Oil news
OPEC+: Reuters Leaks on Oil Plans Again
Reuters and its anonymous sources are again stirring the oil market. This time, the wire says OPEC+ is preparing another supply hike in November, with Saudi Arabia pushing for something big and Russia urging restraint. But if recent history is any guide, a report of rising quotas doesn’t necessarily translate into rising barrels—and OPEC is getting increasingly irritated with the narrative. According to Reuters’ unnamed insiders, Riyadh wants an increase of 274,000 to as much as 548,000 bpd, while Moscow is said to prefer another…
Categories: Oil news
Oil Recovers After 8% Drop
Oil prices saw a small recovery on Friday morning after a continued selloff this week. Friday, October 3, 2025An 8% weekly loss is a rare occurrence in oil markets, especially if it comes on the back of five straight daily declines. Even though Friday’s trading has shown a marginal recovery with ICE Brent edging closer to $65 per barrel, however it seems that Sunday’s OPEC+ meeting could prompt further price declines in case members agree to expedited production unwinding. Amidst a US government shutdown and record year-to-date high…
Categories: Oil news
Uzbekistan Signs $4 Billion in Energy Deals With U.S. Giants
Uzbekistan has announced a new batch of energy-related deals with US companies collectively worth upwards of $4 billion. Uzbek Energy Minister Jurabek Mirzamakhmudov told the Uzbekiston 24 TV channel that the government has signed a series of agreements with Pennsylvania-based Air Products to accelerate the Central Asian nation’s “green transition.” According to the company’s website, Air Products aims “to generate a cleaner future” by serving a “broad range of industries, including…
Categories: Oil news
USA Rare Earth Stock Surges on White House Talks
Shares of USA Rare Earth (NASDAQ: USAR), which looks to develop a domestic rare earth magnet supply chain, surged by 23% late on Thursday and another 14% in pre-trade on Friday after the company’s chief executive said USA Rare Earth is in “close communication” with the White House. The Trump Administration is increasingly looking to have a direct equity involvement in America’s critical minerals supply chain, in the race to close the gap with the world’s dominant holder of supply of critical metals and rare earth…
Categories: Oil news
USA Rare Earth Stock Surges on White House Talks
Shares of USA Rare Earth (NASDAQ: USAR), which looks to develop a domestic rare earth magnet supply chain, surged by 23% late on Thursday and another 14% in pre-trade on Friday after the company’s chief executive said USA Rare Earth is in “close communication” with the White House. The Trump Administration is increasingly looking to have a direct equity involvement in America’s critical minerals supply chain, in the race to close the gap with the world’s dominant holder of supply of critical metals and rare earth…
Categories: Oil news
USA Rare Earth Stock Surges on White House Talks
Shares of USA Rare Earth (NASDAQ: USAR), which looks to develop a domestic rare earth magnet supply chain, surged by 23% late on Thursday and another 14% in pre-trade on Friday after the company’s chief executive said USA Rare Earth is in “close communication” with the White House. The Trump Administration is increasingly looking to have a direct equity involvement in America’s critical minerals supply chain, in the race to close the gap with the world’s dominant holder of supply of critical metals and rare earth…
Categories: Oil news
USA Rare Earth Stock Surges on White House Talks
Shares of USA Rare Earth (NASDAQ: USAR), which looks to develop a domestic rare earth magnet supply chain, surged by 23% late on Thursday and another 14% in pre-trade on Friday after the company’s chief executive said USA Rare Earth is in “close communication” with the White House. The Trump Administration is increasingly looking to have a direct equity involvement in America’s critical minerals supply chain, in the race to close the gap with the world’s dominant holder of supply of critical metals and rare earth…
Categories: Oil news
Kazakhstan Supports OPEC+ Oil Production Hikes
Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday. “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais. Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…
Categories: Oil news
Kazakhstan Supports OPEC+ Oil Production Hikes
Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday. “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais. Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…
Categories: Oil news
Kazakhstan Supports OPEC+ Oil Production Hikes
Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday. “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais. Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…
Categories: Oil news
Kazakhstan Supports OPEC+ Oil Production Hikes
Kazakhstan backs the OPEC+ group’s decision to reverse part of the production cuts, Kazakh President Kassym-Jomart Tokayev said on Friday. “The president has emphasized Kazakhstan's support for the decision by OPEC+ to gradually increase oil production volumes, prioritizing the protection of national interests,” Tokayev’s press service said in a statement, after the president met with OPEC Secretary General Haitham Al Ghais. Non-OPEC producer Kazakhstan is part of the OPEC+ agreement, but it has been overproducing…
Categories: Oil news
Power Restored in Northern Ukraine as Russia Escalates Attacks
