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Nigeria Says Exxon Commits $1.5B to Deepwater Development

23 hours ago | rigzone.com | Paul Burkhardt

Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa’s top producer looks to boost output, according to the nation’s regulator.
Crude Slips After Inventory Surge

23 hours ago | rigzone.com | Mia Gindis |Alex Longley

Oil dropped after a government report showed US crude inventories rose the most in two months, overshadowing the lingering relief from the trade truce between the world’s two largest economies. West Texas Intermediate dipped 0.8% to settle near $63 a barrel, snapping a four-session winning streak. Global benchmark Brent closed around $66. US crude stockpiles rose 3.45 million barrels, the biggest gain since March, the Energy Information Administration said Wednesday.
Trump Favors $40-$50 Oil, Goldman Says After Sifting Posts

1 day ago | rigzone.com | Jake Lloyd-Smith

President Donald Trump appears to prefer US oil prices between $40 and $50 a barrel, according to Goldman Sachs Group Inc., citing an in-house analysis of his social-media posts on the topic. Trump “has always been focused on oil and on US energy dominance, having posted nearly 900 times,” analysts including Daan Struyven said in a report. His “inferred preference for WTI appears to be around $40 to $50 a barrel, where his propensity to post about oil prices bottoms,” they said.
Gunvor Financed Gabon Deal for Tullow Oil Assets

1 day ago | rigzone.com | Archie Hunter |Paul Burkhardt

Commodity trader Gunvor Group has made another significant oil deal in Gabon, its second since the country sought more control of national assets following a coup d’etat in 2023. State-owned Gabon Oil Company financed $220 million of a $300 million deal for Tullow Oil Plc’s assets in the country through an underwritten prepayment facility from Gunvor’s Middle East subsidiary, Tullow said in a filing Tuesday.
Crude Rebounds Over 11% from Lows

1 day ago | rigzone.com | Mia Gindis

Oil continued to rebound from the year’s lows as US President Donald Trump threatened to ramp up sanctions against Iranian crude if a nuclear deal with the OPEC member isn’t reached. West Texas Intermediate advanced 2.8% to settle near $64 a barrel, bringing its recovery from this year’s lowest closing price to more than 11%. Trump told an audience in Saudi Arabia that the US will exert maximum pressure on Iranian energy exports if an agreement isn’t reached.
Constructive USA-China Tone Lifts Market Sentiment

3 days ago | rigzone.com | Andreas Exarheas

Crude oil prices rose on Monday, extending their rebound, supported by renewed optimism after the United States and China reported progress in trade negotiations over the weekend. That’s what Inki Cho, Financial Markets Strategist Consultant to Exness, said in a market analysis sent to Rigzone on Monday, adding that the constructive tone from both sides lifted market sentiment, as easing tensions between the world’s two largest oil consumers could support global demand expectations.
JP Morgan Says Oil Demand in Early May 'Indicates Tepid YoY Growth'

3 days ago | rigzone.com | Andreas Exarheas

Global oil demand in early May indicates a tepid year over year growth, analysts at J.P. Morgan, including Natasha Kaneva, Head of Global Commodities Strategy at the company, said in a research note sent to Rigzone by the JPM Commodities Research team on Thursday. “The final figures for global liquids demand in 1Q25 aligned with our forecast, increasing by 1.6 million barrels per day year over year,” the analysts said in the note.
LandBridge Posts Higher Revenue

4 days ago | rigzone.com | Paul Anderson

LandBridge Company LLC has reported $44 million in revenue for the first quarter of 2025, up from $36.5 million for the fourth quarter of 2024 and $19 million for the corresponding quarter a year prior. The company attributed the sequential increase to increases in surface use royalties of $6.8 million, resource sales of $4.2 million, and resource royalties of $3.5 million.
USA EIA Lowers WTI Oil Price Forecasts

6 days ago | rigzone.com | Andreas Exarheas

The U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) spot average price forecasts for 2025 and 2026 in its latest short term energy outlook (STEO), which was released on May 6. According to that STEO, the EIA now sees the WTI spot price averaging $61.81 per barrel this year and $55.24 per barrel next year.
Ukrainian Parliament Ratifies Natural Resources Deal With USA

6 days ago | rigzone.com | Aliaksandr Kudrytski |Kateryna Chursina

Ukraine’s parliament ratified a deal with the US over access to the country’s natural resources, lending its full support to attempts by President Volodymyr Zelenskiy to improve ties with Donald Trump. Ukraine and the US reached the accord a week ago after long negotiations that led Washington to drop its insistence on getting back billions of dollars in aid delivered to Kyiv since the start of Russia’s invasion more than three years ago.