Last week, America's oil and fuel supplies went down, according to a government energy report. The country had 2.8 million fewer barrels of crude oil than the week before.

At the same time, the US bought more oil from Nigeria than it has in almost six years. Nigeria sent 364,000 barrels per day to America, which is much more than usual.

Why did US oil supplies drop? The country sold more oil to other countries - about 4.3 million barrels per day. Also, gas stations needed more gasoline and diesel fuel before Memorial Day weekend, when many Americans travel.

Oil prices went up a little bit after this news came out, but they were still lower than the day before. Gas supplies also fell by 2.4 million barrels.

The increase in Nigerian oil imports happened because Nigeria's biggest oil refinery had problems and was shut down for over a month, from early April to mid-May.

American oil refineries worked a bit less than the week before, processing about 162,000 fewer barrels per day. Overall, people used more gasoline last week compared to the previous week.

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Shell decided to stop drilling for oil and gas in Colombia in April. They left three areas called COL-5, Purple Angel, and Fuerte Sur. Shell said this was part of their business plan.

Now Ecopetrol, Colombia's main oil company, will continue the work alone or find a new partner. Rafael Guzman, who works for Ecopetrol, says Colombia really needs more gas and these projects can make good money.

Colombia is running out of gas, so they have to buy more from other countries to power homes and businesses. The president stopped giving out new drilling permits in 2022, so companies must work harder with what they already have.

Ecopetrol has gas areas that provide half of what Colombia needs. They are drilling new wells with Brazil's Petrobras company. The first gas from underwater wells won't come until 2029 at the earliest.

One well called Sirius-2 could triple Colombia's gas supply if it works well. Right now, Colombia only has enough proven gas for about 6 years - the lowest amount since 2007. Oil will last about 7 years.

The companies are currently drilling the Buena Suerte well and plan to drill more wells based on what they find.

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Oil prices experienced a significant increase following a recent court decision that annulled tariffs previously imposed by the Trump administration. This ruling has sent ripples through the energy market, prompting analysts to reassess the dynamics of oil supply and demand. The elimination of these tariffs is expected to facilitate smoother trade relations and may lead to an influx of oil imports, potentially stabilizing prices in the long run. Market reactions have been swift, with traders expressing optimism about the future of oil pricing. The energy sector is closely monitoring these developments, as they could influence both domestic and global markets. The court's decision is seen as a pivotal moment, reshaping expectations within the industry. As oil prices climb, consumers may feel the impact at the pump, leading to discussions about energy policies and their implications for the economy. This situation underscores the intricate relationship between government actions, legal rulings, and market fluctuations. Stakeholders will need to stay informed as the situation evolves, anticipating further changes in the energy landscape in the coming months.

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Goldman Sachs is a big bank that makes predictions about money and business. They just said oil prices will go down this year and next year.

Why do they think prices will drop? More oil companies outside of OPEC (a group of oil-producing countries) will make more oil. This doesn't include American shale oil companies, which have been slowing down because oil prices are already low.

Goldman thinks these other countries will produce 1 million more barrels of oil per day over the next two years. Saudi Arabia and Qatar are starting new projects that will make even more oil.

What prices do they expect?

• 2025: $60 per barrel for Brent oil, $56 for Texas oil

• 2026: $56 per barrel for Brent oil, $52 for Texas oil

Is everyone sure about this? Not really. Another bank called UBS looked at oil supplies and thinks the market might actually be more balanced than Goldman believes. UBS says there might not be as much extra oil as Goldman thinks.

Even though Goldman expects people to use more oil this year, they still think prices will fall because there will be too much oil available.

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Glenfarne has chosen Worley to finalize engineering cost estimates for the Alaska LNG pipeline project. This selection is a critical step in advancing the project, aiming to enhance the state's energy infrastructure and support economic growth. The Alaska LNG project has been designed to provide a reliable supply of natural gas to both domestic and international markets, fostering energy independence and sustainability. Worley, known for its extensive experience in energy and infrastructure projects, will leverage its expertise to ensure accurate cost assessments. The collaboration between Glenfarne and Worley is expected to streamline the project timeline and optimize resource allocation. As the project progresses, stakeholders remain focused on addressing environmental concerns and regulatory requirements, ensuring that the development aligns with both economic and ecological standards. The Alaska LNG pipeline holds significant promise for the region, potentially generating jobs and attracting investments. In summary, this partnership marks a pivotal moment for the Alaska LNG initiative, with the aim of delivering a comprehensive engineering assessment that will facilitate informed decision-making as the project moves forward.

