May 19, 2025 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- Oil rises as Iran talks stall
- Summary: Oil prices rose as Iran downplayed progress in nuclear talks, with Brent settling above $65 (up over 1%) and WTI topping $62. The market reacted to mixed geopolitical signals and reports of Israeli strikes in Yemen, raising fears of regional conflict. Despite the gains, oil remains down over 10% in 2025 amid trade tensions and rising OPEC+ output.
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- China’s fossil fuels production retreats from record levels
- Summary: China’s fossil fuel output declined in April from March’s record levels, though year-on-year production remained up: natural gas rose 8.1% to 21.5 bcm, crude oil increased 1.5% to 17.7 million tons, and coal climbed 3.8% to 389 million tons. Crude oil processing fell 1.4% due to seasonal maintenance. Aluminum output rose 4.2%, hitting a daily record amid lower feedstock costs.
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- Gas prices hit lowest inflation-adjusted levels in years
- Summary: U.S. gas prices rose 6.1 cents to $3.14 per gallon, still 41 cents lower than a year ago, while diesel climbed 2.9 cents to $3.50. Gasoline inventories fell by 1 million barrels, 3% below the five-year average, and refinery utilization rose to 90.2%. Despite the weekly increase, gas prices remain among the lowest inflation-adjusted levels in years.
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- Turkey finds new natural gas reserve in Black Sea, Erdogan says
- Summary: Turkey has discovered a new 75 billion cubic metre natural gas reserve in the Black Sea’s Goktepe-3 well at a depth of 3,500 metres, valued at approximately $30 billion. President Erdogan stated the find could meet household gas needs for 3.5 years. Daily production at the Sakarya field now reaches 9.5 million cubic metres as Turkey aims to reduce its over 90% energy import reliance and enhance supply security.
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- Oil companies seek protection as Texas weighs fracking water release
- Summary: Texas lawmakers are advancing a bill to shield oil companies, water treatment firms, and landowners from liability when selling treated fracking wastewater for reuse. With oil production generating up to five barrels of wastewater per barrel of oil, the industry sees treatment as a solution to water shortages but demands legal certainty. Critics warn that current data and treatment systems may not fully ensure safety, risking environmental harm.
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- Baker Hughes reports U.S. rig count down 2 to 576 rigs
- Summary: The U.S. rig count fell by 2 to 576 last week, with oil rigs down 1 to 473 and gas rigs down 1 to 100, while miscellaneous rigs remained at 3. Year-over-year, the U.S. rig count is down 28 from 604, including 24 fewer oil rigs and 3 fewer gas rigs. Meanwhile, Canada’s rig count rose by 7 to 121, with oil rigs increasing by 6 to 74.
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- Company founded by Trump’s energy chief predicts shale slowdown
- Summary: Liberty Energy, founded by former Energy Secretary Chris Wright, anticipates a shale drilling slowdown in H2 2025, expecting a rig count reduction of 30 to 40 and a drop of 10 to 15 frack crews. Currently, about 475 U.S. oil rigs are active, per Baker Hughes data. Despite this, Liberty’s frack crews remain fully contracted through Q2.
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