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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Chevron and ExxonMobil reported sharp falls in quarterly profits owing to falling oil prices and weak refining margins, a sign the oil industry has begun to feel the impact from Donald Trump’s trade war.Chevron said on Friday that net income fell by more than one-third to $3.5bn in the first quarter, down from $5.5bn a year earlier, and slightly below analysts’ consensus estimates. Revenues fell to $47.6bn, down from $48.7bn a year earlier, as its global production remained flat.Exxon, the largest western…

The United States economy has added 177,000 jobs in April, topping analysts’ expectations despite economic turmoil in the early months of Donald Trump’s second term as president. The data, released on Friday by the Labor Department, suggests the job market is holding steady despite uncertainty driven by Trump’s tariff campaign. The healthcare industry added 51,000 jobs, the highest total gain, but a sum that is consistent with the average monthly growth over the last 12 months. The transportation and warehousing sectors also increased significantly, gaining 29,000 jobs in April. But experts say that growth in those sectors in particular could be…

Petroineos Refining Ltd. (PRL) has permanently ended conventional processing activities at Petroineos Manufacturing Scotland Ltd.’s 150,000-b/d Grangemouth refinery complex on the Firth of Forth in Scotland (OGJ Online, Sept. 13, 2024). As of Apr. 28, Grangemouth refinery was no longer processing crude oil, PRL confirmed to OGJ in an e-mailed statement. “[PRL] has invested £50 million (US$66.4 million) in creating a modern import and distribution terminal capable of receiving finished fuels by sea for onward distribution to customers around the country,” said Iain Hardie, Petroineos’ regional head of legal and external affairs.  “From 29 April, we will be importing all…

By Julianne Geiger – May 02, 2025, 12:16 PM CDT The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 2 rig increase in each of the two weeks prior.The total rig count in the US fell by 3 to 584 rigs, according to Baker Hughes, down 21 from this same time last year.The number of oil rigs fell by 4 to 479—down by 20 compared to this time last year. The number of gas rigs rose by 2 this…

Crude oil futures tumbled over the past week, falling more than 6% as concerns over weakening global demand and a resurgent supply outlook weighed on sentiment. Friday, May 02, 2025 China, preparing for a week-long lull in trading activity, has nevertheless given the oil markets a much-needed carrot after a month-long stick treatment, saying that Beijing is evaluating a Trump administration proposal to hold negotiations over tariffs. As US-Iran nuclear talks have seemingly hit a temporary impasse, ICE Brent is set to start May trading with a second consecutive weekly decline, trading slightly above $61 per barrel.Saudi Arabia Wants Lower Oil…

The OPEC+ members currently participating in voluntary production cuts will meet this Saturday, May 3, instead of Monday, May 5, according to Kpler’s Amena Bakr on X. The call is set for noon Vienna time, with the agenda focused on “consensus building around maintaining the sped-up increment of 411K for June.”Brent crude had slipped nearly 1% by late Friday morning, trading at $61.56. It’s a price level not seen since early 2021—and one that puts most OPEC+ budgets underwater. For producers already grappling with restricted output, prices below $65 are a growing fiscal headache.The accelerated meeting follows mounting tensions within…

$800M Raised: Ara Infrastructure Fund I exceeded its $500M target, attracting global institutional capital. Strategic Focus: Targets mid-market infrastructure to drive decarbonization through both new development and repurposing of legacy assets. Active Deployment: Fund already holds 12 operational assets across North America and Europe with three completed investments and a fourth underway. Ara Partners has closed its inaugural infrastructure fund, raising over $800 million, surpassing its $500 million target. The capital supports its Ara Infrastructure strategy, aimed at transforming the industrial economy through decarbonized infrastructure investments. The fund drew backing from both existing and new institutional investors, including pension funds,…

VATICAN CITY, VATICAN – APRIL 26: The natural resource agreement between the U.S. and Ukraine comes … More after months of negotiations and changes. (Photo by Office of the President of Ukraine via Getty Images)Office of the President of Ukraine via Getty Images The United States and Ukraine signed a long-awaited deal on April 30 to give the U.S. priority access to Ukrainian critical minerals and other natural resources. After months of acrimonious disputes and negotiations over a ceasefire/peace between Russia and Ukraine, U.S. Treasury Secretary Scott Bessent is now touting the agreement as a signal to Russia that “the…

New regional benchmarks: Platts introduces Shanghai and Rotterdam low-carbon methanol marine fuel (MMF) assessments to enhance transparency for sustainable shipping fuels. Strategic alignment with regulation: Launch follows global and EU regulatory pressure to decarbonize shipping, including IMO’s GHG penalties and FuelEU Maritime targets. Market growth catalyst: Expected rise in biomethanol and eMethanol capacity, especially in China, positions these hubs as critical players in the low-carbon fuel economy. S&P Global Commodity Insights has expanded its coverage of alternative marine fuels with the launch of low-carbon methanol marine fuel price assessments for Shanghai and Rotterdam, effective May 2. These assessments aim to…

Significant Growth: BBVA increased sustainable business funding by 55% in Q1 2025, reaching €29 billion. Climate-Focused Investment: 78% of funds supported climate and natural capital projects, reinforcing BBVA’s environmental priority. Ambitious New Target: The bank raised its sustainable financing goal to €700 billion by 2029—more than double its previous plan. BBVA mobilized approximately €29 billion for sustainable business initiatives in Q1 2025, reflecting a 55% year-over-year increase as the bank accelerates its ESG strategy. This surge supports BBVA’s new, more ambitious goal of channeling €700 billion by 2029, compressing the timeline from eight years to five and more than doubling…