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President-elect Donald Trump plans to reverse Biden's offshore drilling ban; however, it requires congressional approval to do so.

Trump plans to ‘immediately’ reverse Biden’s ‘ridiculous’ ban on new oil and gas drilling along US coast

President-elect Donald Trump said he plans to immediately reverse President Biden’s new ban on offshore drilling along most of the U.S. coastline, but he faces major roadblocks under a 70-year, irrevocable law.

Throughout his 2024 presidential campaign, Trump vowed that, if elected, he would expand oil and gas drilling in an effort to bolster American-made energy.

However, Biden issued an 11th-hour executive order Monday morning to forestall such actions exactly two weeks before his term ends, announcing a permanent stop to most new oil and gas drilling across U.S. coastal and offshore waters in an area that spans about 625 million acres.

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Source: Fox News

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Robust US economic data and a larger-than-expected crude inventory continue to bolster the outlook for the economy and oil demand.

Oil prices climb on OPEC data and a strong US economy

Crude oil prices climb higher today, after the release of production data from OPEC and Russia, showing both declined in December.

The recent employment survey released by the United States has unveiled a promising outlook for the economy, which has significant implications for the oil market. The data indicates that layoffs remain notably low, a trend that reflects not only a stable job market but also a growing confidence among employers. This stability is crucial, as it suggests that businesses are not only retaining their workforce but are also investing in their employees through retention strategies. Moreover, the survey highlights an increase in job openings, signaling that companies are expanding operations and seeking to hire additional talent. This surge in job availability is a strong indicator of economic vitality, as it reflects a demand for goods and services that often correlates with increased energy consumption.

The implications of these employment trends are particularly bullish for the oil market. As economic activity ramps up, the demand for oil typically rises in tandem, driven by the need for transportation fuels, industrial energy, and heating. Additionally, a robust job market generally translates to higher consumer confidence, which can lead to increased spending on travel and leisure activities, further boosting oil consumption. Investors are likely to view these positive employment figures as a harbinger of sustained economic growth, which could lead to a tighter oil supply-demand balance. As such, the synergy between a healthy labor market and the oil industry may serve to reinforce upward price pressures, making the current economic landscape particularly favorable for oil market stakeholders.

The Latest Market Update on Oil Prices Climb

As of the latest market update, Brent crude oil is currently trading at $77.34 per barrel, reflecting a notable increase from its opening price earlier in the trading session. This upward movement in Brent crude prices can be attributed to a variety of factors, including geopolitical tensions, supply constraints, and fluctuations in global demand. Investors and analysts are closely monitoring these developments, as they have significant implications for both the energy market and the broader economy. The ongoing recovery from pandemic-related disruptions and shifts in consumption patterns are also contributing to the volatility observed in oil prices.

In parallel, West Texas Intermediate (WTI) crude oil is tradeable at $74.65 per barrel, also showing an increase from its opening value. The rise in WTI prices is indicative of the overall bullish sentiment in the oil market, driven by expectations of recovering demand as economies continue to emerge from pandemic restrictions. Furthermore, factors such as inventory levels, production cuts by OPEC+, and seasonal variations in consumption can heavily influence WTI pricing. Market participants are to remain vigilant as these variables evolve, as they will play a crucial role in shaping future oil price trajectories and influencing strategic decisions for businesses across various sectors.

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Source: Oil Price

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Trump's promised deregulation in the oil and gas industry with faster permitting could hit a wall of continuously growing global supply.

Trump’s oil plans meet market glut in 2025

President-elect Donald Trump’s oil plans on policies could boost U.S. crude production beyond the currently estimated growth.

However, Trump’s vow to “drill, baby, drill” and the promised deregulation in the oil and gas industry with faster permitting could hit a wall of continuously growing global supply. This higher production from non-OPEC+ producers is set to tilt the market into a large surplus in 2025, even if OPEC+ keeps its current commitment to begin bringing back supply from April, analysts and forecasters say.

