Trump says Putin wants to end Ukraine war
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
U.S. oilfield service firms are facing significant challenges following President Donald Trump’s recent tariff announcement, which is disrupting supply chains and contributing to a decline in oil prices.
Analysts predict that the combined effects of the tariffs and lower oil prices could lead to a drop in drilling activity, placing additional pressure on major oil services companies.
Financial services firm Morningstar downgraded its fair value estimates for the three largest oilfield service firms—SLB, Halliburton, and Baker Hughes—by 3-6% following the announcement of the tariffs. The firm warned that these companies could see a 2-3% decline in oilfield revenue in 2025. For each dollar lost in revenue, Morningstar estimates these companies could lose between $1.25 and $1.35 in operating profit.
The tariffs, which are expected to impact crucial components such as pipes, valve fittings, and sucker rods, are particularly concerning for these firms, which rely on multinational sourcing strategies, according to Rystad Energy's Ryan Hassler.
Shares of the major oilfield service firms took a hit on Friday. SLB, the world’s largest oil services company, saw its stock drop by 12%, reaching its lowest point since September 2022. Halliburton’s stock fell by 10%, while Baker Hughes’ shares tumbled by 11%.
In addition to the tariff challenges, oil prices also took a sharp dive after China— the world’s largest crude oil importer—escalated tariffs on U.S. goods. This move sparked concerns about a global recession and a subsequent dip in oil demand. Crude oil futures were down more than 8% in afternoon trading, with global benchmark Brent crude falling to $64.03 per barrel and U.S. West Texas Intermediate crude (WTI) hitting $66.90.
If WTI remains in the $60 per barrel range for an extended period, it could lead to reduced activity in the U.S. shale sector by the second half of the year, Rystad’s Hassler warned. Investment bank JP Morgan has raised the probability of a global recession by the end of the year to 60%, up from 40% previously.
"The curtain appears to be falling on global trade as we knew it," said Tamas Varga, an analyst at PVM Oil Associates. "The threat of recession is front of mind, and investors are retreating from risk assets such as oil and equities."
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
A deadly explosion at Iran’s Bandar Abbas port has left at least 40 dead, with more than 1,200 people injured, state media reported on Sunday, halting operations at one of the country’s most vital trade hubs.
For three generations, the Liebigs built railcars in Görlitz. Now, the factory that shaped their lives will produce parts for battle tanks.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
U.S. Treasury primary dealers want Congress to scrap the federal debt ceiling, warning in new TBAC minutes that the limit lifts borrowing costs, fuels market turmoil and could weaken the dollar’s reserve-currency standing.
Russia and North Korea on Wednesday launched construction of a road bridge between the two countries that will span the Tumannaya river, marking strategic partnership between the two countries, Russia's prime minister said.
Canada’s economy contracted 0.2 % in February, its first monthly decline since November, as slumps in mining, oil and gas extraction, and construction dragged overall output lower, Statistics Canada said.
U.S. President Donald Trump is closing in on a minerals deal with Ukraine, part of his plan to end the war.
Romanians vote Sunday in a rerun presidential election with far-right eurosceptic George Simion leading the polls, a potential upset that could unsettle markets and raise alarms in the EU and NATO.
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