ConocoPhillips' new CEO inherits $7 Billion cash flow pledge on Alaska oil project
Analysts and investors have said that Andy 'O'Brien, the long-time CEO of ConocoPhillips, will be succeeded by Ryan Lance in the next month. He will inherit an Alaskan oil project, which will need to be completed, and costs to control, as well as a share price, which has lagged behind peers. ConocoPhillips, the 'largest independent U.S. oil exploration and production firm' announced its succession plan Thursday along with the company’s highest quarterly net income in 2022. The higher crude prices as a result of the Iran War boosted the earnings.
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Donald Trump has increased the pressure on India to reduce its Russian oil purchases. It could cost Moscow vital revenues, but will mainly push more Russian crude oil onto an ever-growing shadow market. The U.S. President said that Indian Prime Minister Narendra modi had pledged on Wednesday to stop purchasing oil from Russia. India has not yet confirmed this agreement. Since the 2022 invasion of Ukraine by Moscow, India has been a major buyer of Russian crude oil. According to the International Energy Agency, India purchased 1.9 millions barrels of crude oil per day in the first nine month of 2025.
Chevron CEO scolds Trump for demanding lower gas prices
On Monday, President Donald Trump called again on oil companies to lower the price of gasoline for U.S. customers. He criticized Chevron CEO Mike Wirth for failing to credit his administration's efforts in helping the oil industry. Trump attacked Wirth after he was interviewed by Maria Bartiromo on Fox News' "Sunday morning Futures" program. "He conveniently forgot that without the genius and foresight of the TRUMP Administration the Oil Industry would be dead, as well as our Country." Trump wrote on his Truth Social platform. Oil prices are dropping, now! Oil prices must drop NOW! Trump wrote.
Argentina's paradoxical growth: Shale wealth grows as jobs disappear elsewhere
Ramiro Ramirez is a mechanic who found work within a month in Vaca Muerta (Argentina), home to one of the largest shale gas and oil reserves. He earns ten times more than he did as a cook. It is not an easy job. Ramirez, 25, leaves Neuquen Province at 5 am for the daily two-hour drive to the oil fields near the dusty, small town of Anelo. The area has been flooded with people seeking jobs since production in the formation increased sharply over the past few years. He wants to build a career in Vaca Muerta. It's a bright spot on President Javier Milei’s austerity-heavy playbook…
Palm VEGOILS - Palm tracks Dalian rivals down, posts second weekly gain
Malaysian palm oil futures rose for the second week in a row?on friday despite being drag down by weakness of Dalian vegetable oil prices. At closing, the benchmark palm oil contract for October delivery at Bursa Malaysia's Derivatives exchange was down 12 Ringgit or 0.26% at 4,594 Ringgit ($1,123.23). The contract rose 1.79% in the past week. On Friday, it traded between 4,575 ringgit and?4,608 per ton. Dalian's highest-volume soyoil contract fell 0.57% while palm oil contracts declined by 0.26%. Chicago Board of Trade soyoil prices increased by 1.35%.
Palm vegoils Dalian rivals lower, on track for second weekly gain
Malaysian palm oil futures dipped after trading range bound on 'Friday,' tracking the weakness of Dalian vegetable oils, but were set to gain a second straight week. By midday, the benchmark contract for palm oil delivery in October on Bursa Malaysia's Derivatives exchange was down 15 Ringgit or 0.33% at 4,591 Ringgit ($1,126.07). The contract rose 1.73% in the past week. It was traded on Friday within a narrow range of 4,575-4,604 ringgits per ton. Dalian's soyoil most active contract fell 0.52% while palm oil contracts declined 0.18%. Chicago Board of Trade soyoil prices increased by 1.02%.
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has started tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to begin drilling four wells here?in the second quarter of 2027. People say that the contract should be awarded before the end of September. The contract will not be effective until a final investment decision has been made on the 4.2 trillion cubic-foot project. The requirement shows that the company has taken concrete steps to advance the development, which was delayed for years due to sanctions. The U.S. has changed its policy towards Venezuela, which has caused the Dragon project to be repeatedly halted.
Shell plans to drill at Venezuela's offshore gas field in 2027, according to sources
Shell has begun tendering drilling services for its Dragon off-shore gas project in eastern Venezuela. This is part of a plan to start drilling 'four wells in this area in the second quarter 2027. People familiar with the process say that the contract should be awarded before the end of September. The contract will not go into effect until a final investment decision has been made on the 4.2 trillion cubic-foot project. The requirement shows that the company has taken concrete steps to progress the long-delayed project after years of uncertainty due to sanctions. The U.S.
Chevron offers its chemical technology to rival drillers in order to boost shale-oil output
Chevron said it would allow rival oil companies to purchase a chemical technology that was developed by the company to increase production from shale oil wells. This is part of a larger push to increase U.S.?oil?output. The move comes at a time when the U.S. Shale industry, which transformed the global energy market nearly 20 years ago with the fracking explosion, is grappling with declining well productivity. Experts say that this is forcing companies to either drill more wells, or adopt new technologies to maintain output. Chevron announced that it would license its chemical surfactants technologies to ZL Chemicals.
