U.S. shale executives expect to drill significantly fewer wells this year than planned at the start of 2025, as lower oil prices and uncertainty around President Donald Trump’s tariffs hurt profits, according to a Federal Reserve Bank of Dallas survey.
Germany has given the green light for drilling as much as 13 billion cubic meters (Bbcm) of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security.
OPEC’s second-largest producer, Iraq, was the single biggest supplier of crude from the cartel to the United States in May, per data from the U.S. Energy Information Administration (EIA) cited by Iraqi media outlets Shafaq News and IraqiNews.
Oil markets are now refocusing on OPEC+ as the Iran-Israel ceasefire continues to hold, with the cartel’s meeting this weekend likely to be the next big market mover.
Reports and rumors have intensified this year that BP is in the crosshairs of rivals, especially Shell, for a potential takeover that would be the largest deal in the oil industry since the Exxon and Mobil merger in 1999.
The contract is set to begin in Q3 2025 and covers hydraulic fracturing services for conventional and tight reservoirs across multiple producing fields in Abu Dhabi. It is ADNOC Drilling’s fifth major contract award in just over two months, contributing to a total of USD 4.8 billion in new business.
Equinor and its partners are investing NOK 13 billion in the third phase of Johan Sverdrup, one of the world’s most carbon-efficient oil fields. New subsea infrastructure will increase recovery by 40–50 million barrels of oil equivalent (boe).
Momentary price spikes aside, the recent conflict and now uneasy ceasefire between Israel and Iran has done little to alter the trajectory of global oil markets, according to a new analysis by S&P Global Commodity Insights.
The U.S. Senate on Tuesday voted to narrowly approve President Trump’s $3.3 trillion tax and spending package dubbed the ‘One Big Beautiful Bill.’ U.S. energy associations including the API, IPAA, NOIA and EWTC issued separate statements acknowledging the Senate’s decision as a victory for the U.S. oil and gas industry.
Mark your calendars for the Middle East Gas Conference 2025. The global energy community is set to converge in Dubai on December 10 for a unique and landmark event dedicated to shaping the future of natural gas across the region. Petroleum Economist and host sponsor Crescent Petroleum invite you to a high-level discussion on developing regional gas strategies among industry leaders to meet changing domestic energy needs and transform local economies.