Month: September 2025

Summary Exxon restructuring affects 3-4% of global workforce No US job cuts planned, half in Canadian unit Imperial Oil Oil price slump prompts industry-wide job cuts, efficiency measures (Reuters) – Top U.S. oil major Exxon Mobil  said on Tuesday it will lay off 2,000 workers globally, particularly in Canada and across the European Union, as part … Read more

Summary Geopolitical risks unlikely to cause sustained price rally OPEC+ and non-OPEC+ production growth seen deepening supply glut For table of crude price forecasts, click (Reuters) – Oil prices are expected to hold almost steady this year despite mounting supply from both OPEC+ and non-OPEC producers, with concerns about a potential glut tempered by uncertainty … Read more

Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq’s Kurdistan region via Turkey reinforced the outlook for a looming supply surplus. Brent crude futures for November delivery, expiring on Tuesday, fell 47 cents, or 0.69%, to $67.50 a barrel by 0012 GMT. The more … Read more

While energy companies are retrenching in the face of a bleak near-term outlook for oil and gas, their investment plans suggest they believe the environment will shift dramatically by the end of the decade. Energy companies’ spending plans are typically a good gauge of their confidence in the sector’s long-term outlook, given that it takes … Read more

Summary Ukraine attacks dent Russian refining capacity Some Russian regions face fuel shortages Iraq’s Kurdistan to resume oil flows to Turkey Brent and WTI benchmarks set for strong weekly gains (Reuters) – Oil prices rose on Friday as Ukraine’s drone attacks on Russia’s energy infrastructure cut the country’s fuel exports. Brent futures settled at $70.13 … Read more

By Erwin Seba Ukraine attacks dent Russian refining capacity Some Russian regions face fuel shortages Iraq’s Kurdistan to resume oil flows to Turkey Brent and WTI benchmarks set for strong weekly gains HOUSTON, Sept 26 (Reuters) – Oil prices rose on Friday as Ukraine’s drone attacks on Russia’s energy infrastructure cut the country’s fuel exports. … Read more

Ukraine’s repeated strikes on Russian energy infrastructure have dealt a serious blow to Moscow’s vital fuel exports just as Western sanctions are tightening. But if these attacks are too successful, they risk raising the ire of U.S. President Donald Trump. The conflict between Russia and Ukraine that began in 2022 took a sharp turn in … Read more

Summary OPEC+ has failed to hit its increased targets Some members struggle to raise output Some face curbs because of previous overproduction OPEC+ may deliver only half of next output hikes (Reuters) – OPEC+ has delivered about three quarters of the extra oil output it targeted since the group started production hikes in April, and … Read more

By Scott Disavino Surprise drop in US crude inventories boosts oil prices Ukraine strikes Russian oil stations, raising supply concerns Iran says crude sales to China should continue irrespective of UN sanctions snap-back NEW YORK, Sept 24 (Reuters) – Oil prices climbed about 3% to a seven-week high on Wednesday as a surprise drop in … Read more

(Reuters) – The eight international oil companies operating in Iraqi Kurdistan reached agreements in principle with Iraq’s federal and Kurdish regional governments to resume oil exports, according to an IOC statement seen by Reuters on Wednesday. The agreed framework, once signed and implemented, will allow exports to restart “in the coming days”, the statement said. … Read more

(Reuters) – Guyana’s oil production increased to 685,000 barrels per day in August from 664,000 bpd the previous month, boosted by the start-up of the fourth floating output facility in the South American country, government data seen on Wednesday showed. A consortium led by U.S. energy major Exxon Mobil, which controls all oil and gas … Read more

Summary Kurdistan, Chevron export issues supporting oil prices API data shows U.S. crude and gasoline stocks fell last week Iran says crude sales to China should continue irrespective of UN sanctions snap-back (Reuters) – Oil prices rose on Wednesday as an industry report showed U.S. crude inventories declined last week, adding to a sense in … Read more

