Occidental Reports Lower Realized Oil Prices Even as Iran Conflict Drives Up Crude Rates

(Reuters) – Shale producer Occidental Petroleum said on Friday its worldwide average realized oil prices fell about 1.6% year-on-year in the first quarter, despite higher benchmark crude rates amid Middle East-related energy market disruption.

The U.S.-Israel war on Iran has caused a massive disruption of energy supplies as the Strait of Hormuz, a conduit for a fifth of global energy flows, has been effectively closed.

Benchmark Brent crude prices averaged $89.62 per barrel during the first quarter, up from $75.16 during the same period last year, according to LSEG data.

• Occidental’s worldwide average realized oil price in the first quarter of 2026 was $69.91 per barrel, compared with $71.07 a barrel a year earlier.
• Worldwide realized natural gas prices averaged $1.20 per million cubic feet in the quarter, almost halving from $2.30 per mcf last year.
• Worldwide realized natural gas liquids prices decreased 27% to $18.99 per barrel from $25.94 per barrel in the previous year.

Reporting by Sumit Saha in Bengaluru; Editing by Vijay Kishore

Share This:

---

More News Articles