Indian state-controlled oil marketing companies have raised commercial LPG cylinder prices for August after cutting prices for four consecutive months since April. A 19kg commercial LPG cylinder in Delhi now costs 1,652.5 rupees ($20), up by Rs6.5 from a month earlier, and in Mumbai costs Rs1,605, up by Rs7 from a month earlier. Prices in Kolkata rose by Rs8.5 to Rs1,764.5, while prices in Chennai rose by Rs7.5 to Rs1,817, state-controlled refiner IOC's website shows. Prices for 14kg residential cylinders remained at Rs803 in Delhi, Rs802.50 in Mumbai, Rs829 in Kolkata and Rs818.50 in Chennai.
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Drilling slowdown undermines Trump’s energy dominance
Drilling slowdown undermines Trump’s energy dominance
New York, 7 July (Argus) — US shale producers expect to drill fewer wells in 2025 than they initially planned to at the start of the year, dealing a potential blow to President Donald Trump's goal of unleashing energy dominance. Almost half of the executives quizzed by the Federal Reserve Bank of Dallas in its second-quarter 2025 energy survey have scaled back their anticipated drilling in response to lower crude prices. The decline was most notable among the large operators — or those with output of at least 10,000 b/d — that now account for about 80pc of total US production, according to the bank. The anonymous survey, which gauges the pulse of the shale heartland, has become an outlet for industry insiders to vent their growing frustration at the Trump administration, and executives from exploration and production (E&P) firms offered a withering criticism of the president's tariff policies and unrelenting push for lower oil prices that have contributed to an industry-wide slowdown. "It's hard to imagine how much worse policies and DC rhetoric could have been for US E&P companies," one unidentified executive wrote. "We were promised by the administration a better environment for producers but were delivered a world that has benefited Opec to the detriment of our domestic industry." The survey found that activity contracted slightly in the three months to the end of June, with firms becoming increasingly uncertain about the outlook. "The key point from this survey release is that conditions deteriorated for companies in the oil and gas sector this quarter, with survey responses pointing to a small decline in overall activity as well as oil and gas production," Dallas Fed senior business economist Kunal Patel says. The deteriorating outlook for shale comes as the Opec+ group has stepped up efforts to unwind past output cuts, which might help it to regain market share. But the White House argues that efforts to remove permitting obstacles will help the homegrown oil industry to thrive over the longer term, bolstered by Trump's One Big Beautiful Bill that paves the way for expanded oil and gas leasing. Still, that did not stop executives in the latest Dallas Fed survey from complaining that Trump's " Liberation Day chaos " has jeopardised the sector's prospects, and recent volatility is inconsistent with the president's "Drill, baby, drill" mantra. One drew attention to calls from some within the White House for a price target of $50/bl. "Everyone should understand that $50 is not a sustainable price for oil," the executive said. "It needs to be mid-$60s." Firms were also asked about how their production would change at lower prices. A slight decline was expected if oil prices hovered around $60/bl over the next 12 months, while a significant pullback was anticipated if oil retreated as far as $50/bl. Steel yourself About a quarter of producers estimated that tariffs have increased the cost of drilling and completing a new well by as much as 6pc. And about half of the surveyed oil field services firms expect a recent increase in US steel import tariffs to result in a slight decline in customer demand in the next year. "Despite efforts to mitigate their impact, the scale and breadth of the tariffs have forced us to pass these costs on to our customers," one services firm executive wrote. "This comes... when the economics of oil and gas production are already challenged due to the dynamics of global oil supply and demand." On top of this, firms expect challenges related to the huge volumes of water produced alongside oil in the top Permian basin of west Texas and southeastern New Mexico to act as a constraint on drilling in the next five years. "Water management continues to disrupt plans and add significant costs," one executive said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US to lay out tariff demands in coming days: Trump
US to lay out tariff demands in coming days: Trump
London, 4 July (Argus) — The US will lay out its tariff demands on foreign trade partners in the coming days, President Donald Trump said today. From tomorrow, 5 July, Trump will send letters to 10-12 countries a day, with the aim that all countries will be "fully covered" by 9 July, Trump said. That rate will not cover the amount of tariff deals still to be done by the US, which to date has struck three deals — of 10pc with the UK and China and of 20pc with Vietnam. "[The tariffs will] range in value from maybe 60pc or 70pc tariffs to 10pc and 20pc tariffs," Trump said. Countries will start paying them on 1 August, he said. Since 5 April Washington has been charging a 10pc extra tariff on imports — energy commodities and critical minerals are exceptions — from nearly every foreign trade partner, and those rates could go higher after 9 July. Trump has justified those tariffs by citing an economic emergency caused by allegedly unfair trade practices in foreign countries, and his administration is engaged in talks with foreign governments with the nominal goal of lowering their trade barriers. By Haik Gugarats and Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India cuts commercial LPG cylinder prices for July
India cuts commercial LPG cylinder prices for July
Mumbai, 3 July (Argus) — Indian state-controlled oil marketing companies have reduced commercial LPG cylinder prices for the fourth-consecutive month in July, refiner IOC's website shows. A 19kg commercial LPG cylinder now costs 1,665 rupees ($19.4) in Delhi, down by Rs58.5 from a month earlier. Prices in Mumbai are at Rs1,616.5, down by Rs58 on the month. Prices in Kolkata and Chennai are at Rs1,769 and Rs1,823.5, respectively, down by Rs57 and Rs57.5, respectively from the previous month. Prices for 14kg residential cylinders remained unchanged since April at Rs853 in Delhi, Rs852.50 in Mumbai, Rs879 in Kolkata and Rs868.50 in Chennai. Residential LPG is used for cooking in homes, while commercial LPG cylinders are mostly used in canteens, offices, colleges, schools, hospitals, restaurants and hotels. The decline in commercial cylinder prices came on the back of a fall in Saudi contract prices (CP) in June. State-controlled Saudi Aramco lowered its June propane contract price by $10/t on the month to $600/t, and butane by $20/t on the month at $570/t. Commercial cylinder prices are likely to fall further next month, especially as July CP prices have further declined, with propane CP at $575/t and butane at $545/t. By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Alternative-fuel ship orders fall in 1H 25: DNV
Alternative-fuel ship orders fall in 1H 25: DNV
Sao Paulo, 1 July (Argus) — Orders for new alternative-fuelled vessels fell in the first half of 2025 from a year earlier, according to Norway-based classification agency DNV. It said 151 new alternative-fueled vessels were ordered, down from 179 in the same period in 2024. These orders represented 19.8mn gross tonnes (GT), up by 78pc from the same period in 2024. LNG-fueled vessels accounted for 87 of the new orders in the first half, followed by methanol-fueled ships, with 40. DNV said 17 were LPG-fueled vessels, followed by hydrogen with four orders and ammonia with three. Orders for alternative-fueled vessels totaled 19 in June, up from 16 in May. The orders included 11 LNG-fueled vessels, four methanol-fueled ships, two hydrogen-fueled vessels, and two LPG carriers. By Natália Coelho New orders, 1H 2025 Fuel Number of vessels LNG-fueled 87 Methanol-fueled 40 LPG-fueled 17 Hydrogen-fueled 4 Ammonia-fueled 3 DNV Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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