In its third-quarter trading report, Total highlights higher sales and rising refining profit margins.
TotalEnergies, a French oil company, expects to see an increase in its third-quarter earnings as increased upstream production and improved crude refining margins will offset lower oil prices. The group announced this on Wednesday. In a trading update, it stated that despite a $10 drop in the price of oil per barrel year-on-year the results and cash flows from the business segments would increase in the range…
Ghana's crude output drops 25.9% during the first half of 2025
The Public Interest and Accountability Committee (PIAC) of Ghana said that the crude oil production in Ghana fell by 25.9% on an annual basis during the first half of 2025. This was the lowest level for a half-year since 2016. Lower production at major fields is the reason, according to the committee. Ghana, Africa's largest gold producer, started producing crude oil in 2010. However, output dropped to a 5-year low by 2023, due to declines in production from existing fields.
Australia is set to earn more gold than any other resource
Australia announced on Tuesday that it expects gold to be its second-most valuable resource export this financial year after iron ore, dislodging the liquefied gas. Concerns over geopolitical instabilities fuel demand for safe-haven metal. The Department of Industry's September quarterly report stated that Australia's gold imports will increase by A$12 Billion ($7,9 Billion) to A$60 Billion in the current financial period ending June 2026 as it exports more gold for higher prices.
Diamondback CEO says US crude production growth will slow down with $60/bbl.
The CEO of Diamondback Energy - one of the top oil producers in the United States - said that the growth of U.S. crude oil production will slow down if oil prices remain near $60 per barrel. Fewer drilling sites can be profitable at this level. Kaes van't Hof, speaking at a conference on energy in Austin, said "There are only so many Tier 1 rocks" in reference to the best locations for drilling. It's hard to imagine growth at $60 oil. At $50, it's even more difficult. On Wednesday morning, U.S.
Panel of OPEC+ stresses the need to fully comply with oil production limits
OPEC released a statement saying that an OPEC+ panel at a Wednesday meeting stressed the importance of full compliance with oil production agreements, and additional output cuts some members must make to compensate for exceeding quotas earlier. Around 1230 GMT, the online meeting of the Joint Ministerial Monitoring Committee began. It included top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia.
Sources say that OPEC+ is considering a larger increase in oil production
OPEC+ will likely consider a higher oil production increase for November of 411,000 barrels a day at its meeting on Sunday, as the rising oil prices encourages the group to attempt to regain market share. OPEC+ reversed its previous strategy of cutting output and has already increased quotas to more than 2,5 million bpd or 2.4% of global demand to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices.
Oil prices and US interest rate cuts have mixed the Gulf markets.
September 30 - The Gulf stock markets were mixed early on Tuesday, as lower oil prices dampened expectations for further Federal Reserve rate reductions. According to CME Group’s FedWatch tool, traders have priced in an 89% chance that the Fed will reduce rates by 25 basis points at its next meeting in October. Investors are now awaiting U.S. data about job openings, payrolls in the private sector, the ISM…
Sources say that OPEC+ is planning to increase oil production in November.
Three sources familiar with the discussions said that OPEC+ is likely to approve another increase in oil production of at least 137,000 bbls per day during its meeting on Sunday. The group's desire to gain market share has been boosted by the rising price of oil, they added. OPEC+ reversed its April strategy of production cuts and has already increased quotas to more than 2,500,000 barrels per day. This represents about 2.4% world demand.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration.
Enverus, an analytics firm, says that US shale costs will rise to $95/bbl in the mid-2030s.
Energy analytics firm Enverus stated on Tuesday that the marginal cost of producing U.S. shales oil could rise as much as 15 dollars a barrelle to $95 per barrel within 10 years as stagnant production forces companies to drill at locations with less proven resources. Enverus reported that the average cost of producing a barrel in the United States is $70. According to a Dallas Federal Reserve survey, many producers need oil prices above $65 per barrel to make a profit.
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum Exporting Countries (OPEC) and its allies within the OPEC+ group of producers are increasing production to regain market share lost in recent years to the United States.
Iraq's Premier says he hopes that producers will reconsider the oil export quota
Iraq hopes that fellow producers will review its oil export quota in order to better reflect the country's production capacity. This rare comment from a senior Iraqi official was made by Prime Minister Mohammed Shia al-Sudani on Saturday. The Organization of Petroleum Exporting Countries is pressuring Iraq, the largest overproducer in the group, to reduce output as compensation for producing more than the agreed-upon volume.
CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024. Sinopec, a domestic competitor, reported a 40% drop in earnings at $2.99 billion. PetroChina's net profit fell by 5.4% to $11.7 billion.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan. PetroChina, China’s second largest refiner…
Norway Oil Industry Investment to Peak in 2025: Survey
A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed. Norway produces around 2% of the world's oil and is now Europe's leading supplier of pipeline natural gas following Russia's invasion in Ukraine in February 2022. In 2025, the country's largest…
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June, compared with 3.38 trillion pesos a year ago. Total sales were 29.67 trillion, down 9% compared to 2024's same quarter.
EIA expects Brent oil to fall below $60/bbl by Q4
The U.S. Energy Information Administration forecast Brent crude oil spot price will average less that $60 per barrel during the fourth quarter. This would be the lowest average price since 2020. In its August Short Term Energy Outlook, it stated that it expects Brent to be around $50 per barrel by 2026. The global benchmark closed Tuesday at just over $66. The U.S. Department of Energy's statistical arm forecasted a significant drop in oil prices…
EIA: US crude production will reach record 13,41 million bpd by 2025, before dropping.
The Energy Information Administration predicted in its monthly report on Tuesday that the U.S. crude oil production would reach a record 13,41 million barrels a day in 2025, despite lower oil prices causing a decline in 2026. EIA data show that the drop in production in 2026 to 13,28 million barrels per day would be the world's first decline since 2021. The EIA forecasted that the Brent benchmark price would average $51 a barrel in 2019. This is down from the previous forecast of $58 a barrel.
Oil India, the state-owned oil company, has seen its profit fall as fuel prices drop
Oil India, a state-owned explorer, reported a sharp fall in its first-quarter profits on Tuesday. This was due to lower oil prices and a sluggish demand, but the company still fell short of analyst expectations. The sharp drop in oil prices could not compensate for the increased fuel demand, primarily due to gasoline and aviation fuel. The price realized by the company for crude oil, or the price it sells at, fell 22% from last year to $66.20 a barrel.
Maurel & Prom’s core profit for the half-year drops by 25% due to lower oil prices
Maurel & Prom, a French oil company, reported a 25% decline in its core profit for the first half of this year on Tuesday. The drop was attributed to falling crude oil prices. Earnings prior to interest, taxes and depreciation decreased from $186 millions a year ago to $140 in six months. The group suffered a 16% decline in the average price of oil products, which fell to $70.90 a barrel. It had warned mid-June about how low prices would affect its quarterly revenues…