(World Oil) – The Trump administration is taking advantage of low oil prices and buying 1 MMbbl to start refilling the nation’s depleted emergency crude supply. The Energy Department announced Tuesday that it plans to buy oil for delivery in December and January, using a portion of the $171 million from President Donald Trump’s signature tax and spending law
(BOE Report) – Donald Trump is putting more pressure on India to slash its Russian oil purchases. This could deprive Moscow of vital revenue, but it will mostly just push more Russian oil into an increasingly large shadow market. The U.S. president said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, an agreement
(Investing.com)– Oil prices edged lower on Friday, heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Brent crude futures were down 9 cents, or 0.15%, at $60.97 a barrel at 1311 GMT, while U.S. West Texas Intermediate futures were 4
(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
(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
(Oil Price) – The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions. Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of
(World Oil) – Sable Offshore Corp. is seeking the Trump administration’s help to jumpstart a California oil project stalled by red tape. The Houston-based company’s effort to tap hundred of millions of barrels of crude off the coast of Santa Barbara have been stymied by state regulators’ opposition to reopening pipelines that funnel the crude to refineries. If state approval
(BOE Report)– Prime Minister Mark Carney raised the prospect of reviving the Keystone XL pipeline project with U.S. President Donald Trump as part of a larger pitch on linking energy co-operation and support for Canada’s steel and aluminum sectors. A government source who was briefed on the disc aluminum, steelussions told The Canadian Press that Trump was “very receptive” to
(Oil Price) – President Donald Trump used his return to the United Nations General Assembly on Tuesday to lash out at both allies and rivals over continued purchases of Russian energy, saying countries buying oil and gas from Moscow are “funding the war against themselves.” Trump singled out China and India as the “primary funders” of Russia’s war in Ukraine, while
(Investing) – MILAN -U.S. Energy Secretary Chris Wright said President Donald Trump’s priority is to bring the Russia-Ukraine war to an end, without larger disruptions, when asked how the U.S. would react to Chinese purchases of sanctioned Russian LNG cargoes. “President Trump’s single greatest goal is prosperity in America and peace abroad,” Wright said in a press conference at the Gastech
(World Oil) – The Trump administration is withholding approval for several Western oil majors seeking to operate in Venezuela, ramping up pressure on Nicolás Maduro’s government even as Chevron Corp. is allowed to work there, according to people familiar with the matter. The pause is focused on non-U.S. firms, leaving companies including Spain’s Repsol SA, Italy’s Eni SpA and France’s Maurel
(Investing) – Oil prices slipped lower Tuesday, continuing the previous session’s selloff after U.S. President Donald Trump provided Russia with additional room to end the Ukraine war before taking action. At 07:45 ET (11:45 GMT), Brent oil futures expiring in September ticked down 0.1% to $69.10 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.2% to $66.88 per barrel. After an initial rally,
