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US oil titan to cut up to 25% of its workforce — impacting thousands. So what happened to ‘drill baby drill’?

The report blamed large OPEC+ inventories and increased production, adding an expectation of prices hovering around 51abarrelinearly2026.Italsoincludedapredictionthat,nextyear,risingnaturalgaspricesandfallingoilpriceswillresultincrudeoiltradingatitslowestpremiumtonaturalgassince2005.Earlierthisweek,theU.S.EnergyInformationAdministrationreleasedashorttermenergyoutlook[5]thatwarnedofasignificantdeclineinBrentcrudeoilproductionandpricesfrom51 a barrel in early 2026. It also included a prediction that, next year, rising natural gas prices and falling oil prices will result in crude oil trading “at its lowest premium to natural gas since 2005.”Earlier this week, the U.S. Energy Information Administration released a short-term energy outlook [5] that warned of a significant decline in Brent crude oil production and prices — from ...