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Ukraine's double-barreled drone strikes snarl Russian oil flows from Novorossiysk and tumble crude processing
Ukraine's double-barreled drone strikes snarl Russian oil flows from Novorossiysk and tumble crude processing
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Iraq seeks OPEC+ oil output quota hike, targets doubling production to 8-10 million bpd in six years
Iraq has sent a delegation to Saudi Arabia, seeking an increase in its OPEC production quota and warning that it might follow the UAE's example and exit OPEC if its production cannot be increased. Ira
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TotalEnergies CEO stated that the cost of transporting an oil cargo on a supertanker through the Strait of Hormuz is approximately $20 million.
TotalEnergies CEO stated that the cost of transporting an oil cargo on a supertanker through the Strait of Hormuz is approximately $20 million.
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Iran's oil shipments to Asia have almost dried up ahead of US action, with freight rates soaring to multi-year highs.
Iran's oil shipments to Asia have almost dried up ahead of US action, with freight rates soaring to multi-year highs.
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Pemex and Petrobras Partner for High-Risk Deepwater Drilling in Mexico's Gulf, Targeting Vast Jurassic Oil Resources
Mexico's state oil firm Pemex and Brazil's national oil company Petrobras are joining efforts to explore deep Jurassic formations in Campeche Bay, Gulf of Mexico. This high-risk, high-reward venture a
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Exxon Mobil expects Tengiz, one of its largest oil fields, to peak next year and begin to decline, but the company says other projects will drive total production growth.
ExxonMobil has informed Kazakhstan that its largest Tengiz oilfield is expected to peak next year and decline by nearly 40% to about 500,000 barrels per day by 2035. However, ExxonMobil stated that th
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Houthi Red Sea Threats Resurface, Forcing Saudi Oil Logistics to Adjust Again
Yemen's Houthi threats have made it difficult for Saudi Arabia to use an alternative route crucial for global oil supplies, forcing it to adjust its oil transportation methods once again.
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India's reliance on Russian oil hits an all-time high, exposing New Delhi's energy security vulnerabilities amid the Middle East conflict.
India's reliance on Russian oil hits an all-time high, exposing New Delhi's energy security vulnerabilities amid the Middle East conflict.
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US President Donald Trump accused oil giants like Shell of price gouging and called for a Department of Justice review; the article analyzes that oil prices are determined by the market and points out that Shell and others doubled their profits in the first half of the year
U.S. President Donald Trump recently accused oil companies, including Shell, ExxonMobil, and Chevron, of price gouging and called on the U.S. Department of Justice to investigate. However, some analys
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Iraq aims to more than double oil output to 8-10M bpd in 6 years, seeks higher OPEC quota; Chevron signs MOUs to develop key fields.
Iraq recently sent a delegation to Saudi Arabia seeking a higher production quota from OPEC to support its goal. Chevron signed MOUs for the West Qurna 2 and Nassiriya oilfields; West Qurna 2, current
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The U.S. military says it has helped 660 million barrels of oil pass through the Strait of Hormuz since May.
U.S. Central Command told CNBC this week that it also assisted approximately 1,300 merchant vessels through the strait during the same period. Despite Iranian threats and attacks, these figures indica
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Venezuela's Oil Exports Capped by Aging Ports, Tankers Face Up to 30-Day Delays, Threatening US-Backed Expansion
Venezuela's aging oil terminals are limiting its export recovery, with tankers waiting up to 30 days to load due to equipment failures, power outages, and crude-quality problems. Despite rising produc
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Iran's oil supply to Chinese refineries is rapidly depleting due to U.S. sanctions.
Bloomberg reported that Iranian oil available to Chinese buyers is rapidly depleting, indicating that the U.S. blockade of Iranian ports has effectively cut off Tehran's revenue.
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Bloomberg: Venezuelan officials negotiated oil deals with U.S. oil executives in Texas this week, but the process was opaque and rules uncertain.
Bloomberg: Venezuelan officials negotiated oil deals with U.S. oil executives in Texas this week, but the process was opaque and rules uncertain.
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Exxon Warns Kazakhstan's Top Oil Field Output to Peak Within Years, Followed by Sharp Decline
ExxonMobil Holdings Corp. has told Kazakhstan that the nation’s top oil field is already on the cusp of peak output and that its production will slump sharply in the coming decade.
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Demand for tankers soars as Gulf oil producers seek export solutions
Oil-exporting countries are looking to secure their own fleets, which is driving up prices, particularly for readily available vessels.
