United States – Oil & Gas 360

Oil prices rebound after recent losses; oversupply, demand concerns persist

November 6, 2025

(Investing)– Oil prices rose Thursday, rebounding after logging sharp losses in recent sessions as expectations of a supply glut and softening demand presented a weak outlook for crude. At 04:45 ET (09:45 GMT), Brent oil futures for January rose 0.7% to $63.98 a barrel and West Texas Intermediate crude futures gained 0.9% to $60.15 a barrel. Both contracts slid some 1% each on Wednesday,

US will not send officials to COP30 climate talks, White House says

October 31, 2025

(Investing) – WASHINGTON -The U.S. will not send any high-level officials to the upcoming COP30 climate summit in Brazil, a White House official told Reuters, alleviating some concern among world leaders that Washington would send a team to scupper the talks. Brazil will host a high-level leaders’ summit next week before the two-week UN climate negotiations begin in the Amazonian city

Indian Oil Corp. seeks to replace Russian oil with American barrels

October 30, 2025

(Oil price)– Indian Oil Corp. is looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply after the latest U.S. sanctions on Rosneft and Lukoil. Bloomberg reported that the company, which is India’s largest refiner, is looking for cargos from the United States, Canada, Brazil, and Latin America.

Analysis-Trump-Xi ’amazing’ summit brings tactical truce, not major reset

October 30, 2025

(Investing)– BUSAN, South Korea/BEIJING (Reuters) -U.S. President Donald Trump hailed a meeting with China’s Xi Jinping as “amazing” and “12” on a 10-point scale, but the agreement the two leaders reached appears to be no more than a fragile truce in a trade war with root causes still unresolved. The framework announced on Thursday – that includes China resuming soybean

Oil settles lower as OPEC plans to increase oil output

October 28, 2025

(Investing)– Oil prices settled marginally lower on Monday as OPEC’s plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia. Brent crude futures were down about 32 cents, or nearly 0.5%, at $65.62 a barrel, while U.S. West Texas Intermediate crude futures closed 19 cents or 0.3% lower

Iraq secures first floating LNG import platform deal with U.S. firm

October 28, 2025

(Oil price)– Iraq signed on Tuesday a contract with U.S. company Excelerate Energy for the country’s first floating gas platform, the office of the Iraqi Prime Minister said, as OPEC’s second-largest oil producer aims to strengthen its gas supply and energy security. As part of the agreement, Excelerate Energy will provide a floating storage regasification unit (FSRU) that will be

ConocoPhillips to lay off Canada employees in November, company memo shows

October 24, 2025

(BOE Report)– U.S. oil company ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian

Supertanker rates soar as buyers scramble to replace Russian oil

October 24, 2025

(Oil Price)– The supertanker freight futures surged on Thursday and Friday after the U.S. sanctions against Russia’s biggest oil firms created a rush to replace Russian barrels. The front-month supertanker contracts on the route Middle East to China, the benchmark route, jumped by 16% on Thursday, to the highest level in nearly two years, according to data from the Baltic

Canada’s Carney visits Asia to forge new alliances and reduce US dependence

October 24, 2025

(BOE Report)– Canada’s Prime Minister Mark Carney embarks on his first official visit to Asia on Friday in an attempt to deepen trade and security ties at a time when the North American country is struggling to lessen its overwhelming dependence on the U.S. and redefine its foreign policy in pursuit of new markets. Canadian government officials said Carney’s week-long

Oil prices surge 6% as Trump sanctions Russian energy giants

October 23, 2025

(Oil Price)– Oil prices skyrocketed in early Asian trading on Thursday after President Trump announced new sanctions on Russia’s two largest oil producers, Lukoil and Rosneft, marking the first Ukraine-related sanctions of his second term. Brent crude futures jumped 5.53% to $66.05 per barrel, while WTI crude futures surged 6.05% to $62.04 per barrel, as traders weighed the immediate threat to Russian supply.

U.S. sanctions on Russian oil giants spark supply concerns in China

October 23, 2025

(World Oil)– U.S. sanctions on Russia’s energy giants are sending shockwaves deep into the heart of China’s oil industry, where both state and private refiners face heightened pressure to keep up supplies while steering clear of penalties. As much as 20% of China’s crude imports — about 2 MMbpd in the first nine months of this year — come from

Brent crude slides toward $60 on oversupply, U.S.-China trade strains

October 17, 2025

(World Oil)– Oil headed for a third weekly decline as traders focused on growing signs of oversupply and the fallout from renewed U.S.-China trade tensions. U.S. President Donald Trump said he would hold a second meeting with Russia’s Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine, raising the possibility of more supply. Brent traded

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