The current state of the oil market indicates a significant shift in the supply-demand equation, with projections suggesting that supply could surpass demand by approximately 1 million barrels per day (bpd) in the coming year. This oversupply scenario raises important questions regarding pricing dynamics and market stability, as an excess in supply often leads to downward pressure on oil prices. However, seasoned market observers are acutely aware that the interplay of geopolitics will significantly influence oil prices moving forward. Factors such as international relations, regulatory changes, and geopolitical tensions can create volatility that may counteract the anticipated supply surplus.

Geopolitical Factors

Among the myriad geopolitical factors at play, former President Trump’s have policies toward key oil-producing nations. This is specifically Iran, Venezuela, and Russia—emerge as the most significant wildcard influencing future market conditions. The potential for sanctions, trade agreements, or military actions could have far-reaching implications for global oil supply and pricing structures. Furthermore, the discussion surrounding tariffs on energy products could also reverberate through the American economy, affecting domestic energy prices and, by extension, the broader global economic landscape. As such, stakeholders across the energy sector must remain vigilant and adaptable, closely monitoring these developments to navigate the complexities of an evolving market environment.

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Source: Oil Price

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Oil and gas execs

Oil and gas execs optimistic as Trump returns, Dallas Fed says

In the aftermath of President-elect Donald Trump’s victory in November, executives within the oil and gas execs and sector have expressed a renewed sense of optimism. This is regarding their companies’ future prospects. This sentiment shift is a highlight in the latest energy survey by the Federal Reserve Bank of Dallas. It says that 57 percent of industry leaders anticipate an increase in capital spending for 2025 compared to the previous year. This positive outlook reflects a broader confidence in the regulatory and economic environment that the incoming administration may create, suggesting that executives feel more empowered to invest in growth and development initiatives that could enhance operational efficiency and expand production capabilities.
However, the survey results also indicate a contrasting perspective among larger producers in the industry. Notably, 50 percent of executives from these major companies, which are defined as those producing 10,000 barrels or more per day, projected a decline in spending for the current year. Conversely, only 36 percent indicated that their capital expenditures might see a slight uptick. This divergence is particularly significant, as large producers are responsible for approximately 80 percent of the United States’ total oil and gas output, meaning their investment decisions have far-reaching implications for the overall health of the industry. The cautious stance among these larger firms could signal a careful approach to navigating potential market fluctuations, regulatory changes, and evolving demand dynamics in a post-election landscape.

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Source: E&E News

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Trump's return may spark a boom in US natural gas, as LNG exports grow, tech demand rises & companies shift focus from oil to gas production.

Drill, Baby, Drill 2.0: Why Trump’s return will bring blockbuster years for natural gas

In October 2008, the economy reeling from the onset of the Great Recession. Oil prices having spiked to $147 per barrel ($211 in today’s money). Vice Presidential candidate Joe Biden was asked during a debate to contrast his party’s energy policy with that of the Republicans. Biden said that their “only answer is drill, drill, drill. Drill baby we must, but it will take 10 years for one drop of oil to come out of any of the wells that are going to be drilled.”

His vice presidential opponent Sarah Palin pounced; “The chant is ‘drill, baby, drill.’ And that’s what we hear all across this country… because people are so hungry for those domestic sources of energy to be tapped into.”

Biden and Obama won that election, though Biden woefully underestimated American ingenuity. During the Obama years drillers boosted natural gas production by 45% to 92 billion cubic feet per day (bcfd), while oil output more than doubled to 9 million barrels per day (bpd).

During the 2008 presidential campaign, Sarah Palin, the then-governor of Alaska and the Republican vice presidential nominee, seized the opportunity to emphasize the urgent demand for domestic energy resources. In her rallying cry, she declared, “The chant is ‘drill, baby, drill.. And that’s what we hear all across this country. It is because people are so hungry for those domestic sources of energy to be tapped into”. This statement resonated with many Americans who were increasingly concerned about rising energy prices and the nation’s reliance on foreign oil. Palin’s remarks highlighted a growing sentiment among the electorate, advocating for the exploration and utilization of domestic energy reserves as a means to achieve energy independence and alleviate economic pressures faced by households across the nation.

