The world’s leading energy groups are stepping up their hunt for new oil and gas reserves
As slower than expected transition to renewables sets the stage for stronger fossil fuel demand for decades to come. Source: FT
WHO RUNS THE OIL WORLD?
The US isn’t just flipping burgers - it's pumping 22.7 million barrels of oil a day, more than double Saudi Arabia or Russia. That’s 22% of the world’s supply. Saudi Arabia and Russia trail with 10.7 and 10.5 million barrels/day. Canada’s in 4th (6.0), followed by China (5.3), Iran (4.7), Iraq (4.5), and Brazil (4.3). Total world production? 102.8 million barrels a day. Which means the U.S. alone is doing over a fifth of the heavy lifting. Source: Statista thru Evan on X
Who would have expected this?
The US bombed Iran over the weekend. Naturally, the SP500 rose 2% on Monday-Tuesday while Crude Oil fell 12% and the hashtag#Volatility Index $VIX crashed 15%. Just as everyone predicted… Source: Charlie Bilello
Oil prices fall 5% after Trump says China can continue buying oil from Iran.
“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!” Trump threatened in May to ban any country that buys Iranian oil from doing business with the U.S. China purchases the vast majority of Iran’s oil exports. Source: CNBC
BREAKING: Crude Oil
Absolute Rug Pull in Crude Oil now plunging back below its 200D moving average tonight Source: Barchart
Oil Cheat Sheet.
Source: Menthor Q @MenthorQpro
⚠️ President Trump just put out these comments about oil and energy
President Donald Trump on Monday demanded that “everyone” needs to “keep oil prices down” or they would play “into the hands of the enemy.” ➡️“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!,” the president said in a post on his social media platform Truth Social. Trump’s message comes after his decision to bomb Iran’s key nuclear sites over the weekend has put the world on edge that the Islamic Republic might target energy supplies in the Middle East. It wasn’t clear who specifically Trump was speaking to in his post, though he was likely addressing the U.S. oil industry. Some oil companies had warned earlier in the year that they might have to cut production after prices tumbled to multiyear lows on Trump’s tariffs and OPEC+ boosting supply. ➡️“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!,” Trump said in a subsequent post on Monday.
⚠️Middle East oil shipping costs are SPIKING:
Persian Gulf-Japan tanker rates hit $55k/day, the highest in over a year, while East Africa routes hit $40k, a multi-month peak. Costs doubled in 2 weeks amid the Israel-Iran conflict.