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Valeura Energy has announced plans for an eight-well drilling campaign in the Gulf of Thailand. This initiative aims to enhance the company's production capabilities and exploration efforts in the region. The campaign will focus on areas where previous geological studies have indicated promising potential for oil and gas reserves. Valeura is optimistic about the opportunities this drilling campaign presents. The strategic location in the Gulf of Thailand is beneficial, as it is known for its rich hydrocarbon resources. The company is committed to utilizing advanced drilling technologies to ensure efficiency and safety throughout the process. Positive market conditions and increased demand for energy resources are factors that have influenced the decision to expand drilling operations. Valeura Energy aims to contribute to the stability of the energy market while ensuring environmentally responsible practices are followed. This drilling campaign marks a significant step for Valeura as it seeks to strengthen its position in the competitive energy sector. The outcomes of this initiative will be closely monitored, as they may influence future exploration and development strategies in the Gulf region.

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The U.S. government has granted Chevron a limited license to continue its operations in Venezuela, a decision that comes amid ongoing discussions about the country's political and economic situation. This license allows Chevron to maintain its presence in the region while adhering to specific restrictions. The move is seen as a balancing act, aiming to support the Venezuelan oil industry while navigating the complex landscape of international sanctions. Chevron's involvement is crucial, as the company has extensive experience and infrastructure in Venezuela, which is rich in oil reserves. The limited nature of the license indicates the U.S. administration's cautious approach to engaging with the Venezuelan government, reflecting broader geopolitical considerations. The situation remains fluid, with potential implications for global oil markets and U.S.-Venezuela relations. Observers will be monitoring how this license impacts Chevron's operations, as well as the potential for further developments in U.S. policy toward Venezuela in the future. As the situation evolves, the balance between economic interests and political realities will be key in shaping the path forward for both Chevron and the Venezuelan oil sector.

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Mercuria has entered into a long-term liquefied natural gas (LNG) agreement with Guangzhou Gas, marking a significant step in enhancing energy security and supply for the region. This partnership aims to ensure a steady flow of LNG to meet the growing energy demands in southern China. The agreement highlights Mercuria's commitment to providing reliable energy solutions and its strategic focus on expanding its LNG portfolio. With the increasing emphasis on cleaner energy sources, this deal supports the transition towards more sustainable energy practices. Guangzhou Gas will benefit from reliable access to LNG, which is essential for both residential and industrial use, contributing to the region's growth and development. The collaboration is expected to foster greater energy efficiency and lower carbon emissions, aligning with global efforts to combat climate change. Mercuria's strategic move also reflects the company's adaptability in a rapidly changing energy market. By securing long-term contracts, Mercuria positions itself as a key player in the LNG sector, ready to meet the challenges of the future while promoting energy diversification and sustainability in China.

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Russia is considering adjustments to its oil price level as part of its budget rule. This potential change reflects the country's ongoing efforts to stabilize its economy amidst fluctuating global oil prices. The government aims to align its fiscal policies with current market conditions, ensuring sustainability and financial resilience. As oil is a significant revenue source for Russia, alterations in pricing strategies could have substantial implications for the national budget. Analysts suggest that these adjustments may help the country navigate economic challenges while maintaining essential public services and investments. The decision to modify the oil price level underscores Russia's adaptability in response to external pressures, such as sanctions and market volatility. By recalibrating its budget rule, the government hopes to secure its financial foundations and promote long-term economic stability. In light of these developments, stakeholders are closely monitoring the situation, as any changes could influence not only Russia's economy but also the broader global energy market. The implications of these adjustments may extend beyond national borders, affecting oil production and pricing strategies worldwide.

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Cheniere Energy has finalized a significant 15-year agreement with Canadian Natural Resources for the supply of natural gas. This deal marks a crucial step in enhancing Cheniere's gas supply portfolio and further solidifies its position in the energy market. The strategic partnership aims to ensure a steady flow of natural gas, which is essential for meeting the growing energy demands. Both companies have expressed optimism about the long-term benefits this agreement will bring, not only for their operations but also for the broader energy landscape. The collaboration is expected to facilitate more efficient gas production and transportation, ultimately contributing to energy security and stability. As the global energy market continues to evolve, such partnerships are increasingly important. They provide companies with the flexibility to respond to market fluctuations while ensuring that they can meet customer needs effectively. This agreement with Canadian Natural Resources is a testament to Cheniere's commitment to expanding its operational capabilities and reinforcing its role as a leader in the natural gas industry. Overall, the deal is set to create a lasting impact on both companies and the energy sector at large.

