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BP slashed planned investment in renewable energy and said Wednesday that it would increase annual oil and gas spending to $10 billion.

BP cuts investment in clean energy and boosts oil and gas in major strategy shift

BP cuts investment announced on Wednesday that it would cut planned investment in renewable energy and increase its annual oil and gas spending to $10 billion. The company is implementing a major strategy shift aimed at boosting earnings and shareholder returns.

The oil giant cut planned annual investment in energy transition businesses by more than $5 billion. This is compared with its previous forecast, to between $1.5 billion and $2 billion per year.

“We will be very selective in our investment in the transition, including through innovative capital-light platforms. This is a reset BP, with an unwavering focus on growing long-term shareholder value,” CEO Murray Auchincloss said.

Under Auchincloss’ predecessor, Bernard Looney, BP (BP) pledged in 2020 to cut oil and gas output by 40% while rapidly growing renewables by 2030. BP lowered the reduction target to 25% in 2023.

BP now aims to grow oil and gas production.

Across the energy sector, major companies that shifted their position in response to the need to lower carbon emissions and curb climate change have returned their focus to oil and gas, where returns have become easier to obtain as fossil fuel prices have rebounded from Covid-19 pandemic lows.

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Source: CNN

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Oil futures rose Thursday after Trump revoked a license allowing Chevron to produce oil in Venezuela, issued by the Biden administration.

Oil prices settle higher after Trump moves to end Venezuela crude deal

Oil prices settle higher on Thursday, finding support a day after President Donald Trump said he was revoking a license issued by the Biden. The administration that had allowed Chevron Corp. to produce oil in Venezuela.

Prices remained lower week to date. However, with U.S. tariffs on Canada and Mexico are expected to come into effect next week. Potentially hurting the outlook for the economy and for energy demand.

Trump’s reversal of the license allowing Chevron to operate in Venezuela could halt the company’s ability to export Venezuelan crude. It will be tightening global oil supplies, said George Pavel, general manager at trading platform Naga.com Middle East, in emailed commentary. WTI and Brent settled Wednesday at their lowest marks since Dec. 10, with recent pressure tied to worries that proposed tariffs by the Trump administration will undercut global growth. Prices for both WTI and Brent crude remained lower for the week and month to date.

Expectations for the future have taken a “meaningful dive,” reinforcing a growing concern that policy uncertainty, particularly related to tariffs and the Federal Reserve, is “bleeding into both consumer and business sentiment,” said Stephen Innes, managing partner at SPI Asset Management. “That’s a slow-burning macro headwind that could snowball into real economic weakness down the line.”

Latest U.S Data Why Oil prices settle higher

U.S. data this week showed an index of consumer confidence dropped 7 points in February to an eight-month low of 98.3.

“Tariffs and their broader impact on North American markets are at the forefront,”. Innes told MarketWatch. “Trump’s looming tariff threats against Canada and Mexico in March. It will be followed by planned broad duties in April, are turning up the heat on global trade tensions.”

At the same time, lower bond yields amid escalating trade tensions suggest markets are “bracing for a slowdown, not a surge in inflation,” Innes said.

Then there’s the “geopolitical wild card,” with the U.S. potentially gaining a significant stake in Ukraine’s mineral rights, he said. “There’s every reason to believe Washington will want to monetize those assets. That means pushing the Ukraine-Russia peace plan forward and ultimately pulling back on Russian sanctions, bringing more [oil] barrels back to market.”

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Source: Market Watch

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US energy firms added oil and gas rigs for a fourth week, reaching the highest level since June, according to Baker Hughes' report.

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

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row to the highest level since June, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by four to 592 in the week to February 21.

Despite this week’s rig increase, Baker Hughes said the total count was still down 34, or 5% below this time last year.

Baker Hughes said oil rigs rose by seven to 488 this week, their highest since September, while gas rigs fell by two to 99.

