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Chevron is cutting about 650 Hess jobs after completing its $53 billion takeover last month, but exploration is one area likely to be spared.

The CPChem cuts primarily involve corporate roles including information technology, supply chain management and logistics rather than chemical plants, according to people familiar with the matter.

U.S. oil production is now expected to fall in 2026 as prices slide, according to a government forecast, reversing years of growth that propelled the country to the world’s top producer.

The ability to buy heavy crude at cheap prices is set to improve in the second half of the year as Canadian and Middle Eastern production rebounds.

Trump last week announced a 25% rate on Indian exports. He also threatened more duties if India continued to buy oil from Russia.

The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, but no details on tariffs were shared by either side.

Phillips 66 is maximizing diesel production to take advantage of strong demand and would consider investing in projects that give its refineries the flexibility to make more of the fuel.

The latest production forecast for this year represents a drop of about 50,000 barrels a day from the Energy Information Administration’s previous projections in June.

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

In the shale oil fields of Texas, North Dakota and New Mexico, executives are unlikely to change their capital budgets based on abrupt price moves from U.S. military strikes on Iran.