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Updated: 1 hour 46 min ago

Oil Rig Count Falls Again as Frac Crews Vanish

1 hour 56 min ago
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday as operators continue to scale back. The total rig count in the US fell by 2 rigs for the second week in a row, landing at 540, according to Baker Hughes, down 46 from this same time last year. The number of oil rigs fell by 5 to 410, down by 72 compared to this time last year. The number of gas rigs rose by 2 this week, coming in at 124 for a gain of 26 active gas rigs from this time last year.…
Categories: Oil news

OPEC+ Nears Decision Point on Next Oil Output Hike

2 hours 35 min ago
OPEC+ is inching toward a pivotal decision this weekend: whether to greenlight another 548,000 bpd in production hikes for September, effectively fast-tracking the return of 2.2 million bpd in voluntary cuts a year ahead of schedule.                                        The Joint Ministerial Monitoring Committee (JMMC) already met last week and stopped…
Categories: Oil news

Oil Falls Below $70 as Sentiment Sours

3 hours 5 min ago
A poor U.S. jobs report led to a broader sell-off on Friday, with leading stock indices falling from record highs.Friday, August 1st, 2025 Buoyed by Trump’s Russia threats and news of Indian state refiners curbing purchases of Russian crude, crude oil futures have been trending above $70 per barrel throughout the week, settling on Friday slightly below the $71 mark. Towards the end of the week, sentiment has been sapped by expectations of yet another OPEC+ production hike, potentially even as high as 548,000 b/d, as the eight output-cutting…
Categories: Oil news

Enbridge Books Record Core Earnings on Power and Gas Demand

3 hours 35 min ago
Enbridge posted record core earnings, or EBITDA, for the second quarter of the year on the back of strong liquids flows through its pipelines and soaring demand for power generation and feedgas for LNG in North America.  The Canadian pipeline giant on Friday reported record adjusted EBITDA of U$3.36 billion (C$4.6 billion) for the second quarter, up by 7% from a year earlier.  The company expects to finish the year in the upper end of its adjusted EBITDA guidance range, president and CEO Greg Ebel said.  Enbridge’s adjusted…
Categories: Oil news

Indian Refiners Halt Russian Oil Purchases To Mull Options

4 hours 5 min ago
Numbers Report – August 01, 2025 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.  Let’s take a look.  OPEC+ to Finish the Unwinding Job with September Superhike  Following the joint ministerial monitoring committee meeting last week, eight leading members of OPEC+ will be meeting on Sunday (August 3) to decide…
Categories: Oil news

Russian Gas Exports to Europe Surged in July

4 hours 5 min ago
The end of maintenance works boosted Russia’s natural gas exports via pipeline to Europe by 37% in July compared to June, data calculated by Reuters showed on Friday.  Russian gas supply via pipelines to Europe has slumped since 2022, after Russia cut off many EU customers from its gas deliveries, and Nord Stream stopped supplying gas to Germany, after Russia reduced flows and after a sabotage in September 2022.  Russian pipeline gas supply via Ukraine stopped on January 1, 2025, after Ukraine refused to negotiate an extension to…
Categories: Oil news

Record Permian Output Boosts Exxon's Q2 Results

4 hours 35 min ago
Despite the slide in oil prices in the second quarter, ExxonMobil (NYSE: XOM) reported on Friday earnings that exceeded analyst estimates on the back of increased oil and gas production in the U.S. Permian shale basin and offshore Guyana.  Exxon’s earnings stood at $7.1 billion for the second quarter, or $1.64 per share, as the company achieved its highest second-quarter upstream production since the merger of Exxon and Mobil more than 25 years ago.  The Q2 earnings per share beat the analyst consensus of $1.57 EPS in the Wall Street…
Categories: Oil news

Trump Administration Expands Rare Earth Price Support Policy

5 hours 5 min ago
Shares of USA Rare Earth are rocketed higher yesterday afternoon after it was reported that the Trump administration is moving to extend price support mechanisms for U.S. rare earth projects to other companies, broadening a policy that previously focused on MP Materials to include other mining, refining, and magnet production firms. USA Rare Earth is the obvious #2 name in the U.S. that such an expansion may have an impact on. scale, government stake, and strategic timing. Shares quickly popped 15% on the news: This expansion will provide guaranteed…
Categories: Oil news

Chevron Tops Profit Estimates on Record-High Oil and Gas Output

6 hours 5 min ago
Chevron Corporation (NYSE: CVX) beat Wall Street estimates of its second-quarter profit as Permian production surged and U.S. and worldwide oil and gas output jumped to record highs.   Chevron reported on Friday adjusted earnings of $3.1 billion, or $1.77 per share, for the second quarter of 2025, compared to adjusted earnings of $4.7 billion, or $2.55 per share, for the same period last year.  The decline was the result of lower realizations due to lower crude oil prices, lower income from upstream and downstream equity affiliates,…
Categories: Oil news

Chevron Tops Profit Estimates on Record-High Oil and Gas Output

6 hours 5 min ago
Chevron Corporation (NYSE: CVX) beat Wall Street estimates of its second-quarter profit as Permian production surged and U.S. and worldwide oil and gas output jumped to record highs.   Chevron reported on Friday adjusted earnings of $3.1 billion, or $1.77 per share, for the second quarter of 2025, compared to adjusted earnings of $4.7 billion, or $2.55 per share, for the same period last year.  The decline was the result of lower realizations due to lower crude oil prices, lower income from upstream and downstream equity affiliates,…
Categories: Oil news

