Latest news with #BPPlc
Mint
6 days ago
- Business
- Mint
Oil Edges Down as Traders Weigh Trumps Latest India Threat
(Bloomberg) -- Oil extended a three-day drop, as investors weighed risks to Russian supplies, with US President Donald Trump stepping up a threat to penalize India for buying Moscow's crude. Brent traded near $68 a barrel after shedding more than 6% over the previous three sessions, while West Texas Intermediate was just shy of $66. Trump said he would be 'substantially raising' the tariff on Indian exports to the US over the nation's purchases of Russian oil as part of a bid to force Moscow to agree a truce in Ukraine. New Delhi slammed the move as unjustified. Oil has been on a round trip, rising a few dollars above $70 and then falling back, as traders try to gauge whether Trump will follow through on his threats to punish Russian oil buyers. Crude prices have held up in recent months in part because inventory builds haven't appeared near vital pricing points and instead have been concentrated on China. 'It's pretty hard to predict what's going to happen between Russian sanctions, Iranian sanctions, Chinese storage, and then the underlying fundamentals of the oil markets,' BP Plc Chief Executive Officer Murray Auchincloss said in a Bloomberg Television interview. 'It's sanctions on Russia, sanctions on Iran, Chinese behavior on storage. Those are the things that'll drive oil market prices moving forward.' The US president's latest warning to India came ahead of his Aug. 8 deadline for Russia to reach a truce with Ukraine. US Special Envoy Steve Witkoff is expected to visit Moscow on Wednesday, Tass reported. India emerged as the biggest buyer of Russian seaborne exports of crude following Russia's invasion of Ukraine in 2022, soaking up discounted barrels shunned by western nations and ramping up purchases from almost zero to about one-third of imports. China is also a major taker of Moscow's oil. The comments came just days after the Organization of the Petroleum Exporting Countries and its allies announced another bumper output hike, fully completing the return of one layer of supply cuts. The group will now have to decide whether to return more barrels in the coming months, despite forecasts of oversupply into the end of the year. Against that backdrop, both BP and Saudi Aramco said Tuesday that oil demand is holding up well so far. Aramco's Chief Executive Officer Amin Nasser said US tariffs are having a limited impact on oil demand, while consumption is being supported by gasoline and jet fuel use in the US and China. To get Bloomberg's Energy Daily newsletter in your inbox, click here. --With assistance from Kriti Gupta and Oliver Crook. More stories like this are available on
Bloomberg
6 days ago
- Business
- Bloomberg
What Went Wrong for BP? Why Oil Major's Reset Strategy Is Under Pressure
By and James Herron Save It's been 25 years since BP Plc attempted to rebrand itself as 'Beyond Petroleum' and adopt a more environmentally friendly image. But with a recent swing away from green energy toward its fossil fuel roots, 'Back to Petroleum' might be a more appropriate tag line. The shift comes as BP lags significantly behind its fellow oil and gas majors, due to a combination of corporate disasters, war, lackluster returns from its greener efforts and some bad luck.
The Star
6 days ago
- Business
- The Star
Oil edges down as traders weigh Trump's latest India threat
NEW DELHI: Oil extended a three-day drop, as investors weighed risks to Russian supplies, with US President Donald Trump stepping up a threat to penalise India for buying Moscow's crude. Brent traded near US$68 a barrel after shedding more than 6% over the previous three sessions, while West Texas Intermediate was just shy of US$66. Trump said he would be "substantially raising' the tariff on Indian exports to the US over the nation's purchases of Russian oil as part of a bid to force Moscow to agree a truce in Ukraine. New Delhi slammed the move as unjustified. Oil has been on a round trip, rising a few dollars above $70 and then falling back, as traders try to gauge whether Trump will follow through on his threats to punish Russian oil buyers. Crude prices have held up in recent months in part because inventory builds haven't appeared near vital pricing points and instead have been concentrated on China. "It's pretty hard to predict what's going to happen between Russian sanctions, Iranian sanctions, Chinese storage, and then the underlying fundamentals of the oil markets," BP Plc Chief Executive Officer Murray Auchincloss said in a Bloomberg Television interview. "It's sanctions on Russia, sanctions on Iran, Chinese behavior on storage. Those are the things that'll drive oil market prices moving forward.' The US president's latest warning to India came ahead of his Aug 8 deadline for Russia to reach a truce with Ukraine. US Special Envoy Steve Witkoff is expected to visit Moscow on Wednesday, Tass reported. India emerged as the biggest buyer of Russian seaborne exports of crude following Russia's invasion of Ukraine in 2022, soaking up discounted barrels shunned by western nations and ramping up purchases from almost zero to about one-third of imports. China is also a major taker of Moscow's oil. The comments came just days after the Organisation of the Petroleum Exporting Countries and its allies announced another bumper output hike, fully completing the return of one layer of supply cuts. The group will now have to decide whether to return more barrels in the coming months, despite forecasts of oversupply into the end of the year. Against that backdrop, both BP and Saudi Aramco said Tuesday that oil demand is holding up well so far. Aramco's Chief Executive Officer Amin Nasser said US tariffs are having a limited impact on oil demand, while consumption is being supported by gasoline and jet fuel use in the US and China. - Bloomberg
Bloomberg
6 days ago
- Business
- Bloomberg
Non-OPEC Oil Supply Growth to Peak in Early 2026, BP Says
Oil supply growth from non-OPEC producers is set to peak in early 2026, while demand remains robust, according to BP Plc Chief Executive Officer Murray Auchincloss. 'Non-OPEC supply we largely see going flat after February or March next year,' he said in an interview on Bloomberg Television after reporting earnings. Supply growth from non-OPEC will be relatively flat after that for about 12 to 18 months.
The Star
6 days ago
- Business
- The Star
BP says it has made largest find in 25 years off Brazil
SAO PAULO: BP Plc says it has made its biggest discovery in 25 years in deep waters off Brazil, a boon for the UK oil major as it seeks to turn around years of underperformance. BP found an estimated 500-m column of oil and gas at the Bumerangue block in the Santos basin, it said yesterday, giving little other detail. The find adds to other discoveries this year in Trinidad & Tobago, the Gulf of Mexico and Egypt. 'This is another success in what has been an exceptional year so far for our exploration team,' the energy giant said in a statement. 'Our ambition is to explore the potential of establishing a material and advantaged production hub' in Brazil. Chief executive officer Murray Auchincloss reset BP's strategy in February by promising to refocus on oil and gas after years of failed low-carbon investments. Other supermajors had recommitted more quickly to the hydrocarbon-focused strategies that fed their profits. BP's 2030 production target: 2.3 million to 2.5 million barrels of oil equivalent a day, remains unchanged. The London-based company said it has 'capacity to increase production out to 2035'. — Bloomberg Trading ideas: Bumi Armada, Zetrix, Kelington, Kim Hin, Hibiscus, Johor Plantations, Ajiya, Tex Cycle, Pekat, Kimlun, Jiankun, Rimbunan Sawit, Ramssol
