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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Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
