Exxon Mobil and Chevron posted their lowest annual profits since 2021 in their earnings reports on Friday, a sign that now is not really a time when big oil is looking to make any kinds of sizeable investments in new oil production.
The Trump administration declared that it would control Venezuelan oil production indefinitely. But what could that actually mean for the U.S. and for Venezuela?
Traders have been paying close attention to the international benchmark in the wake of the new sanctions announced on two major Russian oil companies this week.
Lower crude prices usually mean lower gas prices — but pressures on refineries, including drone attacks on Russian refineries, mean that consumers might not see as much benefit.
Despite fears about how oil shipments could be affected if Iran targets tanker traffic moving through the Strait of Hormuz, global supply remains strong.
The price of West Texas Intermediate is hovering around $60 per barrel — not low enough to kill the oil patch, but not generating “Drill, baby, drill!” vibes.
