London, June 06, 2025 (Oilandgaspress) –-Baker Hughes Rig Count: U.S. -3 to 563 Canada -2 to 112
U.S. Rig Count is down 3 from last week to 563 with oil rigs down 4 to 461, gas rigs up 1 to 99 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 2 from last week to 112, with oil rigs down 2 to 69, gas rigs unchanged at 43 and miscellaneous rigs unchanged at 0.
International Rig Count is down 67 rigs from last year’s count of 953, with land rigs down 41, offshore rigs down 26
Global oil investments expected to drop 6% this year, says IEA Global oil investments are expected to drop 6% in 2025, in the first such decline in a decade excluding the year of the Covid slump, according to the International Energy Agency.
Crude prices have fallen as U.S. President Donald Trump’s tariff policy threatens to slow the global economy, while OPEC+ accelerates the revival of its production into a market that was already well supplied. The IEA’s initial estimates for 2025, based on company announcements, showed that oil and gas spending would be flat, but sentiment has since become more downbeat as oil prices are coming under pressure, according to the report.
Lower expenditure on oil brings IEA expectations for overall upstream oil and gas investment for 2025 to just under $570 billion, a decline of about 4%. Of this spending, about 40% goes toward slowing down production declines at existing fields. Global refinery investment in 2025 is set to fall to its lowest level in the past 10 years at around $30 billion.
Spending in natural gas fields is set to maintain the levels seen in 2024, and investment in new liquefied natural gas facilities “is on a strong upward trajectory” as new projects in the US, Qatar, Canada and elsewhere prepare to come online.
“Between 2026 and 2028, the global LNG market is set to experience its largest ever capacity growth,” according to the report.
World’s auto supply chain is in the hands of Chinese bureaucrats China holds a near-monopoly on rare earth magnets – a crucial component in electric vehicle motors – and it added them to an export control list in April as part of its trade war with the United States, forcing all exporters to apply to Beijing for licenses. It falls to the Bureau of Industrial Security and Import and Export Control – which is part of China’s Ministry of Commerce – to review export permits for the rare earth magnets, which are vital for car motors, wind turbines and even U.S. F-35 fighter jets.
While dozens of licences have been issued since late April, executives, lobbyists and diplomats say they are only a small fraction of the applications that have flooded in from automakers, semiconductor companies and aerospace firms around the world since the tougher export controls were introduced.
BW Energy Announce Fixed Income Investor Meetings BW Energy has engaged Pareto Securities as Global Coordinator together with Arctic Securities as Joint Bookrunners to arrange a series of fixed income investor meetings. Fearnley Securities and Sparebank1 Markets are acting as Co-Managers. Subject to inter alia market conditions and acceptable terms, a new senior unsecured bond issue of USD 300 million with a tenor of five years may follow. The purpose of the bond issue is for general corporate purposes. Holders of BWE01 bonds will be offered to roll-over their bonds into the new contemplated bond issue.
BW Group (76.5% shareholder and primary insider through Mr. Andreas Sohmen-Pao) has the intention to subscribe and be allocated USD 100 million in the new bond including roll-over of USD 38.5 million of their existing BWE01 bonds. CEO Carl Arnet will also subscribe and be allocated USD 2.5 million in the new bond including roll-over of USD 2 million of his existing BWE01 bonds.
OPEC+ Output Hikes to Weigh on Oil Prices in Late 2025 HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends.
“Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd of voluntary cuts fully unwound by the end of 2025,” the bank said in a note on Friday carried by Reuters.
OPEC+ producers have just said they would boost July production by another 411,000 barrels per day (bpd), citing “current healthy oil market fundamentals and steady global economic outlook.”
According to HSBC, the producer group will announce two large hikes after July. OPEC+ could raise output by another 411,000 bpd in August and 274,000 bpd in September, which would mean that the alliance would bundle five of the previous monthly increases of 138,000 bpd into two months.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $63.51 | Up |
| Crude Oil (Brent) | USD/bbl | $66.26 | Up |
| Bonny Light 05/06/25 CBN | USD/bbl | $68.36 | Up |
| Dubai | USD/bbl | $64.47 | Up |
| Natural Gas | USD/MMBtu | $3.70 | Down |
| Murban | USD/bbl | $66.20 | Up |
| OPEC basket 04/06/25 | USD/bbl | $65.10 | Up |
TotalEnergies statement on defamatory nature of Yannick Jadot’s commentsTotalEnergies filed a complaint against Mr. Yannick Jadot on April 8, 2022, due to several public statements in which he accused TotalEnergies of being complicit in war crimes committed by Russia in Ukraine.
In its judgment of June 6, 2025, the Paris Criminal Court recognized the defamatory nature of Mr. Jadot’s remarks accusing TotalEnergies of complicity in war crimes. TotalEnergies welcomes the court’s recognition of the defamatory nature of Mr. Jadot’s remarks and notes the court’s acquittal in favor of Mr. Jadot on the grounds that these defamatory remarks were part of the public debate within the specific context of the March 2022 presidential campaign.
TotalEnergies reiterates that it has strongly condemned Russia’s military aggression against Ukraine since the beginning of the war in Ukraine and that it has conducted its activities in Russia, past or present, transparently, in accordance with its principles of action made public on March 22, 2022, in compliance with applicable sanctions and within the framework of European energy policy. It also recalls that a complaint filed against it accusing it of complicity in war crimes in connection with TotalEnergies’ activities in Russia was dismissed by the prosecutor’s office, after a thorough examination of the factual and legal elements, and then dismissed by an investigating judge.
Deutsche Bank Global Auto Industry ConferenceDana Incorporated announced today it will participate in the Deutsche Bank Global Auto Industry Conference on June 12. Beginning at 12:55 p.m. EDT, Dana’s Senior Vice President and Chief Financial Officer Timothy Kraus will host a fireside chat for approximately 35 minutes.
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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