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The measure would open new opportunities for oil and gas development in the mammoth National Petroleum Reserve-Alaska, an Indiana-sized parcel in the northwest of the state.

Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said.

Saudi Aramco plans to spend $3.4 billion on its Motiva refinery in Texas, the largest fuelmaking plant in the U.S.

Saudi Arabia’s state-owned oil giant Aramco posted Q1 profit of $26 billion on May 11, down 4.6% from the prior year as falling global oil prices undermine the kingdom’s development plans.

Energy Secretary Chris Wright sought to reassure U.S. oil companies during a visit to Oklahoma, saying turmoil from President Donald Trump’s trade war is apt to be fleeting.

The dominant North American oil field services provider told investors April 22 on a conference call that tariffs will have an impact of 2 to 3 cents per share during the second quarter.

The International Energy Agency slashed forecasts for global oil demand this year amid the trade war, and in its first detailed assessment of 2026 predicted a persistent supply surplus.

Drilling in the U.S. shale patch declined at the fastest pace in almost two years as mounting international trade tensions threaten to stifle energy demand.

The Trump administration extended Chevron’s deadline through May 27 to halt its operations in Venezuela, following lobbying efforts by the Texas-based oil giant.

WASHINGTON — President Donald Trump said he would be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela as well as imposing new tariffs on the country itself.