Summary IEA forecasts oil demand peak at 105.6 million bpd by 2029 China’s oil demand to peak in 2027 due to EV growth US demand boosted by lower gasoline prices, slower EV adoption IEA sharply cuts prediction for US EV adoption in 2030 LONDON, June 17 (Reuters) – Global oil demand will keep growing until … Read more

Summary Brent and WTI benchmarks up more than 2% War risk continues to underpin market IEA global oil supply forecast revised upwards (Reuters) – Oil prices were driven higher on Tuesday by the Iran-Israel conflict, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures gained … Read more

U.S. Energy Secretary Chris Wright said on Friday he and his team are working with the White House’s National Security Council to monitor the situation in Middle East and any potential impacts to global energy supply. Wright said on X, after Israel’s strikes on Iran’s nuclear sites and Iran’s response, that President Donald Trump’s policy … Read more

Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict. Call options grant the holder a right to buy futures contract at the preset price and date, and a rise … Read more

By Erwin Seba Oil gains of up to 14% were largest intraday move since 2022 Iran’s nuclear facility in Natanz damaged in Israeli attack No impact to oil flows in the region so far -analysts Israeli attacks kill key Iranian military commanders Trump urges Iran to make a deal over its nuclear programme HOUSTON, June … Read more

(Reuters) – U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday. “I don’t like – the … Read more

Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will … Read more

Summary Oil prices ease from more than two-month peak Market focusing on Middle East tension, US-Iran talks US, Iran officials to meet on Sunday in Oman (Reuters) – Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a U.S. decision to move personnel from the Middle East ahead … Read more

By Scott Disavino US and China enter second day of talks in London Saudi crude exports to China set to fall slightly Upcoming: US oil inventory data from API and EIA NEW YORK, June 10 (Reuters) – Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between … Read more

Crude prices have fallen as tariffs threaten to slow the global economy By Nayla Razzouk Global oil investments are expected to drop six per cent in 2025, in the first such decline in a decade excluding the year of the COVID-19 slump, according to the International Energy Agency. “This decline in oil investment is driven … Read more

Summary US and China hold trade talks in London on Monday Potential trade deal could boost oil demand China’s crude imports hit four-month low in May (Reuters) – Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and … Read more

Summary Brent, WTI poised to finish the week higher U.S. jobs report shows unemployment steady at 4.2% Trade negotiations continue with China U.S. oil, gas rigs hit lowest level since November 2021 HOUSTON, June 6 (Reuters) – Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after … Read more

(Reuters) – Oil prices steadied on Friday and were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies. Brent crude futures fell 9 cents, or 0.1%, to $65.25 a barrel … Read more

A key data release may underline how the US oil industry is reining in production growth in response to lower prices. Are we close to peak shale production? In the weeks since OPEC+ members agreed to ramp up output, the mood in the US oil business has shifted rapidly. At an industry gathering this week in … Read more

Summary US gasoline, distillate stocks post big weekly builds Saudi Arabia cuts prices for Asian crude buyers to 2-month low Bearish economic outlook weighs on oil prices, analysts say LONDON, June 5 (Reuters) – Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in U.S. gasoline and … Read more

Summary OPEC+ supply rises weigh on sentiment – Rystad analyst Persistent tariff tensions stalks market Upside potential to oil prices limited – Saxo Bank analyst (Reuters) – Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude … Read more

(Reuters) – President Donald Trump’s budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers. The reserve, created in 2000 by former President Bill Clinton, holds enough for roughly 10 days of heating homes. It … Read more

June 2 (Reuters) – Baker Hughes (BKR.O) will sell 65% of its surface pressure control business to a unit of equipment maker Cactus (WHD.N) for $344.5 million, as the oilfield services provider focuses on its core businesses amid volatile oil prices. The companies will form a joint venture to hold the business, they said on … Read more