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US Energy Under Secretary Haustveit says about half of Venezuela's oil output is now being exported to the US
US Energy Under Secretary Haustveit says about half of Venezuela's oil output is now being exported to the US
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Venezuela's oil revival accelerates as Chevron expects production to rise 50% to 420,000 bpd by end-2028, with other majors also expanding
U.S. major Chevron has increased its oil production in Venezuela from 40,000 barrels per day (bpd) to 250,000 bpd over the past few years, with output from its three joint ventures rising 12% year-on-
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Saudi Arabia Offers Oil Off Oman Coast, Signaling Potential Increase in Strait of Hormuz Shuttling
This move suggests the kingdom may be following the United Arab Emirates in shuttling more barrels through the Strait of Hormuz.
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Bloomberg: Venezuelan Tycoon Alejandro Betancourt Is Helping the Donald Trump Administration Pursue “America First” Oil Deals
Venezuelan magnate Alejandro Betancourt is assisting the Donald Trump administration in advancing "America First" oil deals for favored U.S. companies, according to Bloomberg. The move is part of Wash
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US Energy Secretary says Middle East oil flows have rebounded to 15 million bpd, but ship tracking data shows Strait of Hormuz exports are only half that number.
U.S. Energy Secretary Chris Wright stated this week that oil exports from the Middle East have rebounded to 15 million barrels per day, even exceeding the pre-war average of 20 million barrels per day
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Turkish President Erdogan Calls for Reopening of Strait of Hormuz Amid Oil Disruption
Turkish President Recep Tayyip Erdogan stated that global oil flows must resume, adding that both Turkey and Iran support keeping oil moving through the strategic waterway.
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The U.S. Strategic Petroleum Reserve is approaching levels that could damage its storage caverns due to rapid releases, with inventory falling below 300 million barrels for the first time in 40 years.
According to data from the U.S. Department of Energy, after releasing 172 million barrels to counter supply disruptions caused by the Iran war, the Strategic Petroleum Reserve (SPR) will fall to appro
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Council on Foreign Relations Expert: Oil Producers, Buyers Seeking Long-Term Alternatives to Strait of Hormuz
Clara Gillispie, senior fellow for climate and energy at the Council on Foreign Relations, said oil producers and buyers are considering the Strait of Hormuz potentially being closed or operating at r
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Saudi Arabia seeks to increase oil exports via the Strait of Hormuz after a key pipeline was attacked and shut down, according to people familiar with the matter.
Saudi Arabia seeks to increase oil exports via the Strait of Hormuz after a key pipeline was attacked and shut down, according to people familiar with the matter.
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Saudi Arabia's East-West oil pipeline could remain largely offline for 3-5 weeks following last week's drone attack, AP reports, adding further pressure to global oil supply.
Saudi Arabia's East-West oil pipeline could remain largely offline for 3-5 weeks following last week's drone attack, AP reports, adding further pressure to global oil supply. The pipeline can carry up
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FT: The Saudi relief valve is being closed, as Houthis’ Red Sea blockage remains largely an oil shock rather than a general threat to trade
FT: The Saudi relief valve is being closed, as Houthis’ Red Sea blockage remains largely an oil shock rather than a general threat to trade
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U.S. Energy Secretary Wright: Trend in 7-day rolling average of oil shipments through Hormuz is rising and will continue to rise
U.S. Energy Secretary Wright: Trend in 7-day rolling average of oil shipments through Hormuz is rising and will continue to rise
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If Democrats regain control of the House, the Trump administration's Venezuela oil deal will face a congressional investigation.
Wall Street Journal Insights, citing Politico, reported that the Trump administration recently brokered a deal involving 17 Venezuelan oil fields with proven reserves of up to 65 billion barrels. The
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Trump says U.S. may keep Iranian oil 'like Venezuela' as Hormuz talks stall, citing Venezuela deal revenue 'paid for war many times'
Former President Trump stated on Sunday that the U.S. could continue its campaign against Iran and take control of its oil, likening it to the deal with Venezuela. He added that U.S. revenue from the
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Guyana's President: Oil Revenue Surges Due to Iran Conflict
Guyana's President, Mohamed Irfaan Ali, stated that the country's oil revenues have sharply increased in recent months due to the Iran conflict reshaping global markets. He emphasized that he does not
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Ukrainian drone evades Russian helicopter fire to strike oil tanker
Ukraine has released footage showing a drone evading fire from a Russian helicopter before striking a sanctioned oil tanker in the Black Sea. This is part of a wider campaign targeting vessels Ukraine
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Saudi Pipeline Outage Threatens 4% Global Oil Supply Loss Unless Pumping Resumes Within Days
Traders and sources indicate that the outage of a Saudi pipeline could lead to a loss of 4% of global oil supply if pumping does not resume within days. Saudi Arabia reportedly has storage at Yanbu fo
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Yemen's Houthi rebels have taken full control of the Bab el-Mandeb Strait region. Saudi Arabia's East-West oil pipeline was preventatively shut down after an attack. On the 10th, the number of vessels passing through the Bab el-Mandeb Strait plummeted to six.
