Markets

Companies are beginning to assess the financial repercussions of President Trump's trade tariffs, which have contributed to market volatility, lower oil prices, and recession concerns.

In the final weeks leading up to the expiration of a US license, Vitol Group, the world's largest independent oil trader, significantly increased its Venezuelan oil purchases

Despite increasing supply competition from US shale and OPEC+ producers, coupled with a weaker global oil price outlook, Guyana remains steadfast in its ambitious plan to double oil production by early 2028.

Reports surfaced indicating that Saudi Arabia might be preparing for a shift in its oil production strategy, potentially leading to another oil price war.

US independent refiner Phillips 66 announced the completion of a project in the first quarter of 2025 that increases the crude switching capacity at its 265K b/d Sweeny refinery located in Old Ocean, Texas.

The oil market experienced a volatile week, primarily influenced by a risk-off mood in broader financial markets.

The oil market has experienced significant volatility recently, creating challenges for traders and prompting a shift towards other safer assets like gold.

Russia's Economy Ministry has revised its oil price forecasts for 2025-2027 downwards, reflecting current global oil market trends.

Chevron and TotalEnergies have commenced oil and natural gas production from the Ballymore project, a deepwater development in the US Gulf of Mexico.

Guyana's oil production experienced a slight decrease in Mar. 2025, falling to 627K b/d from 648K b/d in Feb., according to a Reuters report.