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Top U.S. oil producers ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight and lead to persistently high prices in the second half of the year as the Iran war continues to cause major energy disruptions. Both companies reported large jumps in second-quarter refining profits on Friday … Read more
(Reuters) – U.S. energy firms this week added rigs for a sixth time in seven weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by one to 588 in the week to July 31. Baker Hughes … Read more
Summary Brent up 24% in July, WTI rises 21% Two very large crude carriers exit Strait of Hormuz Twenty-nine commodity vessels transited Bab el-Mandeb strait on Thursday Reuters poll says Brent crude to average $85.22 per barrel in 2026 (Reuters) – Oil prices closed more than $1 per barrel higher on Friday, ending July with … Read more
(Reuters) – ExxonMobil said on Friday its pipeline of liquefied natural gas (LNG) projects would diversify its production away from the Middle East, but the company said it remains committed to pursuing opportunities in the region because of its long-term importance to global energy markets. “We won’t shy away from the region,” CEO Darren Woods … Read more
(Reuters) – U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the U.S. Energy Information Administration on Friday. Crude oil production in May averaged 13.71 million barrels per day, whereas exports rose to 5.73 million … Read more
By Nojoud Al Mallees The Canadian economy is on track to post a stronger-than-expected rebound in the second quarter, partly because of surging energy production. A preliminary estimate suggests real gross domestic product expanded at an annualized rate of 3.4% between April and June, according to Statistics Canada’s industry-based output data. The oil industry had … Read more
Fuel prices are rising but the Strategic Petroleum Reserve may not play a role in this phase of the Hormuz crisis. By Ari Natter and Lucia Kassai The cost of fuel is climbing again as the US-Iran war widens, but this time there’s little indication that Washington will tap its crude stockpiles to bring prices … Read more
By Jonathan Gilbert and Ignacio Olivera Doll US shale pioneer Harold Hamm is moving to expand his footprint in Argentina’s Vaca Muerta oil basin, home to the world’s fastest-growing shale boom, according to people familiar with the matter. Hamm’s Continental Resources Inc. is set to compete for shale blocks in an auction managed by Neuquen … Read more
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases. The project would have increased exports of Canadian crude to U.S. refineries. But Enbridge CEO Greg Ebel said the company will focus first … Read more
Advantaged portfolio, integration, and structural savings support earnings and cash flow in volatile market Reported EPS of $3.48, or $3.52 adjusted EPS1 Highest Upstream production in more than two decades, excluding the Middle East disruptions2 Record Permian production, consistent with planned 9% CAGR through 2030, exceeding all competitors3 Fifth Guyana FPSO set sail with … Read more
Summary Adjusted earnings rise 67% from first quarter to $14.7 billion Second-quarter production slips to 4.5 million boepd from 4.6 million boepd About 450,000 boepd offline in Qatar, CFO says Permian output topped 1.8 million bpd HOUSTON, July 31 (Reuters) – ExxonMobil missed Wall Street estimates for second-quarter profit on Friday, sending its shares down about … Read more
Summary Deal for up to $720 million Unit holds stake in block containing Aphrodite gas field Deal part of Shell’s efforts to expand LNG portfolio (Reuters) – Shell said on Friday it had agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million, as the British … Read more
Summary Adjusted earnings reach $12 billion, or $6.06 per share Chevron will maintain dividend and buyback range, CFO says Hess acquisition delivers $1.5 billion in deal synergies ahead of schedule HOUSTON, July 31 (Reuters) – Chevron surpassed analyst estimates for second-quarter earnings on Friday, reporting its highest quarterly profit in at least six years as the … Read more
Summary Brent and WTI on track for monthly rises Two VLCCs exit Strait of Hormuz, Bab el-Mandeb sees 29 commodity vessels transit ADNOC buys tankers as Red Sea, Hormuz crisis reshape oil trade Ukraine’s military says it hit Russia’s Volgograd oil refinery (Reuters) – Oil prices rose more than 1% on Friday and remained on … Read more
A U.S. appeals court found Enbridge liable for trespass for running a pipeline under land belonging to a northern Wisconsin tribe, but gave the Canadian energy company more time to reroute the pipeline and ordered a recalculation of damages. Thursday’s decision by the 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district … Read more
(Reuters) – For years, China was viewed by liquefied natural gas (LNG) producers as the key driver of future demand growth, helping to justify billions of dollars in export infrastructure investment from the U.S. Gulf Coast to Qatar. But China’s appetite for the super-chilled fuel is flagging, even as producers prepare a wave of new … Read more
By Melissa Garside | Design Cynthia Tran Vo Key Takeaways China produced 5.3 billion metric tons of minerals in 2024—26.9% of the global total. The top five producers accounted for 61% of global mineral production. Asia-Pacific generated just over half of the world’s mineral output. Minerals are essential to energy systems, construction, manufacturing, and advanced … Read more
July 30 (Reuters) – Venezuelan officials and oil executives have moved ahead with the migration of dozens of joint ventures to new terms approved in a sweeping government reform, but delays remain in finalizing the agreements needed to greenlight the projects, four sources involved in the preparations said. Venezuela’s oil ministry had set July 28 … Read more
(Reuters) – A drone strike that damaged two gas tankers in Egyptian waters has renewed energy security concerns about the nearby Suez Canal and a related pipeline, a vital export route for Saudi Arabian oil since the beginning of the Iran war. Even as Iran and its Houthi allies have fired on tankers transiting the … Read more
By Nicole Jao and Pooja Menon Refining segment adjusted operating earnings more than triple to $4.4 billion Valero returns $2.6 billion to shareholders in second quarter Average throughput increased to 3 million bpd from 2.9 million a year earlier NEW YORK, July 30 (Reuters) – Valero Energy (VLO.N), opens new tab on Thursday reported its … Read more
By Stephanie Kelly Cuts would affect about 8% of 8,500 non-frontline production and operations roles BP says it does not expect material change to operators, technicians and maintenance teams BP had 93,700 employees and operations in 61 countries in 2025 July 30 (Reuters) – BP (BP.L), opens new tab plans to cut about 700 of … Read more
By Dharna Bafna July 30 (Reuters) – American Electric Power (AEP.O) on Thursday raised its current-year operating earnings forecast, supported by robust electricity demand from data centers and other large customers. U.S. utilities are ramping up efforts to address growing demand for power capacity from major technology companies that are setting up data centers to … Read more
By Ron Bousso LONDON, July 30 (Reuters) – Neither full-scale war nor peace is taking hold in the Middle East, trapping energy markets in an uncomfortable limbo that won’t be easy to escape. Worries about the reliability of Gulf supplies are becoming increasingly entrenched among buyers, creating an alarming new norm for the region’s producers. … Read more
(Reuters) – Explosions tore through a natural gas port on Egypt’s Mediterranean coast on Wednesday, with maritime security firm Ambrey reporting a U.S.-owned floating storage tanker there had been hit by a drone. The strike on Damietta, for which there was no claim of responsibility, came hours after Washington and Saudi Arabia hit Iran-backed paramilitary … Read more
London, July 30, 2026 “Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers. Consistent with our strategy, we remain disciplined in our capital allocation, divesting non-core assets and investing in higher-quality growth opportunities, … Read more
(Reuters) – TC Energy on Thursday beat second-quarter profit estimates and approved pipeline expansion projects worth about C$700 million ($498.36 million) across North America, including two U.S. projects aimed at meeting the rising demand from power generation. Surging electricity consumption, particularly from AI-driven data centres, has been boosting demand for natural gas-fired power plants, prompting … Read more
Summary YPF projects Vaca Muerta will generate $50 billion in exports by 2031 Think tank says 28,000 businesses have closed under Milei, 5.5% of national total Oil and gas sector needs 30,000 to 43,000 more workers, institute says (Reuters) – Ramiro Ramirez, a trained mechanic, found work in just a month at Argentina’s Vaca Muerta, … Read more
Summary Profit of $9.8 bln vs expectations of $8.9 bln, $4.3 bln year ago Share buybacks kept at $3 bln for next quarter Highest profit, operating cashflow since 2022 Shell’s net profit more than doubled from last year to $9.84 billion in the second quarter, beating expectations, helped by higher energy prices and increased market volatility … Read more
