The government is under increasing pressure from its backbenchers to reverse winter fuel cuts amid warnings that even a U-turn would not go far enough to restore trust with voters. There is talk that senior government officials are reconsidering government’s earlier decision to restrict winter fuel payments to pensioners who qualify for income-related benefits, which would block...Continue Reading
Kazakhstan is weighing options to comply with OPEC+ obligations to cut production, after Saudi Arabia doubled down on its efforts to bring quota-cheats in line. Kazakhstan previously agreed at a May OPEC meeting to reduce production to 1.5 million bpd in June. SourceContinue Reading
ADNOC Poised to Win EU Approval for $16.6 Billion Covestro Takeover | OilPrice.com Julianne Geiger Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More Info Related News By Julianne Geiger – May 06, 2025, 1:30 PM CDT Abu Dhabi’s state oil giant ADNOC...Continue Reading
The OPEC price war has made landfall in the US. Following our report earlier that Saudi Arabia has declared a new price war on OPEC+ quota-busters such as Kazakhstan, and non OPEC+ members such as US shale producers, today after the close Diamondback Energy, the largest independent oil producer in the Permian Basin, made a historic pronouncement...Continue Reading
Ford Shares Slide After Net Income Plunge | OilPrice.com ZeroHedge The leading economics blog online covering financial issues, geopolitics and trading. More Info Premium Content By ZeroHedge – May 06, 2025, 12:00 PM CDT Ford Motor’s first-quarter net income plunged to $471 million from $1.3 billion a year earlier, as EV losses and production halts...Continue Reading
President Donald Trump announced the U.S. will stop bombing Yemen’s Houthi rebels, saying the group indicated it would end attacks on ships in the Red Sea. “They just don’t want to fight,” Trump said, claiming the Iran-backed rebels had “capitulated” — though the Houthis have made no public statement to that effect. Trump declined to...Continue Reading
Marathon Petroleum Sinks to Q1 Loss Amid Low Refining Margins | OilPrice.com Charles Kennedy Charles is a writer for Oilprice.com More Info Related News By Charles Kennedy – May 06, 2025, 11:30 AM CDT Marathon Petroleum (NYSE: MPC), the biggest U.S. refiner by volumes, on Tuesday reported a loss for the first quarter as weak...Continue Reading
Rolling Blackouts Hit Tehran as Iran’s Power Crisis Continues | OilPrice.com RFE/RL staff RFE/RL journalists report the news in 21 countries where a free press is banned by the government or not fully established. We provide what many… More Info Premium Content By RFE/RL staff – May 06, 2025, 11:00 AM CDT Unexpected rolling blackouts...Continue Reading
Valaris Limited has agreed to sell its jackup VALARIS 247 to BW Energy for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025. The VALARIS 247 is a 27-year-old jackup rig currently operating offshore Australia. SourceContinue Reading
SLB announced at OTC Day 2 the launch of Electris™ — a portfolio of digitally enabled electric well completions technologies that boost production and recovery while reducing the total cost of ownership of an asset. SourceContinue Reading
