US President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil,” casting the push for more crude output as a way to heighten pressure on Russia and help end the nearly three-year war in Ukraine.
Oil fell after President Donald Trump said he’ll push Saudi Arabia and OPEC to reduce the price of crude, reviving a tactic to control energy prices that he frequently employed during his first term in office.
Africa’s biggest crude producer Nigeria has emerged from a years-long output slump due to improved security, creating a quandary for the government.
Indonesia will exempt oil and gas exporters from its new rule that all proceeds from natural resource exports be kept onshore for a year, as companies urge adjustments to the rule out of concern over its impact on their cashflows.
“Oil is no longer an energy security challenge – it’s going to be gas, electricity, predominantly minerals,” Saudi Arabia’s energy minister said this month. From a certain perspective, this sounds like a death knell for oil as we know it—the commodity that drives the global economy. On the other hand, it’s an admission we have become even more dependent on hydrocarbons, just more of them.
Russian privately held oil producer Lukoil appointed Sergey Kochkurov as executive chairman, replacing Vadim Vorobyov, who resigned after being included on the US sanctions list.
The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel.
The Permian in West Texas and southeastern New Mexico continues to be the most prolific oil and gas producing basin in the United States, accounting for most of the output at the biggest public onshore producers and representing the bulk of oil and gas production at the top 50 producers.
North Dakota’s claim to oil fame has long been the Bakken shale, one of the top shale plays in the country. The Bakken is considered a rather mature play, but now, studies by researchers with the state’s Department of Natural Resources have opened up the prospect of a second life for the Bakken.
Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.