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Oil Prices Post 3% Annual Decline

Oil Prices Post 3% Annual Decline

Crude Oil
22-05-2025

U.S. Says There Are Significant Undiscovered Oil and Gas Resources in Wyoming
On May 21, 2025, the U.S. Interior Department announced a federal assessment by the U.S. Geological Survey (USGS) identifying substantial undiscovered, technically recoverable oil and gas resources in southwestern Wyoming, with smaller portions in Utah an
Oil Field
22-05-2025

Two ‘Strategic’ Oil & Gas Fields Come Online Offshore Indonesia
Medco E&P Natuna, a subsidiary of PT Medco Energi Internasional, has started production at the Forel and Terubuk oil and gas fields in the South Natuna Sea Block B, off Indonesia’s Riau Islands, on May 16, 2025, to strengthen national energy
Crude Oil
22-05-2025

South Africa Wants $100 a Barrel Oil Before Selling More Crude Stocks
South Africa will hold off on selling more of its strategic crude oil reserves until global oil prices climb to about $100 per barrel, a senior energy official told, aiming to balance revenue generation with reserve sustainability.The Chevron Oil Refinery
Crude Oil
22-05-2025

US Crude, Fuel Stocks up as Crude Imports Rise, Product Demand Slips, EIA Says
The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude oil and fuel inventories rose unexpectedly last week, driven by higher crude imports and lower demand for gasoline and distillate fuels.Crude oil storage tanks are see
Natural Gas
21-05-2025

Austrian Gas Hub Records Higher Trading Volumes Despite End of Russian Flows
In 2025, Austria’s Central European Gas Hub (CEGH) in Vienna has seen a rise in trading volumes, despite the cessation of Russian gas transit through Ukraine, according to CEO Gottfried Steiner. The hub, centered at the Baumgarten gas distributi
Oil Shale
21-05-2025

With Output Hikes, OPEC+ Again Targets US Shale Oil
OPEC+, comprising member countries and non-member producers like Russia, has announced plans to increase oil production, aiming to reclaim market share from U.S. shale producers and address overproduction by certain member states. This decision follows a
Natural Gas
21-05-2025

North Sea Operator Takes Steps to Boost Its Stake in UK’s Largest Gas Field
Ithaca Energy, a UK North Sea oil and gas operator, has signed an agreement to acquire an additional 46.25% operated interest in the Cygnus gas field from Spirit Energy. The purchase, valued at £116 million (approximately $154 million), is based
Crude Oil
21-05-2025

India Plans to Spend $10B on Homebuilt Oil Tanker Fleet
India plans to invest 850 billion rupees (approximately $10 billion) through 2040 to acquire 112 crude oil carriers, according to sources familiar with the matter. This initiative is part of the country’s effort to strengthen its energy transpor
Oil Field
21-05-2025

New Oil Discovery Springs up in Norwegian Waters
Aker BP, a Norwegian oil and gas company, has announced a new oil discovery in the Norwegian Sea, approximately 6 kilometers southwest of the Skarv field’s floating production, storage, and offloading (FPSO) unit. The discovery, located in produ
Natural Gas
21-05-2025

Qatar’s North Field East Gas Expansion to Begin Output in Mid-2026
Qatar’s North Field East Gas Expansion to Begin Output in Mid-2026QatarEnergy announced that its North Field East natural gas expansion project is set to commence production in mid-2026, according to Chief Executive Saad al-Kaabi. The statement,
Crude Oil
20-05-2025

China’s Crude Oil Imports From Russia Fall in April; Imports From Malaysia Surge
In April, China imported 8.07 million metric tons of crude oil from Russia, equivalent to 1.96 million barrels per day (bpd), according to data released by Chinese customs on Tuesday. This marked a 12.9% decrease compared to the same period last year. On
LNG
20-05-2025

TotalEnergies Signs Canada LNG Agreement With Ksi Lisims LNG
On Monday, French energy company TotalEnergies announced a significant agreement with Ksi Lisims LNG to purchase 2 million tons of liquefied natural gas (LNG) annually for 20 years from a planned liquefaction facility on Canada’s Pacific coast.
LNG
20-05-2025

US Department of Energy to Begin Issuing Orders for Pending LNG Export Permits
On Monday, the U.S. Department of Energy (DOE) announced it will begin reviewing and deciding on pending applications to export liquefied natural gas (LNG) to countries without free trade agreements with the United States. This decision follows the releas
RNG
19-05-2025

