Thursday, July 31, 2025

OPEC Production Sets Record – Oil Prices Fall

Skepticism remains about OPEC deal as group’s production chalks up another record high Both U.S. and international crude oil benchmarks WTI and Brent were down over $1 per barrel today following a rally in prices brought on by last week’s OPEC production agreement. Oil prices shot over the $50 per barrel mark after OPEC announced it would cut 1.2 MMBOPD

Mexico Successfully Completes its First Deepwater GOM Auction

BHP Billiton wins Trion farmout  Mexico’s deepwater Gulf of Mexico oil and gas auction, Round 1.4, resulted in eight of the 10 deepwater blocks in the Gulf being awarded to bidders outside of Mexico—a first for a country that has been determined to successfully draw outside companies to help overhaul its energy sector. Mexico’s National Hydrocarbon’s Commission (CNH) said that