Chevron will reduce capital expenditures in the Permian basin to between $4.5 billion and $5 billion in 2025, a drop of as much as 10%, the company said in a statement Thursday. Globally, the oil explorer expects to spend about $17 billion compared to $19 billion this year in the first budget cut since 2021.
U.S. natural gas futures dropped to $3.00/MMBtu on Tuesday, their lowest in over a week, after surging 20% in November. Gas prices have declined amid forecasts of milder weather in mid-December, following a brief cold spell that had driven earlier gains.
Economies need both resources and human participants. Human populations tend to increase in number if conditions are favorable. When population grows, resources per capita, such as arable land and fresh water, tends to fall. Adding complexity helps an economy work around falling resources per capita.
Gas prices in Europe, Asia, and North America have made solid gains this year. Reuters’ Gavin Maguire reported this week those fall in the range between 30% and 50%–and that’s not the end of the rally. Winter is just beginning, and the weather in Europe and Asia, as well as most of North America, is about to get a lot colder.
Dropping temperatures in the United States and Europe have prompted a rally in U.S. natural gas prices. Although somewhat hesitant, this rally could help avoid a shortage in the not-too-distant future.
With fears of World War III looming, safe haven assets and critical minerals have seen prices soar. Central banks are rushing to buy gold, defense stocks are booming, and there’s even talk about starting a national strategic Bitcoin reserve in the U.S.
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.