Fervent Calls for Increased Drilling

Despite these fervent calls for increased drilling, Joe Biden and Barack Obama ultimately emerged victorious in the 2008 election. Biden underestimated the resilience and adaptability of American ingenuity in the energy sector. The Obama administration witnessed a remarkable transformation in energy production. The advances in technology and drilling techniques led to a significant surge in domestic output. Natural gas production soared by an impressive 45%. It was reaching approximately 92 billion cubic feet per day. On the other hand, oil production more than doubled. It’s climbing to roughly 9 million barrels per day. This dramatic increase not only underscored the potential of American energy resources. It also contributed to a shift in the global energy landscape, positioning the United States as a leading producer of both oil and natural gas.

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Source: Forbes

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Eni launched a $100M supercomputer to enhance oil/gas exploration, clean energy, CO2 storage, batteries, biofuels, and biochemistry.

Eni launches supercomputer to improve oil and gas exploration

Italy’s supermajor Eni launches supercomputer that is the world’s most powerful supercomputer outside the United States in a bid to boost its oil and gas exploration results, the Financial Times reported, adding that the company will also use the supercomputer “to perform calculations to advance clean energy.”

Eni itself said back in November, when it introduced the supercomputer to the world, that the supercomputer will help it “optimize industrial plant operations, enhance the accuracy of geological and fluid dynamics studies for CO2 storage, develop more efficient batteries, optimize the biofuel supply chain, and develop innovative materials for applications in biochemistry.”

The machine costs more than $100 million and ranks fifth among the world’s biggest and most powerful supercomputers, Eni said back in November.

“A lot of the other companies realised it would be more efficient to rent time on someone else’s supercomputer,” Thunder Said Energy analyst Rob West told the Financial Times in comments on the Eni news. This even includes the U.S. supermajors, Exxon and Chevron, which have been using the supercomputers at the U.S. National Center for Supercomputing Applications.

Eni, however, has decided to stick with proprietary technology driving both its core oil and gas business and, apparently, its expansion into energy transition technology.

Approach to conventional and green energy development

For years, Eni has been taking a different approach to conventional and green energy development, unlike any of the other major international oil and gas firms. The Italian major is divesting or creating joint ventures to operate oil and gas assets internationally while grouping some low-carbon initiatives and projects into separate firms.

Key to these spin-offs and the so-called ‘satellite strategy’ are the separate balance sheets of the companies.

“The satellite model is an approach we have built to have additional funding sources to keep together the need to meet demand for traditional products, while also developing new, greener products,” Eni’s chief financial officer Francesco Gattei told Reuters.

By Irina Slav for Oilprice.com

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Source: Oil Price

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President-elect Trump warned the EU that US tariffs will target exports if its member states don't buy more American oil and gas.

Trump threatens tariffs if EU doesn’t buy more US oil and gas

President-elect Donald Trump threatens tariffs on the European Union. Its exports will get hit with US tariffs if its member states don’t buy more American oil and gas.

“I told the European Union that they must make up their tremendous deficit with the United States. This is by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!,”. he said on Truth Social.

The US is the world’s largest producer of crude oil and the biggest exporter of liquefied natural gas. LNG buyers — including the EU and Vietnam — have already talked about purchasing more fuel. They are planning to get it from the US as part to deter the threat of tariffs.

The euro traded 0.3% stronger at $1.0398 Friday in a sign investors believe the bloc will be able to meet its demands and avoid punitive measures.

The US goods and services trade

The US goods and services trade deficit with the EU was $131.3 billion in 2022, according to the office of the US Trade Representative, and the EU has been bracing for a trade offensive ever since Trump’s election victory last month.

The bloc was largely caught off-guard in 2017 when Trump, citing national security concerns in his previous term as president, levied tariffs on European steel and aluminum. Since then, the EU has reinvented its trade doctrine and expanded its toolbox, giving it a range of options to counter coercive practices.

“We are well-prepared for the possibility that things will become different with a new US administration. German Foreign Minister Annalena Baerbock said after a Group of Seven meeting in Italy in late November. “If the new US administration pursues an ‘America first’ policy in the sectors of climate or trade, then our response will be ‘Europe united.’”

