QatarEnergy is in talks with Woodside Energy to buy up to 3 million metric tons of liquefied natural gas per annum (mtpa) from its Louisiana LNG plant under construction, three people with knowledge of the negotiations told Reuters. If a final agreement is reached, the long-term deal could see QatarEnergy buying LNG from the 16.5 mtpa export facility for between 15 and 20 years, one of the people said. Woodside Energy said on Friday it does not respond to market speculation, while QatarEnergy [Read more]
US energy firms kept rig count unchanged for second week in a row, Baker Hughes says
US energy firms this week kept the total rig count unchanged for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, held steady at 603 during the week ended October 23. Baker Hughes said the total rig count was up 53 rigs, or 10% above this time last year. Baker Hughes said oil rigs rose by one to 460 this week, the highest since early October, while gas rigs fell by one [Read more]
Trump weighs quick end to Iran war against letting conflict ‘wither’
President Donald Trump said on Friday the United States could end the war with Iran quickly, but questioned whether Washington should seek a swift conclusion or allow the conflict to gradually wind down. "We could end it very quickly," Trump said. "Do we want to finish it off or just want to let it wither?" Speaking to reporters on the White House South Lawn as he left on a trip to Florida, Trump said oil is getting out through the Strait of Hormuz. "We are getting everything we want,' he [Read more]
Ship attacks in Strait of Hormuz hit record high in October
October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank that has tracked maritime security incidents worldwide since 2017. "October has seen the highest number of ship attacks on record," said Noam Raydan, a senior fellow at the Washington Institute for Near East Policy. Raydan, who maintains the institute's interactive shipping incident map, has recorded 28 confirmed and [Read more]
Potential escalation between Iran and United States would only have losers, says France
France's foreign minister said on Friday that any renewed escalation between Iran and the United States would only have losers and raise oil prices. "A further escalation between Iran and the United States would leave no winners and would likely have very serious consequences for hydrocarbon prices," Jean-Noel Barrot told reporters in Istanbul after a meeting with counterparts from Britain, Germany, Turkey, Egypt, Pakistan and Saudi Arabia. (Reporting by John Irish; Editing by Sudip Kar-Gupta) [Read more]
Top oilfield services firm SLB beats quarterly profit estimates
SLB beat Wall Street estimates for third-quarter profit on Friday, as resilient demand across key markets such as North America helped the top US oilfield services firm ride out weakness in the Middle East due to the war in Iran. In North America, quarterly revenue rose 24% to $2.40 billion, driven by strength in US oil and gas drilling activity. Revenue from Middle East and Asia dropped to $2.81 billion, from $3 billion a year earlier. The Middle East is SLB's biggest market, [Read more]
Chevron uses Permian playbook to breathe life into Argentina’s ‘Dead Cow’ oil region
In a windy, remote oilfield in Argentina, Chevron is bringing in US workers, equipment and expertise, betting it can recreate the Permian Basin shale boom that transformed the US oil industry two decades ago, this time in the Vaca Muerta formation, where success has long been elusive. The US oil producer hopes to accelerate its goal of tripling production from Argentina, with plans to go from one to three drilling rigs at its El Trapial block by early 2029, a company executive told Reuters. [Read more]
Oil prices rise as supply concerns linger amid Houthi attacks on Saudi Arabia
Oil prices rose on Friday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the Middle East. Brent crude futures climbed 58 cents, or 0.5%, to $113.75 a barrel as of 0439 GMT, while US West Texas Intermediate crude futures rose 66 cents, or 0.7%, to $100.13. On a weekly basis, Brent, which settled at its highest since May 4 on Thursday, is set to close higher for a third successive week, while WTI is on track to finish lower, following two [Read more]
Oil spill off UAE coast prompts beach closures, cleanup effort
The United Arab Emirates said efforts were under way on Friday to contain oil leaking from a tanker vessel offshore that prompted authorities to close beaches and warn fishermen to avoid the area. Since the start of the US-Israeli war with Iran, attacks on commercial vessels in Gulf shipping lanes have driven up security risks for maritime traffic and heightened fears over the conflict's environmental fallout. The UAE's Ministry of Climate Change and Environment said in a statement that [Read more]
Trump says Iran is trying to drive up oil prices before the midterm elections
US President Donald Trump said on Thursday that Iran was doing all it could to drive up the price of oil before the US midterm elections. "They are even making up fake hits, mines, and everything else," he said in a Truth Social post. (Reporting by Daphne Psaledakis; Writing by Christian Martinez Editing by David Ljunggren) [Read more]
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