Oilholics Synonymous Report: next bp ceo

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Sunday, December 21, 2025

Crude prices, Venezuela, BP's incoming CEO & more

Another day, another oil tanker seized by the US off the coast of Venezuela. That's after US President Donald Trump said he was ordering a complete blockade of sanctioned crude carriers entering and leaving Venezuela. And as it appears, the Americans may well be in pursuit of a third tanker after having seized two already. Situation remains volatile as the Trump administration is showing no signs of easing up on Venezuela

Despite all what's afoot, the oil price is still lurking around the $60 per barrel mark using Brent as a benchmark. It is roughly the level it was at in February 2021. That's because there's still plenty of oil in a market that's heading to a potential surplus next year, as the Oilholic has previously noted. The scenario has given President Trump plenty of room for sabre rattling and putting the squeeze on Venezuela. It will be worth watching where this goes.

Away from crude prices and Venezuela, another development that really got the market chatting was the sudden and surprising announcement of another BP CEO appointment.

Late on Wednesday, the energy major announced the departure of Murray Auchincloss and named Woodside Energy boss Meg O’Neill as its incoming CEO.

That'll be the company's fourth CEO in six years going back to Bob Dudley's retirement in 2020. In that time, BP's share price has persistently trailed its rivals. The company also made costly renewables calls that didn't work out, became the target of an activist investor and had to contend with embarrassing talk of a takeover. So, O'Neill has her work cut out, as the Oilholic said in a BBC interview the morning after the news broke.

Many investors are perhaps counting on the new CEO turning things around to build a more profitable and fitter BP. Admittedly, it will be a tough ask with a huge in-tray. But perhaps a solid pro like O'Neill may well be the one to do it. Overall, the appointment should go down well with the market and shareholders. Of course, how it pans out remains to be seen.

Well, that's all for the moment folks. More musings to follow soon. Keep reading, keep it here, keep it 'crude'!

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© Gaurav Sharma 2025. Photo: Gaurav Sharma, Energy Analyst, Oilholics Synonymous, on BBC News, December 18, 2025. © BBC, December 2025.

Monday, September 18, 2023

Oil in the $90s, Reimagining BP without Looney & more

What a difference a fortnight makes - for this blogger was musing end-August on how oil benchmarks were pretty much staying rangebound in the absence of drivers and looking for direction. That driver arrived in the shape of an extension of Saudi-Russian output cuts till the end of 2023 merely a few weeks later.

Whatever their motivation might be, Riyadh and Moscow have decided that they will not let the market go into surplus mode as the Northern Hemisphere's winter approaches. End result - even the WTI front-month futures contract is finding support above $90 per barrel, and for its part Brent is flirting with $94/95 levels.

Should we therefore conclude that a return of $100 oil prices is imminent for the first time since July 2022 despite a high interest rate climate, tepid economic activity in China and wider consumer anxiety? The short answer is - yes (barring an unforeseen macroeconomic upheaval), and particularly so, for global proxy benchmark Brent.

In fact, the question right now shouldn't be whether oil will get to $100 levels, but rather whether it would stay there? Of that, one is not too sure. Current price levels of futures contracts six month out point to a different story, and different a demand (and supply) dynamic for Q2 2024. Here are the Oilholic's thoughts on market direction via Forbes.

Away from the direction of the oil price, the market for blue chip energy stocks got a shock after BP's social media loving CEO Bernard Looney suddenly resigned late on Sept 12 over his failure to fully disclose details of "past relationships" with colleagues! What might follow next for BP could be pivotal - will it continue down the path set by Looney or mark a return in focus to core oil and gas operations? (More here.)

Finally, this blogger also found the chance for two exclusive Forbes interviews earlier this month with Jim Johnson, CEO of engineering group Hunting Plc, and Christopher Hudson, President of dmg events. Click on the hyperlinks above should you wish to read these. But that’s all for now, for the moment folks! Keep reading, keep it crude!