Trump's Tariff Ultimatum Fuels Oil Price Volatility

14 hours 27 min ago
Crude oil prices surged this week, driven by significant trade diplomacy breakthroughs, tightening supply signals, and mounting geopolitical risks. However, a late-session pullback on Thursday trimmed gains as traders braced for potential fallout from U.S. trade actions. As of Thursday’s close, Light Crude Oil futures settled at $69.26 per barrel, up $4.10 or 6.29% on the week. U.S.-EU and China Trade Progress Fuels Early Week Rally The rally kicked off Monday on the back of a major U.S.-EU trade agreement that lifted the threat of sweeping…
Categories: Oil news

Tripoli Power Struggle Threatens Libya’s Fragile National Unity

14 hours 27 min ago
Politics, Geopolitics & Conflict Mohamed Takala’s election as president of Libya’s High Council of State (HCS) is likely to increase the risk of political paralysis in the country’s political ‘west’. He won 59 votes in a session attended by 95 members. His supporters claim a quorum was met and the process was valid. Khaled al-Mishri, who held the presidency for five years, disputes that. He says the vote was illegitimate and that the session itself was improperly called. Both sides are now pushing competing versions…
Categories: Oil news

Why Turkey Canceled Its 1973 Oil Pact With Iraq

14 hours 27 min ago
Turkey’s decision to cancel the 1973 pipeline agreement with Iraq, retroactive to July 2022, signals a deliberate effort to reshape the terms of northern oil exports on its own terms. Far from a procedural adjustment, the move is designed to reset Ankara’s legal exposure following the Paris arbitration ruling that ordered Turkey to pay Baghdad $1.5 billion for unauthorized exports of Kurdish oil, while simultaneously forcing Iraq into a new negotiating framework more favorable to Turkish interests. The timing is strategic. The Ceyhan…
Categories: Oil news

Trump Unveils New Tariffs Ahead of Trade Deal Deadline

15 hours 38 min ago
In an executive order signed Thursday evening, President Trump formalized a tariff framework that marks the most protectionist U.S. trade posture in decades. The new tariffs target dozens of key U.S. trading partners and cemented the fresh deals made with others. Labeling America’s $1 trillion goods trade deficit an “extraordinary threat” to national security and economic prosperity, the executive order increases duties on a range of imports — from semiconductor components to consumer goods — while offering strategic…
Categories: Oil news

Investors Seem Ready To Go All-In on Deep Sea Mining

19 hours 5 min ago
Back in April, we reported that U.S. President Donald Trump signed a key executive order without much fanfare, aiming to boost the country’s deep-sea mining industry as well as enable the stockpiling of deep-sea metals in a bid to counter China's dominance in rare earths and battery minerals supply chains. The order redirected his administration to expedite mining permits under the Deep Seabed Hard Mineral Resources Act and also streamline permit issuance for the U.S. Outer Continental Shelf. The administration is also required to work with…
Categories: Oil news

Will Trump Follow Up on Threats to Stifle Russia’s Oil Exports?

20 hours 5 min ago
While watching summer demand and OPEC+ production policy, the oil market has started to pay attention to President Trump’s threats to hit Russian oil buyers with secondary tariffs. Earlier this week, President Trump threatened “tariffs and stuff” if Russia doesn’t agree to a ceasefire in 10 days, shortening the 50-day deadline he had given Putin on July 14 to discuss peace or face sanctions. Oil markets reacted on Tuesday to the much shorter deadline, with prices rallying to close 3% higher amid increased concerns…
Categories: Oil news

Chevron, SLB Deals Signal U.S. Return to Iraqi Oilfields

21 hours 5 min ago
Western Firms Eye Multiple Deals In Major Offensive To Take The Iraq Initiative Back From China And Russia There are two distinct superpower strategies at play to capture the very heartland of the Middle East – Iraq. On the one hand, China and Russia want to end the semi-independent status of Kurdistan in the north, have it rolled into the rest of Iraq as a regular province, and then expel all Western firms from the then-unified country. The objective for Beijing and Moscow in so doing was delineated by a very senior member of the Russian…
Categories: Oil news

New U.S. Sanctions Disrupt Iranian Oil Trade

Thu, 07/31/2025 - 23:00
The United States on July 30 imposed sanctions on a major shipping network controlled by the son of a top aide to Iran's supreme leader, Ayatollah Ali Khamenei, in what the Treasury Department said was its “largest Iran-related action” since 2018. The Treasury said it was sanctioning more than 50 individuals and entities and “more than 50 vessels that are part of the vast shipping empire controlled by Mohammad Hossein Shamkhani, son of Ali Shamkhani, a top political adviser” to Khamenei. It said the sanctioned man “leverages…
Categories: Oil news

U.S. Crude Oil Output Set New Record in May: EIA

Thu, 07/31/2025 - 22:30
U.S. crude oil production hit a new monthly record in May 2025, averaging 13.488 million barrels per day (bpd), according to new EIA data released Thursday. That’s a modest 0.2% rise from April’s 13.464 million bpd, but a respectable 2.2% increase year-over-year. The biggest contributor remains Texas, which churned out 5.752 million bpd, up from 5.751 million bpd in April. New Mexico, home to part of the prolific Permian Basin, saw production tick up to 2.199 million bpd, a marginal 0.1% month-on-month rise but a robust 8.9% jump compared…
Categories: Oil news

U.S. Crude Oil Output Set New Record in May: EIA

Thu, 07/31/2025 - 22:30
U.S. crude oil production hit a new monthly record in May 2025, averaging 13.488 million barrels per day (bpd), according to new EIA data released Thursday. That’s a modest 0.2% rise from April’s 13.464 million bpd, but a respectable 2.2% increase year-over-year. The biggest contributor remains Texas, which churned out 5.752 million bpd, up from 5.751 million bpd in April. New Mexico, home to part of the prolific Permian Basin, saw production tick up to 2.199 million bpd, a marginal 0.1% month-on-month rise but a robust 8.9% jump compared…
Categories: Oil news

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