iraqi oil ministry officials have revealed.

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OilPrice

MAY 27, 2025

The boss of Enquest has slammed the windfall tax on oil and gas firms as doing irreversible damage to the industry and driving job losses across the sector. The UK Energy Profits Levy (EPL) was introduced in May 2022 and applies to oil and gas companies operating in the North Sea.

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OilPrice

MARCH 20, 2025

Oil prices rallied on Wednesday after U.S. However, distillate inventories, including diesel and heating oil, fell by 2.8 government data showed a draw in fuel inventories. Brent crude for May delivery gained 1.6% to trade at $71.98 per barrel at 12.30 pm ET while the comparable WTI contract climbed 1.8% to change hands at for U.S.

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OilPrice

MAY 2, 2025

An increasing number of "zombie" or "phantom" oil tankersvessels that assume the identities of scrapped shipshave emerged off Venezuela's coast, allowing dark fleet operators to circumvent U.S. trade restrictions on global oil transport.

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OilPrice

MAY 28, 2025

For most of the past century, energy producers could count on steady oil demand growth. From industrial development in China to population booms in emerging markets, the global appetite for oil kept expanding like clockwork. million barrels per day (bpd) for nearly 60 years.

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OilPrice

MAY 15, 2025

India is fast cementing its status as the worlds top engine of oil demand growthovertaking China earlier than expected and showing no signs of slowing down. According to OPECs latest Monthly Oil Market Report, Indias oil demand is projected to grow by 3.4% The jump in Indian oil consumption is being driven in 2025 to 5.74

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OilPrice

APRIL 10, 2025

Oil prices plummeted on April 10, 2025, with WTI and Brent crude experiencing significant drops due to heightened trade tensions between the US and China, including tariff hikes.

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OilPrice

MARCH 25, 2025

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.6 So far this year, crude oil inventories have climbed more than 16 million barrels, according to Oilprice calculations of API data. million barrels for the week ending March 21. Analysts had expected a dip of 2.5 million barrels.

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OilPrice

APRIL 23, 2025

Kazakhstan has sparked fresh tensions within OPEC+ by asserting that its oil production strategy will be governed by national interests rather than group quotas, raising questions about future compliance and cohesion within the cartel.

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OilPrice

APRIL 11, 2025

Crude oil exports from Saudi Arabia to China are expected to increase substantially next month, thanks to the sizable price cut by the Saudis, Reuters reported today, citing unnamed sources. Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month.

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OilPrice

APRIL 1, 2025

Russia has ordered shut two of the three moorings of the main oil export terminal on the Black Sea handling Kazakhstans oil exports, which could seriously disrupt Kazakh crude shipments if the suspension lasts more than a few days.

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OilPrice

APRIL 8, 2025

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.057 million barrels for the week ending April 4, after a 6.037 million barrel spike in the prior week. So far this year, crude oil inventories have climbed nearly 22 million barrels, according to Oilprice calculations of API data.

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OilPrice

APRIL 16, 2025

crude oil production is set to peak at around 14 million barrels per day (bpd) in 2027, according to the Annual Energy Outlook 2025 of the U.S. oil production is set to remain around the 14 million bpd level by 2030 and in the early 2030s, after which it is expected to decline faster through 2050 as the shale boom fades.

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