United States

Exxon Mobil announced on Wednesday that it had signed a long term agreement with Marubeni, a Japanese trading company, to supply the Japanese trading house 250,000 metric tonnes of low-carbon hydrogen annually. This is Exxon Mobil's first customer agreement signed for its planned facility in Baytown. Exxon has been working to build the largest low-carbon hydrogen facility in the world at its Baytown refinery and chemical complex. The project, which is experiencing delays, will now move forward. The clean fuel hydrogen can be made from natural gas. It produces water upon combustion. Ammonia is used to transport the liquid hydrogen....

APA Corp announced on Wednesday it would sell New Mexico Permian assets to focus on its core business. This was in an effort for the company to streamline its operations and concentrate on areas of strength. It also beat Wall Street's expectations for first-quarter profits. These assets, which generate about 12,400 barrels equivalent of oil per day (boepd), are less than 5% APA's overall Permian production. The company stated that the deal with Permian Resource is expected to close by the end of the second quarter and proceeds will be used to reduce the debt. This move comes after APA...

The U.S. Energy Information Administration announced on Wednesday that they estimate that the average number oil wells completed within 50 feet from each other simultaneously in the Lower 48 States has more than doubled since the last decade. The agency stated that the number of wells completed simultaneously per location has increased from 1 1/2 wells per location in December 2014 to over three wells per location in June 2024. This will allow operators to "accelerate production timelines and reduce costs per well." The EIA defines wells that are drilled within a 50-foot radius of each other as being at...

In a ceremony broadcast on state television, Russian President Vladimir Putin signed a strategic agreement with Venezuelan President Nicolas Maduro. Interfax, a Russian news agency, reported that the two leaders also spoke about energy and oil in their meeting at Moscow. In the agreement, Russia & Venezuela stated that they would promote joint efforts within OPEC +, the Gas Exporting Countries Forum, and other organisations involved in the energy industry. The agreement stated that "the parties will promote an equitable and stable development of global markets for energy without using unfair competition instruments." The two companies agreed to work together...

According to data provided by financial firm LSEG, the U.S. liquefied gas (LNG), Freeport LNG, export plant in Texas is on track to receive more natural gas after closing on Tuesday. This indicates that the plant has recovered from an outage. Freeport LNG officials were not available to comment immediately. Freeport reported to Texas environmental regulators on Tuesday night that the three liquefaction train at the export facility had been shut down Tuesday morning because of an interruption in the power supply. Freeport has been shut down by power problems in the past. Freeport is more vulnerable to power outages...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines After three years of negotiations, UK and India reach a trade agreement UK closes on US trade deal with lower tariff quotas and cars After rival complaint, a Czech court stops an $18 billion deal for nuclear reactors Brussels wants to force EU gas companies to reveal their Russian contracts View the full article Britain and India have signed a free trade agreement that has been long sought after. The tariff wars sparked by U.S. president Donald...

Suncor Energy, a Canadian oil company, reported a first-quarter profit that was above analyst expectations on Tuesday. It benefited from increased refinery production and higher sales volumes. The positive results are part of a wider rebound in North American refinery margins. Imperial Oil, a peer company, posted record earnings for the first quarter last week. This was primarily due to higher margins in its fuel and refining business. Suncor reported that its refined products sales increased to 604,900 barrels a day during the third quarter, compared with 581,000 bpd in the previous year. The increase was due to a higher...

Devon Energy's first-quarter profits missed Wall Street expectations on Tuesday as lower oil prices offset increased production. In extended trading, shares were down about 1 % at $30.29. Brent crude futures averages have fallen on average by a year in the first quarter on fears of U.S. trade tariffs and the ensuing war on energy. OPEC+ is also ramping up production. Devon reported that the realized price of oil, including cash settlements during the quarter, was down by 8% compared to last year at $69.15 per barrel. Devon, based in Oklahoma City, increased its total quarterly production by 22.7% compared...

Marathon Petroleum reported a loss for the first quarter. The company is the latest U.S. refining firm to be hit by reduced margins in a period of increased maintenance and turnaround activities across the industry. The company reported that the results represented the second largest planned maintenance quarter of its history. The Findlay-based company reported a refining margin of $13.38 per bar in the first quarter. This compares to $19.35 in 2024. Turnaround activity, also known as planned maintenance, is usually performed by refineries in the first quarter of the year to prepare them for the increased demand during summer...

Covestro, a German chemical company, cut its core profit forecast for 2025 on Tuesday and announced that it would continue to produce in the same area as it sells. This is because higher U.S. import tariffs are threatening the earnings of the chemical manufacturer. The company has narrowed its range of expected earnings before interest tax, depreciation, and amortization for 2025 to 1 billion to 14 billion euros ($1.13b to $1.59b). The company had forecasted EBITDA to be in the range of 1.0-1.6billion euros. Covestro and LyondellBasell announced that they had both permanently closed their Propylene Oxide Styrene Monomer production...

Diamondback Energy, a U.S. shale oil and gas producer, lowered its production and capital budget forecasts for 2025 on Monday as global energy demand is impacted by macroeconomic uncertainty. The tariffs imposed by Donald Trump have increased uncertainty in the oil industry. A trade war that follows is expected to reduce global economic growth, and, therefore, energy demand. The company announced that it would reduce its capital budget for 2025 by approximately $400 million, to between $3.4 and $3.8 billion. The company said that during the current period of macro-instability, it would drill and complete fewer oil wells to maximize...

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...

The European Commission announced on Thursday that it would take countermeasures against imports from the United States worth up to 95 billion euro ($107.2 billion), if Washington fails to lift its tariffs. The EU will respond to the U.S. tariffs on automobiles and other goods by imposing new tariffs that target wine, fish and aircraft as well as car and auto parts, chemicals, electronic equipment, health and machinery. The European Commission (which coordinates the trade policy of the EU's 27 member states) announced that it would launch a consultation with EU members and businesses for a period of one month...

Former special representative of Donald Trump said that the president is taking a more aggressive approach to Russia in order to achieve the ceasefire he had promised when he assumed office, after becoming "really allied" with Ukraine. Kurt Volker was Trump's Ukraine advisor in his first term, and a former U.S. The ambassador to NATO, who is also the military alliance's ambassador, said that the U.S. president had begun his second term by challenging Russian President Vladimir Putin either to "secure peace the easy way" or "the hard way". After 100 days in office, and with Putin showing no willingness...

Gold prices dropped on Thursday as U.S. president Donald Trump hinted that he might sign a trade agreement with Britain. This lowered trade tensions, and reduced the appeal of gold as a safe haven investment. As of 0858 GMT, spot gold dropped 0.7% to $3339.32 per ounce. Bullion had risen by more than 1% in the early part of the session. U.S. Gold Futures fell 1.4% to $3345. Nitesh Sha, commodities strategist at WisdomTree, said: "As confirmation comes that there's some sort of deal on the horizon that could help firm up the dollar and take a little steam off...

Thursday is expected to see the United States and Britain announce an agreement to lower tariffs for some goods. This will be the first such deal since U.S. president Donald Trump began imposing levies to countries all over the world. Trump announced on Truth Social on Thursday that he will hold a news conference in the Oval Office at 10:00 a.m. ET (1400 GMT), to discuss a "major deal" with representatives of an important and highly respected country. A spokesperson for the British government said that Prime Minister Keir starmer will give an update about U.S.-UK trading talks later on...

Two people with first-hand knowledge of the situation said that China's central banks has allowed some commercial banks in China to purchase foreign currency for gold imports as part of recently increased quotas. Gold import quotas set by the People's Bank of China (PBOC) for China's largest banks determine the amount of bullion that enters the world's biggest consumer of precious metal. In the past, it has adjusted these quotas in order to calibrate dollar demand. Sources said that the PBOC had raised these quotas on gold imports in the last month, and now has allowed banks to purchase dollars...

