Tag Archive for: oilprices

Oil rises as geopolitical tensions continue. Brent crude is up 1% to $60.89 a barrel, while WTI rises 1.15% to $57.39 a barrel.

Oil prices rise as U.S.-Venezuela tensions add supply uncertainty

Oil prices moved higher in early trading as markets tracked escalating tensions between the United States and Venezuela and what that could mean for near-term crude supply flows. Brent crude rose about 1% to around $60.89 a barrel, while U.S. West Texas Intermediate gained roughly 1.15% to about $57.39 a barrel.

The latest uptick comes as Washington has stepped up pressure on Venezuelan oil shipments, a dynamic that traders have been watching for potential effects on exports. Recent U.S. actions aimed at sanctioned Venezuelan tankers have raised the possibility of disrupted cargo movements, with roughly 590,000 barrels a day of exports viewed as exposed in a tighter enforcement scenario. For investors, these developments add a geopolitical variable to pricing alongside broader market fundamentals, and can influence the revenue outlook tied to benchmarks that feed into oil and gas royalties over time.

Source: The Wall Street Journal
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Oil prices rebounded in early Asian trade after OPEC+ chose to keep output steady through the first quarter of 2026.

Oil prices rise as OPEC+ holds firm on output through Q1 2026

Oil prices rebounded in early Asian trade on Monday following the latest OPEC+ meeting, as traders responded to the producer group’s decision to hold output steady through the first quarter of 2026.

At the time of writing, West Texas Intermediate crude stood at $59.32, up 1.32%, while Brent crude had climbed to $63.16, up 1.25%

The bounce reflects relief over the group’s cautious stance, with OPEC+ reaffirming its plan to maintain current production levels rather than raise output further. The move had been expected and is seen as an attempt to guard against a supply glut.

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Source: yahoo!finance

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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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Crude oil prices are set for a third consecutive weekly gain due to ongoing hostilities between Israel and Iran.

Oil prices climb for third straight week

Crude Oil prices climb for third straight week today, the third in a row, as Israel and Iran continued to bomb each other with no sign of willingness on either side to switch to diplomacy.

At the time of writing, Brent crude was trading at $77.04 per barrel, with West Texas Intermediate at $75.67 per barrel as the latest war in the Middle East entered its second week. The benchmarks dipped slightly from Thursday.

The hostilities have pushed tanker rates sky high, along with vessel insurance, with many shippers choosing to avoid the Strait of Hormuz altogether, not least because the deployment of electronic interference warfare that scrambles the navigational systems of ships, increasing the risk of an accident.

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Source: Oil Price

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Oil prices jumped almost 7% on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Oil jumps almost 7% after Israel’s strikes on Iran

Oil jumps on prices almost 7% on Friday to multi-month highs after Israel launched strikes against Iran. It is sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Brent crude futures were up $4.57, or around 6.59%, to $73.93 a barrel at 1352 GMT. This is after hitting an intraday high of $78.50, the highest since January 27.

U.S. West Texas Intermediate crude was up $4.53, or 6.66%, at $72.57. It is touching its highest since January 21 at $77.62 earlier in the session.

Friday’s gains were the largest intraday moves for both contracts since 2022, after Russia’s invasion of Ukraine caused a spike in energy prices.

Israel said it had targeted Iran’s nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response.

U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, to put an end to the “next already planned attacks.”

The National Iranian Oil Refining and Distribution Company said oil refining and storage facilities had not been damaged and continued to operate.

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Source: Oil & Gas 360

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oil prices rise

Oil prices rise after Ukrainian strikes on Russia

OPEC+, the cartel of oil producers, agreed over the weekend to crank up production. Instead of falling, Brent oil prices rise about 3% to start the week, at a shade under $65 a barrel.

Prices in the global energy markets are experiencing an upward surge, a trend that analysts attribute to a combination of factors, notably Ukraine’s recent drone strikes targeting military airports within Russian territory. These strategic attacks have heightened tensions and introduced a sense of unpredictability into the market, leading to concerns about the stability of Russian oil production and supply chains. Additionally, there is a concerted effort among U.S. lawmakers to further isolate Russia economically by implementing stricter measures aimed at cutting Russian oil from global markets. This push reflects a broader strategy to weaken Russia’s financial position in the ongoing conflict while simultaneously seeking to ensure that other nations align with the sanctions regime.

The Parallel Development as Oil prices rise up

In a parallel development, Russian and Ukrainian officials are scheduled to engage in talks in Istanbul today, a meeting that could potentially pave the way for diplomatic progress. However, the backdrop of escalating military actions, particularly the drone strikes, creates an atmosphere of mistrust that may undermine the prospects for a breakthrough in negotiations. The prospect of peace in Ukraine remains a complex and contentious issue, as any resolution could theoretically lead to a relaxation of the stringent Western sanctions currently imposed on Russian energy exports. Such a shift could have significant implications not only for the dynamics of the conflict but also for the global energy landscape, affecting prices and supply chains across various markets. As the situation evolves, stakeholders are closely monitoring developments, aware that the interplay between military actions and diplomatic efforts will ultimately shape the trajectory of both the conflict and the global economy.

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Source: The Wall Street Journal

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Permian oil output tops 6M bpd and may peak at 7.7M by 2035, but plateau—not decline—is expected, per Wood Mac, despite rising costs and challenges.

The Permian is not done yet

Back in 2017, oil production in the Permian stood at 2.2 million barrels daily. Today, the Permian is producing over 6 million barrels daily, accounting for nearly half of the U.S. total. Predictions of a looming peak have lately multiplied.  According to Wood Mackenzie, the Permian is not done yet—not if prices improve.

