Energy

On Tuesday, Iraq’s cabinet issued an order to the semi-autonomous Kurdish region, mandating an immediate transfer of its oil output to the state-run firm SOMO.Simultaneously, the cabinet approved a budget measure aimed at compensating the Kurdish government for production and transport costs. It also set a $16 per barrel rate for foreign oil companies operating […]

In anticipation of a late hurricane season storm menacing offshore fields in the US Gulf of Mexico, oil and gas producers took a series of actions on Tuesday. They began shutting down output and evacuating workers from platforms.The US National Hurricane Center cautioned about the possibility of steady to rapid intensification within the next 24 […]

Pricing data has revealed that over the past two months, the price disparity between U.S. shale oil in West Texas and at Houston has expanded. This is due to the shrinking pipeline capacity for transporting crude to the Gulf Coast export hub.The record crude production in the Permian basin, which spans Texas and New Mexico […]

In October, OPEC’s oil output witnessed a rise from its lowest level in the previous month of this year, as per a Reuters survey. The increase came about as Libya managed to resolve a political crisis, although Iraq’s efforts to meet its pledged production cuts for the broader OPEC+ alliance somewhat limited the overall gain.The […]

Saudi Arabia, the world’s leading oil exporter, is considering cutting prices for most crude grades sold to Asia in December, reflecting a downturn in the Middle East benchmark, Dubai. Here are the main points: Potential Price Cuts: Sources indicate that the official selling price (OSP) for Saudi Arabia’s flagship Arab Light crude could decrease by […]

U.S. oil giants Exxon Mobil and Chevron reported stronger-than-expected profits for the third quarter, benefiting from record oil production levels that offset declines in fuel margins. Here are the key highlights: Profit Performance: Both companies outperformed their European counterparts, with Exxon’s profit at $1.92 per share, surpassing Wall Street’s expectations by four cents, and Chevron’s […]

According to the U.S. Energy Information Administration (EIA), U.S. oil production increased by 1.5% in August, reaching a record high of 13.4 million barrels per day (bpd). Here are the key highlights: Record Production: The August output surpassed the previous record of 13.31 million bpd set in December 2023. State Contributions: Texas: Oil production rose […]

Shell’s third-quarter earnings reached $6 billion, surpassing forecasts by 12%, primarily driven by strong liquefied natural gas (LNG) sales that compensated for a significant decline in oil refining and trading results. Here are the key details: Profit Breakdown: Shell’s adjusted earnings, defined as net profit, were $6.03 billion, exceeding analysts’ expectations of $5.36 billion but […]

U.S. gasoline stockpiles fell unexpectedly last week, reaching a two-year low, according to the Energy Information Administration (EIA). Key highlights include: Stockpile Decline: Gasoline inventories decreased by 2.7 million barrels to 210.9 million barrels for the week ending October 25, the lowest level since November 2021. Analysts had anticipated a 600,000-barrel increase. Demand Surge: Gasoline […]

Brazilian soybean producers and the government have reacted strongly against Danone’s decision to cease sourcing soy from Brazil, citing concerns over deforestation regulations. Here are the key points: Danone’s Decision: The French dairy company announced it would source soybeans from Asian countries instead of Brazil, in anticipation of new European Union regulations requiring companies to […]