The Oil and Gas Rig Count in Oklahoma

Drillers added five rigs in Oklahoma, bringing the total count to 49, the highest since May 2023, while in West Virginia, they added one rig, bringing the total to 11, the highest since August 2023.

The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than raising output.

Even though analysts forecast U.S. spot crude prices would remain unchanged in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.6 million bpd in 2025.

On the gas side, the EIA projected a 73% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel

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Source: yahoo!finance

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oil prices climb

Oil prices climb as Trump pledges to refill strategic petroleum reserve

The U.S. Administration will fill up fast the Strategic Petroleum Reserve (SPR) as oil prices climb, President Donald Trump said at an investment conference in Miami.

“We’ll fill it up fast, but it’s at the lowest level. When we made the transition, it was at the lowest level in history, ever recorded,” President Trump said.

“They put it all out because they thought they could keep gasoline prices down a little bit, just go past the election, and after that, they didn’t care,” the President added, criticizing Joe Biden’s administration for failing to curb the hikes in gasoline prices.

The government needs to refill the SPR because the strategic reserve plays a critical role in stabilizing the U.S. market during global supply disruptions.

The Biden administration released more than 180 million barrels of oil from the SPR starting in 2021, amid high gasoline prices. The Department of Treasury claims that these releases, along with coordinated international efforts, helped reduce gasoline prices by up to 40 cents per gallon in 2022.

SPR – Oil Prices Climb

The SPR currently houses 395 million barrels of crude—a figure that is about 250 million barrels less than oil in the SPR at the beginning of Joe Biden’s term in office. The Reserve’s total capacity is 714 million barrels of crude.

Also this week, President Trump promised tax cuts for oil and gas producers.

President Trump will enlist the help of Republicans in Congress to reduce the debt burden on households and companies, notably oil and gas producers, whom he will allow to expense 100% of capital spending.

Oil drillers, however, have signaled they had no immediate plans to boost production any further, unless global prices improved enough to motivate such a move.

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Source: Oil Price

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Trump nominates oil advocate Kathleen Sgamma to lead BLM, aiming to prioritize drilling and mining on public lands.

Trump taps oil industry insider to oversee drilling on public lands

President Donald Trump taps oil industry insider Kathleen Sgamma to lead the Interior Department’s Bureau of Land Management. The agency tasked with managing millions of acres of public lands and waters for the benefit of all Americans.

The nomination of Sgamma, who heads a Denver-based oil and gas industry trade group called the Western Energy Alliance. It heralds a seismic shift in the management of roughly 245 million acres of public property – about one-tenth of the nation’s land mass.

If confirmed by the Senate, she would be a key architect of Trump’s “drill, baby, drill” agenda. This is alongside Interior Secretary and “energy czar” Doug Burgum. An MIT graduate who previously worked in consulting, she has previously advocated for the BLM to prioritize oil and gas drilling, hardrock mining and livestock grazing on public lands nationwide.

A spokesman for Sgamma did not immediately respond to a request for comment.

During his first term, Trump tapped conservative lawyer William Perry Pendley to lead the BLM on an acting basis. But Trump never nominated Pendley, a vocal advocate for selling off public lands, to helm the agency on a permanent basis, prompting a rebuke from a federal judge.

President Joe Biden in 2021 chose Tracy Stone-Manning, a prominent Montana-based environmentalist, to lead the BLM. Earlier in her career, Stone-Manning worked on conservation policy at the National Wildlife Federation and led Montana’s Department of Environmental Quality.

Under Biden, the BLM finalized a landmark rule that sought to put conservation, recreation, and renewable energy development. This is on equal footing with resource extraction on public lands. Sgamma’s Western Energy Alliance filed a lawsuit challenging that rule, which the Trump administration is expected to overturn.

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Source: The Detroit News

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India agrees to buy more US fossil fuels, combat aircraft, and ease tariffs after Modi-Trump meeting at the White House.

