Drilling rigs in the Permian
Sustained low oil prices could kill production for years
Modest downward revisions to 2025 supply belie the longer-term damage to E&P from a weaker oil market
For some time now, $70–80/bl oil has been considered the oil market sweet spot—a price high enough for companies to continue pumping and thriving while being low enough not to damage consumers. The current trade war has prompted the North Sea benchmark Brent to fall to the low $60/bl region and the US marker WTI to around $60/bl, which is leading to a worrying reveal: that the so-called ‘goldilocks’ price was in actual fact more a minimum viable product. It has been OPEC’s mantra for years: oil price stability is needed to encourage continued investment in E&P and maintain a healthy industry. But with the group having lost patience, and Trump’s approach to trade creating fresh volatility
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8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
