Irina Slav

1 week ago | oilprice.com | Irina Slav

Crude oil exports from Saudi Arabia to China are expected to increase substantially next month, thanks to the sizable price cut by the Saudis, Reuters reported today, citing unnamed sources. Volume allocations to Chinese refiners reveal that Saudi exports in May will rise to 48 million barrels from the 35.5 million barrels scheduled for delivery this month. Saudi Arabia cut the official selling prices for its oil sharply ahead of a production boost set for next month.

1 week ago | oilprice.com | Irina Slav

Crude oil prices were on track to book their second consecutive weekly loss as markets reel from Trump’s tariff offensive, although they stabilized somewhat after the U.S. president announced a 90-day pause on the levies. At the time of writing, Brent crude was trading at $63.01 per barrel, with West Texas Intermediate at $59.74 per barrel. The weekly change in the prices is not very radical, compared with last week’s drop, thanks to the pause that Trump took markets by surprise with on Thursday.

1 week ago | oilprice.com | Irina Slav

The U.S. Department of the Interior has revised upwards the oil and gas reserves contained in the U.S. section of the Gulf of Mexico, which the Trump administration renamed the Gulf of America. According to an analysis done by the Bureau of Ocean Energy Management, the U.S. Outer Continental Shelf contains an extra 1.30 billion barrels of oil equivalent, compared to previous estimates done in 2021.

2 weeks ago | oilprice.com | Irina Slav

The European Union is ready to commit to buying more liquefied natural gas from the United States if that would appease President Trump and make him reconsider tariffs on EU imports, the EU’s energy commissioner has said. “There is potential for us to buy more LNG from the US but of course it needs to be on conditions that are also in line with our [green] transition,” Dan Jørgensen said, as quoted by the Financial Times.

2 weeks ago | oilprice.com | Irina Slav

Chinese and EU officials this week signaled the two may forge closer trade ties amid President Trump’s tariff offensive.