On March 10, the opening day of the CERAWeek by S&P Global conference held in Houston, discussions centered around the Trump administration’s energy policies, tariff uncertainties in North America, and evolving climate goal timelines. Coverage from Platts, a division of S&P Global Commodity Insights, highlighted several key topics. In relation to oil prices, major trader Vitol anticipates crude oil prices will stabilize within the $60-$80 per barrel range.
Although market fundamentals have weakened somewhat, current inventories remain low. CEO Russell Hardy expressed optimism, stating, “I don’t think we are in for a long, bearish period for oil prices,” suggesting a move toward a slightly lower price range compared to the past few years. Tariffs introduced by the Trump administration are causing significant uncertainty for businesses and could severely impact US merger and acquisition activity, according to Peter Orszag, CEO of Lazard.
He noted that complexities and costs surrounding energy deals could hinder progress, especially under the broader “Drill, baby, drill” narrative, which may lead to disconnects in expectations. In terms of energy exports, US Energy Secretary Chris Wright signed an LNG export permit extension for the proposed Delfin LNG terminal. He criticized the previous Biden administration’s freeze on LNG approvals, indicating that the Trump administration plans to resume issuing new licenses soon in order to enhance energy availability and national security.
Wright also defended the decision to halt federal leasing for offshore wind energy, explaining that significant investment and community impact stem from projects that have been developed extensively in Europe. Furthermore, Chevron CEO Mike Wirth outlined the need for off-grid power solutions to support the rapid development of data centers, indicating that the company is entering this market to help meet demand for reliable energy sources. Lastly, Alberta Premier Danielle Smith commented on the future of Canadian oil pipelines, stating that the results of the federal elections later this year will be crucial.
With Mark Carney set to lead the Labour Party and take on the prime ministerial role, she expressed skepticism about his stance on fossil fuels, emphasizing the need for Alberta’s oil and gas as global demand grows.