President Donald Trump will join executives from some of the largest U.S. tech and energy companies for a summit in Pittsburgh on Tuesday as the administration prepares fresh measures to power the U.S. expansion of artificial intelligence. Top economic rivals U.S. and China are locked in a technological arms race over who can dominate AI as the technology takes on increasing importance everywhere from corporate boardrooms to the battlefield. The Energy and Innovation Summit at Carnegie [Read more]
Russia does not care about Trump’s ‘theatrical ultimatum’, senior official says
Russia does not care about U.S. President Donald Trump's "theatrical ultimatum" about slapping sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in Ukraine, a senior security official said on Tuesday. Trump, sitting beside NATO Secretary General Mark Rutte in the Oval Office, on Monday, announced new weapons for Ukraine and threatened secondary tariffs of 100% on the buyers of Russian exports, of which crude makes up a major chunk. The U.S. president also [Read more]
Kazakhstan hikes oil output by 11.6% in first half, no plans to quit OPEC+
Kazakhstan's oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday. The Central Asian republic has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia, angering some bloc's members, according to the industry [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures widened on Monday. WCS for August delivery in Hardisty, Alberta, settled at $10.40 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.20 a barrel on Friday. * The differential between Canadian heavy crude and the U.S. benchmark has been wider in July than it was last month, when concerns about wildfires in Canada's oil-producing regions led to a temporary [Read more]
Canada’s PrairieSky reports 8% y/y jump in Q2 oil royalty production
Overview * PrairieSky Q2 oil royalty production rises 8% yr/yr, setting a record high * Funds from operations fell 9% yr/yr due to lower US$ WTI pricing * Company repurchased 84,020 shares Outlook * Company expects royalty production from Duvernay wells in West Shale Basin in Q3 * PrairieSky anticipates continued annual oil royalty production growth * Company expands credit facility to C$600 mln for increased liquidity * PrairieSky sees sustained third-party drilling [Read more]
US natgas prices jump 5% to 1-week high on hotter weather forecasts, rising LNG exports
U.S. natural gas futures jumped about 5% to a one-week high on Monday on forecasts for hotter weather over the next two weeks than previously expected and rising flows of gas to liquefied natural gas (LNG) export plants. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 15.2 cents, or 4.6%, to settle at $3.466 per million British thermal units, their highest close since July 2. That price increase occurred despite rising output and forecasts for lower demand [Read more]
US delays rule on Gulf of Mexico whale protections by two years
The National Marine Fisheries Service will delay a final rule designating protections for the endangered Rice's whale in the oil and gas drilling region of the Gulf of Mexico by two years, according to an agreement with environmental groups filed in a federal court. The agreement with the Natural Resources Defense Council gives NMFS, a division of the Department of Commerce, until July 15, 2027, to finalize the geographic area considered to be critical for the species' survival. The agreement [Read more]
Venture Global begins producing LNG from Phase 2 of Plaquemines plant, sources say
Venture Global has started producing liquefied natural gas from Phase 2 of its Plaquemines export facility in Louisiana, according to two people familiar with its operations as well as LSEG ship tracking data and federal filings. In the last six months, the United States' second-largest LNG producer has exported LNG from Phase 1 of its Louisiana facility, and has now begun producing the superchilled gas from Phase 2, allowing it to sell the LNG at higher spot market prices for the next two [Read more]
Goldman Sachs raises Brent second-half 2025 price forecast by $5 to $66 a barrel
Goldman Sachs on Monday raised its Brent oil price forecast for the second half of 2025 by $5 to $66 per barrel due to supply disruption risks, lower stocks in Organisation for Economic Co-operation and Development countries and rising concerns about Russia's production constraints. The bank also increased its forecast for U.S. West Texas Intermediate (WTI) crude for the second half of 2025 by $6 to $63 a barrel, while keeping its 2026 outlook unchanged for Brent and WTI at $56 and $52, [Read more]
Soaring Saudi exports and trade tensions will test oil price resilience: Bousso
(Repeats to additional subscribers) *Oil demand growth slows sharply in second quarter *Saudi oil exports set to surge to 7.5 mln bpd in July amid higher production *Saudi power generation crude burn limits exports during summer By Ron Bousso LONDON, July 14 - Oil markets have remained remarkably resilient so far this year, despite concerns over U.S. President Donald Trump's trade policies and rising OPEC+ production quotas. But that strength will now be tested, as Saudi output is [Read more]
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