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Despite the ongoing downturn in the oil market, Aramco successfully executed a $5 billion bond sale, showcasing its resilience. This strategic move underscores the company's commitment to maintaining financial stability amid fluctuating oil prices. Investors responded positively, indicating strong confidence in Aramco's future prospects. The bond sale enables Aramco to fund various projects and sustain its operations, ensuring it remains competitive in a challenging environment. As global demand for oil continues to evolve, Aramco's ability to adapt and secure funding is crucial. The proceeds from this bond issuance will likely support investments in infrastructure and technology, allowing Aramco to enhance its production capabilities and efficiency. This proactive approach not only aids in navigating current market challenges but also positions the company for long-term success. Aramco's bond sale serves as a reminder of its pivotal role in the global energy landscape, even as uncertainties loom. With this financial maneuver, Aramco demonstrates its determination to thrive, reinforcing its status as a key player in the oil and gas industry.

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South Africa has initiated the establishment of a new national petroleum company aimed at enhancing the country's energy sector. This strategic move is expected to bolster local oil production and promote energy independence. By creating a state-owned entity, the government aims to streamline operations, improve efficiency, and ensure that the benefits of natural resources are shared with South African citizens. The new company will focus on exploring, producing, and distributing oil while also investing in renewable energy sources to support a balanced energy portfolio. This dual approach is intended to address both current energy needs and future sustainability goals. Officials believe that the establishment of the national petroleum company will not only create job opportunities but also attract foreign investment, fostering economic growth. As the global energy landscape shifts, South Africa is positioning itself to capitalize on its natural resources while contributing to a more sustainable energy future. The government emphasizes transparency and accountability in the company's operations, aiming to build public trust and ensure that the company serves the interests of the nation effectively.

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Brazil's biggest oil company, Petrobras, just started getting oil and gas from a new floating platform called Alexandre de Gusmão. This marks the fourth part of the Mero oil field project.

The oil field sits deep underwater, about 110 miles from Rio de Janeiro's coast. The water there is more than a mile deep.

The floating platform is huge - one of the biggest in the world. It was built in China last December and arrived at the oil field in March. A company called SBM Offshore owns most of it and will run it for Petrobras for over 22 years.

The platform connects to 12 underwater wells through long pipes. It can produce 180,000 barrels of oil every day and handle lots of natural gas too. The company designed it to be cleaner for the environment by putting gas back underground instead of burning it.

This is the fourth floating platform at Mero field. The other three started working in 2022, 2023, and 2024. Together, all four platforms can produce 770,000 barrels of oil per day.

Several oil companies work together at Mero field. Petrobras runs the operation, but other companies from France, Netherlands, and China also own parts of it.

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Elon Musk recently expressed his belief that the oil industry is becoming less significant in today's rapidly evolving energy landscape. As renewable energy sources gain traction, Musk argues that the reliance on oil is diminishing. He emphasizes the potential of electric vehicles and sustainable energy solutions to transform transportation and reduce carbon emissions. Musk points out that advancements in battery technology and solar energy are paving the way for a future where fossil fuels play a minor role. He envisions a world where clean energy is the norm, and the detrimental effects of oil extraction and consumption are minimized. The rapid shift towards renewable energy is not just a trend but a necessary evolution for the planet's health and sustainability. As consumers become more aware of environmental issues, the demand for cleaner alternatives is expected to rise. Musk's insights highlight the urgency for industries to adapt and innovate, prioritizing sustainability over traditional fossil fuel practices. This shift could define the next era of energy consumption, making oil a relic of the past.

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In recent weeks, over half of the leading oil and gas companies have reported experiencing data breaches. These incidents highlight the increasing vulnerability of critical infrastructure to cyberattacks. The breaches vary in scale and impact, but they all raise significant concerns about the security measures in place to protect sensitive information. The frequency of these breaches suggests a troubling trend in the industry, where cyber threats are becoming more sophisticated. Companies are urged to bolster their cybersecurity strategies, implementing more robust defenses to safeguard against potential attacks. This includes regular audits, employee training on security best practices, and investing in advanced security technologies. As the sector continues to evolve, it is crucial for organizations to prioritize data security. The implications of these breaches extend beyond immediate financial losses; they can damage reputations and erode public trust. Stakeholders must remain vigilant and proactive in addressing these challenges to ensure a more secure operational environment. The protection of data is not just a technical issue but a fundamental component of maintaining the integrity of the oil and gas industry.

