EU Set to Propose More Flexible 2040 Emissions Target
The European Commission considers allowing European Union countries more flexibility in reaching a 90% emissions cut target by 2040, diplomats told Reuters on Friday, amid growing backlash against the too stringent EU climate policies. In early July, the European Commission is set to propose a 2040 climate target that would include cutting greenhouse gas emissions by 90% by 2040 compared to 1990 levels, according to Reuters’ sources with knowledge of the talks. But the 90% target could be made more flexible by allowing EU member states to…
Libya Arrests Three for Storming NOC Amid Threats to Oil Supply
Libyan authorities have arrested three suspects accused of breaking into the headquarters of the National Oil Corporation (NOC), the Attorney General's Office said shortly after the eastern government warned it could declare force majeure on oilfields and oil export terminals. Representatives of a militia broke earlier this week into the NOC headquarters in Tripoli, and demanded that they be given jobs protecting the building. In response to the incident, the Benghazi-based eastern government of Libya said it might declare force majeure on oil…
U.S. Sanction Threat Prompts Iran Tankers to Go Dark
Tankers carrying Iranian crude to China are turning off their trackers, Kpler has reported, as cited by Bloomberg, as the threat of new U.S. sanctions looms large despite ongoing nuclear deal negotiations. “Ship-to-ship transfers have been used to mask the origin of those cargoes,” a Kpler analyst told the publication. “Now they’re switching signals off for longer, so that it’s now even harder to trace those flows back to the source, which is Iran,” Muyu Xu also said. The U.S. State Department earlier this month…
Colombia Oil Investments Could Hit $4.68 Billion in 2025
Crude oil and natural gas investments in Colombia could rise to $4.68 billion this year, from $4.33 billion in 2024, the country’s oil and gas industry association said, adding that this will not lead to higher production. “Today more investment is required to produce the same amount of oil, due to the natural depletion of the fields and the complexity of the operating environment,” the president of the Colombian Oil and Gas Association said, as quoted by Reuters. Of this total, the bulk, or $3.94 billion, would be spent on production,…
Saudi Aramco to Keep Tapping Debt Market After $5-Billion Bond Sale
Saudi Aramco plans to continue tapping the debt markets for more borrowings to fund growth, CEO Amin Nasser told Bloomberg TV after the world’s biggest oil firm issued a three-part U.S. dollar-denominated bond this week. The Saudi state oil giant is issuing a total of $5 billion in five, ten, and 30-year bonds, in U.S.-dollar denominated international bonds under its Global Medium Term Note Programme. The offering end date is June 2, and the exact issuance amounts are subject to market conditions, Aramco said. Lower oil prices have reduced…
Chevron to Cut 800 Jobs in the Permian
Chevron is giving the slip to 800 of its employees in the Permian as part of a larger cost-cutting drive that will see its global workforce reduced by a fifth by 2026. The news follows a round of 600 layoffs in California as the supermajor seeks to streamline its business in a challenging environment. Chevron just got its license to produce oil in Venezuela revoked, while it remains embroiled in a dispute with Exxon over the acquisition of Hess Corp. and its Guyana assets. The Trump administration will grant Chevron the right to keep its operations…
https://oilprice.com/Latest-Energy-News/World-News/Chevron-to-Cut-800-Jobs-in-the-Permian.html
Oil Prices Jump After Court Cancels Trump’s Tariffs
A U.S. trade court on Thursday blocked the tariffs that President Trump has imposed on U.S. trade partners, saying the president overstepped his authority. The news pushed oil prices higher earlier today even as the market awaits bearish news from OPEC+. “The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage,” the Court of International Trade’s three-member panel wrote in its ruling that imposes a permanent injunction on all the tariffs that Trump has announced since taking…
https://oilprice.com/Energy/Energy-General/Oil-Prices-Jump-After-Court-Cancels-Trumps-Tariffs.html
Record Refining Helps Saudi Oil Income amid Crude Price Decline
Saudi Arabia’s oil revenues have been suffering from the oil price slump during the second quarter. But there’s a silver lining in falling crude prices – profits from refining the crude rise with cheaper feedstock. While Saudi Arabia has been restricting crude oil production and exports as part of the OPEC+ deal, it has been running refineries at near-record levels this year and exporting record-high volumes of refined petroleum products. Stronger refining margins and higher exports of petroleum products have generated more income…
Oil Demand Growth Faces Significant Headwinds
For most of the past century, energy producers could count on steady oil demand growth. From industrial development in China to population booms in emerging markets, the global appetite for oil kept expanding like clockwork. There were occasional exceptions, like the 2008-2009 recession and the demand slump from COVID-19, but global oil demand has increased at an average rate of about 1.2 million barrels per day (bpd) for nearly 60 years. But a recent forecast from the U.S. Energy Information Administration (EIA) suggests that the world may…
https://oilprice.com/Energy/Crude-Oil/Oil-Demand-Growth-Faces-Significant-Headwinds.html
Oil Bulls Cheer A US Inventories See Surprise Draw
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, by 4.236 million barrels in the week ending May 23 after analysts had estimated a 1-million-barrel build. The API reported a 2.499 million barrel inventory increase in the prior week. So far this year, crude oil inventories are up more than 21 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed…
Trump Criticizes Putin After Deadly Attacks on Ukraine
US President Donald Trump again lashed out at his Russian counterpart Vladimir Putin after Russia capped a three-day bombing spree with its biggest aerial attack of the more than three-year war, which the Kremlin responded to by saying its defending its "national interests." Trump said he has so far "protected" Russia from undisclosed painful measures but hinted he was losing patience as Putin continues to ignore his push for a cease-fire. "What Vladimir Putin doesn't realize is that if it weren't for me, lots of really bad things would have already…
OPEC+ to Begin Discussing 2027 Production Baselines This Week
The OPEC+ group could start talks about establishing the baselines for individual members’ production quotas for 2027 as early as today, delegates from the alliance told Reuters on Wednesday. Some big OPEC producers, such as Iraq, the United Arab Emirates (UAE), and Kuwait, plan to raise their oil production capacity in the coming years. These countries have argued that they deserve higher baseline production levels as they expand capacity. The UAE, for example, has won a higher baseline for 2025 and 2026. The baselines are important in OPEC…