Rigs drilling beneath the deep waters of the Gulf of Mexico will drive U.S. oil industry growth this year and next as onshore production slows due to lower prices and maturing shale fields, and analysts and consultants expect the trend to continue as new technology and friendly regulations attract investment offshore. The offshore oil and gas sector took a backseat to shale in recent years because drilling at sea requires years of construction work and higher upfront investments. Entry costs [Read more]
OPEC Secretary General says oil and gas industry needs more investment
OPEC Secretary General Haitham Al Ghais reiterated on Wednesday that more investment is needed in oil and gas, saying oil will continue to account for about 30% of the global energy mix by 2050. A growing economy, population growth and urbanisation all lead "to one clear signal that the world will need much more energy than it is consuming today", he said in remarks to the Russian Energy Week conference in Moscow. He forecast 23% growth in primary energy demand by 2050. "Yes, it's a [Read more]
California judge blocks efforts to restart Santa Ynez oil pipeline
A California judge on Tuesday sided with the state government and tentatively ruled against Houston-based oil company Sable Offshore's request to restart a pipeline that pulls crude from the Santa Ynez offshore oil project. The tentative ruling from Judge Thomas Anderle in the Superior Court for Santa Barbara County marks a major setback for Sable, whose business is entirely focused on the Santa Ynez project. Its shares fell over 20% to about $14 each in extended trading. The company in [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for November delivery in Hardisty, Alberta, settled at $10.30 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Friday's close of $10.65. Markets were closed Monday for the Canadian Thanksgiving holiday. * The WCS discount has been tight this month, contrary to the typical seasonal widening after the summer driving season ends. * [Read more]
Oil bosses expect market surplus to shrink over time
The global oil market is set to tighten in the medium to longer term, recovering from short-term weakness, executives from oil majors and trading houses said on Tuesday. Rising output from OPEC+ - which groups the Organisation of Petroleum Exporting Countries and allies - as well as from other producers, together with expectations that trade tensions will lead to reduced demand have weakened oil prices this year. Brent futures traded around $62 a barrel on Tuesday - down by over $15 from a [Read more]
Fed’s Bowman expects two more interest rate cuts this year
Federal Reserve Governor Michelle Bowman on Tuesday said she continues to anticipate that the U.S. central bank will deliver interest rate cuts at its final two policy meetings of 2025. “I continue to see two more cuts before the end of this year,” Bowman said at an event in Washington. The Fed last month cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range, its first reduction in borrowing costs since last December. Projections released alongside its [Read more]
IMF ups Saudi Arabia’s 2025 GDP growth forecast to 4% as oil output rises
The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world's top crude exporter. In its latest World Economic Outlook, the IMF lifted its forecast for Saudi Arabia's GDP growth in 2025 to 4%, from 3% it projected in April. Growth in 2026 was revised slightly higher to 4% as well. Accelerating growth in the oil and gas exporters of the Gulf states was expected to also lift [Read more]
Oil executives flag increased costs from Trump’s tariffs
The executives of two oil companies warned this week that tariffs resulting from the U.S. administration's trade policies were driving up costs across the energy production chain and affecting investment decisions. TotalEnergies CEO Patrick Pouyanne told the Energy Intelligence Forum in London on Tuesday that tariffs on steel were pushing up costs for liquefied natural gas (LNG) projects. In June, Trump signed an executive proclamation hiking tariffs on steel and aluminium imports to [Read more]
Cenovus Energy acquires 8.5% of MEG Energy shares prior to merger vote
Canadian oil and gas producer Cenovus Energy said on Tuesday it has acquired about 21.7 million common shares of MEG Energy prior to a vote on the merger between the two companies. Cenovus now owns or controls about 8.5% of MEG's 254.4 million outstanding shares, acquired since October 8. The two companies have also revised a standstill agreement to allow Cenovus to acquire up to 9.9% of MEG shares ahead of the merger vote. Earlier this month, Cenovus raised its bid for MEG to C$8.6 [Read more]
World oil market to see higher surplus as OPEC+ hikes, IEA says
World oil supply will rise more rapidly than previously expected this year and a surplus could expand in 2026 as OPEC+ members and other producers lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday. Supply will rise by 3.0 million barrels per day in 2025, up from 2.7 million bpd previously forecast, the IEA, which advises industrialised countries, said in a monthly report. Next year it will rise by a further 2.4 million bpd, it said. OPEC+ is [Read more]
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