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Egypt is currently facing an energy crunch and is actively seeking liquefied natural gas (LNG) cargoes to address the growing demand for energy. As the country grapples with energy shortages, the import of LNG has become a crucial strategy to stabilize the energy market. This situation has arisen due to increased consumption and insufficient domestic production capabilities. Authorities in Egypt are reaching out to international suppliers to secure necessary shipments. The urgency of this situation highlights the importance of diversifying energy sources and ensuring energy security. The government is also exploring various options to enhance local energy production in the long term, but immediate relief through LNG imports is a priority. As Egypt navigates these challenges, the country's commitment to finding solutions reflects a broader trend in the region, where nations are increasingly reliant on imported energy to meet their demands. The ongoing efforts to procure LNG cargoes mark a significant step in addressing the immediate energy needs while planning for sustainable solutions in the future.

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Enquest has criticized the windfall tax imposed on the oil and gas industry, highlighting its detrimental impact on jobs in Aberdeen. The company argues that the tax, which aims to capture additional profits from energy firms, could lead to significant job losses in a region heavily reliant on the oil and gas sector. Enquest's leadership emphasizes that this financial burden may deter investment and hinder future projects, ultimately affecting the local economy. They assert that a more supportive fiscal environment is essential for the sustainability of the industry and the preservation of jobs. The company is concerned that the tax could exacerbate challenges already faced by energy firms in the current economic climate. Without a reconsideration of this policy, the future of employment in Aberdeen's oil and gas industry could be at risk. Enquest calls for a balanced approach that promotes investment while ensuring the region's workforce is protected, urging policymakers to take into account the long-term implications of the windfall tax on both the industry and the local community.

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Norway is set to experience a significant surge in oil and gas investments, with projections indicating a record high for 2025. This anticipated increase comes as global energy demand continues to rise, and Norway aims to position itself as a key player in meeting these needs. The Norwegian government has been actively promoting investments in the energy sector, encouraging companies to explore new projects and expand existing ones. With a strong focus on sustainability, Norway is balancing its traditional energy production with a commitment to environmental responsibility. The country is investing in technology to reduce carbon emissions and enhance efficiency in oil and gas extraction processes. This dual approach not only aims to secure energy resources for the future but also aligns with global efforts to transition towards greener energy solutions. As oil prices fluctuate, Norway’s strategic investments are expected to provide a buffer against market volatility, ensuring the country remains competitive in the international energy landscape. With 2025 on the horizon, stakeholders are keenly observing how these developments will shape Norway's energy portfolio and its long-term economic prospects.

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Europe is currently facing a significant increase in natural gas prices due to a supply outage caused by issues in Norway. This disruption has raised concerns among energy analysts and consumers alike, as natural gas is a critical resource for heating and power generation across the continent. With winter approaching, the timing of this outage is particularly troubling, as it could lead to shortages and higher costs for households and businesses. The Norwegian gas facilities, known for their reliability, are experiencing unexpected challenges that have impacted their output. As a result, European markets are reacting swiftly to the news, with prices climbing sharply as buyers scramble to secure alternative supplies. This situation highlights the region's vulnerability to fluctuations in energy supply, particularly from key exporters like Norway. As Europe navigates these challenges, there are calls for increased investment in renewable energy sources to reduce dependency on natural gas. The current crisis serves as a reminder of the importance of energy diversification and the need for robust strategies to ensure energy security in the face of unforeseen disruptions.

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Iraq's main government is taking legal action against the Kurdish region in northern Iraq. The Kurds made big oil and gas deals with American companies without asking Baghdad first.

The Kurdish leader signed two energy contracts worth $110 billion with US firms HKN Energy and WesternZagros during a recent trip to Washington. These deals involve developing gas fields near the city of Sulaimaniya.

Baghdad says these agreements break Iraq's constitution because the Kurds didn't include the federal government. They want to cancel the deals. The Kurdish government disagrees and says the contracts are legal.

This fight makes it harder to restart oil exports through a pipeline from Kurdish Iraq to Turkey. The pipeline has been shut down since March 2023 after an international court ruled that Turkey broke treaty rules.

The US wants these oil exports to restart because it could help replace Iranian oil. President Trump is trying to stop all Iranian oil sales as part of his tough policy against Iran.

Iraq is stuck in the middle because it's friendly with both America and Iran. The country doesn't want to get caught up in this dispute.

An Iraqi energy expert said the timing of these gas deals is important because Iran is getting weaker and Washington wants Iraq to rely less on Iranian gas.

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