Trump win could pave the way for increased US production Stronger dollar also puts some downward pressure on oil prices Oil futures were slightly lower and trading in a tight range early Nov. 6 following news that former President Donald Trump was elected to a second term. At 1156 GMT, NYMEX front-month crude was down 97 cents at $71.02/b, while ICE front-month Brent was down 95 cents at $74.58/b. The Associated Press called the race early Nov. 6, after Trump was projected to take the swing state of Wisconsin. Trump has promised to strip back regulations, encourage US energy production,[...]

Eq Guinea, Gabon in court over Mbanie island Ruling expected in 2025 from ICJ in The Hague Dispute lay dormant until oil finds in 2000s At just one kilometer long, the tiny West African island of Mbanie might seem an unlikely focal point for a bitter territorial dispute. But a string of oil and gas discoveries and developments in the waters surrounding the island are fueling a tense court battle -- the culmination of a years-long feud between OPEC members Gabon and Equatorial Guinea. Both countries have laid claim to the 74-acre island, which could be a jumping off[...]

Despite high storage levels, European gas prices remain volatile due to supply disruptions. The EU's dependence on Russian gas continues, with alternative sources from the U.S. and Azerbaijan facing limitations in meeting Europe’s total demand. Experts: Europe’s gas supply outlook might worsen in 2025 compared to 2024. A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature. Last week, European benchmark gas prices hit the highest in a[...]

BP has reversed its commitment to cut oil and gas production by 40% by 2030. The energy transition remains challenged by economic realities, prompting BP and other major oil companies to scale down transition plans. BP's pivot, along with similar moves from other oil majors, highlights the industry’s continued reliance on hydrocarbon. In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030.[...]

Saudi Arabia's oil export revenues declined by 15.5% in August 2024 compared to the previous year. The decline was primarily driven by lower oil prices and weaker global demand, particularly in China. The Iranian-Israeli conflict and OPEC+'s planned reversal of production cuts could impact Saudi Arabia's oil exports and economy in the coming year. Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter. The value of Saudi Arabia’s oil exports in August 2024[...]

•⁠ ⁠Insurers from Cameroon, Kyrgyzstan among firms covering fleet •⁠ ⁠Western sanctions have forced tankers to operate in secret One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the western businesses they’ve always used, owners are increasingly turning to Russian providers backstopped by a heavily sanctioned, state-backed reinsurer. In some cases, there are insurers in locations including Cameroon and Kyrgyzstan. Click for full story

Israel’s Netanyahu says Gaza operations ‘yet to be completed’ China’s apparent oil demand fell from a year earlier Oil fell, posting its largest weekly decline in more than a year, as the US revived a push to end the conflict in the Middle East and China’s crude demand slipped. West Texas Intermediate slid more than 2% to settle around $69 a barrel, while Brent retreated to settle near $73 a barrel. WTI posted a weekly decline of 8.4%, the biggest since October 2023. Israel’s killing of Hamas leader Yahya Sinwar led US President Joe Biden to renew calls for a cease-fire in Gaza, although Prime[...]

The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December. Low oil prices could be an even bigger drag on Russian budget revenues than the Western sanctions. If oil prices were to drop materially amid ample supply, the revenue hit on Russia could be big. The OPEC+ group, led by Saudi Arabia, plans to begin adding oil supply to the market as early as December despite evidence that oil demand growth this year would be lower than OPEC had initially expected. OPEC has now revised down its estimates of[...]

China’s highly anticipated Saturday briefing underwhelmed Washington Post says Israel isn’t planning strikes on Iran oil Oil extended losses in late trading on easing concerns over tensions in the Middle East. The Washington Post reported that Israeli Prime Minister Benjamin Netanyahu told the Biden administration he is willing to strike military rather than oil or nuclear facilities in Iran. West Texas Intermediate fell about 5% in post-settlement trade. Click for full story

Highlights Production falls from 40.73 mil b/d to 40.23 mil b/d Libya outage takes 410,000 b/d off the market Countries with quotas overproduced by 232,000 b/d OPEC+ crude oil production fell 500,000 b/d month-on-month to 40.23 million b/d in September, largely due to a major shutdown in Libya and cuts to Iraqi exports, refinery runs and direct burn, the Platts OPEC+ survey from S&P Global Commodity Insights showed Oct. 10. The output cut will ease pressure on overproducers who have faced growing calls to comply with their quotas in 2024, as the group aims to shore up prices in[...]