Yemen's Houthi rebels have taken full control of the Bab el-Mandeb Strait region, leading to the precautionary shutdown of Saudi Arabia's East-West oil pipeline after an attack. As a result, the numbe
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Iran's Oil Exports Remain Severely Constrained Nearly Two Months into Renewed US Naval Blockade
Iran's Oil Exports Remain Severely Constrained Nearly Two Months into Renewed US Naval Blockade
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IEA Warns Oil Demand May Have to Fall Further as Iran War Drags
The International Energy Agency (IEA) cut its forecast for oil demand, stating that consumption may need to decline further in the coming months as the Iran war continues and consumers are forced to a
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China Dips Back Into Oil Market, Keen to Shore Up Inventory as Hormuz Hostilities Stoking Prices
Analysts say China is returning to the oil market, eager to replenish its inventory after a significant reduction had cushioned the impact of the war, with renewed hostilities in the Strait of Hormuz
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The Pentagon is taking a stake in a private Venezuelan oil company in what President Trump called “the biggest oil deal in world history.”
The Pentagon is taking a stake in a private Venezuelan oil company in what President Trump called “the biggest oil deal in world history.”
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OPEC Further Cuts 2026 Oil Demand Growth Forecast, Raises 2027 Outlook Amid Oil Prices Surpassing $100
The Organization of the Petroleum Exporting Countries (OPEC) has once again cut its forecast for global oil demand growth for 2026 to 380,000 barrels a day, down from a previous estimate of 580,000 ba
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TotalEnergies to Bring New Angola Discovery Online in Just Three Months
TotalEnergies on Thursday announced its Acacia-5 discovery in Block 17, made in June 2026, is expected to achieve first oil in just three months by utilizing available capacity on the nearby Pazflor F
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Russia's Crude Output Fell in August as Ukraine Steps Up Strikes on Oil Assets
Russia's production of crude oil shrank in August, lagging further behind its OPEC+ quota, after Ukraine stepped up attacks on the nation's oil assets.
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Saudi Arabia cuts oil output to this year's lowest level due to Houthi threats
The world's biggest oil exporter was forced to cut production after Houthi rebels announced a 'maritime embargo' against the kingdom’s exports in July.
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Iraq Tenders for Two Supertankers to Secure Oil Exports via Hormuz Amid Threats
Iraq is holding a tender to hire two or more oil supertankers to perform transits through the Strait of Hormuz. This move aims to ensure the country’s crude exports while the vital waterway remains un
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ExxonMobil, ANPG and Partners Announce 20th Oil Discovery in Angola's Deepwater Block 15
ExxonMobil, Angola's National Oil, Gas and Biofuels Agency (ANPG) and their Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday. This marks the deepwater block's 2
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Indian Refineries Operate at 108% Capacity to Meet Surging Diesel Demand and Tight Fuel Markets Due to Middle East Crisis
An executive at Mangalore Refinery and Petrochemicals Limited (MRPL) stated on Wednesday at the APPEC oil conference in Singapore that Indian refineries have been operating at 105% to 108% of their ca
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Sinopec research arm expects China's oil demand to shrink by 600,000 barrels a day in 2026 due to US-Iran war and EV adoption
Sinopec research arm expects China's oil demand to shrink by 600,000 barrels a day in 2026 due to US-Iran war and EV adoption
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Escalating US-Iran conflict heightens environmental risks in the Strait of Hormuz; on September 8, US forces attacked five Iranian oil tankers.
Al Jazeera reported that the United States and Iran have been mutually attacking oil tankers and vessels in and around the Strait of Hormuz, raising concerns about a catastrophic oil spill in the Gulf
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Iraq Seeks Significant Output Quota Increase During OPEC+ Audit
Iraq is seeking a significant increase in its oil production quota as OPEC and its allies conduct a review of members’ capacities aimed at determining how much they can pump next year, according to pe
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