February 12, 2025 – Oil & Gas 360

Trump official says minerals deal will give Kyiv post-war ‘security shield’

February 12, 2025

(Investing) – KYIV -U.S. Treasury Secretary Scott Bessent said on Wednesday that a minerals deal between Kyiv and Washington would provide Ukraine with a post-war “security shield”, and President Volodmyr Zelenskiy said he hoped to reach an agreement within days. Bessent, the first cabinet-level official on Donald Trump’s team to visit Kyiv, spoke after Zelenskiy said he was ready to do

Chevron needs Hess’s Guyana oil assets to boost reserves

February 12, 2025

(Oil Price) – Chevron is betting on the multi-billion acquisition of Hess Corp to boost its assets with high-quality Guyana acreage where billions of barrels of oil equivalent have been discovered. Chevron’s reserves replacement ratio has dropped in recent years and its oil and gas reserves have now declined to the lowest level in at least a decade, according to a Reuters

OPEC sticks to 2025, 2026 global oil demand growth forecasts

February 12, 2025

(Investing) – LONDON – OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels

EU considers temporary cap on natural gas prices

February 12, 2025

(Oil Price) – European Union officials are considering the potential introduction of a cap on natural gas prices as part of discussions on a clean industrial deal policy to boost Europe’s industry. Europe is losing competitiveness due to the European gas prices which are up to four times higher than those in the United States. A cap on prices is

Mexico to boost crude reserves to meet at least a decade of demand, Pemex CEO says

February 12, 2025

(BOE Report) – Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday. Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added. Speaking alongside Mexican President Claudia Sheinbaum at

Russia braces for oil output cuts as sanctions and drones hit

February 12, 2025

(Investing)– Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to improve its bargaining position amid expectations

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 4.1million barrels

February 12, 2025

Weekly Crude Oil Storage as of February 7, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.1 million barrels from the previous week. At 427.9 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

Premium Content