Pipeline Disruption Slashes Ecuador Output by 133,000 bpd
Ecuador’s state oil company, Petroecuador, has...
Ecuador’s state oil company, Petroecuador, has declared force majeure on its operations after both major crude pipelines, SOTE and OCP, halted flows due to worsening erosion in the Amazonian province of Napo. The company suspended activities this week to prevent further damage to critical infrastructure as erosion along the Coca River continues to threaten oil transport lines and the Coca Codo Sinclair hydroelectric plant, Ecuador’s largest.
The suspension has already cut Ecuador’s crude output by an estimated 133,000 barrels per day (bpd), based on Petroecuador data, placing fresh strain on the country’s oil-dependent economy. Ecuador produced about 464,000 bpd on average in 2024, according to official statistics.
"Force majeure has been declared so that (Petroecuador) can act with all the tools necessary," Petroecuador chief executive Leonard Bruns told Reuters.
Oil prices fall as OPEC+ ramps up production; U.S. stock futures decline as tariffs to go into effect Aug. 1
Crude oil prices fell Sunday after the Organization...
Crude oil prices fell Sunday after the Organization of the Petroleum Exporting Countries and its allies announced Saturday they will increase oil production by a larger-than-expected amount in August, as part of a continuing effort to reclaim market share by lowering prices.
Meanwhile, U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.
West Texas Intermediate crude for August slid about 1.9% late Sunday, to around $65.68 a barrel. Brent crude for September, the global benchmark, fell about 1.2%.
Fourth of July gasoline prices may be the lowest in years. Will gas stay this cheap all summer?
U.S. drivers may pay the lowest Independence Day prices...
U.S. drivers may pay the lowest Independence Day prices for gasoline at the pump since 2021, as easing tensions between Israel and Iran have helped pull oil prices lower. However, whether cheaper fuel prices will persist for the rest of the summer is a bit harder to predict.
Heightened production from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), along with trade-policy concerns, have muted the “typical springtime rise in prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Earlier this week, the average price for regular unleaded gasoline was $3.155 a gallon, according to GasBuddy. That’s up 6.2 cents a gallon from a month ago, but down 34 cents from a year ago.
On this day in 1776, the Continental Congress adopted the Declaration...
On this day in 1776, the Continental Congress adopted the Declaration of Independence, boldly proclaiming that 'all men are created equal' and possess unalienable rights to life, liberty, and the pursuit of happiness. Today we celebrate not just the birth of our nation, but the enduring ideals that continue to inspire us to build a more perfect union. Happy Independence Day!
Russia’s Oil and Gas Revenues Dip to January 2023 Low
Russia's revenues from oil and gas for the budget declined by 33.7%...
Russia's revenues from oil and gas for the budget declined by 33.7% in June compared to the same period a year earlier, reaching the lowest level since January 2023, amid weaker commodity prices and a stronger Russian ruble.
For June, total budget revenues from oil and gas dipped to $6.3 billion (494.8 billion Russian rubles), according to data from Russia’s finance ministry published on Thursday.
Lower budget income from oil and gas is a problem for Russia’s war economy, in which spending on defense and military is now at its highest since the end of the Cold War.
Russia said at the end of April it expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark.
