The Iraqi Oil Ministry is calling for an urgent meeting to discuss the long-awaited and delayed resumption of oil exports from the semi-autonomous region of Kurdistan, state media reported on Friday. In February, Iraq and Kurdistan appeared to be close to agreeing on all technical and financial details about resuming exports in March. Oil exports from Kurdistan have now been halted for more than two years after they have been shut in since March 2023 due to a dispute over who should authorize the Kurdish exports. After more than a year of…

The most oft-quoted, some would say over-quoted phrase in trading and investment analysis is Warren Buffett’s entreaty to be “Fearful when others are greedy, and greedy when they are fearful”. In part, that overuse may be because those like me that write on the subject are often not particularly original thinkers, but it is also because it is a succinct way of saying something that is blindingly obvious, but which human nature makes it very hard to adhere to. We should all sell into rallies and buy on dips, but we tend to do the…

WTI crude came under heavy selling pressure Thursday after the U.S. rolled out a sweeping tariff package that sparked immediate fears of slower global growth and weaker oil demand. Traders weren’t reacting to the direct impact on crude—oil and refined products were excluded—but to the ripple effect across the broader economy. A 10% minimum import tariff on nearly all goods landed like a hammer. It raised the prospect of retaliatory moves, costlier trade, and softer consumption—all red flags for fuel demand. The market didn’t…

Politics, Geopolitics, & Conflict Israeli forces advanced into Rafah this week, establishing a new "security zone" and effectively pushing out residents who had taken refuge there. This is a major escalation since the ceasefire ended early last month. The Israeli move was to set up a new corridor in southern Gaza aimed at severing the link between Khan Younis and Rafah. Netanyahu described the operation as "cutting up the strip". Earlier, Defense Minister Israel Katz issued a warning about an imminent large-scale expansion of military operations,…

This week saw oil prices tank more than 10% as President Donald Trump’s tariffs went into effect. A single-day drop of more than 7% in global oil prices is rare but not unheard of. It usually signals something dramatic: the spectre of war (directly involving the U.S.), pandemics, cartel infighting, or, in this case, the first new salvo in a brewing global trade war.  We have been here before, and not that long ago. In fact, we have been here, exactly, during Trump’s first crack at the tariff arena.  We count six incidents/events…

The Iraqi Oil Ministry is calling for an urgent meeting to discuss the long-awaited and delayed resumption of oil exports from the semi-autonomous region of Kurdistan, state media reported on Friday. In February, Iraq and Kurdistan appeared to be close to agreeing on all technical and financial details about resuming exports in March. Oil exports from Kurdistan have now been halted for more than two years after they have been shut in since March 2023 due to a dispute over who should authorize the Kurdish exports. After more than a year of…

BP chair Helge Lund has informed the board that he would be stepping down from the role “most likely during 2026,” as activist investor Elliott continues to demand more changes at the UK-based supermajor. BP’s board of directors has initiated a succession process to select a new Chair after Helge Lund informed the board of his intention to step down in due course, the company said on Friday. “It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead…

BP chair Helge Lund has informed the board that he would be stepping down from the role “most likely during 2026,” as activist investor Elliott continues to demand more changes at the UK-based supermajor. BP’s board of directors has initiated a succession process to select a new Chair after Helge Lund informed the board of his intention to step down in due course, the company said on Friday. “It is intended that the successful candidate will join the board and work together with Helge to ensure an orderly transition ahead…

Australia’s ASX energy index plummeted by 8% at close on Friday amid rising concerns about economic growth and oil demand in continued panic selling in all major markets after the U.S. tariff announcement. The S&P/ASX 200 Energy [XEJ] index consists of the 11 companies in the S&P/ASX 200 that are classified as members of the GICS Energy sector. The index is rebalanced quarterly and constituent businesses tend to center around oil, gas, and coal. Losses at the broader S&P/ASX 200 index were more contained and the index dropped…

ExxonMobil expects its first-quarter earnings to be higher than in Q4 by up to $2 billion, thanks to higher oil and gas prices and rising refining margins. Exxon’s earnings in the upstream segment could be up to $900 million higher in the first quarter compared to the fourth quarter of 2024, due to higher oil and gas prices and timing effects, the supermajor said in an SEC filing. Oil prices in Q1 were lower than in the same period of 2024, but they were higher than in the fourth quarter of 2024. U.S. natural gas prices, on the other hand,…

