OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London on Tuesday. OPEC+ is discussing a further delay to a planned oil output hike that was due to start in January, two sources from the group said on Tuesday. Trafigura's global head of oil Ben Luckock suspects OPEC will again defer its production increase, though probably not that far into the future, [Read more]
US energy lobbying groups wary about Trump tariffs threat
U.S. oil and gas lobbying groups said on Tuesday they were wary of President-elect Donald Trump's threat of tariffs on Canada and Mexico, saying such policies could affect consumers, industry and security. Trump, who takes office on Jan. 20, vowed to impose a 25% tariff on imports from Canada and Mexico, two of America's biggest trading partners, until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade [Read more]
LNG market to grow by 50% in the coming decade, says Woodside’s O’Neill
Australia's Woodside Energy expects the global market for liquefied natural gas (LNG) to grow by 50% in the coming decade, its CEO said on Tuesday. "Over the last decade the LNG market grew by 50%. We anticipate it will grow by another 50% in the coming decade," Meg O’Neill told the Energy Intelligence Forum in London. O'Neill said the company had received interest from a lot of onshore gas players and other companies to partner with its Driftwood LNG project and talks were [Read more]
Citigroup sees energy challenges persisting in 2025, cuts PT on US oil firms
Citigroup cuts price target on U.S.-based oil and gas companies as challenges for the energy sector carry over into 2025 Brokerage sees no scope for OPEC+ to reverse production cuts in 2025, leaving an est. 8 mln barrels per day (mbpd) of global oil market capacity on the sidelines Says "while we expect OPEC+ to stick to its current strategy and keep this oil out of the market, capacity excess means there is neither need for commodity price nor asset price (equities) inflation" "2025 [Read more]
Canadian oil companies fall after Trump vows new tariffs
Canadian oil and gas producers fall after Donald Trump pledged big tariffs on imports from its neighbor on Monday The U.S. president-elect said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border Cenovus Energy, Imperial Oil, Suncor Energy and Canadian Natural Resources down between 1.1% and 2.9% Vast majority of Canada's 4 million barrels per day (bpd) of crude exports go to the United [Read more]
New LNG supply to be limited in the next two years, Equinor says
The global supply of new liquefied natural gas could take longer to come on stream than expected by the International Energy Agency, with predictions differing by a year or more, Norway's Equinor said on Tuesday. The IEA expects a wave of LNG to come to market in late 2025 or into 2026 as projects are completed, its Director General Fatih Birol told a conference in Oslo, while Equinor said the extra supply would take longer to complete. "On gas we see the additional supply coming a bit [Read more]
US oil firms unlikely to go ‘drill, baby, drill’ under Trump, says Exxon executive
By Ron Bousso and Robert Harvey LONDON, Nov 26 - U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said on Tuesday. "We're not going to see anybody in 'drill, baby, drill' mode," Liam Mallon, head of Exxon's upstream division, told the Energy Intelligence Forum conference in London. "A radical change (in production) is unlikely because the vast [Read more]
Oil steadies amid possible Middle East ceasefire
Oil prices ticked up in early trade on Tuesday after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium. Brent crude futures rose 29 cents, or 0.4%, to $73.2 a barrel as at 0430 GMT, while U.S. West Texas Intermediate crude futures were at $69.2 a barrel, up 26 cents, or 0.38%. Both benchmarks settled down $2 a barrel on Monday following reports that Lebanon and Israel had agreed to the terms of a [Read more]
Trump nod for LNG projects could boost supply only from 2027, Goldman says
Goldman Sachs expects no near-term impact on global gas supplies due to the potential approval for proposed U.S. liquefaction projects, as they would need government clearance as well as long-term contracts to go ahead, it said in a note on Monday. President-elect Donald Trump's team plans to roll out an energy package within days of his taking office that would approve export permits for new liquefied natural gas (LNG) projects, among a wide range of other measures. Goldman Sachs analysts [Read more]
Guyana’s pick of US startup faces hurdles to tap vast gas reserves
Guyana's dreams of developing its vast natural gas resources are stuck on the drawing board five months after it picked a little-known U.S. startup, Fulcrum LNG, to develop an export project that could cost up to $30 billion. Guyana has one of the fastest-growing economies in the world, thanks to the rapid rise in oil production at lucrative offshore fields developed by Exxon Mobil. But the South American country lacks the infrastructure to use the gas produced at those fields, which is [Read more]
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