Modi hails Trump ‘mega-partnership’ as India pledges to buy more US oil and gas

India has agreed to buy more American fossil fuels and combat aircraft, and to ease tariffs on imported goods, after its prime minister Narendra Modi and US president Donald Trump met at the White House on Thursday. Learn more about how Modi hails Trump.

Mr Trump had repeatedly threatened to impose punitive tariffs against India if it did not make concessions to shrink the trade deficit between the two countries. Hours before the two leaders met, Mr Trump complained about the climate for American businesses in India and threatened tariffs against any country that puts high duties on US imports.

“Prime minister Modi recently announced the reductions to India’s unfair. Very strong tariffs that limit us access to the Indian market, very strongly,” Mr Trump said. “And really it’s a big problem I must say.”

At a joint news conference after their talks, both leaders spoke about their warm personal relations. This is while emphasizing their focus on their own national interests.

The Slogan

Mr Modi made several references to Mr Trump’s Maga slogan – “Make America Great Again”. At one point suggested he would adopt his own version: “It’s Make India Great Again – Miga.

“Maga plus Miga…[is a] mega-partnership for prosperity,” he added.

India’s foreign secretary said the two leaders agreed to work on a deal to resolve trade concerns. With a senior Trump administration official adding that a deal could be reached as soon as this year.

Delhi wants to double its trade. It is with Washington by 2030 and make the US its “number one supplier” for oil and gas, Mr Modi said.

Since the start of the Ukraine war in 2022, India has become the world’s biggest buyer of discounted Russian crude. This is with Moscow supplying nearly 40 per cent of its total imports. Also this is despite Western pressure to cut ties with Russia.

A shift toward more US oil and gas raises concerns about India’s own climate commitments. Mr Modi has often talked up his green credentials and committed the country to reaching net-zero emissions by 2070, with a focus on expanding renewables. Increasing fossil fuel imports from the US, the world’s largest producer of oil and gas, risks locking in carbon-heavy infrastructure.

Domestically, Mr Trump has vowed to “drill baby drill”, aiming to increase oil and gas production in the US, and has pulled the country out of the Paris Agreement.

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Source: Independent

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The IoT in oil & gas market valuation is predicted to surpass USD 5B by 2034, reported in a research analysis by Global Market Insights Inc.

Internet of things in oil & gas market to reach $5Bn by 2034

The Internet of Things in oil & gas market valuation is predicted to surpass USD 5 billion by 2034. This is from a report in a research analysis by Global Market Insights Inc.

The increasing focus on real-time monitoring, operational efficiency, and improved safety measures are key factors. It will be driving the adoption of IoT technologies in the industry.

Companies in the oil and gas sector are embracing IoT solutions. It is to enhance asset management, streamline production processes, and ensure better environmental compliance. As these technologies become more integrated into operations, strategic partnerships are helping speed up their implementation across various functions within the industry. IoT applications are revolutionizing operations by enabling the collection of real-time data, remote monitoring, and predictive maintenance, which in turn boosts operational performance and safety standards. These advancements allow companies to detect potential issues early, reducing risks and minimizing downtime.

Green technologies and sustainability

The growing emphasis on green technologies and sustainability is accelerating the adoption of IoT in oil and gas operations. As environmental concerns and regulatory pressures intensify, the sector is increasingly turning to IoT solutions to optimize energy usage and track emissions. IoT technologies also help detect hazards, such as gas leaks, and monitor environmental impacts, contributing to sustainable practices. This not only reduces operational costs but also aligns with broader goals for energy efficiency, carbon footprint reduction, and long-term sustainability.

The IoT’s role in promoting greener, more sustainable operations is significant, as it supports the industry’s transition to eco-friendly practices. The green technology market is projected to generate substantial revenue by 2032, reflecting a robust annual growth rate of over 19%. This expansion highlights the growing importance of sustainability in the oil and gas sector.

