Markets

The first full week of Aug. has proven to be a volatile one for the oil market, with prices facing consistent downward pressure.

The UK energy major has announced its largest oil and gas discovery in 25 years in the deepwater Bumerangue block of Brazil's Santos basin.

The oil and gas industry in South America is being reshaped by a combination of US sanctions, corporate strategy shifts, and new government policies.

While Big Oil companies have historically profited from market volatility through their trading arms, the current geopolitical uncertainty is proving to be a challenge.

The global sanctions campaign against Russia, spearheaded by the US and EU, is creating significant pressure on Russia's energy trade, compelling a reevaluation of its export strategies and straining its relationships with key buyers

The U.S., under President Trump, is ramping up economic pressure on Russia's key energy buyers, India and China, threatening new tariffs to curb their purchases of Russian crude.

Asian refiners are increasingly turning to US crude, particularly West Texas Intermediate (WTI), as Middle Eastern crude prices rise due to strong demand and reduced shipments of key grades like Murban.

The global oil market experienced significant volatility in the week just passed, primarily driven by US President Donald Trump's escalating rhetoric and threats of new sanctions against Russia over the Ukraine conflict, alongside various trade policies and economic indicators.

The South Pacific island country’s Parliament has voted to reverse a 2018 ban on offshore oil and gas exploration.

ExxonMobil Corp. and Chevron Corp. both demonstrated robust production performance in Q2 2025, significantly offsetting the impact of lower crude prices.