Goldman Sachs analysts have reportedly suggested that OPEC+ is likely to pause further oil production increases due to deteriorating global economic conditions. Goldman reportedly anticipates that OPEC+ will make a “final” decision in July to raise daily output by 411,000 barrels, but actual economic data may prompt a reassessment, according to @FirstSquawk, and lead to a halt beyond that.
“U.S. oil production growth has been a dominant feature in the oil market since 2022,” said Burkhard. “A price-driven decline in U.S. production would be a pivot point for the oil market—and set conditions for a potential price recovery. But much will depend on the severity of an economic slowdown and the impact on demand growth beyond 2025.”
According to the Minister of Energy and Green Transition, John Jinapor, this landmark investment by Kosmos Energy, combined with the government’s commitment to reform, signaled a new chapter in Ghana’s energy narrative—one rooted in transparency, collaboration, and opportunity.
The Utilities and Corporate Services segment generated $0.87 in earnings per share (EPS), up from $0.62 for Q1 2024. “The primary drivers of higher EPS were higher revenue requirements from capital investments, estimated temperature impacts on retail electric and gas sales, and timing of income tax expense”, the report stated. “These items were partially offset by higher depreciation and financing expenses”.
Oil’s decline since April is likely to inflict more pain both on Aramco and the Saudi government despite the higher oil production. Over the past five weeks, Riyadh led the OPEC+ coalition through two bigger-than-scheduled supply hikes, which together with US President Donald Trump ’s trade war, briefly crashed oil futures to a four-year low below $60 a barrel in London.
Oil-rich Middle Eastern nations regularly tender contracts to explore for new deposits or develop previously untapped wells. Both Oman and Kuwait are looking to boost development and are seeking the services of international drillers and producers.
The rebranding of the crude has cut transportation costs for Venezuelan crude and facilitated U.S. sanction circumvention, the report noted. Before, traders resorted to ship-to-ship transfer at sea to mask the crude but now they have taken to manipulating vessels’ location signals to make it look like they are travelling from Brazilian ports instead of Venezuelan ones, data from TankerTrackers.com has shown, per Reuters.
Brent crude has shed some $11 per barrel since the start of the year, most recently trading at around $64 per barrel. This is substantially lower than what Saudi Arabia needs to balance its budget in view of ambitious public spending programs. This would have to change, and soon, if prices stay this low. In the meantime, Aramco is signaling business as usual.
Shell’s plans to juice output from its deepwater Perdido development in the U.S. Gulf of Mexico just ran into a delay-shaped pothole. Two new wells intended to lift production from the Great White unit—one of the stars of the Perdido complex—won’t come online until the end of the year, the company confirmed this week. That’s a shift from the original timeline, which had all three wells humming by April.
In a disclosure to the Muscat Stock Exchange, Abraj said it had been engaged to provide an onshore drilling rig for a term of three years, renewable for an additional two years. Abraj’s expected revenue from the contract is around USD 36.4 million.