Ukrainian emergency crews were battling to restore power to northern parts of the country as Russian forces continued to attack crucial civilian infrastructure with drone and rocket attacks, while Ukraine's strategic Pokrovsk region remained under pressure. Meanwhile, Russian President Vladimir Putin, speaking in Sochi amid drone alerts in that Black Sea resort city, warned the United States against sending long-range Tomahawk missiles to Ukraine, saying it would bring an entirely new “level of escalation.” Ukrainian Prime Minister…
Categories: Oil news
Oil Prices Drop Dramatically on Oversupply Fears and U.S. Demand Risks
Crude oil futures posted a sharp weekly decline, pressured by a renewed wave of supply-side concerns and deteriorating demand outlooks. After reaching a seven-week high early in the week, WTI crude retreated aggressively, driven by speculation of an OPEC+ production hike, the return of Kurdish exports, and signs of softening global consumption. By Thursday, prices had notched a four-day losing streak, and sentiment turned decisively bearish. OPEC+ Output Speculation Reignites Oversupply Fears The central driver behind this week’s sell-off…
Categories: Oil news
Iraq Restarts Northern Oil Exports Through Ceyhan After 2.5-Year Freeze
Politics, Geopolitics & Conflict Washington has greenlit intelligence support for Ukrainian strikes on Russian energy infrastructure, in a package deal that includes intel on refineries, pipelines, and power plants deep inside Russia, not just on the front lines. This is a policy break that comes in the middle of Kyiv’s negotiations for long-range strike capacity and missiles. Moscow obviously views this as proof that the U.S. is a direct party to the war, and there will have to be retaliation (most likely asymmetric forms such as cyber,…
Categories: Oil news
Trump’s Gaza Peace Plan Draw Cautious Support
Trump’s 20-point peace plan for Gaza has landed with sharp contrasts between official endorsements and Arab interpretations. The White House plan calls for an immediate ceasefire, Israeli withdrawal to agreed lines, the release of hostages within 72 hours, and a large-scale prisoner exchange, all of which exclude Hamas and mandate the destruction of its military infrastructure. Gaza would be administered by a transitional Palestinian committee overseen by an international “Board of Peace” chaired by Trump and including figures…
Categories: Oil news
Fire Erupts at Chevron Refinery in California
Following an explosion of a yet-to-be-determined nature, a large fire broke out on Thursday night at Chevron’s El Segundo refinery in the Los Angeles area. The fire, which was first seen at around 9:30 p.m. on Thursday, was later contained, the police in El Segundo said, adding there wasn’t a call for residents to evacuate. Authorities have not received any reports of injuries of fatalities, El Segundo Mayor Chris Pimentel told local news station KCAL News. Chevron’s 280,000-barrels-per-day refinery in El Segundo…
Categories: Oil news
U.S. Backs Historic Deal to Keep Kurdish Oil Moving
The U.S. Administration wants to ensure that the just-restarted oil exports from Iraq’s semi-autonomous region of Kurdistan continue to flow via pipeline to Turkey in the long run, an anonymous official at the U.S. Department of State told Bloomberg on Friday. The Trump Administration is working toward the goal of keeping Kurdistan’s crude flowing in the long term to boost the Iraqi economy, counter Iran’s influence in the region, and benefit U.S. companies operating in Iraq, according to the official. The U.S. has…
Categories: Oil news
Solar Could Help Iraq Boost Oil Exports by 250,000 Bpd
Iraq could ramp up its crude oil exports by some 250,000 barrels daily as it saves this amount from local consumption with the help of several solar power projects. Zawya reported the news, citing a government official, who said that “Iraq consumes nearly a quarter million bpd of crude oil for energy use…switching to renewable energy will save this quantity.” “This will allow Iraq to export more crude and boost revenues…switching to renewable energy is a significant step, but it does not mean Iraq will shift away…
Categories: Oil news
Supermajors Slim Down to Protect Shareholder Payouts
The world’s biggest international oil and gas firms are accelerating layoffs this year in search of further cost cuts and greater efficiency amid industry consolidation, weaker oil prices, and technology advances. Big Oil promised investors efficiency and cost savings last year, when oil prices normalized from the highs of $100 per barrel in 2022 that brought windfall profits to the industry in 2022 and 2023. Earnings “normalized” in 2024 and have trended lower from the prior years so far in 2025, prompting the top…
Categories: Oil news
Why Iraq Could Make or Break the Next Oil Price Move
Last month, OPEC+ agreed to increase oil output from October by 137,000 barrels per day, a much lower clip compared to the 555,000 bpd increase announced for August and September and 411,000 bpd in June and July. That meant that the group has started unwinding the second tranche of 1.65 million bpd in production cuts more than a year ahead of schedule, having fully unwound the first tranche of 2.5 million bpd since April. The eight members of OPEC+ are set to meet virtually on Sunday, 5th October, to determine the next course of action in unwinding…
Categories: Oil news