Baker Hughes Rig Count: U.S. -2 to 576 Canada +7 to 121
Brent $62.60/bbl, WTI Crude $65.50/bbl,Gas $3.33/MMBtu
London, May 16, 2025 , (Oilandgaspress) ––– U.S. Rig Count is down 2 from last week to 576 with oil rigs down 1 to 473, gas rigs down 1 to 100 and miscellaneous rigs unchanged at 3..
Canada Rig Count is up 7 from last week to 121, with oil rigs up 6 to 74, gas rigs up 1 to 47 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 16 May 2025 | 576 | -2 |
| Canada | 16 May 2025 | 121 | +7 |
| International | April 2025 | 891 | -8 |
IEAbacktracking on peak oil demand by 2030 narrative The International Energy Agency’s (IEA) Global EV Outlook 2025, published this week, offers a further glimpse into its backtracking on its peak oil demand by 2030 narrative.
Across all vehicle modes, the Agency says that the deployment of EVs is set to displace slightly over 5 million barrels a day (mb/d) of oil globally in its STEPS scenario by 2030. This compares to its 2024 report that stated a STEPS figure of around 6 mb/d, and a Net Zero Emissions (NZE) scenario figure of 8.2 mb/d. The Agency did not publish NZE figure in its 2025 publication.
The almost 1 mb/d difference is significant. It is especially significant for policymakers, industries and businesses, given that 2030 is less than five years away. Moreover, given this revision, could we also expect further ones in the future? In this regard, it is important to highlight a number of key data points and forecasts in the publication.
The Agency has not revised the total number of global EVs by 2030 in STEPS. The 2025 report has 250 million EVs across all modes, broadly the same as in 2024. This compares to 186 million EVs projected in OPEC’s World Oil Outlook 2024. The IEA’s projection is an approximate fourfold increase over last year’s stock, or around 200 million additional EVs. This raises the question: is this realistic given the trends we see before us today?
These trends are specifically related to the EV sales outlook, policy development, as well as pushback from consumers on many net-zero related policies. These factors play out at the regional level, which is where the Agency’s changes are reflected.
This can be viewed in actual data from major markets, with the report referencing that EV sales “stagnated” in Europe last year as subsidies and other supportive schemes reduced, and in the US, EV sales growth “slowed down significantly” in 2024 compared to the previous year.
Looking ahead, the Agency also slashed its 2030 EV sales penetration forecast for the US from around 55% to 20%, due to the expected rollback of EV subsidies and fuel economy standards under the new US Administration. For the EU, despite stagnating EV sales and loosening targets, the Agency projects a rebound for the region in the coming years.
It is also interesting to note that of the reported 17 million global EV sales in 2024, over 11 million, or about 65%, were in one market alone: China. In fact, the Agency’s data sees China at over 150 million EVs by 2030, an approximate 60% global market share, with the 2025 report seeing a shift in EV numbers from the US to China. This is the main reason for the lower oil displacement number for 2030 as China has a lower average per vehicle consumption and a higher component of plug-ins that still consume oil products.
Additionally, we need to be continually mindful of challenges facing the future expansion of EVs. To a large degree, growth so far has been driven by direct and indirect governmental subsidies. It remains to be seen how sales will evolve once these subsidies are eliminated. Moreover, recent announcements from major car manufacturers to delay EV investments and re-think future strategies is a clear signal that market realities have fallen behind expectations.
In part, the pausing of expansion strategies reflects the increasing resistance of customers to pay much higher prices for EVs, as well as a slow expansion of the required charging infrastructure. The Agency’s report indicates that “globally, public charging capacity … would need to grow almost ninefold to 2030” to support the projected EV stock expansion.
Alongside these concerns are others related to grid expansion and the availability of critical minerals in the long term. For example, the IEA’s report states that “electricity demand could increase more than fourfold, reaching 780 TWh” by 2030 and the sector is not the only one requiring huge electricity increases. While none of these signals indicate a lasting change in the actual trend for future EVs expansion, they clearly indicate a slower rate of growth in the coming years.
