LONDON — July 18, 2025 — In a striking shift, BP (British Petroleum) has announced it is selling off its entire U.S. onshore wind power business, signaling a strategic return to oil and gas as the core of its future growth. The deal includes 10 wind farms across the U.S.
BRUSSELS — the European Union has set the Russian oil price cap to roughly $47.60 per barrel, setting it dynamically at 15% below market rates (so between $45-$50) — aiming to squeeze Kremlin revenues without halting flows altogether. 🗣️ "Done! This morning, we Europeans have adopted unprecedented sanctions against Russia
North America
Washington D.C. — the latest economic data from the world’s two biggest economies is putting oil back in the spotlight: * China is burning through more crude than it has in over a year * while U.S. stockpiles just saw another steep drop And now, Donald Trump is weighing in
Iraq
Erbil, Kurdistan — an estimated 150,000-200,000 barrels per day of oil has been shutdown after a wave of drone attacks on oil facilities in Iraq’s Kurdistan oil sector. 🗣️ “The Kurdistan Region has lost nearly 200,000 b/d after drone attacks by criminal militias on Baghdad’s payroll.
WASHINGTON, D.C. — U.S. net energy imports in 2024 fell to their lowest level since the early 1980s, according to the U.S. Energy Information Administration (EIA). The sharp decline reflects surging domestic output, declining reliance on OPEC, and a near-doubling of imports from Canada — reinforcing America’s status
Middle East
ERBIL — Oil infrastructure in northern Iraq came under direct attack Tuesday as explosions rocked two of the Kurdistan Region’s most critical oil fields — Sarsang and Khurmala — disrupting output and escalating tensions across a region already under U.S. scrutiny for illicit oil flows to Iran. The twin incidents, which
OPEC
RIYADH / VIENNA — Saudi Arabia is flooding global oil markets with record-high crude exports, set to reach 7.5 million barrels per day (bpd) in July, according to shipping data cited by Reuters. The surge comes as OPEC+ raises their production ceiling and braces for another possible supply boost in September
Oil still runs the world. Want to understand what's moving the price of a barrel? We keep it simple.
UPDATE: US President Trump has threatened 100% secondary tariffs on Russia if there is no peace deal after 50 days. NEW YORK — Oil prices edged higher Monday as growing speculation around potential new U.S. sanctions on Russia lifted Brent crude above $68 per barrel for the first time in
VIENNA, July 10, 2025 — Oil demand will grow by roughly 19% to reach almost 123 million barrels a day (bpd) by 2050, according to OPEC's latest report World Oil Outlook 2025. The required investment to meet this demand will be US$18 trillion by 2050. And it will
GULF OF ADEN — A sharp escalation in Houthi maritime attacks in the Red Sea has reignited global fears over energy security after two Greek-flagged cargo ships have been attacked this week—the most serious disruption in months. The rise in attacks has sent tremors through global shipping, with insurance premiums
RIYADH — July 7, 2025 — Saudi Aramco has raised its official selling price (OSP) for August crude exports. The state oil giant increased the price of its flagship Arab Light crude to Asia, its largest market, to $2.20 per barrel over the regional benchmark, up from $1.20 per barrel
VIENNA — July 6, 2025 — OPEC+ has announced a larger-than-expected production hike of 548,000 barrels per day (bpd) for August 2025 — significantly above the anticipated 411,000 bpd. The surprise increase, led by Saudi Arabia and Russia, signals a pivot toward defending market share, even at the expense of price
WASHINGTON, D.C. — In a major political victory for U.S. oil producers, Congress has passed the sweeping“One Big Beautiful Bill”, sending it to President Donald Trump’s desk for signature. The bill, one of the most aggressive pro-oil legislative packages in over a decade, promises to revive American
NEW YORK — U.S. refiners are increasingly leaning on Permian Basin shale oil to fill the gap left by dwindling heavy crude supplies, according to the US EIA. With limited domestic heavy oil and growing light crude volumes, refining plants are scrambling to adjust—and Permian light oil is becoming
DALLAS, TX — July 2, 2025 — As oil rig activity in the Permian Basin slides to its lowest point since 2021, a new gas pipeline may offer long-overdue relief. Producers Midstream II, LLC has launched a binding open season for its proposed 275-mile Palo Duro Pipeline, aimed at clearing out the
MIDLAND, TX — In a landmark decision that could reshape oil operations across the Permian Basin, the Texas Supreme Court has ruled that ownership of “produced water” belongs to mineral rights holders, not surface landowners. Produced water—an oily, saline byproduct of fracking and oil extraction—is a costly waste stream
MIDLAND, TX — The Permian Basin’s active oil and gas rig count dropped to 270 this week, hitting its lowest point since October 2021, according to the latest Baker Hughes report. The one-rig decline marks an 11% year-over-year drop and adds to a broader trend of falling activity across U.
MIDLAND, TX — Coterra Energy announced today it will maintain nine active rigs in the Permian Basin, shelving plans to cut to seven during H2 2025. CEO Tom Jorden revealed at the J.P. Morgan Energy conference that fears of a sharp oil downturn have cooled as global demand signs stabilize.