To be sure, the boom days seem to be over. Production growth in the most prolific shale play in the United States. It has been slowing already as production costs climb higher while oil prices slide lower. Most forecasts for the region agree that growth in production. It is about to slow down further, and Wood Mac is no exception. The consultancy expects output there to add 200,000 barrels daily this year, for a total of 6.6 million barrels daily.

Going forward, growth is about to continue slowing, and the analysts predicted. Until production peaks at 7.7 million barrels daily in 2035. Yet, while many assume that a peak is inevitably followed by a decline, this will not be the case in the Permian. Output of crude oil in the play will plateau at 7.7 million bpd, and this will more than offset production declines in other producing regions in the country—meaning oil demand will be healthy enough to support such a trend.

Companies with big footprints in the Permian, therefore, can enjoy said footprint even with slower growth. Yet companies tend to seek new growth opportunities all the time to sustain their business, and the prospect of peak growth in the Permian is a real one. The gas-to-oil ratio of output there has been on the rise, as has the water-to-oil ratio in the play. Both trends suggest that some formations in the basin are reaching geological constraints, and more drilling isn’t necessarily proportionate to the oil volumes produced.

Indeed, Big Oil executives have predicted that peak oil supply will arrive in the U.S. before 2035. This does not, of course, mean they are right and Wood Mac analysts are wrong. It simply means that nothing is certain until it happens. And it seems that the slowdown in the Permian is already happening. It also seems that the challenges are multiplying: the latest is concern that toxic wastewater in underground reservoirs could leak and that it could affect seismic activity in the area. In response to these risks, the Railroad Commission of Texas has started imposing restrictions on the amount of wastewater disposed of underground until pressure levels subside.

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Source: Oil & Gas 360

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ExxonMobil beats Q1 estimates as Permian and Guyana growth offset weak oil prices; EPS hits $1.76, net production up 20% after Pioneer deal.

Permian Basin growth fuels ExxonMobil’s quarterly success

First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian basin growth and offshore Guyana offset part of the lower realizations due to falling oil prices.

Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the uncertain market environment.

Exxon reported on Friday first-quarter earnings of $7.7 billion, down from $8.2 billion in the first quarter of 2024. Earnings per share (EPS) slipped to $1.76 from $2.06, but beat the consensus estimate of $1.73.

The U.S. supermajor generated $13.0 billion in cash flow from operations in the first quarter, down from $14.7 billion for the same period of 2024.

First-quarter earnings were helped by production growth in the Permian and Guyana, additional structural cost savings, and favorable timing effects. These mostly offset lower earnings due to a significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments, and higher expenses from growth initiatives, Exxon said.

Upstream earnings increased by $1.1 billion from a year earlier to $6.8 billion, thanks to continued growth in the Permian and Guyana, as well as structural cost savings.

Exxon’s net production jumped by 20% to 4.6 million oil-equivalent barrels per day from Permian growth driven by the acquisition of Pioneer.

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Source: Oil & Gas 360

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US shale's not dead—just evolving. Despite low oil prices, innovation & resilience could spark a major comeback, says Energy Secretary Wright

Shale is about to make a comeback for the ages: Energy Secretary

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, where optimism apparently flows as freely as the crude. “In 2015 and 2016 oil prices twice hit $28 [per barrel], and what happened? What did the U.S. shale industry do in that time—innovate, get smarter, drive their costs down, and that’s what’s happening right now.”

Now, we could roll our eyes—after all, shale execs are notorious for saying things like “we’re cash flow positive now, really!” right before announcing layoffs and asset sales. But what if Wright’s not just blowing smoke?

History favors shale’s prospects of survival

The shale industry did survive the 2014–2016 oil price collapse. Admittedly, it was barely. And there were some individual players that couldn’t keep their heads above water. But overall, US shale emerged leaner, meaner, and with a few more gray hairs. Costs dropped. Frac stages multiplied like rabbits. Wells got longer, and so did the breakeven charts in investor decks. Could we see a similar cycle of innovation again, or has innovation reached its peak? The latter scenario would be hard to argue.

But it’s possible. As Wright admitted, “investment decisions are going to be tailored if prices stay this low for a long period of time.” Translation: the rig count will take a hit, and Wall Street won’t be lining up to throw money at growth. But shale’s not dead.

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Source: Oil & Gas 360

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Crude oil prices were set for a third weekly rise due to concerns over supply after Trump threatened tariffs on Venezuelan crude and increased sanctions on Iran.

Oil prices set to extend winning streak on US sanction action

Crude oil prices set for their third weekly rise as concern grew about supply after President Trump threatened 25% tariffs on any country buying Venezuelan crude while stepping up sanctions on Iranian entities.

At the time of writing, Brent crude was trading at $73.91 per barrel while West Texas Intermediate was changing hands for $69.80 per barrel, both set to end the week about $1 per barrel higher than they started it.

Sparta Commodities analyst June Goh told Reuters that the potential loss of Venezuelan crude exports to the market due to secondary tariffs and the possibility that the same tariffs may be imposed on Iranian barrels has caused an apparent tightness in crude supply.

On Monday, President Trump said in an executive order that “On or after April 2, 2025, the United States may impose a tariff of 25 percent on all goods imported from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.”

This caught many traders and refiners off guard, especially in China, which is the biggest buyer of Venezuelan crude. It is also the biggest buyer of Iranian crude oil, which also came under attack from the Trump administration as soon as this administration took office.

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Source: Oil Price

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