Crude Oil

Coterra Energy, a U.S. producer of shale gas, reported an increase in its first-quarter profits on Monday. However, it said that due to the macroeconomic uncertainty they would reduce their annual budget for capital expenditures. The U.S. Energy Sector is preparing for possible fallout due to President Donald Trump's sweeping trade tariffs and a fierce trade war with China - factors that could decrease demand for oil and gas. Diamondback Energy, earlier today, also reduced its annual capital budget as well as production forecasts due to macroeconomic uncertainties affecting the global energy demand. Coterra CEO Tom Jorden said: "As we...

The OPEC+ group's increased supply is not the reason for which they claim it is. On May 3, the eight OPEC+ member countries who have agreed to voluntary production cuts decided to relax their curbs for June. This time, they added back 411,000 barrels a day (bpd). Calculations show that the June increase will bring the combined April, May, and June increases to 960,000 bpd. This represents a 44% reduction of the 2.2million bpd decrease. In a statement posted on the website of the Organization of the Petroleum Exporting Countries, the eight stated that the decision to increase output was...

Saudi Arabia, which is the largest oil exporter in the world, has increased its prices to Asian buyers despite the fact that crude prices fell on Monday, after the producer group OPEC+ agreed over the weekend to another accelerated increase in output. Saudi Aramco, the state oil company, raised its official June selling price of its flagship Arab Light crude from $0.20 to $1.40 per barrel over the average Oman and Dubai price. The increase in price follows two consecutive months of decreases, and is despite the downward pressure on crude oil prices due to concerns over more supply entering...

Oil prices dropped on Monday, after the oil-producing group OPEC+ decided to increase oil production. Meanwhile, Taiwan's dollar surged up to nearly three-year-highs as world markets began a week of central banks. The world's stocks are mostly flat, with European shares just below their one-month highs while U.S. stock futures have dropped. Public holidays in Japan and China slowed down trading. Brent crude and U.S. West Texas Crude futures both fell by more than 1% following a decision made by OPEC over the weekend to increase oil production. This sparked concerns about the possibility of more supply entering a market...

Barclays lowered their Brent oil forecast by $2 per barrel for 2026 and $4 for 2025, citing OPEC+'s decision to increase oil production. Barclays stated in a note dated Sunday that "Tariff related developments have been a drag, but the OPEC+'s pivot has also played a major role in the recent decline in oil prices." OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia - agreed on Saturday to increase oil production for a second month in a row, increasing output by 411,000 barrels / day in June. OPEC+ sources claim...

Two sources familiar with the situation said on Friday that eight OPEC+ nations will meet on July 7 to decide whether they want to increase oil production by a greater amount or if they prefer to do it at a slower pace. Originally, the meeting was scheduled for Monday. The reason for the early start was not immediately apparent. Saudi Arabia demanded a higher-than-planned increase in output from the eight member countries for May. This decision helped to lower oil prices below $60 per barrel, reaching a four-year low. The group now expects to increase output by 411,000 barrels a...

Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues...

The U.S. Treasury Department imposed sanctions Thursday on two entities and on three Mexican citizens it claimed are involved in a network of drug trafficking, oil smuggling and gang activity linked to Cartel Jalisco Nueva Generacion. Authorities in the United States say that CJNG, along with Sinaloa Cartel is one of two major Mexican drug cartels responsible for bringing fentanyl to U.S. streets during the last few years. The Treasury Department imposed sanctions against the hazardous materials transport companies Servicios Logisticos Ambientales (SLA) and Grupo Jala Logistica (GJL), claiming that they transported fuel and crude between Mexico and the United...

U.S. president Donald Trump has said that all purchases of Iranian oil and petrochemicals must cease. Any country or individual buying from Iran will be subject to immediate secondary sanctions. He wrote Thursday on Truth Social that "they will not be permitted to do business with United States of America, in any shape or form." Trump's remarks follow the postponement by the U.S. of the latest talks between the U.S. and Iran on its nuclear program that were scheduled to take place on Saturday in Rome. A senior Iranian official said a new date would be determined "depending on what...

Gold prices fell and Wall Street stocks rose on Thursday, as investors' risk appetite was boosted by solid earnings reports from the big tech companies. The Nasdaq, which is dominated by tech companies, rose 2.4% on the back of positive quarterly results. The S&P 500, the bellwether index of the stock market, is on course to extend its winning streak to eight consecutive sessions - its longest since August 2024. Dollar rose as yen fell after Bank of Japan cut growth forecasts because of uncertainty surrounding U.S. Tariff policy. May Day holiday has caused a drop in trading across Asia...

Wall Street was higher on Thursday. The dollar, which had been dragged down by gloomy Bank of Japan forecasts, also rose, as signs emerged that the so-called U.S. "exceptionalism" trades might not be dead at all. May Day was a public holiday in many parts of Europe and around the world. Trading volumes were low, but there were some active moves. John Hardy, a Saxo Bank analyst, said this was a direct response to recent questions regarding whether Donald Trump's radical change in the post-WW2 global order will end "U.S. exceptionalalism" on the markets. This is where U.S. assets have...

Investors reacted to news that the U.S. economy has contracted for the first time since 2022 by pulling back U.S. stock prices in late session on Wednesday. Oil prices also posted their largest monthly decline in three-and-a half years. The Dow and S&P 500 both turned positive minutes before the closing bell. The Nasdaq, which is dominated by technology stocks, ended modestly lower. S&P 500, Dow and Nasdaq all lost ground in April. Chuck Carlson of Horizon Investment Services, Hammond, Indiana, said that "the market's actions... are reflective of an economic which is likely to struggle as the year advances."...

