West Texas Intermediate (WTI) crude prices dipped into the low $60 per barrel range following President Donald Trump’s sweeping tariffs announced on 2 April. While the subsequent 9 April move to pause the new levies at 10% for most countries for the next 90 days helped WTI prices recoup some losses, the market remains extremely volatile. This price level is well above the fundamental upstream breakevens for most US shale players, especially those in the Permian. However, Rystad Energy finds that additional corporate items, including higher…

Based on Moscow’s new energy plan, Russian crude oil production and exports are set to remain flat until 2050, and output is projected to settle at around 540 million metric tons by the end of this decade, crimped by U.S. and European Union sanctions, Bloomberg reported on Monday. In 2023, Russia produced 531 million metric tons. In terms of exports, Russia’s new energy plan projects flat exports through 2050 of around 235 million tons annually. While oil production is set to see zero growth from now until the middle of the century,…

The majority of small and medium-sized firms (SMEs) have sidelined net zero practices, according to a survey of around 500 business owners, in signs that net zero policies are increasingly falling out of fashion.  President Donald Trump’s abandonment of Biden-era green policies has driven a global trend that is seeing firms and governments move away from prioritising climate change.  Now this survey appears to suggest that UK firms are following suit as higher cost pressures bite.  More than half of business owners have deprioritised…

Based on Moscow’s new energy plan, Russian crude oil production and exports are set to remain flat until 2050, and output is projected to settle at around 540 million metric tons by the end of this decade, crimped by U.S. and European Union sanctions, Bloomberg reported on Monday. In 2023, Russia produced 531 million metric tons. In terms of exports, Russia’s new energy plan projects flat exports through 2050 of around 235 million tons annually. While oil production is set to see zero growth from now until the middle of the century,…

The World Bank is under fire over allegations of impropriety in financing the Rogun Dam project in Tajikistan. Specifically, bank officials are facing accusations that they failed to comply with procedures to account for potential environmental and socio-economic harms associated with the project. A statement issued April 8 by the World Bank’s Inspection Panel, an independent investigative body, announced the registration of a formal Request for Inspection, in effect a complaint, concerning the bank’s involvement in the Rogun hydropower…

Average national prices for a gallon of gasoline at the pump on Monday fell for the first time in a month, according to GasBuddy, dropping 8.2 cents per gallon compared to a week ago, with prices still 7.8 cents higher than a month ago, and 46.9 cents higher than this time last year.  Diesel is also tracking this month with gasoline, with the national average per gallon of diesel dropping 4.8 cents week-on-week, resting at $3.546 per gallon on Wednesday, according to GasBuddy data.   “After oil’s sharp drop over the last…

Average national prices for a gallon of gasoline at the pump on Monday fell for the first time in a month, according to GasBuddy, dropping 8.2 cents per gallon compared to a week ago, with prices still 7.8 cents higher than a month ago, and 46.9 cents higher than this time last year.  Diesel is also tracking this month with gasoline, with the national average per gallon of diesel dropping 4.8 cents week-on-week, resting at $3.546 per gallon on Wednesday, according to GasBuddy data.   “After oil’s sharp drop over the last…

Average national prices for a gallon of gasoline at the pump on Monday fell for the first time in a month, according to GasBuddy, dropping 8.2 cents per gallon compared to a week ago, with prices still 7.8 cents higher than a month ago, and 46.9 cents higher than this time last year.  Diesel is also tracking this month with gasoline, with the national average per gallon of diesel dropping 4.8 cents week-on-week, resting at $3.546 per gallon on Wednesday, according to GasBuddy data.   “After oil’s sharp drop over the last…

Nuclear talks in Oman marked the first formal engagement between Iran and the United States in years, and though progress may have been slight, it was enough to signal a willingness to temper tensions through diplomacy rather than military action. Iranian and US negotiators agreed on April 12 to continue their high-level talks over Tehran's nuclear program on April 19, with the venue likely moving to Europe from the Middle East. Axios on April 13 cited sources as saying the second round would likely be in Rome, but there has been no official comment…

OPEC has revised its global oil demand growth forecast for 2025, citing escalating trade tensions and weaker-than-expected economic indicators. The cartel now anticipates a demand increase of 1.3 million barrels per day (bpd) for 2025, down 150,000 bpd from its previous projection. Similarly, the 2026 forecast has been adjusted downward to 1.28 million bpd.  OPEC's latest report highlights that Trump’s tariff war has dampened economic activity, leading to a more cautious outlook on oil consumption. The organization also revised its global…

