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The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The majority of the oil giant’s job cuts, which are in the range of 20% to 25% of its roughly 13,000-strong workforce, will occur this year, the company said in an email Sept. 3.

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.

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.

Phillips 66 is maximizing diesel production to take advantage of strong demand and would consider investing in projects that give its refineries the flexibility to make more of the fuel.

ConocoPhillips is in advanced talks to sell some of its Oklahoma assets to closely held Flywheel Energy for around $1.3 billion, people familiar with the matter said.

The national average diesel price increased for the third consecutive week, rising 5.4 cents a gallon to $3.812, according to U.S. Energy Information Administration data released July 22.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.

Shell's former head of oil trading in the U.S. was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit.