Oil & Gas

Amid the rising tensions between Washington and Tehran, several countries have started to withdraw dependents of diplomats and 'non-essential personnel from certain locations in?Middle East. Or they advise citizens to postpone travel to Iran. Here are some of the most popular moves: AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the?dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage?citizens of Israel and Lebanon...

ONEOK, a U.S.-based pipeline operator, reported a drop in profit % per share for the fourth quarter on Monday. This was due to a'sharp decline in earnings from its natural gas & transportation segment that is linked to a 'divestiture in 2024 of a 'interstate pipeline network. In extended trading, shares of the company fell 2.8%. ONEOK was also affected by low oil prices in the quarter ending December 31 as geopolitical risk outweighed concerns over an oversupply. Benchmark Brent crude averaged $63.13 per barrel in the quarter, down 11.3% compared to a year ago. The fall in oil prices...

The U.S. Supreme Court has agreed to hear ExxonMobil and Suncor Energy's bid to quash a lawsuit filed by Boulder, Colorado officials who want to hold oil companies responsible for climate change. The Supreme Court heard an appeal from the companies against a ruling of the lower court that allowed the lawsuit to proceed. The lawsuit alleging violations of state law by the companies seeks unspecified damages for "costs incurred" by Boulder in mitigating climate change. Boulder is just one of the dozens of climate-related cases filed by U.S. states against companies that produce, extract, distribute, or sell fossil fuels....

Since mid-2024, oil prices have consistently been a deflationary force in the U.S. economy and around the world. This may soon change. Brent and West Texas Intermediate crude oils futures have reached their highest levels in almost seven months. This is due to signs of an economic recovery at the beginning of the year, and simmering tensions between the U.S. and Iran that could lead to a military conflict. WTI surpassed $67 per barrel on Friday, while Brent reached $72,?bringing their gains for the year to date up to 15% and almost 20% respectively. More importantly, ?from ?an inflation-calculation perspective,...

Goldman Sachs has raised their Brent and West Texas 'Intermediate Crude Forecasts for the Fourth Quarter of 2026 by $6 each to $60 and $56, respectively. They cited lower OECD stock levels, while continuing to assume that there will be no 'Iran-related disruption in supply and maintaining a view of a surplus. It now expects Brent oil to average $64, up from $56 before, and WTI oil to average $60. As the U.S. prepared for a third nuclear?talks with Iran, fears of escalating violence were eased. Brent crude futures traded at $71 a bar at?0641 GMT while U.S. WTI futures...

Goldman Sachs has raised their Brent and 'West Texas Intermediate crude' forecasts for the fourth quarter 2026 by $6 each, to $60 and $56 respectively, citing lower than expected OECD stocks. However, it still assumes that there will be no disruption in supply due to Iran and continues to maintain its view on a 2026 excess. In a Sunday note, the 'bank stated that it expected OPEC+ would begin to gradually increase?production during the second quarter 2026 due to the fact that OECD inventories had not yet built. The bank's 2026 forecast of a surplus of 2.3 million barrels a...

Alberta will be holding a referendum in the fall to ask its residents if their government should limit "the number of" new international students and temporary foreign workers arriving in this oil-rich Canadian Province. Premier Danielle Smith announced the move in a television address on Thursday night. It was an attempt to take control of this important issue away from the federal government. Ottawa is responsible for the majority of immigration policy in Canada, and not the provinces. Smith is also trying to stop a growing Alberta separatist movement that has threatened Canadian unity, as Mark Carney tries to improve...

Congress may vote next week on whether to prevent 'President Donald Trump' from striking Iran without the approval of lawmakers. The U.S. Military is preparing for a possible serious conflict with Iran if diplomacy fails. Members of Congress have repeatedly tried to pass resolutions, which would prevent Trump from taking military action without the approval of lawmakers. The Constitution of the United States gives Congress, not the president, the power to send U.S. troops into war. The Constitution gives Congress the power to send U.S. soldiers to war, except for limited strikes to protect national security. Last week, it was...

The European Commission approved a new trusteeship on Friday that will give Berlin long-term control of the German assets owned by the Russian oil group Rosneft. This is part of the efforts to find a structural solution for the company. After the Russian invasion of Ukraine, Germany's long-standing energy relationship with Russia was shaken. It is necessary to renew the trusteeship every six months in order to?preserve energy security'. This creates uncertainty, mainly regarding the PCK Schwedt Refinery which supplies the majority of fuel to Berlin. The current trusteeship ends on March 10, 2019. The transaction that was examined by...

U.S. officials say that they are in "active negotiations" to sell Venezuelan crude oil to India, helping India diversify their sources of crude oil. Sergio Gor, the Envoy to India said Friday. The U.S. made diversification from Russian crude an important condition to reducing tariffs on Indian goods, the third largest oil consumer and importer in the world. Gor, a reporter on the sidelines of a New Delhi event where India joined the U.S. led Pax Silica initiative to build a silicon supply for high-tech devices, said: "The Department of Energy speaks with the Ministry of Energy in this country....

Indian share benchmarks recovered from initial jitters to rise?by mid-day on Friday as heavyweight stocks clawed back some?of the previous session's loss. As of 12:11 p.m. IST, the Nifty '50?added 0.54%, to 25,592.6. The BSE Sensex rose 0.48%, to 82897.3. The indexes had dropped about 0.3% on the opening, adding to a drop of 1.5% in the previous session. This was their biggest single-day decline in over two weeks. 15 of 16 major sectors were higher. The small-caps, mid-caps, and large-caps all added 0.1% to 0.5% respectively. Naveen Vyas is the head of the?family office of Anand Rathi Global Finance....

Alberta will hold a referendum in the fall asking residents whether the government should limit?the number of international students, 'temporary foreign workers' and asylum seekers who?arrive?into the oil-rich Canadian Province. Alberta's Premier Danielle Smith announced the move in a television address on Thursday night. It is an attempt to take control of this important issue away from the federal government. Ottawa is responsible for the majority of immigration policy in Canada, and not the provinces. This is a blow to Canadian unity at a time when the Prime Minister Mark Carney is trying to improve relations with resource-rich western provinces,...

According to four sources who are familiar with the talks, the United States has slowed down?the sale?of the international assets of Russian oil giant Lukoil to use them as a bargaining tool in the Ukraine peace negotiations. A document viewed by OFAC showed that the U.S. Office of Foreign Assets Control (OFAC) will extend to Thursday the deadline for transactions to be completed from February 28 to April 1. In recent weeks, U.S. and Russian government officials failed to make a breakthrough during?talks held in Geneva, Abu Dhabi, and Miami, in order to negotiate a deal for peace in Ukraine....

According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s...

A number of countries have started to withdraw?dependents and non-essential personnel from certain?locations? in the Middle East or advised citizens not to travel?to Iran?, due to rising tensions between Washington, D.C. and Tehran. Here are some of the moves. AUSTRALIA - The Australian government has advised dependents of Australian diplomatic staff in Israel and Lebanon that they should leave these two countries due to a deteriorating regional security situation. The government also offered voluntary departures for the dependents of Australian diplomats in the United Arab Emirates (UAE), Jordan, and Qatar. It continues to encourage citizens of Israel and Lebanon who...

Iraq's Oil Minister said that Chevron is in exclusive talks with Lukoil to take over the West Qurna 2 oilfield. Iraq is seeking to increase its oil and gas production. Oil majors are competing to expand their operations, after years of political insecurity. Hayan Abdel-Ghani, the Oil Minister of Iraq, told Kurdish TV Rudaw in an interview that production could increase to 750,000-800,000. bpd once Chevron took over operations. The U.S. The?U.S. Iraq, which is the second largest oil producer in the OPEC+ Group, comprising Organization?of Petroleum Exporting Countries (OPEC) and its allies, including Russia, has plans to increase the...

On Tuesday, Gulf stock markets showed mixed results, with Saudi Arabia losing ground due to fiscal concerns while Dubai extending gains from the previous session. Saudi Arabia's benchmark index fell 0.6% following a'slight' recovery in the previous session, as the kingdom’s budget deficit increased quarter-on-quarter because of higher expenditures. Saudi Telecom Company fell 1.7%, while Saudi Aramco lost 0.6%. According to trade sources, it was reported that Aramco had sold several shipments ultra-light crude oil from its $100 billion Jafurah plant to U.S. refiners and majors in India before its first export this month. Dubai's main stock index rose by...

The major Gulf stock exchanges rose on 'Monday morning, following global peers. This was after the U.S. supreme court struck down Trump's import taxes. The U.S. Supreme Court?ruled on Friday?to?overturn the tariffs?, which Trump implemented under a national emergency law, a ruling that is seen as having a significant impact on global trade dynamics. Trump announced a temporary increase in tariffs on U.S. imported goods globally from 10% to 15%. The preparations for the third round of nuclear talks between Iran and the United States also helped to ease investor concerns over a possible escalation of tensions in the region....

According to traders and data from ship tracking, China's Russian imports will rise for the third consecutive month to a record high. Independent refiners have snapped up heavily?discounted?cargoes as India reduced purchases. Vortexa Analytics estimates that Russian crude oil shipments to China in February will be 2.07 million barrels a day, exceeding the January estimate of 1.7 millions bpd. Kpler's preliminary data for February showed imports of 2.083 million bpd. This is up from 1.718 millions bpd during January. Since November, China has displaced India as Moscow's largest client for seaborne shipments. Western sanctions due to the conflict in Ukraine...

QatarEnergy, the state-owned oil company, has increased the 'term price' for al-Shaheen crude loading in April, to the highest level in the last five months, according to?several sources?. This is due in part because the Middle Eastern market was supported by a better demand in India. According to the sources, the April term price of al-Shaheen oil was set at 87c per barrel according to Dubai's quotes. This is a significant jump from the March term price, which was 33c less per barrel. It was also the highest price since November. Spot premiums on Middle?Eastern oil have risen this month...

The finance ministry reported that Qatar had a budget deficit of $1.45 billion (5.3 billion Qatari Riyals) in the fourth quarter of 2025. Total revenue was 51.6 billion Qatari Riyals and total expenditure reached 56.9 billion Qatari Ries. Qatar, one of the top LNG exporters in the world, is implementing an economic diversification strategy that will ensure sustainable revenue streams and reduce dependence on hydrocarbons. Qatar's budget for 2026 projects modest revenue growth and a 5% rise in government spending. The International Monetary Fund stated in its 2026 article IV 'end of mission' report that "the fiscal stance?remains consistent at...

OPEC forecasts that world oil 'demand for crude oil from the wider OPEC+ producer groups will fall by 400,000.barrels per.day.in the second.quarter.from the first three.months of this year. A copy of its monthly report on oil seen by shows. OPEC reported that the world demand for OPEC+ oil will average 42.20 millions bpd during the second quarter. This is down from 42.60million bpd during the first quarter. The two forecasts were unchanged since last month's report. The OPEC+ group, which includes OPEC countries, Russia?and others, increased oil production last?year, after years of cuts. Production hikes were halted in the first...

Chevron, along with at least another company, is vying to acquire Lukoil’s global assets despite the Russian energy firm’s agreement to sell these assets to a?U.S. company last week. Four sources familiar with the discussions said that Carlyle is a private equity firm. The U.S. Treasury has given Lukoil until February 28th to sell its assets. Last year, it imposed sanctions against Lukoil, Rosneft, and other Russian oil companies to force Moscow to reach a peace agreement with Ukraine. Two sources with knowledge of the talks said that a partnership between Chevron, Texas-based Quantum Energy Partners and a group headed...

U.S. trade representative Jamieson Greer stated on Tuesday that the Trump administration was working on putting on paper the details of their trade agreement with India, announced on Monday. The deal will see India reduce its tariffs from 13.5% to zero on American industrial goods and eliminate duties, while allowing 'India' to maintain certain agricultural import protections. Greer said in a CNBC live interview that the U.S. will continue to work to gain access to certain areas of India’s agriculture sector. However, India's tariffs are going to be lowered to zero for "a variety of items, such as tree nuts,...