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The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast on Tuesday in a monthly report. The world's largest oil producer is projected to produce 13.37 million barrels per day of oil in 2025, versus last month's forecast of 13.42 million bpd, the EIA said in its short-term energy outlook report. In 2026, the U.S. will produce 13.37 million bpd, in line with the [Read more]

U.S. power consumption will hit record highs in 2025 and 2026, the U.S. Energy Information Administration said in its short-term energy outlook on Tuesday. The EIA projected power demand will rise to 4,189 billion kilowatt hours in 2025 and 4,278 billion kWh in 2026, up from a record 4,097 billion kWh in 2024. Those demand increases come in part from data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity and less fossil fuels for [Read more]

(The opinions expressed here are those of the author, a columnist for Reuters.) *OPEC+ to increase output target by 2.5 million bpd between April and September *Saudi has large spare production while others produce at capacity *Riyadh's share of global oil production declined to 11% in 2024 from 13% By Ron Bousso LONDON, July 8 - Saudi Arabia's drive to rapidly increase OPEC+ oil output may put Riyadh in the pole position to regain market share today while also solidifying its [Read more]

Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August. Brent crude futures dipped 22 cents, or 0.3%, at $69.36 a barrel by 0330 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.4%, at $67.66 a barrel. U.S. President Donald Trump on Monday began telling trade partners, which included major suppliers South Korea and Japan as well as smaller U.S. [Read more]

The U.S. Interior Department on Monday proposed rule changes to allow energy companies to more easily combine oil and gas output from multiple leases using the same well pad, which could save the industry as much as $1.8 billion per year, it said. The proposed rule change, which would mostly affect onshore oil and gas drilling in the U.S. West, would ease limits on so-called commingling, which the department said would make operations more efficient. President Donald Trump's tax cut law [Read more]

Ontario signed an agreement with Alberta to build infrastructure and energy corridors that include a possible railway to the mineral-rich Ring of Fire region, the premiers of both provinces announced on Monday. Ontario Premier Doug Ford and Alberta Premier Danielle Smith signed two non-legally binding memorandums of understanding about increasing trade and building energy corridors, including commitments to build oil and natural gas pipelines to northern and southern Ontario. Ford has been [Read more]