(Reuters) – QatarEnergy (QE) has bought 33 spot LNG cargoes this year from the U.S. for delivery to South Korea, Taiwan, Bangladesh, India and Japan, four trade and industry sources said, as it tried to reduce disruption to key customers after Qatari gas exports through the Strait of Hormuz were halted by the Iran war. … Read more
By Francois de Beaupuy Global demand for liquefied natural gas carriers is expected to be stronger than previously forecast over the next decade, driven by a surge in final investment decisions for new export terminals in the US and other regions in recent quarters, according to a leading designer of storage tanks. French engineering firm … Read more
By API – American Petroleum Institute Months of disruption in the Strait of Hormuz have tested global energy markets, leaving the world with less cushion and less margin for error. Every country is facing the same disruption. But not every country entered it with the same energy system. Across Europe and Asia, governments have responded with … Read more
Summary US military says it hit dozens of Iran’s IRGC targets Oil tankers planned for loading at CPC terminal are heading away from Black Sea after strikes Drone strike on Lukoil refinery causes fire, damages distillation unit, sources say Brent and WTI rose more than $1 earlier in the session July 30 (Reuters) – Oil … Read more
(Reuters) – Prime Minister Mark Carney on Wednesday played down the idea of curbing oil supplies to the United States to gain leverage in a trade war, saying that would harm Canada’s reputation. President Donald Trump, who has already imposed a raft of tariffs against Canada, on Tuesday said he did not care about renewing … Read more
(Reuters) – U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu explored all paths to curb Iran’s nuclear project in their meeting, including diplomacy, economic pressure and force, a senior Israeli official said on Wednesday. Netanyahu did not tell Trump that Israel’s preference was for an attack on Iran, the official said in a … Read more
(Reuters) – Saudi Arabia is seeking to build an international coalition to protect shipping in the Red Sea from Houthi attacks, two people familiar with the deliberations said on Wednesday. The composition of the coalition has not yet been finalised and is being discussed with dozens of countries, the sources said. The Saudi Center for … Read more
(Reuters) – The United States and Saudi Arabia jointly struck Iran-backed groups in Iraq on Wednesday, and President Donald Trump vowed to “beat the fucking shit” out of Iran for firing on U.S. troops just days after he suspended airstrikes. Iran confirmed late Tuesday that it had fired on U.S. bases in Jordan and at … Read more
(Reuters) – U.S. commercial oil inventory drew more than expected last week as refineries stepped up processing and exports climbed, the Energy Information Administration said on Wednesday, as the war between the United States and Iran escalated. Crude inventories, excluding stocks in the U.S. government’s Strategic Petroleum Reserve, fell by 7.2 million barrels to 404.5 … Read more
(Reuters) – NextEra Energy, Brookfield and other companies are developing a $100 billion data center campus at a former uranium enrichment site in Paducah, Kentucky, the companies said on Wednesday. Soaring U.S. electricity demand is pushing companies to invest heavily in artificial intelligence data centers and other technologies straining an aging U.S. electric grid. NextEra, the … Read more
(Reuters) – The MERA Oil consortium of U.S. and Saudi Arabian companies is advancing plans for a $5 billion integrated refinery and export corridor in the Gulf aimed at boosting regional energy infrastructure, its partners said on Wednesday, as the Iran war continues to disrupt energy flows. Texas-based energy development company MWG Group, the Patel Family Office … Read more
Summary Fully restoring refining capacity would require at least $20 billion, experts say Quakes left refineries unscathed but may divert resources and attention Oil exports have surged since Washington ousted Maduro and eased sanctions (Reuters) – The Paraguana Refining Center in Western Venezuela once symbolized the country’s oil wealth and its ambition to turn vast … Read more
By Emma Bundy, Head of Marketing Yokogawa RAP In hazardous and compliance-driven environments, safe work depends on much more than completing a form. It depends on the quality of the risk assessment, the relevance of the controls, and the confidence that every permit reflects the real conditions of the task being performed. This is where … Read more
Summary Brent, WTI prices snap three prior sessions of decline Near-term Brent seen whipsawing in $80-$100 range, analyst says Strait of Hormuz tanker traffic remains low, shipping data shows Yemen’s Houthis considering fees for ships sailing through Red Sea, sources say (Reuters) – Oil prices jumped more than 4% on Wednesday as tensions in the … Read more
HOUSTON, July 28 (Reuters) – U.S. crude inventories fell, while fuel stocks rose last week, market sources said on Tuesday, citing data from the American Petroleum Institute. Crude stocks fell by about 3.3 million barrels in the week ended July 24, the sources said on condition of anonymity. Gasoline inventories rose by 918,000 barrels, while … Read more
(Reuters) – U.S. regulators have approved Cheniere Energy’s request to introduce natural gas into Train 7 of its Corpus Christi LNG export project in south Texas, according to a Federal Energy Regulatory Commission (FERC) letter issued on Tuesday. The approval takes the largest U.S. LNG exporter one step closer to production from its seventh and … Read more
July 28 (Reuters) – Wholesale electricity prices spiked on Tuesday to more than $500 per megawatt hour in the U.S. Midwest as wind generation came in below forecasts and hot weather taxed fossil fuel power plants. The price spikes were most severe along the Nebraska-Iowa border near coal plants operated by MidAmerican Energy, a utility … Read more
(Reuters) – There are going to be no tolls and no fees for passage through the Strait of Hormuz in a coordination deal being discussed in relation to the waterway restricted by the Iran war, a U.S. official said on Tuesday. The U.S. official said Iran was making unreasonable demands that were rejected by Oman … Read more
(Reuters) – U.S. natural gas producer Expand Energy beat Wall Street estimates for second-quarter profit on Tuesday, helped by higher output. U.S. producers are benefiting from surging electricity demand for natural gas to power data centers as well as rising liquefied natural gas exports. The company’s production averaged 6.9 billion cubic feet per day (Bcfepd) … Read more
By Niccolo Conte | Editing Bruno Venditti | Design Christina Kostandi Key Takeaways China accounted for 55.6% of global coal consumption in 2025, using more than the rest of the world combined. China and India together consumed roughly 70% of the world’s coal. Global coal consumption reached a record high for the sixth consecutive year. … Read more
By Maxwell Akalaare Adombila State Department says project is part of US push against rivals’ supply chain control Deposit contains elements used to make magnets vital for EVs, electronics and defence systems Harena targets mid-2028 startup and weighs US, European refining partnerships DAKAR, July 28 (Reuters) – The U.S. is backing the Ampasindava rare earths … Read more
(Reuters) – China has held direct talks with Yemen’s Houthi movement to enable its tankers to sail through the southern Red Sea without being attacked after the Iran-aligned militia pledged to prevent access to Saudi ports, six sources with knowledge of the matter have said. The Houthis declared their blockade on July 20, opening a … Read more
(Reuters) – Yemen’s Houthis said on Tuesday that they had fired ballistic missiles at a Saudi oil tanker, accusing the vessel of violating what they described as their maritime blockade on Saudi Arabia in the Red Sea and ignoring warning calls. The Iran-aligned group’s military spokesperson, Yahya Saree, said the vessel was forced to turn … Read more
(Reuters) – Saudi Aramco shut down its 400,000 barrel per day Jazan oil refinery in Saudi Arabia on July 27 following an attack by Yemen’s Houthi militants on Saturday, a note from consultancy IIR seen by Reuters showed. The attack damaged the plant’s Integrated Gasification Combined Cycle (IGCC) complex and the tank farm area, the … Read more
(Reuters) – The number of vessels passing through Bab el-Mandeb rose to 28 on Monday, a four-day high, while traffic through the Strait of Hormuz remained low, according to Kpler shipping data, amid optimism about a potential resolution to the U.S.-Iran conflict. Traffic was still below the month’s peak of 46 vessels recorded on July … Read more
By Reuters July 28 – OPEC+ is likely to pause its gradual oil output hikes after September for the rest of 2026, four sources said, as it needs to have additional talks before deciding its output quotas for 2027. OPEC and Russian authorities did not immediately respond to requests for comment.