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Source: Bloomberg

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Trump Is Ready ‘Within Seconds’ to Issue Orders Spurring Drilling

US President-elect Donald Trump is poising to order changes. It is to encourage spurring drilling domestic oil and gas development immediately after his Jan. 20 inauguration.

“President Trump is going to get to work on day one. This is within seconds of his arrival at the Oval Office.” Karoline Leavitt, a spokeswoman for the Trump-Vance transition team, told Fox News Tuesday. She said that includes executive orders “to drill, baby, drill,”.  Moreover “to expedite permits for drilling and for fracking all over this country so we can immediately bring down the cost of living.”

Leavitt’s comments offer a glimpse at administrative actions Trump could set in motion his first day as the nation’s 47th president, including policy changes that would be executed by federal agencies over months or years to come.

Trump telegraphed similar ambitions on the campaign trail, vowing to “unleash domestic energy production like never before”. This is by ending “delays in federal drilling permits and leases,” freeing up “vast stores of liquid gold. These are all on America’s public land for energy development.” He will also be removing “all red tape that is leaving oil and natural gas projects stranded.”
Trump followed a similar path during his first term in officel. This is with a day-one directive meant to advance the construction of two oil pipelines and a separate executive order tasking federal agencies with scouring regulations for any that burden the development or use of domestically produced energy resources.

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Source: Bloomberg

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US oil and gas producers

US oil and gas producers pressure House to pass pivotal permitting bill and get America ‘back on track’

A group of U.S. oil and gas producers is upping the pressure on House Speaker Mike Johnson. It is for him to push through a major permitting reform bill. They are stressing in a letter Wednesday the urgency for the chamber to move swiftly on approving the legislation. They see this as crucial for attracting new investments in domestic oil and gas projects. It will bolster national energy security and breathe new life into other long-stalled energy infrastructure projects.

The letter was by a coalition of U.S. oil and gas groups who represent 80% of domestic fossil fuel production. They stressed the need for House Republicans to swiftly and “immediately” pass the Energy Permitting Reform Act. It is the 2024 bill by Sens. Joe Manchin, I-W.Va., and John Barrasso, R-Wyo. They describe that legislation as crucial to helping expedite actions for producers under the second Trump administration.

Comprehensive Permit

“This bill is merely the first step towards comprehensive permitting reform in this country. We believe that passing the package now, at the end of the 118th, and then earnestly advancing additional National Environmental Policy Act reforms such as those being drafted by Chairman Westerman in the Natural Resources Committee, will ensure that America can get back on track as quickly as possible,” the letter said.

Pressure on Johnson and House Republicans has mounted in recent days as lawmakers prepare for a final sprint before the end of the 118th session of Congress. Some have suggested the bill’s best chances of passage are by paring it with NEPA reform — likely efforts championed by House Natural Resources Committee Chairman Bruce Westerman, R-Ark., which could earn the permitting reform bill more buy-in from House Republicans.

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Source: Fox News

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Oil and Gas Industry Regulatory Rollbacks

Oil and Gas Industry Regulatory Rollbacks Anticipated Under Trump

President-elect Donald Trump outlines his priorities for the new administration. He is falling back on his old habit of announcing major policy initiatives and plans through social media. Government think tanks and politicians have begun recalibrating their expectations for the next four years. His latest views on tariffs on the US’s three largest trading partners were on social media platform Truth Social. Policy action by the world’s most powerful nation has ramifications worldwide. It will require other nations to brace for impending changes as the new government takes charge in January. Learn more about the coming oil and gas industry regulatory rollbacks.

While presidential polls in the world’s most powerful nation always have major implications with respect to global geopolitics and trade, few have been as crucial as the one this month. The latest results come against a highly turbulent backdrop of challenges and upheavals at home and abroad. What was widely to be one of the closest elections in recent history instead turned out to be an overwhelming victory for Trump, making an extraordinary comeback following his election loss in 2020. With the US presidency and Senate races called in favor of Trump and Republicans, and the party maintaining its majority in the House of Representatives – the new administration will hold full control over Congress.

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Source: Oil Price

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