Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 500,000 barrels to 399.6 million barrels in the week ending May 9. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Petrobras is sticking with its plans to expand oil production, along with other international oil majors including Exxon Mobil Corp., Chevron Corp. and Shell Plc, despite a decline in crude prices during April and a decision by OPEC+ to crank up output in June. Unlike US shale operators who need more than $60 a barrel to cover costs, Petrobras’s breakeven price is $28 a barrel.
The truce between the world’s two largest economies brought some temporary relief to commodity markets roiled by tariffs that dented the outlook for global economic growth in recent weeks. Oil watchers have slashed demand forecasts, and the trade war already was showing signs of reducing the volume of goods arriving in the US.
Norway is currently Europe’s largest single supplier of natural gas and also the largest producer of oil in the West. The country, which also sports some of the highest low-carbon generation capacity thanks to its abundant water resources, plans to maintain this status by investing more in both oil and gas despite net-zero plans.
Naturally, the news sparked a strong reaction from the climate tech world. “While American businesses are demanding more energy to compete against our adversaries, and consumers are turning to clean energy to hedge against rising electricity prices, these proposals will undermine our nation’s efforts to achieve President Trump’s American energy dominance agenda,” the president of the Solar Energy Industries Association said in a statement.
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.