(Reuters) – U.S. utility CenterPoint Energy beat Wall Street estimates for second-quarter profit on Tuesday and increased its 10-year capital investment plan by $1.2 billion, aided by rising power demand in the Houston service territory. Utilities are pouring billions of dollars into capital spending as they field massive requests for new power capacity from Big … Read more
Summa Australia to conduct feasibility study for refinery Project to help boost sovereign capability, PM says Treasury warns oil market has become more vulnerable (Reuters) – Australia will consider building its first new oil refinery in more than 60 years, Prime Minister Anthony Albanese said on Tuesday, as war in the Middle East squeezes supplies from overseas … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 307.7 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Reporting … Read more
Summary Brent, WTI trend lower for third session US having ‘good talks’ with Iran, President Trump says Omani proposal to Iran on Hormuz has regional backing, source says Bab el-Mandeb shipping rises amid hopes of resolution in US-Iran war July 28 (Reuters) – Oil prices extended losses on Tuesday, hitting their lowest levels in more … Read more
By Tim McLaughlin Order lets SPP use backup generators before a level three emergency alert SPP’s West region will remain under a conservative operations advisory until Aug 1 Friday import losses left SPP with thin reserves, but voluntary conservation avoided outages July 26 (Reuters) – The U.S. Energy Department on Sunday issued an emergency order … Read more
(Reuters) – U.S. natural gas futures slid about 4% to an 11-week low on Monday on record output, lower flows to liquefied natural gas export plants, and ample amounts of gas in storage. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 10.4 cents, or 3.6%, to settle at $2.767 per … Read more
Alberta’s Danielle Smith spent three years fighting with the previous government. Now she has an ally in Ottawa also keen to sell more of the country’s oil to the world. By Iain Boekhoff Smith at a pancake breakfast during the Calgary Stampede. Photographer: Kelsey McMillan for Bloomberg Businessweek It’s midafternoon, and Alberta Premier Danielle Smith is being … Read more
Trump pauses attacks to allow more time for diplomacy, US ambassador says Trump threatens strong military action if talks with Iran fail Strait of Hormuz traffic stays low despite pause in conflict Kazakhstan’s daily oil output halves after exporting terminal closure, source says NEW YORK, July 27 (Reuters) – Oil prices fell on Monday, settling … Read more
(Reuters) – Baker Hughes said on Monday it expects annual global spending by oil and gas producers to decline modestly this year, with growth in Latin America, offshore Africa, and North America land offset by lower spending in Europe and the Middle East. The Middle East conflict has dominated energy markets this year with repeated … Read more
(Reuters) – Yemen’s Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu. Saudi state oil giant Aramco did not immediately respond to a request for comment. Houthi military spokesperson Yahya Saree said the … Read more
(Reuters) – Expand Energy said on Monday it would buy privately held natural gas marketer Twin Eagle Holdings from Five Point Infrastructure for $1.25 billion to expand its marketing business across North America. With U.S. natural gas demand expected to grow, producers are increasingly expanding into marketing and logistics businesses to improve margins and gain … Read more
Summary US minerals, magnet capacity not enough to match demand Trump has set a January 2027 deadline to block Chinese imports Waivers may be required while US industry grows further Defense contractors encouraged to sign more US supply deals (Reuters) – U.S. President Donald Trump’s push to end Washington’s reliance on Chinese critical minerals … Read more
Reuters One of the debates since the start of the Iran war has been whether crude oil futures are accurately reflecting the stresses in physical markets for both oil and refined products, or if they are blindly optimistic that peace is around the corner. The Iran war between the United States and Iran continues along … Read more
(Reuters) – SLB beat expectations for second-quarter profit on Friday, as resilient demand across key markets helped the top U.S. oilfield services firm ride out weakness in the Middle East due to the Iran war, sending its shares up 2% before the bell. Frequent flare-ups in the war, now in its fifth month, have kept … Read more
Iran will halt attacks as long as US maintains pause, Iranian source says after Trump calls off strikes Iran will halt its own attacks as long as the United States maintains its latest pause on air strikes, a senior Iranian official told Reuters on Sunday, after President Donald Trump abruptly called off his two-week-old bombing … Read more
Signs of the Iran war’s spread emerged this weekend despite a pause in U.S. strikes, as Yemen’s Iran-aligned Houthis attacked Saudi oil installations along the Red Sea coast and Iran accused Ukraine of targeting an Iranian vessel in the Caspian Sea. The U.S. military said on Saturday that its naval blockade against Iran “remains in … Read more
Summary Trump pauses attacks to allow more time for diplomacy, US ambassador says Strait of Hormuz traffic stays low despite pause in conflict Kazakhstan’s daily oil output halves after exporting terminal closure, source says (Reuters) – Oil prices tumbled 7% on Monday, hitting a one-week low, after the U.S. and Iran paused strikes over the weekend following … Read more
Iran said on Monday it was still in control of the Strait of Hormuz and not seeking to resume peace talks with the United States, after President Donald Trump halted a two-week bombing campaign that his top brass told him had run its course. Following 13 successive nights of intensifying bombing that provoked Tehran to … Read more
By EnergyNow Editorial Staff The debate over renewable and conventional energy is too often presented as a choice with wind and solar on one side, oil, natural gas, nuclear and hydro on the other. That framing may be politically convenient for anti-oil and gas groups and politicians, but it bears little resemblance to the way … Read more
Reuters Air defence systems in Saudi Arabia intercepted two ballistic missiles from Yemen on Saturday targeting oil refineries in Yanbu, Greek security sources told Reuters, a day after U.S. forces launched fresh air strikes on Iran. Saudi civil defence had issued several warnings for Yanbu, on the Red Sea, and later said the danger had … Read more
Reuters Kuwait Petroleum Corporation (KPC) has signed a $16 billion deal to lease and lease back its crude oil pipeline network with a consortium comprising global funds Blackstone, Brookfield and KKR, the state-owned Gulf firm said on Saturday. It said it was the largest foreign direct investment in the country’s history. Under the investment called … Read more
Iranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war and a further $6.5 billion during a ceasefire, when lower risks to tanker traffic helped increase exports and enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate. The sales generated more … Read more
(Reuters) – U.S. President Donald Trump said on Friday that he does not believe China or Russia are “participating” in the ongoing Iran conflict, but warned that if they did get involved “it would be very bad for them.” “President Xi, at our recent meeting in Beijing, China, told me that he would not, under … Read more
(Reuters) – Operations were not affected at most of the 20 refineries in the path of Tropical Storm Bertha this week, according to people familiar with operations at the individual plants. Phillips 66 said on Friday that unit 35 of its 277,000 barrel-per-day Sweeny, Texas refinery malfunctioned because of a lightning strike as the remnants of … Read more
(Reuters) – U.S. oil and gas producer Devon Energy is weighing a potential sale of its Eagle Ford and Powder River shale assets that could fetch more than $4 billion, Bloomberg News reported on Friday, citing people familiar with the matter. The potential divestment comes amid continued investor pressure on Devon to streamline its portfolio … Read more
Brent, WTI fall by more than 5% before paring losses Trump vows to punish Iran for Houthi Red Sea attacks Strait of Hormuz tanker crossings subdued HOUSTON, July 24 (Reuters) – Crude oil futures prices were more than 4% lower on Friday after sources said that China had initiated a push to resume stalled peace … Read more
(Reuters) – U.S. energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by one to 587 in the week to … Read more
(Reuters) – The number of tankers crossing the Strait of Hormuz fell to just one on Thursday, the lowest level since May 7, according to shiptracking data, amid ongoing shipping risks in the Middle East and as oil prices surged back to $100 a barrel. Only one tanker crossed the Strait of Hormuz on July … Read more
