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Slowing global oil demand amid extreme uncertainty about the future of U.S. trade and a coming supply surplus are expected to hobble U.S. oil production growth later this year and could lead to an annual decline in output in 2026, according to a new analysis by S&P Global Commodity Insights. The latest update to the S&P Global Commodity Insights Global Crude Oil Markets Short-term Outlook—the first since the April 2 announcement of U.S. tariffs—now expects global oil (total liquids) demand growth to average 750,000 barrels per day (bpd) in 2025, a downward revision of 500,000 bpd from the…

API President Mike Sommers Leaders from both the American Petroleum Institute (API) and National Ocean Industries Association (NOIA) issued statements Monday after the House Energy and Commerce Committee released its proposed markup of the 2025 tax reconciliation bill. The markup includes a 10-year pause of the EPA’s Waste Emissions Charge (WEC) established under the Inflation Reduction Act as well as innovative permitting solutions. “We applaud the House Energy and Commerce Committee for taking an important first step toward abolishing the ‘methane fee’ while also advancing important progress on permitting for infrastructure and U.S. LNG,” said Mike Sommers, President…

Brazil’s state-controlled oil producer Petrobras approved dividends slightly below expectations amid a trade war that has created economic uncertainty and undermined oil prices. Petroleo Brasileiro SA, as the company is formally known, will pay 11.72 billion reais ($2.1 billion) in first-quarter dividends, it said in a filing Monday. Expectations were for a $2.2 billion payout, according to an average of six analyst forecasts reviewed by Bloomberg.  Brazil’s oil giant has been showering shareholders with robust dividends even though the policy has come under political attack and contributed to the downfall of the company’s previous chief executive officer last year. Investors…

(Investing) – WASHINGTON -A U.S. House committee released a budget proposal that includes more than $1.5 billion to replenish and maintain the Strategic Petroleum Reserve, and cancels a congressionally mandated sale, following huge sales from the facility in 2022. The proposal from the House Energy and Commerce Committee released late on Sunday contains $1.32 billion to purchase oil to help replenish the SPR, the world’s largest emergency stockpile of crude, and $218 million for maintenance of the facility. U.S. Energy Secretary Chris Wright had estimated in March that it would take $20 billion and years to accomplish U.S. President Donald Trump’s…

“We (the Trump administration) need to ensure that (U.S.) resources are secure, abundant and reliable. And we need energy of all kinds.” That is the message that Ryan Peay, the newly installed Deputy Assistant Secretary in the U.S. Department of Energy, brought to an OTC audience on the afternoon of Day 2 at OTC. Fig. 1. DOE Deputy Assistant Secretary Ryan Peay explains his department’s priorities to Moderator Art Schroeder (Co-founder and Board Member, Safe Marine Transfer, LLC and World Oil editorial advisor) during an Executive Dialogue session. Image: OTC. In expounding on this message during an Executive…

“We (the Trump administration) need to ensure that (U.S.) resources are secure, abundant and reliable. And we need energy of all kinds.” That is the message that Ryan Peay, the newly installed Deputy Assistant Secretary in the U.S. Department of Energy, brought to an OTC audience on the afternoon of Day 2 at OTC. Fig. 1. DOE Deputy Assistant Secretary Ryan Peay explains his department’s priorities to Moderator Art Schroeder (Co-founder and Board Member, Safe Marine Transfer, LLC and World Oil editorial advisor) during an Executive Dialogue session. Image: OTC. In expounding on this message during an Executive…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.Companies have abandoned almost half the projects in a $5bn Texas programme to fund gas power plant construction and prevent more electricity blackouts, as they struggle with ballooning expenses and supply chain delays. Eight projects, including those backed by Constellation Energy and France’s Engie, have been cancelled or withdrawn from the state-backed scheme to beef up energy supplies in Texas, which was hit by a brutal blackout in 2021. The companies blamed rising expenses, delays getting parts and uncertain revenue…

The Conservative party’s energy spokesperson has attacked leading climate scientists as biased and claimed Kemi Badenoch could take the UK out of the Paris climate agreement.Andrew Bowie, the acting shadow secretary for energy, told the Guardian that the target of reaching net zero greenhouse gas emissions by 2050 – passed into law by Theresa May – was “arbitrary” and “not based on science”.He also indicated that the UK’s participation in the 2015 Paris climate agreement was up for reconsideration in the party’s ongoing review of key policies. The only other country to have withdrawn from the agreement is the US,…

New Delhi: New exploration contracts will require Indian oil companies to resolve contractual disputes with the government through arbitration exclusively in India, while allowing foreign firms to opt for overseas arbitration, according to an official.The oil ministry is currently framing new rules for the exploration sector and working on a new model contract for future winners of exploration licences in the country.According to the draft rules, all disputes and claims related to petroleum leases or contracts are to be resolved through arbitration, either in India or overseas. “In case of a licensee, lessee or contractor which is an entity incorporated…

New Delhi: India’s total gas consumption averaged 5766.75 million metric standard cubic meters (MMSCM) per month as of March 31, 2025, according to the latest edition of the Oil and Gas Snapshot released by the Petroleum Planning & Analysis Cell (PPAC).Monthly petroleum products (POL) consumption stood at 19.93 million metric tonnes (MMT), with diesel accounting for 10.29 MMT and petrol 4.25 MMT. Monthly average LPG consumption was recorded at 2.6 MMT.The report shows that India had 329.7 million domestic LPG customers, including 103.3 million under the Pradhan Mantri Ujjwala Yojana (PMUY). The number of double bottle connection (DBC) customers stood…