IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy.
Oil Prices Rise by Nearly 2% After Drone Strike on Russian Terminal
Oil prices rose by nearly 2% on Friday after a Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks.The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight…
State researcher: China's oil demand will peak in 2027 and is up 100,000 bpd from this year.
A state oil researcher stated on Monday that China's total demand for oil, including all its products, will peak in 2027. This year, the sector of petrochemicals is expected to increase by about 100,000 barrels a day, due to increased volume. The researcher says that the soaring use of electric vehicles (EVs) in China, which is the largest oil importer in the world, has eroded fuel demand.
S&P Global: China's oil stocks help offset global surplus
S&P Global, which spoke at the APPEC Conference on Monday, said that China, as the world's largest oil importer, had been stockpiling the crude at a record pace for several years, helping to balance a global surplus despite the output increases by OPEC+. China has built up crude oil stocks at a rate 530,000 barrels per daily (bpd) this year.
Exxon expects a surge in natural gas demand by 2050
Exxon Mobil's annual outlook said that global demand for natural gases will increase by more than 20 percent from its level last year in 2050, as the gas replaces coal in powering industries and meeting higher electricity needs in developing countries. These projections form the basis of the long-term investment and strategy for the largest U.S. oil company.
Oil Prices Steady as Ukraine Peace Process Stalls
Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices remaining on track for their first weekly gain in three weeks.Brent crude futures were down 3 cents at $67.64 a barrel as of 1:00 p.m. EDT (1700 GMT). West Texas Intermediate (WTI) crude futures gained 5 cents to $63.57.Both contracts gained more than 1% in the previous session.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry…
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry…
EIA: US crude production will reach record 13,41 million bpd by 2025, before dropping.
The Energy Information Administration predicted in its monthly report on Tuesday that the U.S. crude oil production would reach a record 13,41 million barrels a day in 2025, despite lower oil prices causing a decline in 2026. EIA data show that the drop in production in 2026 to 13,28 million barrels per day would be the world's first decline since 2021.
OPEC raises its 2026 oil supply forecast and reduces the growth of rivals' supplies
OPEC raised its forecast of global oil demand for next year, and trimmed their estimate for the growth in supply coming from the United States and producers outside the larger OPEC+ Group. This indicates a tighter marketplace. The prospect of higher demand and a decline in supply growth outside OPEC+ (which groups OPEC, Russia…
Choose your favorite. Russell: China's imports of commodities can be either solid or soft.
The markets often use data, such as China's imports for major commodities, to determine trends regarding the second largest economy in the world. The July trade data is not very clear. It gives ammunition for both an economy that's resilient and recovering and another that's struggling to gain momentum. Crude oil provides a good example.
Choose your favorite. Russell: China's imports of commodities can be either solid or soft.
The markets often use data, such as China's imports for major commodities, to determine trends regarding the second largest economy in the world. The July trade data is not very clear. It gives ammunition for both an economy that's resilient and recovering and another that's struggling to gain momentum. Crude oil provides a good example.
Occidental Petroleum beats quarterly profit, discloses additional divestments
Occidental Petroleum on Wednesday beat Wall Street's expectations for the second quarter profit, as higher production offset lower crude oil prices. The average quarterly global production of the company was 1.4 million barrels per day (MMboepd), an increase of about 11% compared to a year ago. Exxon Mobil, Chevron and other oil…
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production reached its highest level in any second quarter…
USDA report: record US corn exports, biofuel boom in the US: Braun
The United States is the top corn exporter in the world and will set a new record for corn exports during the final marketing year of 2024-25, just barely beating the previous high from 2020-21. What's the catch? The catch? China established a trading relationship with Brazil, the world's No. Brazil was the No. 2 corn exporter in China a few years back.
USDA report: record US corn exports, biofuel boom in the US: Braun
The United States is the top corn exporter in the world and will set a new record for corn exports during the final marketing year of 2024-25, just barely beating the previous high from 2020-21. What's the catch? The catch? China established a trading relationship with Brazil, the world's No. Brazil was the No. 2 corn exporter in China a few years back.
Oil Prices Rise as Investors Consider Market Uncertainties
Oil prices rose over 2% on Friday as investors weighed a tight short-term market against the potential surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus.Brent crude futures were up $1.68, or 2.5%, at $70.32 a barrel by 1:22 p.m. EDT (1722 GMT). U.S. West Texas Intermediate crude gained $1.83…
The price of gas in Europe is rising as geopolitical tensions fuel concerns about supply disruption
Dutch and British wholesale prices for gas rose on Monday as markets prepared themselves for Iran's reaction to the U.S. strike on its nuclear sites. They also raised concerns about supply disruptions, higher insurance costs and possible supply disruptions if Tehran closes the Strait of Hormuz. LSEG data shows that the benchmark…
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern…
IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises…