By Emma Sanchez The world’s largest oilfield-service providers are looking to production increases in the Middle East to help offset a slowdown in US shale. That’s one of the big takeaways from comments this week made by executives at Helmerich & Payne Inc. and Patterson-UTI Energy Inc., who pointed to opportunities in countries such as Saudi Arabia to help … Read more

(Reuters) – Mexican officials are evaluating how to send fuel to Cuba to help meet basic needs such as electricity and transportation without triggering reprisals from Washington, which has threatened tariffs against countries supplying fuel to the Caribbean island, four sources familiar with the matter said. The sources said high-level Mexican officials have been talking … Read more

(Reuters ) – Kuwait Oil Company (KOC) is in talks with some U.S. firms on potential cooperation to develop its shale oil and gas resources, its chief executive said on Thursday. KOC is “engaging with some U.S. operators to explore how their expertise can support the development of Kuwait’s shale oil and shale gas resources,” … Read more

(Reuters) – ConocoPhillips  said on Thursday it aims to cut capital and operating costs by $1 billion in 2026, after the U.S. oil and gas producer missed Wall Street estimates for fourth-quarter profit due to weaker crude prices. Oil producers have been under mounting pressure from falling prices, prompting efforts across the sector to rein in spending, scale … Read more

Summary US, Iran prepare for talks on Friday About a fifth of global oil consumption passes through Strait of Hormuz Volatility leads to record WTI Midland contracts in January Brent crude still close to five-month high (Reuters) – Oil prices fell more than 2% on Thursday but held close to multi-month highs after the U.S. … Read more

  Investors rushed to lock in oil prices at record levels in January amid concerns around Iranian crude supplies and more Venezuelan barrels heading to the U.S. Gulf Coast. Hedging can help producers reduce risk and protect their production from sharp moves in the market by locking in a price for the oil. It can … Read more

(Reuters) – The U.S. government is working to issue as early as this week a general license allowing companies to produce oil and gas in Venezuela, as Washington seeks to encourage expanded output in the OPEC nation since capturing its president, three sources close to the matter told Reuters. The move by the Treasury’s Office … Read more

Feb 3 (Reuters) – Marathon Petroleum  reported fourth-quarter profit above Wall Street estimate on Tuesday, as a 44% jump in refining margins underscored stronger operational performance after a prolonged downturn in 2024. Shares of the country’s top refiner gained nearly 7% in premarket trading. U.S. fuel maker margins have begun to rebound from multi-year lows … Read more

(Reuters) – The Trump administration is dropping a 25% additional tariffs imposed on Indian imports over its purchases of Russian oil, in addition to lowering a country-specific tariff to 18% from 25%, a White House official said on Monday. “We are also dropping the 25% tariff given India’s agreement to stop buying Russian oil,” the … Read more

By Skylar Woodhouse and Shruti Srivastava President Donald Trump said he will slash tariffs on India to 18% after Prime Minister Narendra Modi agreed to stop buying Russian oil, easing tensions between the two countries. Trump said Monday on social media that, following a phone call with Modi, he will lower his tariff on Indian … Read more

Reuters There are two factors that are largely beyond the control of OPEC+ and they are likely to determine the price of crude oil in the coming weeks. The first is whether U.S. President Donald Trump does decide to start a shooting war with Iran, and if he does whether both sides will be able … Read more

ABOARD AIR FORCE ONE – (Reuters) – U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world’s third-biggest oil importer buys. “We’ve already made that deal, the concept of the deal,” Trump told reporters aboard Air Force One as he traveled to … Read more

Summary Prices fall from multi-month highs as U.S.-Iran tensions ease Trump says Iran ‘seriously talking’ with Washington Geopolitical risks mask a bearish oil market, analysts say (Reuters) – Oil prices fell 5% on Monday after U.S. President Donald Trump said Iran was “seriously talking” with Washington, signalling a de-escalation of tensions with an OPEC member, … Read more

U.S. crude output is expected to be down 379,000 barrels per day in the lower 48 states for the month of January, according to consultancy Rystad, as operators kept restoring production after a winter storm knocked off up to 2 million bpd of output last weekend. U.S. crude output from the lower 48 states was … Read more

Summary Iran says defense capabilities not for discussion US issues new Iran-related sanctions Trump names Kevin Warsh for Fed chair Oil benchmarks set for highest monthly gains in since 2022 (Reuters) – Oil prices dipped a few cents per barrel on Friday, consolidating recent gains and holding near six-month highs on Friday, supported by nagging … Read more

(Reuters) – All of North Dakota’s crude production was back online on Friday, state regulators said, after recovering from an arctic blast from a winter storm that has disrupted production nationwide. North Dakota is the third-largest oil-producing U.S. state, and output totaled 1.189 million barrels per day in November, the latest monthly data from the … Read more

