(Oil Price) – Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied, but according to Wood Mackenzie, the Permian is not done yet—not if prices improve. To be sure, the boom
(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
(Oil Price) – The biggest international oil firms used the first-quarter earnings calls to reassure investors that Big Oil is in a ‘business as usual’ mode at oil prices at $60 per barrel. As ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported their Q1 earnings and provided guidance for the second quarter and the rest of the year, oil prices were ending one of
(Investing) – NEW YORK – Oil prices fell on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China’s economy. Brent futures were down 42 cents, or 0.6%, to $65.12 a barrel at 11:02 a.m. EDT (1502 GMT), while U.S. West Texas Intermediate (WTI) crude slid 26 cents, or
(Investing) – Oil prices fell Monday, handing back some of the previous week’s gains as traders fretted about Moody’s U.S. credit downgrade as well as slowing economic growth from China, the world’s largest crude importer. At 08:15 ET (12:15 GMT), Brent Oil Futures expiring in June inched 0.7% lower to $64.93 per barrel, while West Texas Intermediate (WTI) crude futures also fell 0.7% to $61.53
(Investing) – Oil prices rose Friday, heading for weekly gains on optimism over a potential deescalation in U.S. President Donald Trump’s tariff agenda. At 08:40 ET (12:40 GMT), Brent oil futures rose 1.9% to $64.05 a barrel, while West Texas Intermediate crude futures rose 2.1% to $61.17 a barrel. On the week, both contracts were on track to rise more than 4%. Oil buoyed by
(Oil Price) – OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when
(BOE Report) – Canada’s second-largest oil producer Suncor Energy said on Wednesday a recent cost-cutting campaign had set it up well to weather lower global oil prices, but did not rule out reducing capital spending next year if weaker economic conditions persist. CEO Rich Kruger told analysts on a conference call that Suncor has not changed its 2025 capital budget range of
(Investing) – LONDON – Oil prices pared gains on Wednesday but rose for a second session, finding support from positive investor sentiment over U.S.-China trade talks to be held this weekend and signs of lower U.S. shale output. Brent crude futures climbed 41 cents a barrel, or around 0.7%, to $62.56 a barrel by 1219 GMT, while U.S. West Texas Intermediate crude
(Investing) – LONDON -Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down in the previous session, although concerns about a market surplus persisted. Brent crude futures were up $1.80, or 3%, to $62.03 a barrel by 1310 GMT, the first gain after six consecutive
(Investing) – The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information. The upcoming meeting has the potential
(Oil Price) – The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. “Across the region, rising trade tensions and policy uncertainty are adding to the impact of conflicts and extended oil production cuts to weaken growth prospects,”
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