(Reuters) – Spot premiums for Middle Eastern crude benchmarks hit their highest in two months as attacks on two tankers in the Red Sea triggered a rerouting of some Saudi oil shipments via a route that circles Africa, further disrupting supply flows. The attacks in the Red Sea by Yemen’s Iran-aligned Houthis came after renewed … Read more
(Reuters) – U.S. President Donald Trump promised “major military punishment” for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. Fears that disruption could widen to block another sea route sent global oil prices surging … Read more
Summary Jet fuel surge upends airline profit forecasts American swings from potential raise to cut Fare gains lag sudden fuel-cost shocks Different fuel dates blur forecast comparisons (Reuters) – A rapid rise in jet fuel prices is forcing U.S. airlines to rewrite earnings expectations, exposing how quickly higher fuel costs can outpace revenue gains from … Read more
By Laila Kearney PJM is struggling with power shortfalls and surging prices Proposals include giving board more authority FERC discusses giving states more decision-making power NEW YORK, July 23 (Reuters) – U.S. energy officials questioned PJM Interconnection’s power structure on Thursday as regulators weigh reforms to the country’s largest power grid, which faces the growing … Read more
By Marianna Parraga and Deisy Buitrago Companies expected to sign new agreements by July 28 Weighted royalty rate among key elements in negotiation Newcomers will have more time to complete agreements CARACAS, July 23 (Reuters) – Venezuela’s oil ministry has told partners of state energy company PDVSA that it will maintain the July 28 deadline … Read more
(Reuters) – U.S. jet fuel demand hit a record high last week as soccer fans thronged to New York and New Jersey to watch Spain take on Argentina in the final match of the World Cup, data from the U.S. Energy Information Administration showed on Wednesday. U.S. jet fuel product supplied – the EIA’s way … Read more
Summary Brent, WTI down over $3 earlier in session; set for around 10% weekly gain Trump vows to punish Iran for Houthi attacks in the Red Sea Hormuz tanker crossings subdued (Reuters) – Oil futures prices fell over 3% on Friday but are still set for hefty weekly gains because of concerns about disrupted … Read more
(Reuters) – Matador Resources said on Thursday it would buy privately held Paloma Permian from EnCap Investments for about $1.28 billion, adding high-quality drilling assets in the oil-rich Delaware Basin. U.S. shale producers are prioritizing acquisitions that add premium drilling inventory over rapid production growth to maintain capital discipline, allowing them to sustain output and … Read more
July 23 (Reuters) – U.S. energy shares rose on Thursday as Brent crude touched $100 a barrel, extending a five-day rally after attacks on two Saudi oil tankers heightened concerns over global oil supply disruptions. Houthi forces in Yemen have widened the conflict by targeting vessels carrying Saudi oil in the Bab el-Mandeb strait, after … Read more
Summary Trump says tech companies have committed to fund or build infrastructure to meet their power needs Consumer anger at data centers’ power use and rising electricity bills an issue for November midterm elections Data centers account for nearly 40% of grid operator PJM’s capacity charges in latest auction Critics note that pledge is non-binding, … Read more
Increasing Share Buybacks; Full Year Production Guidance Raised; Capital Guidance Unchanged Highlights: Generated second quarter cash from operating activities of $1.6 billion, Non-GAAP Cash Flow of approximately $1.3 billion and Non-GAAP Free Cash Flow of $682 million after capital expenditures of $574 million Produced average second quarter volumes of 615 thousand barrels of oil equivalent … Read more
By Olesya Astakhova and Alex Lawler OPEC+ seven members meet on August 2 Iran war pushes oil back to $100 a barrel Red Sea threats raise Gulf export concerns MOSCOW/LONDON, July 23 – OPEC+ oil-producing countries will likely agree a further hike in output targets from September when they meet on August 2, three sources … Read more
Imports from Venezuela are on pace to hit 804,000 barrels a day By Lucia Kassai American fuelmakers are gorging on the most Venezuelan oil in almost a decade as the threat of wildfires in Canada risks disrupting supplies at a time when refineries from Texas to Louisiana are running at full tilt. Imports from Venezuela … Read more
By Siddharth Cavale Brent closes above $100 a barrel for first time since May 22 Houthis say they attacked Saudi tankers in the Red Sea Trump vows “major military punishment” for Iran and its Houthi allies NEW YORK, July 23 (Reuters) – Oil prices settled above $100 on Thursday for the first time since May … Read more
(Reuters) – U.S. President Donald Trump told Axios in an interview on Thursday that he is seriously considering restarting major combat operations in Iran, which could include larger strikes than those carried out during “Operaton Epic Fury,” the news outlet reported. “They haven’t received enough pain yet,” Axios quoted Trump as saying, adding that Trump … Read more
(Reuters) – Global electricity demand is expected to continue to grow faster in 2026 and 2027, with renewables expected to take over as the world’s largest source of electricity generation in 2026, the International Energy Agency said in its Electricity Mid-Year Update. Global electricity demand is expected to grow by 3.6% in 2026 and 3.8% … Read more
(Reuters) – The expansion of the Iran war to the Red Sea has thrown the oil market another dangerous curveball, choking off a fragile recovery in energy flows. The global economy might increasingly respond to this escalation by slowing down. Nearly two weeks into the renewed conflict between the United States and Iran, tensions in … Read more
Strong demand for Russian oil from China to replace Mideast supply Two Chinese refiners buy most of the September-loading ESPO Some independents seek to resell Mideast crude for profit Chinese refiners in talks to buy cheaper Iranian oil SINGAPORE, July 23 (Reuters) – Some Chinese refiners have ramped up purchases of sanctioned Russian crude despite … Read more
(Reuters) – Oil production in Kazakhstan has declined after the closure of a Black Sea terminal that serves as the main outlet for the country’s crude shipments and was recently targeted by drone attacks, two industry sources said on Thursday. The decline has been particularly sharp at the Chevron-led Tengiz field, Kazakhstan’s largest oilfield. One … Read more
(Reuters) – Goldman Sachs maintained on Thursday its Brent crude forecast of $80/barrel for the fourth quarter of 2026, saying lower Middle East supply should support prices if tensions between the United States and Iran ease by year-end. The investment bank said its forecast reflects price support from lower Middle East output in the second … Read more
(Reuters) – Yemen’s Houthis said early on Thursday they had carried out a military operation targeting two Saudi oil tankers, and maritime security reports said one of the vessels named by the group, the Saudi-flagged tanker Encelia, had been hit in the Red Sea. The Houthis identified the two tankers as “ENCELIA” and “LAYLA”, saying … Read more
Summary Brent crude up, at its highest since June 8 Iran’s Revolutionary Guards say Strait of Hormuz is under their control and ‘completely closed’ U.S. completes 12th straight night of attacks on Iran (Reuters) – Oil prices rose for a fifth day on Thursday on increasing concerns about supply availability amid attacks on … Read more
WASHINGTON, July 22 (Reuters) – President Donald Trump renewed his threats to attack Iranian infrastructure on Wednesday, saying the U.S. would attack a bridge or power plant each time Tehran targets a ship in the Strait of Hormuz. “Any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether … Read more
July 21 (Reuters) – U.S.-based energy company EQT (EQT.N) missed Wall Street estimates for second-quarter profit on Tuesday, hurt by weaker natural gas prices. While the Middle East conflict sent international benchmark prices sharply higher, U.S. Henry Hub prices stayed well below year-ago and historical averages because record domestic output, comfortable storage levels and limited … Read more
(Reuters) – The Trump administration on Wednesday said it would evaluate putting nuclear energy projects in federal waters as part of its agenda to expand domestic energy production and speed deployment of advanced nuclear technologies. The Marine Minerals Administration, which oversees development on the U.S. Outer Continental Shelf, said it signed an agreement with the Nuclear Regulatory … Read more
By Timothy Gardner WASHINGTON, July 21 (Reuters) – A coal council that advises the Trump administration urged the U.S. Department of Energy on Tuesday to provide financial support including loan guarantees and grants to help existing coal plants and get new ones built. President Donald Trump, who wants to boost the U.S. coal industry, reinstated … Read more
