2025 – Oil & Gas 360

Three Crown Petroleum Announces Significant Progress in its Powder River Basin Drilling Program with Initial Production from 22,500-Foot Niobrara Horizontal Well and Expansion of Development Program

October 15, 2025

(Oil and Gas 360) – The Irvine 1NH well was recently completed and began producing on October 14th Expansion of the 2025 – 2026 drilling program announced across Johnson, Campbell, and Converse Counties with two additional wells expected to spud in November 2025 Three Crown is actively seeking reliable partners to participate in its Niobrara and Mowry drilling program for

Norway to boost spending from Its $2 trillion oil fund in 2026 budget

October 15, 2025

(Oil Price) – The Norwegian government on Wednesday proposed to raise the spending from the country’s oil fund, the world’s largest sovereign wealth fund, in next year’s budget, according to the draft budget of the Labor party, which won a second term in office at the general elections last month. The Labor government of Jonas Gahr Støre will need support from its junior

OPEC Chief: The world needs $18.2 trillion in oil and gas investment

October 15, 2025

(Oil Price) – The world needs more investment in oil and gas as they will continue to account for a large part of the global energy mix in 2050, OPEC Secretary General Haitham Al Ghais said on Wednesday, reiterating the cartel’s view that investment in new supply will be needed in the foreseeable future. Primary energy demand will jump by 23%

IEA projects record oil oversupply in 2026 as OPEC+ output rebounds

October 15, 2025

(World Oil) – A record oversupply of oil will be bigger than previously estimated and the excess is already starting to build up on ocean going tankers, the International Energy Agency said. World oil supply will exceed demand by almost 4 million barrels a day next year, an unprecedented overhang in annual terms, the IEA said in its latest monthly

BofA says US-China trade tensions, OPEC+ output boost could push Brent below $50

October 15, 2025

(BOE Report) – Bank of America on Wednesday said that if U.S.-China trade tensions intensify while OPEC+ production ramps up, Brent prices could slip below $50 a barrel. The bank maintained its Brent forecast at $61 a barrel for the final quarter of 2025 and $64 a barrel for the first half of 2026, citing a likely floor around $55. “Looking

Fed’s Bowman expects two more interest rate cuts this year

October 14, 2025

(BOE Report)– 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

IMF ups Saudi Arabia’s 2025 GDP growth forecast to 4% as oil output rises

October 14, 2025

(BOE Report)– 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

Oil prices plunge on U.S.-China trade war tit-for-tat

October 14, 2025

(Oil Price)– Oil prices wiped out earlier gains to dip by more than 2% in early U.S. trade on Tuesday amid renewed concerns that the trade war between the United States and China could slow global economy. As of 9:21 a.m. EDT on Tuesday, the U.S. benchmark, WTI Crude, fell to the $58 per barrel threshold, down by 2.07% on the

Valeura boosts offshore Thailand output with 10-well Nong Yao drilling campaign

October 14, 2025

(World Oil)– Valeura Energy Inc. reported higher production and continued growth across its Thailand portfolio in the third quarter, driven by a ten-well drilling campaign at the Nong Yao field on block G11/48 in the Gulf of Thailand. The campaign lifted Valeura’s working interest oil production to 24,800 bpd by quarter-end, up from an average of 23,000 bpd in Q3,

EU presses US to drop tariffs on metals content

October 14, 2025

(Investing)– The European Commission is pressing the United States to remove tariffs on products made from steel as Brussels seeks to advance parts of the EU-U.S. tariff deal that have yet to enter force, EU Trade Commissioner Maros Sefcovic said on Tuesday. Under their joint agreement, the two transatlantic partners are to consider ring-fencing their steel, aluminium and derivative products

Oil market braces for contango and shale slowdown

October 14, 2025

(Oil Price)– The prospect of a contango is casting a shadow over oil markets, with the entire 2026 WTI futures curve now trading below $60 per barrel—beneath breakeven levels for most new shale wells. TotalEnergies CEO Patrick Pouyanné and Vitol’s Russel Hardy warn that prices this low could cut U.S. shale output by 200,000 to 300,000 barrels per day next

ExxonMobil retreats from Europe, credits Trump for pro-oil stance

October 14, 2025

(World Oil)– Exxon Mobil Corp. Chief Executive Officer Darren Woods renewed criticism of the European Union’s energy policies while praising U.S. President Donald Trump’s approach. The Texas oil and gas giant is slowing investment in Europe and selling assets, with Woods describing the bloc’s climate and human rights regulations as “slowing things down and trying to over-prescribe unpractical” solutions. He

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