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India plans to boost US oil and gas imports to diversify energy sources amid U.S. criticism of its Russian oil buys.

India seeks to import more US oil and gas under pressure from Trump to stop Russian oil purchases

India seeks to import more US oil and gas and to step up purchases of crude oil and natural gas from the U.S. as it diversifies its energy supplies and confronts criticism by U.S. President Donald Trump over its imports of discounted Russian oil.

Trump said Wednesday that Indian Prime Minister Narendra Modi had personally assured him his country would stop buying Russian oil, in a move that might add to pressure on Moscow to negotiate an end to the war in Ukraine.

“There will be no oil. He’s not buying oil,” Trump said. The change won’t take immediately, he said, but “within a short period of time.”

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Source: AP News

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OPEC has kept its global oil demand growth forecasts unchanged for 2025 and 2026, expecting continued robust economic growth to drive demand.

OPEC remains upbeat on global oil demand growth

OPEC remains upbeat and bullish on global oil demand growth for this year and next as it continues to unwind its crude production cuts.

The cartel kept unchanged its 2025 and 2026 oil demand growth forecasts in its closely-watched Monthly Oil Market Report (MOMR) for October published on Monday.

In the report, OPEC expects global oil demand to grow by about 1.3 million barrels per day (bpd) this year from 2024, and reach on average 105.1 million bpd, reflecting continued robust economic growth. The view, unchanged from last month’s report, is driven by expectations of 1.2 million bpd demand growth in China, India, and other Asian markets.

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Source: Oil Price

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Oil prices rebound slightly after sharp losses amid U.S.-China tensions and demand worries, XMArabia’s Belbarka says.

Oil prices rebound after sharp declines

Oil prices rebound modestly after last week’s sharp declines driven by U.S.-China tensions and demand destruction fears, XMArabia Analyst Nadir Belbarka said in a statement sent to Rigzone on Monday.

“President Trump’s plan for 100 percent tariffs on Chinese goods from November 1, alongside geopolitical risks in Ukraine, Gaza, and Russia, has heightened volatility,” Belbarka said in the statement.

“Late-session reassurances, including a potential Xi meeting, stabilized sentiment, but the oil market remains fragile,” the analyst warned.

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Source: Rigzone

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Texas approves major grid plan for the Permian Basin, including potential first-ever 765-kV lines to meet soaring demand.

Texas approves $13.8B plan for Permian Basin grid

USA, Texas: Texas regulators have approved a sweeping reliability plan for the Permian Basin to address soaring electricity demand driven by oil and gas production, data centres, and industrial growth. The plan could see the state’s first 765-kV transmission lines built to import power from other regions, marking a milestone in Texas grid development. Let’s talk more about Texas approves $13.8B plan.

The Public Utility Commission of Texas (PUC) directed transmission service providers to begin preparing applications. It is for eight new import paths into the Permian Basin– five 345-kV and three 765-kV routes. A final decision on whether to move forward with 765-kV construction is expected by May 1.

“These would be the first 765-kV lines ever built in Texas. Some of the first in the US,” said Doug Lewin, President of Stoic Energy. Commissioner Jimmy Glotfelty added that higher-voltage lines could save $100–300 million annually. This is in congestion costs while reducing line losses and overall route length.

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Source: Transformer

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US to keep approving oil and gas permits during government shutdown, Interior Dept says, to support Trump’s energy push.

US to continue oil and gas permitting during government shutdown

The US will continue to permit some oil and gas operations even if a government shutdown that began on Wednesday still lingers, according to statements and plans from federal agencies.

The federal government ground to a halt as funding lapsed while Republicans and Democrats fought over spending plans, particularly subsidies for health care coverage, Reuters reported.

In a statement, the Department of the Interior (DoI) said it will continue to push oil and gas permits forward as part of President Donald Trump’s drive for greater domestic production. The agency will also keep federal public parks open and will maintain active law enforcement and wildfire protection units in those spaces.

DoI oversees management of public lands and federal waters across the US. It has three bureaus that help with that effort: the Bureau of Land Management (BLM) for onshore operations, and the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety & Environmental Enforcement (BSEE) for offshore activities.

BLM plans

BLM, which manages 245 million acres of public land and 700 million acres of sub-surface mineral estate in the US, will continue permitting and inspections for oil and gas operations, according to a shutdown contingency plan published by the agency.

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Source: upstream

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US oil and gas rig count rose by 7 to 549 in the week to Sept 26, the highest since June, marking a 4th straight weekly increase since Feb.

US oil and gas rig count rises to highest since June, Baker Hughes says

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since February, energy services firm Baker Hughes said in its closely followed report on Friday. Learn more about US oil US oil and gas rig count.

The oil and gas rig count, an early indicator of future output, rose by seven to 549 in the week to September 26, its highest since June.

Despite this week’s rig increase, Baker Hughes said the total count was still down 38 rigs, or 6% below this time last year.

Baker Hughes said oil rigs rose by six to 424 this week, their highest since July, while gas rigs fell by one to 117, their lowest since July.

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Source: yahoo!finance

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BP now sees 2050 oil demand forecast to 83M barrels/day, 8% higher than prior estimate, signaling rising long-term oil use.

BP predicts higher oil and gas demand, suggesting world will not hit 2050 net zero target

BP has is raising its forecasts for oil and gas demand. It is suggesting the global net zero target for 2050 will not highlight a slowdown in the transition to clean energy.

The energy company’s closely watched annual outlook report has estimated that oil use is on track to hit 83m barrels a day in 2050, a rise of 8% compared with its previous estimate of 77m barrels a day.

The current trajectory of the energy transition means natural gas demand could hit 4,806 billion cubic metres a year in 2050, BP said, up 1.6% from its previous estimate of 4,729 billion cubic metres.

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Source: The Guardian

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Mach Natural Resources LP closes $1.3B acquisition of oil & gas assets from Sabinal Energy LLC and IKAV San Juan.

Mach closes deals in Permian, San Juan basins for $1.3B

Mach Natural Resources LP has closed its acquisition of oil and gas assets from Sabinal Energy LLC and assets managed by IKAV San Juan in a pair of deals valued at $1.3 billion. Learn how Mach closes deals recently.

In the Permian Basin, Mach said in July it would pay $500 million to acquire assets from Sabinal Energy LLC, a private E&P backed by Kayne Anderson private equity funds.

In the San Juan Basin, the company said it would pay $787 million to acquire IKAV San Juan, one of the basin’s top natural gas producers.

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Source: HARTENERGY

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The total number of active drilling rigs for oil and gas in the US increased this week, with oil rigs rising for the third consecutive week.

US oil rig count rises for third consecutive week

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The total oil rig count of active drilling rigs in the US increased this week, with oil rigs rising for the third consecutive week.

The total rig count in the US rose to 542, according to Baker Hughes, down 46 from this same time last year. The rig count is still near four-year lows.

The number of oil rigs rose by 2 for the third week in a row, reaching 418. Year over year, this represents a 70-rig decline. The number of gas rigs stayed the same at 118 for a gain of 22 active gas rigs from this time last year. The miscellaneous rig count rose by 1 to 6.

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Source: Oil Price

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US crude oil inventories increased by 3.9 million barrels in the week ending September 5, reaching 424.6 million barrels.

EIA reports significant build in US crude stockpiles

Crude oil inventories in the United States increased by 3.9 million barrels during the week ending September 5, after falling 2.4 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA reports) released on Wednesday. The build brings commercial stockpiles to 424.6 million barrels according to government data, which is 3% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories expanded by a more modest 1.25 million barrels.

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Source: Oil Price

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