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The extra barrels have so far only put modest downward pressure on crude prices, but threaten to unleash a major surplus in the coming months, according to the International Energy Agency.

Houston-based Pinch is seeking to expand its flatbed less-than-truckload and truckload operations for oil and natural gas exploration and service companies with the deal.

President Donald Trump announced plans earlier this month to double tariffs on Indian goods from 25% to 50% over its purchases of Russian oil.

Shipments are expected to surpass 4 million barrels a day in August and September, reaching levels not seen since the start of the year, according to some market participants.

Chevron is cutting about 650 Hess jobs after completing its $53 billion takeover last month, but exploration is one area likely to be spared.

The CPChem cuts primarily involve corporate roles including information technology, supply chain management and logistics rather than chemical plants, according to people familiar with the matter.

U.S. oil production is now expected to fall in 2026 as prices slide, according to a government forecast, reversing years of growth that propelled the country to the world’s top producer.

The ability to buy heavy crude at cheap prices is set to improve in the second half of the year as Canadian and Middle Eastern production rebounds.

Trump last week announced a 25% rate on Indian exports. He also threatened more duties if India continued to buy oil from Russia.

The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, but no details on tariffs were shared by either side.