By Tim McLaughlin, Laila Kearney and Jarrett Renshaw Pledge expansion to be announced at a White House event Patchwork of US grids already under severe strain FERC set to examine PJM’s worsening supply-demand imbalance on Thursday Expanded pledge would apply to 80% of US delivered electricity, White House says July 22 (Reuters) – President Donald … Read more
BAGHDAD, July 21 (Reuters) – Iraq’s oil minister said on Tuesday that agreements signed between the oil ministry and U.S. companies during the Iraqi Prime Minister Ali al-Zaidi’s visit to U.S. were estimated at $200 billion. In an interview with Iraqi state television, the minister Basim Mohammed said the agreements would add significant oil production … Read more
Summary Companies Congress now has 90 session days to object before the pact takes effect The pact omits the IAEA Additional Protocol for intrusive snap inspections It allows Saudi Arabia to enrich uranium and reprocess nuclear waste (Reuters) – The U.S. and Saudi Arabia have reached a landmark agreement on civil nuclear power, the U.S. … Read more
By Siyi Liu, Trixie Sher Li Yap, Nicole Jao and Seher Dareen Crude supply disruption hampers Asian fuel output recovery Strained Asian output and Russian diesel export ban boost global refining margins China has most spare capacity to boost throughput Refiners in Europe and US to run flat out in third quarter SINGAPORE, July 22 … Read more
US drillers are letting production rise again — just not the way they used to. By David Wethe and Kevin Crowley Gone are the go-go days of the US shale patch, when producers came out guns blazing, eager to boost output through fracking. Drillers are now so efficient they can expand production marginally without really … Read more
(Reuters) – Southern Company’s (SO.N) subsidiary said on Wednesday it has signed a 25-year power supply agreement with OpenAI for a new project in Effingham County, Georgia. AI’s explosive growth is straining power grids, forcing utilities and tech giants to negotiate who bears the cost and risk as data centers balloon in size. Here are … Read more
By API – American Petroleum Institute What if we told you that something was adding upward pressure to the price of every gallon of gasoline sold in the United States, and it has nothing to do with the Strait of Hormuz or global energy markets? This week’s American Energy Snapshot explores how record-high biofuel mandates are … Read more
(Reuters) – QatarEnergy is readying to extend force majeure on liquefied natural gas shipments through mid-October, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. Several buyers in Europe and Asia said separately they are expecting a formal notification, the report said. Reuters could not immediately verify the report. QatarEnergy did not … Read more
(Reuters) – Iran’s top negotiator Mohammad Baqer Qalibaf said on Wednesday that no one will be able to sell oil in a region where Iran is not able to do so, adding that if Tehran’s security is not ensured, no infrastructure will be safe. “The equation of this war is clear: either all or none,” … Read more
(Reuters) – Goldman Sachs said on Monday that Brent crude could top $120 a barrel in the fourth quarter this year and average $100 a barrel next year if flows through the Strait of Hormuz remain disrupted and Gulf output only fully recovers by the end of 2027. Oil prices softened on Tuesday, with markets … Read more
(Reuters) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil … Read more
(Reuters) – U.S. Secretary of State Marco Rubio said on Wednesday that Iran is not serious about talks to end their war, as the widening conflict disrupted two of the world’s most critical energy chokepoints. Four tankers carrying Saudi crude to Asia reversed course in the Red Sea on Wednesday, a day after three others … Read more
(Reuters) – Four tankers changed their navigational course in the Red Sea on Wednesday with two signalling the Suez Canal as their new destination after Yemen’s Houthi militia warned ships to avoid sailing to Saudi Arabian ports, ship tracking data showed. The vessels all changed their direction, with the other two signalling their destination as … Read more
(Reuters) – Europe faces a looming “death valley” of high energy costs over the next decade that threatens to erode its industrial base, even if its ambitious new plan to double electricity consumption by 2040 materializes. The European Commission on Friday unveiled an Electrification Action Plan aimed at increasing electricity’s share of final energy consumption … Read more
July 21 (Reuters) – Halliburton shares fell more than 6% on Tuesday after the U.S. oilfield services provider forecast weaker third-quarter revenue and flagged uncertainty about the pace of recovery in the Middle East. The conflict in the Middle East has dominated energy markets this year as a major oil-producing region remained on edge … Read more
U.S. President Donald Trump on Tuesday said the United States would respond if Yemen’s Iran-aligned Houthi movement follows through on its threat to impose a blockade on commercial shipping in the Red Sea, saying that if the group takes action, the United States “will just have to take care of business.” (Reporting By Nandita … Read more
By Anushree Ashish Mukherjee Summary US military carries out 11th successive night of attacks on Iran Three tankers carrying Saudi crude make U-turns in Red Sea after Houthi warning Brent and WTI touch highest since June 11 July 22 (Reuters) – Oil prices rose to a near six-week high on Wednesday, with Brent crude surpassing $95 … Read more
The United States’ war in Iran has cost $37.5 billion so far, U.S. Defense Secretary Pete Hegseth said on Tuesday, an increase of nearly $8 billion since the last public estimate. Hegseth told lawmakers at a hearing in Washington that the figure included certain aspects of the war as well as anticipated costs through … Read more
By Anushree Ashish Mukherjee China sharply cut crude imports and demand, reducing pressure on global oil markets U.S. boosted output and released Strategic Petroleum Reserve crude June reopening of Strait of Hormuz eased immediate supply fears July 20 (Reuters) – As the United States and Israel went to war with Iran at the end … Read more
(Reuters) – Shipping companies should not load or discharge cargo at Saudi Arabian ports and such activity may result in being targeted “in any location” by Yemen’s Iran-aligned Houthi militia, according to an email sent to companies by the Houthis. The Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new … Read more
(Reuters) – U.S. Treasury Secretary Scott Bessent said on Tuesday that there has been a substantial decrease in China’s purchases of Iranian oil. “We have sanctioned Chinese… so-called teapot refineries, which are the private refineries, and we’ve seen a substantial decrease in their purchases of Iranian oil,” Bessent said in an interview with Fox Business … Read more
(Reuters) – Saudi Arabia’s crude oil exports in May fell to 3.434 million barrels per day from 3.986 million bpd in April, official data showed on Tuesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published … Read more
July 21 (Reuters) – The International Energy Agency’s (IEA) member countries still hold substantial emergency oil stocks in reserve despite the largest coordinated release of strategic reserves on record, it said on Tuesday. The agency said that about 290 million barrels of oil have been released by member countries since the release was announced on … Read more
Halliburton’s quarterly Middle East revenue falls nearly 11% CEO Miller expects North America recovery to continue this year Shares fall 4.3% July 21 (Reuters) – Halliburton (HAL.N) edged past Wall Street estimates for second-quarter profit on Tuesday as gains in its other international markets offset declines in the Middle East, but shares fell 4.3% in … Read more
DUBAI, July 21 (Reuters) – Abu Dhabi’s state energy company ADNOC has taken a $6.2 billion final investment decision to develop the Umm Shaif Gas Cap, in an acceleration of its integrated global gas growth strategy, the company said Tuesday. The FID was made alongside ADNOC’s international partners, TotalEnergies (TTEF.PA), Eni (ENI.MI), and China National … Read more
ways by Bloomberg AI Halliburton, SLB Ltd., and Baker Hughes Co. are expected to report hits to their bottom line due to the Iran war’s impact. The companies’ earnings reports will offer insight into the path forward in the Middle East and clues on how quickly global oil field activity could rebound in 2027. Investors … Read more
(Reuters) – Chevron is shutting-in production at its Petronius facility in the U.S. Gulf of Mexico, and all associated personnel are being moved onshore in preparation for Tropical Depression Two, the company said in a statement on Monday. The U.S. oil major also said it is transporting nonessential personnel from its Tubular Bells and Blind … Read more
By Arathy Somasekhar Summary Yemen’s Houthis threaten naval blockade of Saudi Arabia Received mediators’ proposal, Iranian official tells Reuters US, Iran exchange fresh strikes (Reuters) – Oil prices fell on Tuesday, with markets weighing reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.1 million barrels to 311.4 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Since … Read more
(Reuters) – Magnolia Oil & Gas (MGY.N) said on Monday it had agreed to acquire WildFire Energy for about $4.06 billion, including debt, to expand its position in the Giddings field in South Texas. The deal includes about 810,000 net acres in Giddings, more than doubling Magnolia’s position there to over 1.25 million net acres, … Read more
(Reuters) – The insurance cost of shipping goods through the Red Sea rose on Monday after Yemen’s Iran-aligned Houthis said they were imposing a naval blockade on Saudi Arabia, escalating risks for merchant shipping, insurance industry sources said. The move by the Houthis opens a new front against the United States in its war on … Read more
(Reuters) – Yemen’s Iran-aligned Houthis will impose a maritime blockade on Saudi Arabia, they said on Monday, further throttling a global energy market already greatly restricted by Iran’s closure of the Strait of Hormuz. This is why it matters and what it means for the Iran war and the global energy crisis: HOW BIG IS … Read more
(Reuters) – Yemen’s Iran-aligned Houthis on Monday declared a naval blockade against Saudi Arabia effective immediately, their military spokesperson said in a televised speech. The militant group announced “a maritime embargo against the criminal Saudi enemy, based on the equation of ‘an eye for an eye’ effective immediately upon the issuance of this statement.” The … Read more
(Reuters) – The Kuwaiti Foreign Ministry condemned on Sunday what it described as an Iranian attack on a power generation and water desalination facility, calling it a direct strike on vital civilian infrastructure. The repeated targeting of civilian facilities amounted to a dangerous escalation and violated international law, the U.N. Charter and U.N. Security Council … Read more
Summary Four vessels crossed Hormuz on Sunday, down from eight on Saturday, LSEG data showed No LNG tankers have been visible passing through the strait since Thursday Seven laden Qatari LNG carriers held about 0.57 million metric tons as of mid-July, S&P Global said SINGAPORE, July 20 (Reuters) – The number of ships transiting the … Read more
Summary Iran’s Guards say two oil tankers immobilised in Strait of Hormuz Shipping recovery has effectively stalled, analysts say Brent and WTI benchmarks hit more than one-month high (Reuters) – Oil prices rose on Monday to their highest in more than a month, with Brent crude climbing above $90 a barrel as escalating hostilities between … Read more
Takeaways by Bloomberg AI The US conducted a ninth straight day of airstrikes on Iran, targeting military targets and communications networks. Iran continued to attack US bases in several countries, and the standoff shows no sign of easing, with Iran refusing to relent over the Strait of Hormuz. The US-Iran interim peace deal has all but … Read more
(Reuters) – U.S. gasoline pump prices crossed the $4 a gallon mark on Monday as renewed hostilities between the U.S. and Iran further disrupt energy flows through the Strait of Hormuz, a critical route for global oil supplies. National average retail gasoline prices have climbed more than 30% since the U.S. and Israel attacked Iran at the … Read more
Iran’s Supreme Leader Mojtaba Khamenei said in a written statement on Saturday that repeated U.S. breaches of a memorandum of understanding signed by the presidents of Iran and the United States had shown that President Donald Trump’s signature was “utterly worthless and devoid of credibility.” Washington and Tehran have exchanged strikes after a ceasefire … Read more
(Reuters) – Two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia’s Black Sea coast, CPC said on Sunday, adding that oil loadings are suspended. The ASIA and NISSOS IOS tankers were attacked during loading operations, CPC said. The ASIA tanker caught fire, which was extinguished, it added. “There were no … Read more
Summary Agreements, MOUs signed at the summit exceeded $60 billion ConocoPhillips agreed to buy a 42% stake in BP Energy of Kirkuk Ltd BP CEO Meg O’Neill cites Iraq’s resources and energy security role Trump envoy says Iran war brings chaos but Iraq at forefront of new security alliance WASHINGTON, July 17 (Reuters) – Western … Read more
Growth of U.S. LNG exports now expected to support 555,000 jobs annually and add $1.4 trillion to GDP through 2040 while domestic natural gas prices will remain among lowest in the world WASHINGTON, July 16, 2026 /PRNewswire/ — Growing exports of U.S. liquefied natural gas (LNG) are now on track to support 550,000 jobs annually … Read more
(Reuters) – U.S. energy firms this week added rigs for a fifth week in a row for the first time since early June, boosting the total count to its highest since April 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The total rig count, an early indicator of future … Read more
By Nicole Jao Strait of Hormuz flows have slowed after last month’s truce collapsed Iran pressed Houthis to disrupt Red Sea shipping if US hits power sites NEW YORK, July 17 (Reuters) – Oil prices climbed more than 4% to their highest in more than a month on Friday after the U.S. and Iran stepped … Read more
(Reuters) – ConocoPhillips said on Friday it had agreed to acquire a 42% stake in BP Energy Company of Kirkuk Ltd from BP, joining the British oil major in redeveloping four producing oilfields in northern Iraq. The agreement is expected to be signed during Iraqi Prime Minister Ali al-Zaidi’s official visit to Washington, where he … Read more
By API – American Petroleum Institute Almost 100 years ago, Americans built the Empire State Building, Hoover Dam and Golden Gate Bridge — projects that still define our country’s skyline. What might shock you is that while they were built with the tools and technology of another era, they each took less time to complete than … Read more
(Reuters) – For U.S. President Donald Trump, Australia’s failed “Great Emu War” nearly a century ago offers a highly relevant lesson: technological superiority does not guarantee victory against a dispersed and resilient foe. At first glance, efforts to prevent flocks of large, flightless birds from devastating farmland seem to have little in common with the … Read more
If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday. “Oil security is still a critical issue,” Birol told a Council on Foreign Relations event. “We should be worried, and I … Read more
Robert Tuttle (Bloomberg) – On the edge of the Canadian Rocky Mountains, companies including Obsidian Energy Ltd. and Yangarra Resources Corp. are breathing new life into a long-dormant gas reservoir — except now they’re drilling for oil. Both firms are fracing into the sandstone that makes up the Basel Belly River formation in an area southwest of the Alberta’s provincial capital … Read more
(Reuters) – U.S. refiner margins registered a fresh record high for the third consecutive session on Thursday, as low stockpiles and worsening tensions in the Middle East threaten potential supply shortfalls in the world’s largest fuel consuming nation. U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers have clamored for … Read more
(Reuters) – Oil prices inched up on Friday after the U.S. and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthi organisation to stand ready to shut the Red Sea export route. Brent crude futures rose 7 cents, or about … Read more
(Reuters) – Liquefied natural gas is poised to become the United States’ second-largest net export industry within five years, adding nearly $1.4 trillion to its gross domestic product through 2040, according to an S&P Global Energy study. In 2025, the country became the first to export more than 100 million metric tons of LNG in … Read more
(Reuters) – China caught the oil industry by surprise during the Iran war, pulling powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets – an independent, opaque, massive power. The measures China used to offset the energy supply … Read more
By Shariq Khan Oil falls after rallying earlier in the week, analyst says sign of market exhaustion Iran tells Houthis to close Red Sea gateway if US hits power network, sources say US strikes Iranian coastal defenses, missile sites Fewer vessels have traveled through Hormuz strait after US resumed its blockade NEW YORK, July 16 … Read more
(Reuters) – Attacks on Saudi Arabia by Yemen’s Iran-aligned Houthis this week have frustrated Pakistan and threaten to draw Islamabad into the conflict, complicating any future role it may have as a mediator between the United States and Iran. Nuclear-armed Pakistan, which helped broker an interim deal last month in the war between Washington and … Read more
(Reuters) – Yemen’s Houthi leader Abdul Malik al-Houthi said on Thursday that all Saudi oil and other vital facilities would be targets for the group’s missiles and drones if Riyadh escalated its involvement in the conflict. The warning came after the Houthis fired missiles at Saudi Arabia, accusing the kingdom of bombing an airport under … Read more
(Reuters) – Iran has asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies. The idea has been discussed within the Islamic Republic’s leadership, and the message has … Read more
By Mitchell Ferman TotalEnergies SE reported another quarter of bumper oil trading after the Iran war upended crude markets, but warned of underperformance in its gas business. The French major said earnings from oil trading “are expected to remain at the same strong level as in the first quarter,” reflecting the market upheaval caused by … Read more
By Jason Chiu AXIS D2123-VE radar solution in a solar field Routine inspections remain one of the most important tools for maintaining energy infrastructure. Whether operators are overseeing substations, transmission corridors, renewable energy facilities, compressor stations, or remote pumping sites, scheduled inspections provide critical opportunities to assess equipment condition, identify maintenance requirements, and verify operational … Read more
(Reuters) – The U.S. Energy Information Administration said on Thursday it was reviewing the results of a pilot study to better understand minimum working crude oil inventory for some storage hubs at Cushing, Oklahoma, after stocks reached levels that may constrain normal operations. Cushing, the delivery point for U.S. West Texas Intermediate (WTI) crude futures, … Read more
(Reuters) – Shipping companies are avoiding using a U.S. military-guided transit scheme through the Strait of Hormuz after a wave of Iranian attacks on vessels sparked safety concerns, seven maritime security and shipping industry sources said. For decades ships sailed into and out of the Gulf using a safe set of lanes down the middle … Read more
(Reuters) – Renewed disruptions to Persian Gulf oil exports could keep upward pressure on prices in the near term, Goldman Sachs said in a note on Tuesday, adding that the next phase of recovery in flows remains uncertain and could be slower than the initial rebound even after geopolitical de-escalation. Goldman estimates that Gulf exports … Read more
(Reuters) – Trump administration policies that scaled back federal support for clean energy have led to the cancellation or delay of $83 billion in investment across hundreds of projects, according to a report released on Tuesday by labor and environmental coalition BlueGreen Alliance. The report was unveiled as labor leaders met with Senate Democrats … Read more
Summary US launches multiple strikes on Iran, which retaliates Fewer vessels travel through Hormuz as US, Iran continue strikes Brent and WTI remain close to one-month high July 16 (Reuters) – Oil prices eased on Thursday as traders weighed escalating tensions between the United States and Iran and the risks to oil supplies moving through … Read more
(Reuters) – U.S. oil and gasoline stocks fell last week, the U.S. Energy Information Administration said on Wednesday, as refiners stepped up their crude processing and gasoline demand remained sturdy in the summer driving season. Crude inventories fell by 1.7 million barrels to 409.7 million barrels in the week to July 10, the EIA said, … Read more
(Reuters) – Iran’s top negotiator Mohammad Baqer Qalibaf said on Wednesday that if Iran did not benefit from its memorandum of understanding with the U.S., “we have no reason to adhere to such an understanding”. Iran’s national security depends on maintaining “Iranian arrangements” in the Strait of Hormuz, Qalibaf added in a statement posted on … Read more
(Reuters) – Iran has warned that its campaign to throttle global energy markets could be expanded from the Strait of Hormuz to the vital Red Sea route if U.S. attacks continue, a threat that depends on its Houthi allies in Yemen. This is why it matters and what it means for the Iran war and … Read more
(Reuters) – Asian refiners snapped up U.S. crude cargoes overnight as they sought to secure alternative supplies amid escalating tensions in the Middle East, trade sources said on Wednesday. Two South Korean refiners purchased at least 5 million barrels of West Texas Intermediate (WTI) crude, the people said. The cargoes for loading in July and … Read more
(Reuters) – Iran’s Islamic Revolutionary Guard Corps has threatened to close “all other export corridors that benefit the U.S. and its allies”, Iranian media reported, after Iran shut the Strait of Hormuz and the U.S. reimposed a naval blockade of Iranian ports. “Regional energy exports are either shared by all, or denied to all,” the … Read more
MicroWatt is launching the ExR-2.5 – the first UL Certified inspection robot for potentially explosive hazardous industrial locations in North America. As Exrobotics’ exclusive North American distributor, assembler and service provider, MicroWatt is leading the introduction of certified robotic inspection technology designed to help customers reduce risk in hazardous locations. The ExR-2.5 is the only … Read more
By Reuters July 14 (Reuters) – LNG Canada said on Tuesday five First Nations will have an equity option to invest up to C$1 billion ($710.78 million) to acquire a storage tank planned to be built in a proposed expansion of the country’s first major LNG export facility. First Nations, Canada’s indigenous peoples groups, have been … Read more
The Alberta government, Ottawa and five major oilsands producers have signed a memorandum of understanding to advance the multibillion-dollar Pathways carbon capture and storage project. The Pathways project is a condition for a new West Coast oilsands pipeline moving ahead. The federal government has committed to extending investment tax credits for various carbon capture … Read more
Summary Iran threatens to block more vital seaways Goldman Sachs said Brent could exceed $110 in the fourth quarter Gulf exports slipped below 50% of pre-war levels over last week: Goldman (Reuters) – Oil extended gains by around 2% on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran’s … Read more
(Reuters) – U.S. President Donald Trump on Tuesday dropped the idea of charging a 20% fee on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the Gulf states. The change of plan comes a day after Trump proposed charging a 20% fee to guard … Read more
Summary National average pump price $3.84/gallon, up 9.8 cents in a week Gasoline prices surged along with crude after truce collapsed Fewest tankers in two months transit the Strait of Hormuz (Reuters) – Americans could soon see gasoline prices top $4 a gallon again as renewed hostilities between the U.S. and Iran have pushed energy … Read more
(Reuters) – The Strait of Hormuz is part of Iran’s national security and it will exercise its sovereignty over it what ever that costs, Iran’s Deputy Foreign Minister Kazem Gharibabadi said in interview with state TV on Tuesday. Tehran currently has no commitments when it comes to the Islamabad MoU signed with the United States, … Read more
By API – American Petroleum Institute The situation in the Middle East remains highly uncertain with renewed escalation, and energy markets continue to respond to each new development. Over the past several weeks, crude oil and gasoline prices have swung sharply higher and lower as markets reassess evolving geopolitical risks. Yet despite those twists and turns … Read more
(Reuters) – Iraq’s Prime Minister Ali al-Zaidi said on Tuesday that Iraq needed a fair share within OPEC after he was asked by reporters whether he was considering leaving the oil producer group. Zaidi is on a trip to Washington as he aims to secure major U.S. investment in his country’s oil, gas, and power … Read more
(Reuters) – The price of Brent crude oil futures for prompt delivery rose on Tuesday to a one-month high over the price for oil six months later as traders priced in renewed risks to Middle Eastern supplies and shipping through the Strait of Hormuz. The first-month Brent contract traded $8.92 a barrel above the sixth-month … Read more
(Reuters) – President Donald Trump on Tuesday told reporters ahead of a meeting with Iraqi Prime Minister Ali al-Zaidi that the United States would be doing a lot of deals with Iraq and taking a lot of oil out of the country. “Iraq has tremendous potential because of their oil… and we’re going to be … Read more
(Reuters) – Kazakhstan’s Justice Ministry said the operator of the Kashagan oilfield must pay an environmental fine of 2.3 trillion tenge ($4.89 billion) by July 20, but that the company has filed an arbitration claim challenging the penalty, Interfax reported on Tuesday. Interfax quoted Kazakh deputy justice minister Daniyel Vaisov as saying that the arbitration … Read more
WASHINGTON, July 13 (Reuters) – President Donald Trump said on Monday that the United States was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the vital waterway. “The Hormuz Strait is OPEN, and will remain OPEN, with … Read more
Story by Jennifer Lockett America’s emergency oil stockpile is shrinking at a pace that has turned a technical energy-policy decision into a North American power story. President Donald Trump’s 2026 Strategic Petroleum Reserve release was framed as a response to global supply pressure and Middle East instability, but the numbers reveal a deeper reality: … Read more
