(BOE Report) – European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran war upended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business – setting
(By Oil & Gas 360) – Africa is moving back to the center of global energy strategy, and this time, the interest looks more durable. After years of underinvestment driven by capital discipline, energy transition pressures, and above-ground risk, oil majors and independents are once again allocating capital across key African basins. The shift is being driven by a familiar
(Investing) – Three major brokerages have raised their oil price outlooks as the Iran conflict disrupts flows through the Strait of Hormuz, tightening an already fragile global supply picture and pushing crude prices higher. Swiss brokerage UBS said crude markets are “on edge” with tanker traffic severely constrained. “Limited progress to unlock the world’s most important energy chokepoint have added to crude
(Investing) – Countries around the world are prepared to take action to stabilize the oil market, French Finance Minister Roland Lescure said on Tuesday. Lescure told reporters that nations have requested the International Energy Agency to develop scenarios for a possible oil stockpile release. “We have asked the International Energy Agency to elaborate scenarios for a potential oil stockpile release,” Lescure
(Investing) – Oil prices soared Friday, with Brent climbing above $90/bbl, after the release of weak U.S. jobs data, adding to previous gains as the escalating conflict in the Middle East raised concerns over global supply disruptions. At 09:30 ET (14:47 GMT), Brent Oil Futures expiring in May gained 6.6% to $91.10 per barrel, while West Texas Intermediate (WTI) crude futures gained 9.5%
(Oil Price)– Saudi Arabia is expected to further lower the price of its crude oil bound for Asia in February, as global supply remains plentiful and spot benchmarks in the Middle East have dropped, a Reuters survey of six Asian refining sources showed on Monday. Saudi Arabia, the biggest crude exporter in the world, is poised to reduce the price of
Investing – LONDON -Oil prices fell on Friday, extending declines for a third session as the United States pushed for a Russia-Ukraine peace deal that could swell global supply while uncertainty over interest rates curbed investors’ risk appetite. Brent crude futures dropped by $1, or around 1.6%, to $39 a barrel by 1417 GMT. U.S. West Texas Intermediate crude (CLc1) was down
(World Oil) – Increased oil supply from OPEC and its allies will continue to put pressure on crude prices next year, while liquefied natural gas prices will likely fall later in the decade, according to Chevron Corp. Chief Executive Officer Mike Wirth. “Oil prices in 2026 are likely to feel more pressure than LNG prices,” Wirth said in an interview with
(Investing) – HOUSTON -Oil prices fell on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures fell 57 cents, or 0.88%, to $64.34 a barrel by 11:17 a.m. EDT (1517 GMT). U.S. West Texas Intermediate crude was down 53 cents, or 0.86%, at $61.04. The Organization of
