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 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.
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.
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.
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.
Coterra Energy's profit beats expectations in the second quarter due to higher gas prices and strong output
Coterra Energy beat Wall Street expectations for the second quarter profit on Monday as higher production volumes, a rebound of U.S. Natural Gas prices and lower oil prices were offset. Houston-based shale producers benefited from increased production across the Permian basin and Anadarko Basin. The total production increased to 783.900 barrels equivalent of oil per day (boepd), from 669.200 boepd, during the second quarter.
Eni CEO: Italy's Eni is considering increasing the share buyback.
Claudio Descalzi, the chief executive of Italian energy company Eni, said that if positive trends continue in the first half of this year then it is possible to increase their share buyback program later this year. A weaker dollar and lower oil prices weighed down on the company's second-quarter adjusted profit. This was despite a better than expected performance in its gas business. The results exceeded analysts' expectations.
Equinor writes down $955 million in US offshore wind costs, blaming Trump
Equinor, of Norway, booked a $955-million impairment on a project for offshore wind in the United States on Wednesday. The company cited U.S. tariffs as well as the uncertain regulatory environment in the United States under President Donald Trump. On Trump's first official day in office, in January, he cancelled all offshore wind leases. This dashed the hopes that the United States could revive the sector.
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections…
EIA: US oil production will be lower than expected in 2025 due to falling prices
Energy Information Administration's monthly report on Tuesday predicted that the U.S. would produce less oil by 2025 than originally expected, as lower oil prices have caused U.S. producers this year to reduce their activity. In its report on short-term energy forecast, the EIA stated that it expects to see 13.37 million barrels of oil per day produced by the world's biggest oil producer in 2025. This is compared to last month's estimate of 13.42 millions bpd.
The price of gas in Europe is rising as geopolitical tensions fuel concerns about supply disruption
Dutch and British wholesale prices for gas rose on Monday as markets prepared themselves for Iran's reaction to the U.S. strike on its nuclear sites. They also raised concerns about supply disruptions, higher insurance costs and possible supply disruptions if Tehran closes the Strait of Hormuz. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub increased by 0.95 euros to 41.60 Euro per megawatt hour or MWh…
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern, as OPEC, and other countries have a large amount of extra capacity.
The IEA predicts that global energy investment will reach a record $3,3 trillion by 2025.
The International Energy Agency (IEA), said Thursday, that despite geopolitical tensions and economic uncertainty, a surge in clean energy expenditure is expected to lead to a record $2.89 trillion in global energy investments in 2025. The IEA's annual World Energy Investment Report stated that clean energy technologies such as renewables, nuclear and energy storage are expected to attract $2.2 trillion, which is twice what was predicted for fossil fuels.
Prices fall due to Trump China comments
Dutch and British wholesale gasoline prices dropped on Friday after being rangebound earlier that day. This was prompted by new concerns about a U.S. - China trade war, and the falling price of oil. The benchmark Dutch front month contract at TTF hub fell 0.66 euros to 34.26 euro per megawatt-hour (MWh) at 1318 GMT. This was a 10-day lowest, according to LSEG. The July contract dropped by 1,18 euros, to 34.08 Euros/MWh.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S. shale firms to cut costs…