The Office for Budget Responsibility (OBR), one of the UK’s central forecasters, prepared itself for President Trump’s tariff war – or at least partially.  At a presentation after Chancellor Reeves’ Spring Statement, OBR chair Richard Hughes admitted the fiscal watchdog’s central forecast risked being completely undermined by global events.  Hughes came up with three possible scenarios for what Trump could announce and how much pain the UK economy would suffer. In one scenario, where the UK was slapped with…

Oil prices are sagging like a tired trampoline, and U.S. shale producers are feeling the bounce—just not in a good way. With WTI dancing around $60 and analysts wringing their hands over breakeven levels near $65, you'd be forgiven for assuming the shale patch was in full panic mode. But U.S. Energy Secretary Chris Wright—former CEO of Liberty Energy and now the government’s top oil whisperer—seems utterly unbothered. “The U.S. shale industry is going to survive and thrive,” Wright declared this week in Abu Dhabi,…

Oil prices are sagging like a tired trampoline, and U.S. shale producers are feeling the bounce—just not in a good way. With WTI dancing around $60 and analysts wringing their hands over breakeven levels near $65, you'd be forgiven for assuming the shale patch was in full panic mode. But U.S. Energy Secretary Chris Wright—former CEO of Liberty Energy and now the government’s top oil whisperer—seems utterly unbothered. “The U.S. shale industry is going to survive and thrive,” Wright declared this week in Abu Dhabi,…

Electric rate hike requests in Virginia don’t generally make the headlines globally, but the Financial Times featured a story about one: Dominion Energy’s request for a 14% rate increase for its Virginia customers. It wasn’t a slow news day, either. Donald Trump had just hiked tariffs and the pages were filled with discussions about why the administration had singled out Lesotho and Madagascar for extreme tariff punishment, to say nothing of the penguins. The FT’s story suggested that there would be more of the same from…

Last week’s price crash, which saw Brent Crude prices dip below $60 per barre, was an excessive market reaction to the U.S. tariffs, with speculators assuming there would be no growth in oil demand due to recession fears, Gunvor’s head of research Frederic Lasserre told Bloomberg. “I think the market overreacted,” Lasserre told Bloomberg in an interview, commenting on last week’s market rout. “I think this was a bit too aggressive, at least for now, and from here I see a bit more upside than downside because…

Last week’s price crash, which saw Brent Crude prices dip below $60 per barre, was an excessive market reaction to the U.S. tariffs, with speculators assuming there would be no growth in oil demand due to recession fears, Gunvor’s head of research Frederic Lasserre told Bloomberg. “I think the market overreacted,” Lasserre told Bloomberg in an interview, commenting on last week’s market rout. “I think this was a bit too aggressive, at least for now, and from here I see a bit more upside than downside because…

Russia expects its natural gas exports, including via pipeline and LNG, to jump twofold by 2030 and threefold to 2050 under its new long-term energy strategy approved by the government on Monday. Russia sees its pipeline and LNG overseas deliveries surge from 146 billion cubic meters (bcm) in 2023 to 293 bcm in 2030, and further up to 438 bcm by 2050. Crude oil and condensate production is targeted to increase from 531 million metric tons per year, or 10.66 million barrels per day (bpd), in 2023 to 540 million tons, or 10.8 million bpd, by 2050.…

The Keystone oil pipeline, which was shut last week after a leak, is expected to resume service by Tuesday, April 15, or at least this is the targeted start date announced by pipeline operator South Bow. The Keystone pipeline, with a capacity to carry more than 600,000 barrels per day (bpd) of oil from Alberta, Canada, to the United States, was shut last week following an oil leak near Fort Ransom, North Dakota. Last Wednesday, South Bow said that the affected segment was isolated, and the release was contained. The estimated release volume is…

Oil prices began the day with gains as US stock markets opened, driven by eased trade tensions and strong Chinese import data. OPEC revised its 2025 and 2026 global oil demand growth forecasts downward, citing uncertainties related to the ongoing trade war. Despite the positive start, traders remain cautious due to previous volatility and the mixed signals from supply dynamics and geopolitical factors. 1m ago 10:10am CST U.S. Oil Output Faces Risk of Decline Amid Tariff Uncertainty The U.S. oil sector, a cornerstone of Trump’s energy agenda,…

Volatility continued to reign in oil markets at the start of the week, starting with a decline before bouncing back into the green early on Monday morning. At the time of writing, Brent crude was trading at $64.88 per barrel, with West Texas Intermediate changing hands for $61.63 per barrel. The two benchmarks have shed some $10 each since the start of the month and the tariff wars. The latest development in the wars was China’s move to hike tariffs on U.S. imports to 125% in response to Trump’s latest tariff hike. The Chinese also…