City of Hastings Nebraska Approves 25-Year RNG Agreement With Newcarbon
NewCarbon has entered a 25-year partnership with Hastings, Nebraska, to transform methane emissions from the Hastings Sanitary Landfill into renewable natural gas (RNG). The initiative will capture methane produced by decomposing organic waste, process it
Crude Oil
19-05-2025

Venezuela’s State Oil Firm Exporting Crude Grade Previously Shipped by Chevron, Data Shows
Venezuela’s state-owned oil company, PDVSA, has started exporting a heavy crude oil grade previously handled by Chevron since 2022, according to maritime data and documents. This shift follows the cancellation of shipments to Chevron due to paym
Natural Gas
19-05-2025

Turkey Finds New Natural Gas Reserve in Black Sea, Erdogan Says
On Saturday, President Tayyip Erdogan announced the discovery of a 75 billion cubic meter (bcm) natural gas reserve in the Black Sea, uncovered during drilling operations. The find, located in the Goktepe-3 well at a depth of 3,500 meters, holds an estima
LNG
16-05-2025

Italy’s Edison Welcomes Inaugural LNG Cargo From Louisiana Plant
Italian energy company Edison has successfully received its first liquefied natural gas (LNG) shipment from the Calcasieu Pass facility in Cameron Parish, Louisiana, operated by U.S.-based Venture Global. The delivery marks the beginning of a long-term su
Oil Pipeline
16-05-2025

Nigeria’s Trans Niger Oil Pipeline Bursts, Spills Crude, Rights Group Says
An environmental rights group reported a rupture in Nigeria’s Trans Niger Pipeline, a vital channel for transporting crude oil from onshore fields to the Bonny export terminal on Thursday, May 15, 2025. The spill, which began on May 6, 2025, has
Crude Oil
16-05-2025

Chevron, European Firms Lobby to Keep Stakes in Venezuela Oil Joint Ventures
Chevron Corp, a U.S. oil company, along with several European firms, is engaging with the U.S. administration to secure permissions to maintain their stakes in joint ventures with Venezuela’s state-owned PDVSA, according to three informed source
Oil Field
15-05-2025

Nigeria Says Exxon Commits $1.5b to Deepwater Development
Exxon Mobil Corp. has committed $1.5 billion to develop a deepwater oil field in Nigeria, as the country seeks to increase its oil production. The investment, planned for the next two years, targets the Usan field’s production revival, according
Natural Gas
15-05-2025

EIA Expects USA Gasoline Price to Drop In 2025 and 2026
The U.S. Energy Information Administration (EIA) has released its latest short-term energy outlook (STEO) on May 6, forecasting a decline in U.S. regular gasoline retail prices for 2025 and 2026. According to the EIA, the average price for regular gasolin
LNG
15-05-2025

Germany’s Next LNG Terminal Chapter Nearly All-Set to Go Live
In Wilhelmshaven, Germany, the state-owned Deutsche Energy Terminal (DET), under the Federal Ministry for Economic Affairs and Climate Action, is preparing to launch the country’s second liquefied natural gas (LNG) terminal, Wilhelmshaven II. Th
Oil Field
15-05-2025

Gulf of Thailand Oil Field Revamp Gets Green Light
Valeura Energy has approved redevelopment of its 100%-owned Wassana field in license G10/48, Gulf of Thailand, with a new central processing platform (CPP). The project, extending the field’s life to 2043, targets first oil in Q2 2027 and peak p
Oil Price
15-05-2025

US Oil Prices Drop More Than $1 as Inventory Build Raises Oversupply Fear
U.S. crude futures dropped more than $1 in early trading on Thursday after unexpected data showed an increase in U.S. crude oil inventories, sparking concerns about potential oversupply.An oil pumpjack is pictured in the Permian basin, Loco Hills regions,
LNG
15-05-2025

Venture Global Urges FERC to Reaffirm Approval for Louisiana LNG Project
Venture Global, a U.S. liquefied natural gas (LNG) company, is seeking approval from the Federal Energy Regulatory Commission (FERC) to proceed with the construction of its CP2 plant in Louisiana by June 26. This request, outlined in a letter to FERC Chai

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