Gold rose on Thursday, after the Federal Reserve warned that rising inflation and labor-market risks were fueling economic uncertainty. Investors awaited this weekend's outcome of U.S. China trade talks. As of 0223 GMT, spot gold increased 1.4% to $3409.76 per ounce. U.S. Gold Futures rose 0.7% to $3416.70. Kyle Rodda, a financial market analyst at Capital.com, said: "I think the main reason is a slight drop in the front-end yields after the Fed. The "wait and watch" language has been good enough so far and Trump's hotter rhetoric about trade negotiations with China." It taps into the two main themes...

He Lifeng, a trusted confidant of Chinese president Xi Jinping, who has gradually built a reputation as a fixer among foreign investors, will be at the forefront in Saturday's talks aimed at breaking a deadlock on trade with the United States. After weeks of escalating trade tensions, the vice premier of Canada will meet with U.S. Treasury Sec. Scott Bessent in Switzerland and Jamieson Greer as chief trade negotiator. He is the person who oversees U.S. China economic and trade relations. We interviewed 13 foreign diplomats and investors who met He in the last year. The interviewees described He's transformation...

BMW, the premium German carmaker, confirmed Wednesday its outlook for 2025. It said it expects some of the current tariffs on vehicle imports will decline starting in July. This is one of the most optimistic assessments of the prospects of the industry. The majority of BMW's competitors, including Mercedes-Benz and Ford, have pulled their forecasts for 2025, claiming that it is too difficult to provide a proper guide in light of the extensive import tariffs in America, the second-largest auto market in the world. BMW said that its March 2025 forecast, which included all tariffs announced to date, was still...

Toyota's profits are expected to remain steady when it reports its annual earnings on the 15th of this month. However, investors will be alert for any signs that U.S. Tariffs could have an impact. Investors will pay close attention to the impact of President Donald Trump's Tariffs on Toyota's future profits. The levies will likely deal a severe blow to automakers doing business in the U.S. What Toyota says about Toyota Industries will also be of interest, after the automaker announced last month that they were considering a possible buyout. Seiji Sugiura is a senior analyst with Tokai Tokyo Intelligence...

The gold price fell on Wednesday, as investors awaited the Federal Reserve policy meeting that would be held later in the afternoon. As of 0225 GMT, spot gold was down by 1.2% to $3,388.67 per ounce. The metal rose by nearly 3% the previous session. U.S. Gold Futures dropped 0.7% to $3 397.70. "Gold is pulling back amid broad-based "risk-on" movement across markets... This pro-cyclical setup could echo optimism amid signs that the U.S. has begun real trade negotiations with China," said Ilya SPivak, Tastylive's head of global macro. This weekend, U.S. Treasury secretary Scott Bessent will be in Switzerland...

Saudi Arabia will discuss with the United States a possible agreement on cooperation in the areas of mining and minerals, according to a Saudi cabinet statement released by the state news agency. The Saudi cabinet did not give any details about the "memorandum" which would be negotiated between the Saudi Ministry of Industry and Mineral Resources and United States Department of Energy, according to the statement. The statement is made ahead of the visit to Saudi Arabia by U.S. president Donald Trump next week. Saudi Arabia is rapidly expanding its mining industry as part of Vision 2030, its economic diversification...

Euronext, the European exchange operator, announced on Tuesday a number of measures designed to encourage investment in the defence industry. These include helping companies list their shares on stock markets or launch new bonds more quickly. The move comes after a push by the Trump administration to reduce the reliance on U.S. weapons and increase investment in the sector. Stephane Boujnah, CEO and Chairman of Euronext, said that the company was responding to "a new geopolitical system" by renaming ESG, which is an acronym for Environmental, Social and Government-driven investments, as Energy, Security and Geostrategy. Euronext released a statement saying...