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The U.S. Energy Information Administration (EIA) has raised its forecast for crude oil demand in the United States, according to the agency’s Short-Term Energy Outlook released today—although its price outlook for this year and next has been revised down. The EIA now sees U.S. petroleum and other liquid fuels consumption …

Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in US crude oil and gasoline inventories, offsetting global oil supply concerns. Brent crude futures fell 21 cents, or 0.27%, to $76.27 a barrel by 0020 …

Saudi oil giant Aramco on Tuesday reported $56.3 billion in profits for the first half of the year, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year …

The U.S. Department of Energy (DOE) is continuing its efforts to bolster the depleted Strategic Petroleum Reserve (SPR) with new oil purchases. Today, DOE’s Office of Petroleum Reserves announced a call for bids to supply up to 1.5 million barrels of oil to the Bayou Choctaw site in January 2025. …

Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which …

Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil …

The biggest European car market, Germany, saw the sales of electric vehicles plummet by 36.8% in July from a year earlier, as EV sales are softening worldwide and as Berlin ended subsidies at the end of 2023. New car registrations of battery vehicle vehicles (BEVs) in Germany slumped to 30,762 …

Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said. The Nigerian federal government is supporting local …

U.S. electric power plants held a total of 138 million short tons of coal at the end of May, the highest level since the slump in power and coal demand at the start of the pandemic in early 2020, the U.S. Energy Information Administration (EIA) said on Monday. In recent …

U.S. oil production dipped by 61,000 barrels daily in May, the EIA reported this week, confirming what many already expected: continued stringent discipline among drillers. But those expectations may have been misleading because now some producers are planning output boosts—thanks to cost reductions. Last year, shale drillers surprised pretty much …