(Reuters) – Exxon Mobil CEO Darren Woods told analysts on Friday that the company has the technology that would be needed to produce higher cost barrels from Venezuela. While he had previously called the South American country “uninvestable” in remarks earlier this month at a White House meeting that later drew a rebuke from President … Read more

By Ron Bousso LONDON, Jan 30 (Reuters) – Oil prices remain stuck in a narrow band even after soaring 15% in January, partly on fears of a fresh U.S. strike on Iran. Tough talk on either side is unlikely to push crude prices much higher, given today’s well-supplied market. What would be needed is big-time … Read more

Summary Chevron evaluates investment opportunities in Venezuela amid geopolitical changes Q4 profits exceed estimates despite lower crude prices, focus on cost-cutting Tengiz maintenance and weather impact Q1 production, expected to recover soon HOUSTON, Jan 30 (Reuters) – Chevron’s  fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its … Read more

(Reuters) – Petrochemicals maker LyondellBasell  on Friday posted a surprise loss for the fourth quarter and said it aims to save $1.3 billion by the end of 2026, as it continues to keep a tight lid on costs amid volatility in feedstock and energy prices. LyondellBasell’s shares, however, rose 1.5% in premarket trading as the … Read more

U.S. President Donald Trump on Thursday signed an executive order declaring a national emergency and establishing a process to impose tariffs on goods from countries that sell or otherwise provide oil to Cuba, the White House said.

WASHINGTON, Jan 28 (Reuters) – The United States is handing over a tanker to Venezuela that it seized this month, two U.S. officials told Reuters on Wednesday, the first known instance in which President Donald Trump’s administration has returned such a tanker. The United States has been carrying out a months-long effort to seize oil … Read more

Summary US-Iran tensions remain key near-term price driver Markets pricing in geopolitical risk premiums US winter storms, Kazakh outages, also adding support (Reuters) – Brent oil ​futures prices jumped on Thursday, hitting a four-month high on rising concerns of ‌the potential impact a possible U.S. military attack on Iran, OPEC’s fourth-largest producer, with output of … Read more

Citi said on Wednesday that oil prices may stay elevated due to rising geopolitical risks, U.S. restrictions on Russian oil purchases and continued Chinese buying, even as markets entered the year expecting a large oversupply. “Further geopolitical escalation can lift prices to our 0-3m target of $70 a barrel,” the bank said in a note. … Read more

By Georgina McCartney HOUSTON, Jan 28 – U.S. crude oil producers were bringing wells back online on Wednesday following a severe winter storm that swept across the country over the weekend, straining energy infrastructure and power grids. Domestic crude output is now estimated to be down around 600,000 barrels per day, roughly 4% of total … Read more

U.S. officials have said publicly they want the interim president to sever relations with close international allies like Iran, China and Russia, including expelling their diplomats and advisers from Venezuela. But Rodriguez, whose swearing-in ceremony was attended by representatives of those countries early this month, has yet to publicly announce such a move. She became … Read more

(Reuters) – U.S. officials are working to issue a general license soon that would lift some sanctions on Venezuela’s energy sector, three sources familiar with the preparation said on Tuesday, a shift from a previous plan to grant individual exemptions to sanctions for companies seeking to do business in the country. Following the U.S. capture … Read more

(Reuters) – Mexican President Claudia Sheinbaum, pressed on Tuesday whether Mexico had halted oil shipments to Cuba amid pressure from Washington, said shipment decisions were sovereign in nature and not based on U.S. pressure. However, Sheinbaum appeared to acknowledge that Mexico had halted a planned shipment to Cuba. Asked at her regular morning press conference … Read more

By Lucia Kassai Chevron Corp. has assembled its largest fleet of vessels in almost a year to ship Venezuelan crude, after the US moved to exert control over the country’s oil sector following the capture of leader Nicolas Maduro. The oil major, which holds a license to export US-sanctioned crude, sent 15 vessels this month … Read more

  (Reuters) – Oilfield services company Baker Hughes said on Monday that there is significant revenue opportunity in Venezuela, with the main considerations for operating there being safety and conditions for employees, and clarity on legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S. earlier this month … Read more

  (Reuters) – Oil prices edged up on Tuesday as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast, but the ​rise was curbed by a resumption in supply from Kazakhstan. Brent crude futures rose 23 cents, or ‌0.35%, at $65.82 a barrel as at 1017 GMT. U.S. West … Read more

By Julian Lee Oil traders seeking to plot the path for prices this year are juggling sharply different assessments of the supply-demand outlook, from a huge surplus to a broadly balanced market. The world’s three main forecasting agencies — the International Energy Agency, the US Energy Information Administration and the Organization of the Petroleum Exporting … Read more

  Oil major Exxon Mobil’s subsidiary XTO Energy is seeking buyers for some of its assets in the Eagle Ford shale basin in South Texas, an Exxon spokesperson confirmed to Reuters in a statement. In recent days, top U.S. oil major Exxon opened a virtual data room to begin marketing the assets, two sources told Reuters earlier. The … Read more