The IEA’s Executive Director has stated in recent times that the world is moving into an ‘Age of Electricity’ and away from fossil fuels. This does not seem to be borne out by its Global EV Outlook 2025. The report is further evidence of the Agency’s unrealistic narrative of peak oil demand by 2030. It undermines the narrative that there is no need for investment in new fossil fuel supply. And it underscores the importance of data driving policy – not policy driving data.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.48 | Up |
| Crude Oil (Brent) | USD/bbl | $65.36 | Up |
| Bonny Light 16/05/25 CBN | USD/bbl | $65.57 | Down |
| Dubai | USD/bbl | $64.72 | Down |
| Natural Gas | USD/MMBtu | $3.34 | Down |
| Sahara Blend | USD/bbl | $64.50 | Down |
| OPEC basket 14/05/25 | USD/bbl | $63.62 | Down |
Venezuelan export licence revocation Venezuela’s crude exports fell 7% m-o-m in April, following the Trump administration’s decision to revoke foreign companies’ licences to operate in Venezuela, and payment uncertainties that led to cargo cancellations. The United States – which was the top destination for Venezuelan crude exports since early 2023 when sanctions waivers were issued – was the primary contributor behind this decline. Vortexa data shows these exports dropped to 140kbd in April vs 200kbd in March, reaching the lowest level in 15 months.
USGC could see a reshuffling of flows
The relationship between the Trump administration and Venezuela’s government is the most critical factor shaping Venezuela’s oil exports outlook. As it currently stands, Chevron is expected to wind down operations by 27 May, per the Office of Foreign Assets Control’s latest mandate. Vortexa data shows that US imports of Venezuelan crude peaked at 340kbd in December 2024 – a record high since the Biden administration authorised Chevron to restart production in November 2022 – but have gradually declined since then.
By April, exports had dropped by 62% from that November peak. The steep decline in April can be especially attributed to PDVSA’s concerns over payment processing issues arising from US sanctions. In response, PDVSA suspended loadings and ordered two vessels, Carina Voyager and Dubai Attraction that were en route to the US to return their cargoes.
Cambridge briefing note on climate and energy for 19 May UK-EU Summit urges closer alignment Two professors at Cambridge Judge Business School today issued a Briefing Note on Climate and Energy Priorities for the 19 May UK-EU Summit in London, calling for measures to more closely align UK and EU policies in the post-Brexit world.
The paper was co-authored by Michael Pollitt, Professor of Business Economics, and David Reiner, Professor of Technology Policy, both of whom are members of the Energy Policy Research Group at the University of Cambridge.
“The UK and the EU are well aligned on the ultimate objectives of energy and climate policy with respect to carbon emissions reductions, the rollout of renewables and other low-carbon technologies, and the need for increasing energy efficiency and energy savings,” the Briefing Note says, but it adds that “there are a substantial number of measures that could be taken that would enhance cooperation and competitiveness, reduce costs and paperwork and encourage investment in the energy transition in the UK and EU.”
The Briefing Note lists 5 climate priorities, including full alignment on the EU and UK carbon border adjustment mechanism (CBAM) and to actively seek to recruit more countries from across the wider region to a European climate club with aligned targets for emissions reduction and coordinated carbon markets. The Briefing Note has 9 energy priorities, including full UK cooperation in the EU market coupling platform for electricity, EUPHEMIA, and exploring the potential for a special visa to encourage exchange of skilled labour in energy between the UK and EU.
“We live in a world of rising geopolitical tensions involving restriction of international trade in energy, critical minerals and energy equipment, which will inevitably hamper the energy transition needed to meet the goals laid out in the Paris Agreement,” concludes the Briefing Note.
“The EU and UK should seek to set an example of how reducing barriers to trade and mutual cooperation can be good for the economy and the environment. The evolving post-Brexit world offers an opportunity for both the EU and the UK demonstrate how distinct jurisdictions with closely aligned energy and climate targets can work together in ways that the rest of the world can learn from.”
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
“Stay informed with Oilandgaspress.com—your independent source for global energy, oil, gas, EV, and automotive industry news and analysis.”
Submit your Releases or contact us now!
Follow us: on Twitter | Instagram
Your Daily Source for Oil, Gas, Renewables & EV Market Insights :
latest oil and gas updates
energy news today
oil market news
gas prices update
oil price forecast
global oil trends
crude oil market
automotive electrification
EV industry news
electric vehicle trends
automotive industry forecast