Goldman Sachs cut its oil price forecast for 2025 by 5.5% for Brent crude and by 4.3% for West Texas Intermediate citing OPEC+ decision to bring more production back in May and the tariff barrage that President Trump unleashed this week, which the bank expects will cause a global recession. The bank’s analysts now expect Brent crude to average $69 per barrel this year and WTI to average $66 per barrel. The benchmarks have been trading around these levels earlier today. Goldman did not stop there, however, expecting the doom and gloom to persist…

After a string of weekly gains, oil prices were sent tumbling this week following the announcement of tariffs that the United States will impose on its trade partners, many of which are running substantial trade surpluses with the U.S. At the time of writing Brent crude was trading at $69.52 per barrel, with West Texas Intermediate at $66.25 per barrel, both sharply down from earlier in the week when Brent crude was trading above $75 per barrel and WTI climbed past $72. The tariffs announced by President Trump immediately hit the benchmarks because…

The Department of Energy has awarded a new $1.4 billion contract to Strategic Storage Partners, LLC—hardly a household name—to manage the Strategic Petroleum Reserve (SPR)—America’s emergency stash of crude oil. The new contract covers a five-year term with the option to extend for another five. After a transition period, Strategic Storage Partners will take over from the current SPR management firm, Fluor Federal Petroleum Operations (FFPO) on June 15, 2025. The SPR is more than a rainy-day fund—it’s a key pillar…

The Department of Energy has awarded a new $1.4 billion contract to Strategic Storage Partners, LLC—hardly a household name—to manage the Strategic Petroleum Reserve (SPR)—America’s emergency stash of crude oil. The new contract covers a five-year term with the option to extend for another five. After a transition period, Strategic Storage Partners will take over from the current SPR management firm, Fluor Federal Petroleum Operations (FFPO) on June 15, 2025. The SPR is more than a rainy-day fund—it’s a key pillar…

China’s biggest state-held energy firms are following the demand trends in the world’s top crude oil and natural gas importer. After decades of growth, Chinese demand for transport fuels is peaking as electric vehicles and LNG-powered trucks are seizing market share from gasoline and diesel. But natural gas demand is only going up, and it’s expected to continue growing for decades. Tasked by the authorities to boost domestic production of oil and gas, all three state majors, PetroChina, Sinopec, and CNOOC, are increasingly betting…

These are big days for oilfield services (OFS) providers, and the awarding of a major drilling contract to U.S.-based giant SLB (NYSE:SLB) for an ultra-deepwater Trion project offshore Mexico is more than just another deal. It’s where the deepest offshore drilling becomes the purview of artificial intelligence. The contract, awarded by Australia-based Woodside Energy Group (NYSE:WDE), Trion’s operator, will see SLB employ its artificial intelligence-enabled drilling capabilities to drill 18 ultra-deepwater wells with improved operational…

As U.S. President Donald Trump looks increasingly likely to shift away from the Biden-era acceleration of renewable energy deployment in favour of the expansion of the fossil fuel industry, oil executives are calling on the government to create greater market stability. The U.S. energy market has boomed in recent years, largely due to the introduction of former President Biden’s Inflation Reduction Act (IRA), which attracted high levels of green financing, and the increase of domestic oil and gas production. Favourable federal policies have…

US Secretary of State Marco Rubio said the Trump administration is committed to remaining in the NATO and urged the military alliance's 32 members to pledge to increase spending to strengthen its defense capabilities. Speaking as he arrived at a two-day meeting of NATO foreign ministers in Brussels, Rubio said the United States was "as active as it has ever been" in the alliance as he sought to allay ally concerns that US President Donald Trump is undercutting transatlantic relations. "President Trump's made clear he supports NATO. We're going…

Oil market fundamentals support the OPEC+ decision to increase May’s crude oil production by three times more than what the group originally planned, energy investor and senior portfolio manager at Ninepoint Partners Eric Nuttal told BNN Bloomberg on Thursday. “It was a surprising press release to wake up to,” Nuttal said, speaking of OPEC’s decision.  “Unfortunately for them, I think they could justify it through looking at strong enough fundamentals, at least before yesterday—looking at inventories being…

It’s official: President Donald Trump has announced sweeping tariffs on friends and foes alike, with the minimum rate at 10% and higher versions of between 20% and as much as 49%. Oil prices took a dive after the announcement, predictions of a grim economic future multiplied, and countries around the world vowed to retaliate. It’s a game of tariffs with a twist: energy imports were exempted from the tariffs. On Wednesday afternoon, President Trump announced a 10% additional levy on most goods that enter the United States. For some trade…