The Woodside Energy Group Ltd (ASX: WDS) share price is down 0.23% in afternoon trade on Friday.
The S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed yesterday trading for $34.91 per share. Shares are currently changing hands for $34.83.
Despite today's slip, the Woodside share price remains up 1.7% since last Friday's closing bell. The stock gained on the first three trading days of the week before falling 0.5% on Thursday.
As you can see in the chart below, shares are up 20% over the past 12 months.
Image source: Getty Images
What's impacting the Woodside share price?
Today's slip is likely due to a 0.5% overnight drop in crude oil prices.
Brent crude oil is currently trading for US$75.91, according to data from Bloomberg.
Brent hit a high this week of US$78.36 on Wednesday, helping the Woodside share price finish the day up 1.0%.
Other global developments that piqued energy investor interest this week included the G7 summit held over the weekend in Hiroshima, Japan.
The Woodside share price closed up 1.1% on Monday amid news the group of seven rich nations agreed it was important for the world to increase the supply of liquefied natural gas (LNG).
The G7 stated:
We stress the important role that increased deliveries of LNG can play and acknowledge that investment in the sector can be appropriate in response to the current crisis, and to address potential gas market shortfalls provoked by the crisis.
Acknowledging the current limitations of sustainable energy supplies, a German official added, "We also need some new gas power stations, but they should be built in a way that they can run on green hydrogen later on as well."
What else were ASX 200 energy investors considering this week?
In a little-publicised move, the United States Senate introduced the Indo-Pacific Strategic Energy Initiative Act on Tuesday. The act is intended to transition away from higher carbon-emitting energy sources and reduce the world's reliance on Russian energy exports.
How could that impact the Woodside share price down the road?
Well, if the act passes, it will open the door for the US International Development Finance Corporation to invest in gas projects owned by non-US companies in the Indo-Pacific region.
And, as Woodside CEO Meg O'Neill pointed out: "Australia is among a select group of countries identified in the act as being a focus for US energy-related cooperation."
The Woodside share price could be among the big beneficiaries, with the company having more than 800 employees based in the US and a regional office in Houston, Texas.
"That's because, since our merger last year with BHP's petroleum business, we have a significant presence in both countries," Colorado-born O'Neill said.
