Oil prices were stable on April 28 as investors weighed up uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, as well as the prospect of OPEC+ raising supply.
The renewable energy producer’s move was taken as the offshore wind sector remains in U.S. President Donald Trump’s crosshairs.
A panel of former State Department, National Security Council, National Intelligence Council and other officeholders expressed concern about the future of the U.S.’ relationships at CERAWeek by S&P Global.
As good as the Trump administration’s “drill, baby, drill” may initially sound, global oil production will slow if the price sinks below $60/bbl.
Gas producer Range Resources says having access to markets out of the East Coast is a benefit during the U.S.-China trade war as most of its exports head to Europe.
Opportunities may be challenged in the near term, but Comerica Bank remains supportive of oil and gas, says Jeff Treadway, director of energy finance.
NextEra Energy CEO John Ketchum put the renewable energy unit’s exposure to tariffs at less than $150 million through 2028 on more than $75 billion in expected capex.
Oil could range from sub-$50 to $75, depending on how tariffs shake out.
The oil and gas industry is bracing for the near-term impacts of Trump’s tariffs as oil prices fall, steel prices rise and M&A slams on the brakes.
Stratas Advisors predict that the growth in non-OPEC supply will be muted by the uncertainty of low oil prices, including supply associated with U.S. shale producers, which are facing financial and operational pressures because of lower oil prices.