Quote of the day: “I need the cash in charge if I want to finance the diversification,” CEO Patrick Pouyanne said at International Energy Week in London in February. “I need to maintain this dance. I need to continue to develop oil and gas.”

Energy Transition
Paul Sankey

Double why me? US Trade War meets OPEC Market Share War

Doubly whammy for us; The world’s dominant trading partner declaring a trade war, And the world’s biggest cartel declaring a free market free-for-all on production. Oil is actually holding up okay, I mean only down around -6%, but things are about to get worse. We have just the right guests today for a midday market update. Frank Kelly can explain what on earth is going on in DC, and Kathleen Kelley can explain OPEC dynamics.

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Energy Transition
Paul Sankey

Sunday: People Have to Liberate Themselves

Brief today, as we wait for April 2nd, “Liberation Day” this week. There were plenty of words last week in the Sunday “Letter From a Bunker in London” as I pondered liberation. My iPhone 13 was up for free renewal, so I got a new iPhone 16, but boy does the “Arms Race” between Mag 7 players make it hard to set up a new combo of iPhone, Microsoft PCs, and Google. Total mess. Key

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Energy Transition
Paul Sankey

Royal Dutch / Shell: You Can Rely on Wael

Before he hit the podium at the Shell 2025 analyst meeting yesterday, I had a nice and very humorous chat with CEO Wael Sawan about being part of a group of stealth-Canadians – with Murray Auchincloss the CEO of BP and Greg Ebel the CEO of Enbridge – who had hockey jerseys under their suits in the Trump Oil Executive White House summit last week. Evidently they were all at one end of the table

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