(Reuters) – The marginal cost of producing U.S. shale oil will rise by as much as $15 a barrel to $95 a barrel in about 10 years, energy analytics firm Enverus said on Tuesday, as stagnating production pushes companies to drill in locations with fewer proven resources. On average, it costs roughly $70 a barrel … Read more

By Ellen Milligan and Kate Sullivan US President Donald Trump scolded the UK for its green-energy push in a roughly hour-long speech at the United Nations in which he criticized many of America’s closest allies. Trump, who visited the UK for a state visit just last week, denounced Prime Minister Keir Starmer’s attempt to diversify … Read more

(Reuters) – U.S. President Donald Trump said on Tuesday he plans to call Hungarian Prime Minister Viktor Orbán to urge him to stop purchasing Russian oil, part of a broader push to pressure NATO allies to cut energy ties with Moscow. “He’s a friend of mine. I have not spoken to him, but I have … Read more

U.S. is applying pressure to lenders to drop restrictions on projects contributing to climate change Financial Times Attracta Mooney in London and Aime Williams in Washington Donald Trump’s administration is pressuring the World Bank to fund more fossil fuel projects, The U.S. president, who has promised to unleash American fossil fuels and has railed against green energy, has torn … Read more

(Reuters) – Ukraine’s military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight, Kyiv’s general staff said on Tuesday. In Samara, the military hit a line production station that mixes Russian oil for its flagship Urals oil grade for export, the general staff said on Telegram. In Bryansk, it hit a … Read more

Summary Iraq, KRG agree to resume about 230,000 bpd crude exports via Turkey Global oil market faces elevated supply, slowing demand US crude stocks expected to rise, gasoline inventories to fall Oil prices edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement … Read more

(Reuters) – Exxon Mobil said on Monday that it greenlit the investment decision for its seventh development project in Guyana called Hammerhead, which is expected to begin oil and gas production in 2029. The announcement brings an Exxon-led oil joint venture another step closer to its goal of producing 1.7 million barrels of oil equivalent … Read more

Summary Estonia accuses Russia of violating its air space Four Western nations recognise Palestinian state Iraq increases oil exports after OPEC+ relaxes quota (Reuters) – Oil prices were little changed on Monday as concerns over Russia and the Middle East were countered by oversupply jitters. Brent crude oil futures , which have traded between around … Read more

Summary Large oil supplies, declining demand push prices lower Refinery turnaround season will also cut demand for crude Benchmarks gain for a second straight week (Reuters) – Oil prices dropped on Friday as worries about large supplies and declining demand outweighed expectations that the year’s first interest-rate cut by the U.S. Federal Reserve would trigger … Read more

Citi analysts on Friday forecast Brent crude oil prices would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling. The bank revised its global liquids balance outlook after OPEC+ announced plans to unwind an additional 1.6 million … Read more

Summary High distillate stockpiles add to concerns over demand Market caught between conflicting signals, says analyst Benchmarks remain on track for second straight weekly gain EU will propose ban on Russian LNG by 2027, sources say (Reuters) – Oil prices dropped on Friday as worries over fuel demand outweighed expectations that the year’s first interest … Read more

By Ron Bousso Chinese oil storage increasingly vital for market, but data is obscure IEA, OPEC offer widely divergent estimates for oil demand growth Growing sanctions-busting fleet of tankers complicates oil tracking LONDON, Sept 18 (Reuters) – Growing blind spots in the oil market driven by geopolitics are making it harder to determine the true … Read more

Summary Brent, WTI oscillated between gains and losses in European trading Fed chair highlighted concerns about job market Market concerned by rising supply, US demand concerns (Reuters) – Oil prices edged higher on Thursday after the Federal Reserve cut interest rates as traders weighed the start of looser monetary policy against concerns about the U.S. … Read more

By Anthony Di Paola and Keira Wright Abu Dhabi National Oil Co. dropped its planned $19 billion takeover of Australian natural gas producer Santos Ltd., walking away from an ambitious effort to expand overseas after failing to agree on key terms. A “combination of factors” discouraged the company’s XRG unit from making a final bid, … Read more