Global Oil Market Insights

🛢️ Crude Oil (WTI)

$61.44 per barrel

24-hour Change: -0.35 (-0.57%)

52-Week High: $80.77    |    52-Week Low: $55.12

Last updated: October 24, 2025 10:56 PM EDT

📈 Oil Price Trend

📦 U.S. Crude Oil Inventory (EIA)

Latest Report: 254 thousand barrels
Period: 2025-04

🛢️ OPEC Crude Oil Imports by Grade – April 2025

Source: U.S. Energy Information Administration (EIA)

🌍 Latest Market Headlines

Last updated: February 3, 2026 8:23 AM EST

Kuwait Seeks Foreign Majors’ Help to Develop Offshore Fields

Kuwait's decision to seek assistance from foreign major oil companies to develop its offshore fields reflects a strategic move to leverage external expertise and technology to maximize the potential of these reserves. By partnering with international players, Kuwait aims to accelerate the development process, enhance operational efficiency, and tap into advanced drilling and extraction techniques. This collaboration not only benefits Kuwait in terms of faster resource monetization but also provides foreign firms with access to lucrative opportunities in the region. Additionally, such partnerships can facilitate knowledge transfer and skill development within Kuwait's domestic oil industry, contributing to long-term sustainability and growth.

Ørsted to Sell European Onshore Business for $1.7 Billion

Ørsted's decision to sell its European onshore business for $1.7 billion signifies a strategic shift towards focusing on its core offshore wind energy operations. This divestment allows Ørsted to streamline its portfolio, reduce debt, and allocate resources more efficiently towards expanding its offshore wind projects, which have become a key growth area for the company. By offloading its onshore assets, Ørsted can optimize its capital structure and strengthen its position in the renewable energy market, where offshore wind plays a crucial role in the transition towards cleaner energy sources. The sale also presents an opportunity for the buyer to enter the European onshore wind market with an established portfolio and operational expertise.

Libya Signals a New Gas Push as Europe Searches for Supply

Libya's renewed focus on gas production signals a strategic move to capitalize on Europe's increasing demand for natural gas amid efforts to diversify its energy sources and reduce reliance on Russian supplies. As Europe seeks alternative gas suppliers, Libya's potential to boost gas exports presents an attractive opportunity for both parties. By expanding its gas production capacity and enhancing infrastructure, Libya can position itself as a reliable gas supplier to Europe, contributing to regional energy security and economic cooperation. This shift towards gas also aligns with global trends favoring cleaner fuels, providing Libya with a competitive advantage in the evolving energy landscape.