Stocks in the US react differently to Trump's first official day as president
Tesla, prison operators, and other "Trump trades", were volatile Tuesday as investors analyzed a flurry of executive orders issued by President Donald Trump just hours after taking his oath. Trump announced his plans to increase oil production, reduce immigration and impose tariffs…
Aramco's chief executive expects an additional oil demand of 1,3 million bpd in this year
Amin Nasser, the chief executive of Saudi oil giant Aramco, said that he believes the oil market is healthy and anticipates a demand increase of 1.3 million barrels a day this year. Nasser, speaking on the sidelines at the World Economic Forum, Davos, was answering a question about the impact of U.S.
The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March…
Oil minister: Bidding round for $3-4 billion to boost Libya's oil production is expected shortly
Khalifa Abdelsadek said on Saturday that Libya will need between $3 billion and $400 million to achieve a production rate of 1,650,000 barrels of oil per day. He added that the cabinet is expected to approve a new round of license bids before the end January. Abdulsadek stated that the Libyan economy is heavily dependent on oil.
Utility chief says that increased US LNG exports will benefit Japan under Trump
The head of Japan's utilities union said that a potential increase in U.S. fossil-fuel production and exports of liquefied gas under Donald Trump’s new presidency could lead to lower fuel prices for Japan. Trump has stated that he plans to lift the moratorium on new LNG permits, imposed by the administration of President Joe Biden.
Trump's nominee for Interior Department says that boosting energy is key to US security
Doug Burgum, Donald Trump's nominee to lead the Interior Department said on Thursday that he would vigorously pursue President-elect Trump's goals to maximize energy production from U.S. Public Lands and Waters, calling it a key to national security. Burgum's remarks to lawmakers at his nomination hearing indicate a sharp change in policy.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90…
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days.
Oilfield services provider Flowco raised $427 mln through its US IPO
Flowco Holdings announced on Wednesday that it had raised $427.2 Million after pricing its U.S. Initial Public Offering above its target range. Flowco set the price of its 17.8 million shares to $24 per share. The company advertised to list its stock between $21 and $23. The U.S.
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion.
EIA predicts that oil prices will be pressured by oversupply between 2025 and 2026
The U.S. Energy Information Administration's Short-Term Energy Outlook, released on Tuesday, said that oil prices would be pressured in 2025 and in 2026 due to the global production growth exceeding demand. Analysts expect a glut of oil this year after the demand growth in the two largest consumers, the U.S.A.
After a 2-session rally, VEGOILS - Palm trades lower as profit booking occurs
Malaysian palm futures fell on Tuesday, as investors took profits after two sessions with sharp gains due to lower palm oil inventories and rising oil price. By midday, the benchmark March palm oil contract on Bursa Derivatives Exchange had fallen 4 ringgit or 0.09% to 4,496 Ringgit ($999.11).
Diamondback Energy reports lower oil prices in the fourth quarter
Diamondback Energy, the U.S. producer of shale oil, announced on Monday that its production prices were lower in the fourth quarter compared with the previous three months. Crude oil prices dropped about 6% during the quarter of October-December, due to a patchy recovery from the pandemic, China's slow economy, and an excess supply worldwide.
Kinder Morgan will purchase a natgas gathering systems for $640 million
Kinder Morgan, a pipeline operator, said that its Hiland Partners unit has agreed to purchase a natural-gas gathering and processing system from Outrigger Energy II LLC in North Dakota for $640m. As U.S. oil production has increased, the oil and gas sector has seen a consolidation of operators.
Palm ends stronger on soyoil at Dalian, Chicago
Malaysian palm futures closed higher Monday, following the strength of rival soyoil markets in Dalian and Chicago. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange increased 113 ringgit or 2.57% to 4,504 Ringgit ($999.11). A Kuala Lumpur trader…
Palm gains strength over soyoil at Dalian, Chicago
Malaysian palm oils futures continued to rise on Monday, following the strength of rival soyoil in Dalian and Chicago. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose by 93 ringgit or 2.12% to $4,484 ringgit (US$994.90) per metric ton.
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022.
ONGC reports that BP expects a 44% increase in the oil production from India's biggest field.
According to Oil and Natural Gas Corp, BP, a global energy giant, has committed to increasing oil production by 44 percent and gas output by 89 percent from India's biggest field, located off the west coast of India, over a ten-year contract. ONGC announced BP on Wednesday as its technical services provider to help boost output.
Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.
Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and offshore Gulf of Mexico.
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S.