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Source: Global Newswire

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US energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024

U.S drillers add oil and gas rigs for second week in a row, Baker Hughes says

U.S drillers and energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by four to 586 in the week to February 7.

Despite this week’s rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.

Baker Hughes said oil rigs rose by one to 480 this week, while gas rigs increased by two to 100.

Growth in oil output from the U.S. Permian basin, the country’s top oilfield, is expected to slow by at least 25% this year despite President Donald Trump’s vow to maximize production, energy executives forecast on Thursday.

While the U.S. is already the world’s top oil producer with output of about 13.2 million barrels per day (bpd) in 2024, total U.S. production growth has slowed in recent years, climbing only about 280,000 bpd last year.

<p class=”yf-1pe5jgt”>The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns while increasing drilling efficiencies to raise output.

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Source: yahoo!finance

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Chevron expects 2025 oil and gas production to rise 6-8% from 2024's 3.34 MMboe/d, according to executives on Jan. 31.

Chevron Forecasts 2025 Permian Production to Climb 9-10%

Chevron Corp., Houston, is forecasting 2025 total oil and gas production will climb. This is 6-8% from last year’s nearly 3.34 MMboe/d, executives said Jan. 31. Analysts expect that growth to pick up in the second half of 2025. Well, all thanks to projects in the Gulf of Mexico and Kazakhstan, but operators in the Permian basin also expect to grow production by about 10% despite receiving less investment. Ready to learn more on Chevron Forecasts 2025?

Mike Wirth, chairman and chief executive officer, and Eimear Bonner, chief financial officer, spoke after Chevron reported its fourth-quarter results—net income of $3.24 billion on revenues of $52.2 billion—and stated that they are focused on capital efficiency and expect to grow Chevron’s free cash flows by $2 billion by the end of 2026.

Lower capital spending will be part of that: Chevron totaled $15.8 billion in capex in 2023 and $16.4 billion last year, investing in projects that helped the company set oil and gas production records, driven in part by the Permian basin output climbing 18% in 2024.

This year, total capex is projected to be about $15 billion. This is with operations in the Gulf of Mexico (Chevron has begun using the ‘Gulf of America’ name instituted by the Trump administration). Moreover, Central Asia is getting more money and Permian assets receiving less (OGJ Online, Dec. 6, 2024). Executives’ initial range for 2026 capex is $14-16 billion.

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Source: Oil & Gas Journal

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Oil prices have fallen for the second consecutive week, but a major bullish catalyst may be looming in early February.

Why oil prices could spike in February

Oil prices have fallen for the second consecutive week, but a major bullish catalyst may be looming in early February. So, Why oil prices could spike in February?

Oil prices will finish this week some $2 per barrel lower than a week ago as the January ICE Brent futures contract expires just below $77 per barrel. However, if Donald Trump’s February 1 deadline for Canada and Mexico leads to the US slapping punitive 25% sanctions, the second straight weekly decline could be cut short very quickly. If the threat does become a reality, the oil bulls will not stop until Brent is back above $80 per barrel.

Former IEA Employees Turn Against It. Just as the International Energy Agency came under severe criticism from Donald Trump due to its marked focus on climate change, a new report penned by the IEA’s former head of analysis identified 23 false assumptions in the organization’s peak-demand scenarios.

Investments into Clean Energy Hit New Record. Global investors invested $2.1 trillion into low-carbon energy for the first time on record in 2024. This is according to BloombergNEF. They achieved only 11% year-over-year growth. This is is slower than the 25% growth seen previously and only 37% of what is required to meet net zero emissions by 2050.

Cofee Is The New Cocoa of 2025.

Prices of arabica coffee continued to hit record highs this week as front-month ICE futures hit $3.74 per pound on Thursday. This is on the back of drought-hit tight supplies from Brazil and low coffee bean inventories from top roasters such as Nestle (SWX:NESN) or JDE Peet’s.

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Source: Oil Price

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