Saudi Arabia's first-quarter 2025 deficit increased to $15.65bn from $3.30bn a year earlier as oil revenue fell 18%, to 149.810bn riyals (about $39.95bn), the finance ministry reported on Monday. In the first quarter of this year, Saudi Arabia's total revenue dropped 10% to 263.616 riyals. However, its public expenditure rose 5% to 3222.317 riyals. Saudi Arabia's revenue has been affected by declining oil prices in recent years, as well as voluntary production cuts. Riyadh is pushing ahead with projects that are part of Vision 2030, its ambitious plan to revamp its economy and reduce its dependency on oil. Non-oil revenue...

A survey released on Monday showed that Saudi Arabia's private sector non-oil activity expanded at a slower pace in April due to a sharp slowdown in the growth of new orders, while hiring rates were at their highest level in over a decade. The Riyad Bank Saudi Arabia Purchasing Managers' Index slid from 58.1 to 55.6, its lowest reading since August last year, down from 58.1. It is still firmly in the growth zone. The third consecutive month of decline in the new orders subindex, from 63.2 to 58.6, reflected the global economic uncertainty and the competitive pressures. Naif Al...

OPEC+ will increase oil production and may unwind the voluntary cuts of 2.2 million barrels a day by the end October if the members don't improve their compliance with their production quotas. OPEC+ surprised the oil market by releasing cuts faster than expected in April, despite low prices and weak demand. Sources have claimed that the move was intended by OPEC+'s leader Saudi Arabia as a punishment for some members who failed to meet their quotas. On Saturday, the group, including the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia agreed to another major output...

A source said that eight OPEC+ nations will meet on Saturday and agree to a new accelerated oil production increase for June, of 411,000 barrels a day. This was shortly before a meeting online of the countries. The eight countries increased their output in May by 411,000 barrels per day more than they had planned. This, combined with the U.S. tariffs on trade, drove oil prices to a record low of $60 a barrel. Sources made the comment just before countries began an online meeting to determine June output after bringing the meeting forward by one day. Four other sources...

Marco Rubio, the U.S. secretary of state, said that Iran must 'walk away from' uranium-enrichment and missile development for long ranges and should allow inspections of military installations. The nuclear talks were postponed on Thursday. Rubio's remarks highlight the remaining major divisions in the talks between the two countries to resolve the longstanding dispute over Iran’s nuclear program. U.S. president Donald Trump has threatened to bomb Iran without an agreement. Rubio stated in an interview with Fox News that "they have to stop sponsoring terrorists and stopping helping the Houthis" (in Yemen). They also have to stop building long-range rockets...

Bharat Petrol Corp. Ltd., an Indian fuel retailer, expects to make a net profit of $20 to $30 per metric ton when it delivers U.S. LPG through a swap agreement with Middle Eastern suppliers. Its head of finance stated this on Friday. Analysts were told by Vetsa Ramakrishna that BPCL, India’s second largest state refiner, was in discussions with suppliers about swapping Middle Eastern cargo for U.S. supplies. The U.S.-China trade war has increased the gap in price between Middle Eastern LPG and U.S. LPG, and disrupted trade routes. China imposed tariffs on U.S. goods in response to the U.S....

Saudi Arabia's economy expanded in the first quarter thanks to activity in non-oil sectors as the country continues its diversification away from hydrocarbons. Flash estimates released by the government's statistics authority on Thursday showed that the kingdom's real Gross Domestic Product (GDP), as measured in dollars, increased 2.7% from the previous year. The government agency updated and expanded their data collection, and stated that its nominal and real GDP series had been revised accordingly. When we met with people, they always wanted more information, more statistics and more data. The local demand for more data is what drives this, said...

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

The oil prices rose slightly on Thursday after sharp drops the day before, driven by signs that Saudi Arabia can produce more and the fact that the U.S. economic contraction in the first quarter. Brent crude futures increased 16 cents OR 0.3% to $61.22 per barrel. U.S. West Texas Intermediate Crude Futures rose 6 cents, or 0.1% to $58.27. The two contracts closed Wednesday at their lowest levels in four years. Sources say Saudi Arabian officials have informed allies and experts in the industry that the kingdom does not want to support the oil market by cutting further supplies and...

Five sources familiar with the discussions said that Saudi Arabian officials were briefing industry experts and allies to explain the kingdom's unwillingness to support the oil market through further cuts in supply and its ability to handle a long period of low oil prices. Saudi Arabia's possible policy shift could indicate a move to produce more and expand its market share. This would be a major change, after spending five years balancing the oil market by producing a large amount of oil as a member of the OPEC+. These cuts helped to support prices and, as a result, the revenue...

S&P Global’s top sovereign analyst said that a trade conflict is unlikely to have a significant impact on the credit ratings of China and the United States. Instead, damage will likely be concentrated in poorer countries or those who are already under downgrade warnings. S&P confirmed its "stable outlook" on its AA+ U.S. government credit rating, days before Donald Trump announced his massive round of trade tariffs for the global market in early April. The U.S. government's debt, which is close to 100% of GDP and the fiscal deficit that runs at 6-7% of GDP are its main credit weaknesses....

In March, China's refineries produced the most oil in an entire year. However, the amount of crude added to inventories rose to its highest level in almost three years due to a surge in imports. According to calculations based upon official data, China's crude surplus reached 1.74 million barrels a day (bpd). This is the highest level since June 2023. In March, refiners had a large surplus of crude oil available after they had drained their stockpiles during the first two months of this year when imports of oil were low due to the high prices at the time of...