The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA, an agency that advises industrialised nations, warned that…
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, an official from Ukraine's SBU security service…
TotalEnergies sees Brent-Dubai crude price gap remaining negative
TotalEnergies' executive stated on Monday that the price gap between Brent crude and Dubai crude will remain negative because of strong demand for Middle Eastern heavier oil despite increased supplies from OPEC countries. Rahim Azouni was TotalEnergies senior vice president of shipping and trading at the APPEC Conference in Singapore, a day after OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies) agreed to increase oil production starting October.
US Sanctions Shipping Network for Transporting Disguised Iranian oil
The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.A senior Iranian official said on Tuesday that the path to nuclear negotiations is not closed but U.S.
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure, hitting Ukrainian domestic heating supplies, Russia's Druzhba pipeline and other facilities, over the past few weeks as U.S.
EIA expects Brent oil to fall below $60/bbl by Q4
The U.S. Energy Information Administration forecast Brent crude oil spot price will average less that $60 per barrel during the fourth quarter. This would be the lowest average price since 2020. In its August Short Term Energy Outlook, it stated that it expects Brent to be around $50 per barrel by 2026. The global benchmark closed Tuesday at just over $66. The U.S. Department of Energy's statistical arm forecasted a significant drop in oil prices…
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, and other allies) would make it easier to proceed with OPEC+'s plan to pump additional barrels to regain the market share lost after years spent cutting back to support the market.
Kuwait Oil Minister: OPEC monitors market. Trump remarks about Russian oil
Kuwait's Oil Minister Tariq AlRoumi stated on Thursday that OPEC closely monitors global oil supply and demand trends as well as U.S. president Donald Trump's recent remarks about Russian oil. Al-Roumi, a reporter, said that OPEC monitors the market for supply and demand. He also keeps an eye on the U.S. president's comments. Al-Roumi added that he expected oil prices to fall below $72 a barrel. The Minister described the market's health as moderately growing, with a healthy demand.
Shale producer Diamondback misses profit estimate, cuts capex forecast
Diamondback Energy's second-quarter profits missed analyst expectations due to lower crude oil costs. The shale producer also lowered its full-year capital expenditure forecast. In extended trading, shares of the company dropped 2.7% on Monday. Since the last close, they are down by nearly 11%. Diamondback has cut its capital budget for the current year by 200 million dollars, bringing it down to $3.4-$3.6 billion. This was due to volatility and uncertainty.
Cenovus Energy Lowers 2025 Production Forecast
Canadian oil and gas producer Cenovus Energy lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities.The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut-in.Cenovus forecast 2025 upstream production to be between 805,000 barrels of oil equivalent per day and 825,
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy. They are entitled to 40% of production, which is around 2.1million barrels per day.
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected, as several rigs were demobilized, and operations at the Jafurah unconventional gas field have been paused.
North Dakota drilling and fracking activity stable as prices fluctuate, state regulator states
In a Tuesday monthly briefing, the state regulator revealed that despite recent volatility in oil prices, the number of frac crews and rigs in North Dakota remained unchanged in June. There are 32 rigs and 13 frac crews currently operating in North Dakota. Baker Hughes, an energy services company, said that the U.S. energy companies last week reduced oil and natural-gas rigs by eight for the week, the first drop since September 2023. North Dakota is third in the nation for oil production.
GRAINS-Chicago soyabeans rebound after initial pressure from weaker soybean oil; corn and wheat dip
Chicago soybean futures stabilized after briefly being weighed down due to a drop in soyoil, which was attributed to easing concerns about crude oil supply disruptions from the Middle East. The most active soybean contract increased 0.14%, to $10.48-2/8 a bushel. This ended a two-day loss streak. Soyoil fell 1.03% to 52.69cents per pound. The oil prices fell on Tuesday, to their lowest levels in over a week, after Trump announced that a ceasefire had been reached between Iran and Israel.
GRAINS: Soybeans rise as soyoil increases on Middle East tensions, but corn falls on favorable weather
Chicago soybean futures edged higher on Monday. This was supported by soyoil price gains after the U.S. attack on Iranian nuclear installations stoked fears about global crude oil supply. As of 0301 GMT, the most active soybean contract increased 0.09% to $10.61-1/2 per bushel. Soyoil rose 1.14% to 55.09 Cents per Pound. The U.S. launched a major attack on Iranian nuclear sites at the weekend. This escalation boosted soyoil prices, which are closely linked to biofuels.
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 industrialised nations) did not alter its prediction that China's demand would peak earlier than 2029 due to the growth of electric vehicles.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter.
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel. Brent…
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case.