Zelenskiy, a Ukrainian politician, mocks Russian military efforts and says that Moscow rejects any peace proposals
On Monday, Ukrainian President Volodymyr Zelenskiy mocked Russia’s military?drive. He said that the Kremlin had over a period of four years'set and put off 15 deadlines for capturing the eastern Donbas?region. Zelenskiy?s comments were a reaction to Russian President Vladimir Putin rejecting a Ukrainian proposal a day before, which the Kremlin leader claimed was an offer to stop long-range attacks and reduce the fighting. He said that Putin's remarks showed he wasn't in touch with the feelings and frustrations of Russians, who were facing long queues at gas stations due to an Ukrainian campaign of strikes on oil industry targets.
Occidental CEO's new role tested by debt, lagging share price and large dividend payments to Berkshire
Richard Jackson, Occidental Petroleum CEO for less than a month, has been tasked with finding ways to boost a lagging share price and pay off more debt. Jackson could face a fundamental question in the long term: whether it should seek a buyer of its oil company, which has a market capitalization of $51 billion. Berkshire Hathaway already owns a third of the company. The preferred stake, which costs Occidental hundreds millions of dollars annually in dividends, is owned by Berkshire Hathaway. Jackson, who joined Occidental back in 2003, assumed control of the Houston-based firm on June 1, 2008.
Palm oil shows weekly loss as crude falls
Malaysian palm futures suffered a loss for the past week due to a decline in crude oil prices, profit-taking and a weak export demand. The benchmark palm oil contract for September delivery at the Bursa Derivatives Exchange fell 1.72% in the past week. The price of a metric ton rose 9 ringgits, or 0.2% to 4,566 Ringgit ($1,117.47), at the close on Friday. Dalian's most actively traded palm oil contract gained 1.83 percent on the same day. Prices of soyoil on the Chicago Board of Trade dropped by 1.04%. As palm oil competes to gain a share in the global vegetable oil industry, it tracks the price fluctuations of rival edible oils.
OPEC Maintains Robust Oil Growth Forecast Over Next Four Years
OPEC maintained its forecast for robust global oil demand growth in the next four years on Thursday and nudged up its longer-term view, citing a worldwide shift towards more supportive policies for oil use and saying there was no sign demand would peak.The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.World demand will rise to 113.3 million bpd in 2030 from 105.1 million barrels per day in 2025…
OPEC maintains robust outlook for oil demand, but does not see a peak until 2050
* U.S. shale production likely peaked by 2025, according to the report (Source changed on OPEC website paragraph 3). LONDON, 18 JUNE - OPEC has maintained its forecast of robust growth in global 'oil demand' over the next four years and has shifted its long-term?view. It cited a worldwide shift to more supportive policies regarding oil usage and said there were no signs that demand would peak. Organization of the Petroleum Exporting Countries, a group of 11 countries, is heavily dependent on oil to generate government revenue.
OPEC maintains robust outlook for oil demand, but does not see a peak until 2050
* Says shale production likely peaked around 2025, but that the U.S. LONDON, JUNE '18 - OPEC affirmed its forecast of robust growth in global oil demand over the next four years and boosted its long-term view. Citing a worldwide shift to more supportive policies relating to?oil usage, it said there were no signs that demand would peak. Organization of the Petroleum Exporting Countries, a group of 11 countries, is heavily dependent on oil to generate government revenue. Its views on the demand for oil are more optimistic than other organizations in the industry such as the International Energy Agency.
IEA predicts that stockpiles could be critically low before peak summer demand
The head of the International Energy Agency’s oil industry and market division warned on Tuesday that if the current rate of stock 'draws' continues, global oil inventories may reach critical levels before the summer peak. Bosoni, speaking at the S&P Global Energy Middle East Petroleum and Gas Conference held in London, said that a?agreement reached today could take up to six months to reopen Strait of Hormuz in the 'best-case scenario. This could lead to a second coordinated emergency release by the IEA, but a discussion about this isn't happening at the moment, as only half of 400 million barrels from March have yet reached?the market.
Rosneft announces a jump in Q1 revenue, but warns that attacks could damage assets
The company reported that the first-quarter net profits?of Russia’s largest oil producer,?Rosneft, jumped seven-fold from the previous?three-month period due to an increase in global oil prices and foreign exchange movements, as well as one-offs. It warned, however, that an attack on its infrastructure could lead to asset impairments resulting in a weakened reported profit. In recent months, Ukraine has intensified drone attacks?on Russian infrastructure for energy in an effort to reduce Moscow's revenues. Igor Sechin, CEO of Rosneft, said that the oil market was extremely volatile in this year due to the Middle East conflict.
Wildfire Season Returns to Canada's Oil Sands
Wildfire season is back in Canada's oil sands area, with seven active fires on Sunday. This poses a risk to communities, workers and investors. Canada is the fourth largest oil producer in the world, with the majority of its production concentrated in the boreal forest of northern Alberta. Wildfires have always been a problem in this area, but they are now more frequent due to climate changes. They have also become a perennial threat to Canadian oil production. Wildfires have not caused any significant disruptions in the Canadian oil industry operations so far this year.
The tiny Guyana is poised to gain big gains from Iran oil and growth strains
The U.S. and Israeli war against Iran had already pushed up oil prices, but the tiny Caribbean nation of nearly 1 million people will now reap an even bigger bonanza as the conflict reshapes global energy markets. The tiny Caribbean nation of nearly 1,000,000 people is now set to reap even more benefits as the war reshapes the global energy markets. This war, which caused the biggest energy disruption in history, highlights 'the importance of countries like Guyana who offer political stability as well as geographically unrestricted oil access.
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does, we will resolve any issues through this channel." Her remarks at the event hosted by the American Association of Petroleum Geologists, in The Woodlands in Texas, marked her first trip to the U.S.