(Reuters) – More details are awaited after U.S. President Donald Trump said in a post that Washington was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, the U.N.’s shipping agency said on Monday. “We are aware of the post and awaiting more details,” … Read more
U.S. President Donald Trump has sent Congress formal notification that hostilities against Iran resumed on July 7, a letter his administration sees as opening a new 60-day window to use the military in the region without congressional approval. “I directed this military action consistent with my responsibility to protect Americans and United States’ national … Read more
Summary Brent and WTI at its highest level since mid June U.S. military renews strikes on Iran while tankers come under attack in Strait of Hormuz UAE says Iranian missiles struck oil tankers in Strait of Hormuz, one sailor killed China’s June oil imports hit near 10-year low amid Iran war (Reuters) – Oil … Read more
By Reuters (Reuters) – President Donald Trump said on Monday that the United States was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the vital waterway. “The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. … Read more
One Indian crew member was killed and eight others were wounded when two Emirati oil tankers were struck by Iranian cruise missiles in the Strait of Hormuz, the United Arab Emirates Ministry of Defence said on Tuesday, in the latest escalation in the strategic waterway. The ministry said the tankers, the Mombasa and Al … Read more
President Donald Trump told reporters on Monday that the United States was attacking Iran’s capabilities related to the Strait of Hormuz, amid renewed military action between the two countries. The U.S. military said on Monday it was launching fresh strikes against Iran but Trump told reporters at the Oval Office on Monday that he had … Read more
By Jonathan Saul and Florence Tan LONDON/SINGAPORE, July 13 (Reuters) – The number of tankers transiting the Strait of Hormuz fell in the past day to the lowest level in two months, shipping data showed on Monday, as renewed strikes between the U.S. and Iran and attacks on vessels heightened safety concerns. Shipping industry sources … Read more
By Georgina Mccartney Both sides have renewed strikes Iran says will not allow Washington to intervene in the Strait of Hormuz Cargo traffic had already begun to slow as tensions had increased HOUSTON, July 13 (Reuters) – Oil prices jumped more than 5% on Monday after U.S. President Donald Trump said the United States was … Read more
Transaction led by Blackstone, in partnership with Apollo and KKR TULSA, Okla.–(BUSINESS WIRE)–Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power … Read more
By Ahmed Rasheed and Muayad Hameed Zaidi bets on US companies to bolster energy sector Iran war dealt major blow to Iraq’s economy Zaidi expected to discuss deals with Trump BAGHDAD, July 13 – Iraq’s new Prime Minister Ali al-Zaidi aims to secure major U.S. investment in his country’s oil, gas, and power sectors during … Read more
(Reuters) – Greenfire Resources said on Monday that it has agreed to acquire privately held Connacher Oil and Gas Limited for around C$1.27 billion ($900 million) in cash. On a combined basis, Greenfire’s 2026 production is expected to rise to about 34,000 barrels per day, with combined reserves of 850 million barrels, with a long-term … Read more
(Reuters) – Asia’s imports of liquefied natural gas (LNG) are poised to hit a six-month high in July while Europe’s imports plunge to their lowest in nearly two years. While some of the strength in Asia is because of seasonal demand during the summer peak, the weakness in Europe underscores just how far the second-biggest … Read more
Cheap, mass-produced drones have transformed modern warfare, exposing critical energy infrastructure as an Achilles’ heel for modern economies. Lessons from the battlefields of Ukraine, Russia and the Middle East have shown how unmanned aircraft can evade traditional air defences, turning oil refineries, power stations, export terminals and pipelines into prime targets. The implications for … Read more
President Donald Trump said on Monday that the United States would probably take over the Strait of Hormuz and should be reimbursed for controlling the vital waterway. “We’re going to keep the strait, and we’ll probably run it. We’ll become the guardian of the strait. Maybe we’ll call it the guardian angel of the … Read more
The cost of power from natural gas-fired plants in the US hit the highest level in at least 17 years, and is poised to climb even higher as demand surges from new data centers. That’s according to George Bilicic, global head of power, energy and infrastructure at Lazard Inc., which tracks the so-called levelized cost of energy. … Read more
By Reuters (Reuters) – Chesapeake Utilities said on Monday its unit Peninsula Pipeline Company will develop, construct and operate a natural gas pipeline project in Florida for about $1.2 billion. The project will help expand natural gas transportation capacity to address regional supply constraints, it said. Utilities have been investing in new infrastructure to improve reliability and … Read more
LONDON, July 13 – OPEC on Monday lowered its forecast for world oil demand growth in 2026 to 780,000 barrels per day, a copy of its monthly report showed, marking the third straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such … Read more
Summary Hormuz traffic slows to multi-week low on renewed conflict Iran expands attacks on Gulf states after US strikes, says Strait of Hormuz closed Trump says Strait of Hormuz open to commercial traffic UAE’s ADNOC lowers Murban crude selling price for August (Reuters) – Oil prices surged more than 2% on Monday after renewed military … Read more
The U.S. military said on Saturday it launched a new round of strikes against Iran after Islamic Revolutionary Guard Corps forces attacked a Cyprus-flagged container ship transiting the Strait of Hormuz. “A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engineroom … Read more
Iran on Sunday said it closed the Strait of Hormuz after a vessel traveled on an unapproved route and was struck, warning that any retaliation over the incident would be met with a “severe response.” “A vessel that had jeopardized maritime security by switching off its systems was struck and brought to a halt,” … Read more
(Reuters) – U.S. energy firms this week added rigs for a fourth week in a row for the first time since early June, energy services firm Baker Hughes said in its closely followed report on Friday. The report, which Baker Hughes usually releases around 1 p.m. EDT (1700 GMT) on Fridays, was delayed by … Read more
(Reuters) – Shale producer Occidental Petroleum said in a filing on Friday its worldwide average realized oil prices rose 38.4% in the second quarter compared with the previous three months, driven by higher benchmark crude rates amid the Middle East conflict. The U.S.-Iran war has injected a hefty geopolitical risk premium into the energy markets and … Read more
Summary AAA data showed average US gasoline prices rose 6 cents this week to $3.88 a gallon Friday Refinery outages in Russia and the United States are squeezing fuel supplies EIA data showed US petroleum products exports hit a weekly record 8.7 million bpd (Reuters) – U.S. drivers have seen gasoline prices climb again … Read more
(Reuters) – U.S. natural gas futures fell about 4% to an eight-week low on Friday on forecasts for less hot weather than previously expected over the next two weeks, an expected decline in flows to liquefied natural gas (LNG) export plants during maintenance at Freeport LNG in Texas, and ample amounts of gas in storage. … Read more
(Reuters) – The United States on Friday issued new Iran-related sanctions following Iran’s resumption of attacks on international shipping in the Strait of Hormuz, the Treasury Department said. The sanctions target Ali Ansari, an Iranian banker and businessman based in Dubai who had previously been sanctioned by Britain for his role in financially supporting the … Read more
By Erwin Seba Tanker traffic through Strait of Hormuz has slowed IEA says US-Iran escalation undermines oil surplus forecast Russia’s gasoline output covers 65% of demand after Ukrainian strikes, sources say HOUSTON, July 10 (Reuters) – Oil prices settled lower on Friday after the latest round of U.S.-Iran fighting as traders grew hopeful that shipping … Read more
(Reuters) – President Donald Trump on Friday said the United States had agreed to talks with Iran after Tehran asked to continue negotiations, while stressing that the June ceasefire between the two nations was over. “The Islamic Republic of Iran has asked us to continue ‘talks.’ We have agreed to do so, but the United … Read more
(Reuters) – Goldman Sachs said the latest strikes in the Strait of Hormuz could slow the ramp-up in Middle East oil production, while the cancellation of the U.S. sanctions waiver could once again weigh on exports of Iranian oil, which had only recently begun to recover. Oil prices extended gains on Thursday as the latest … Read more
Summary Brent set for 7% weekly gain, WTI set for 6% rise Tanker traffic through Strait of Hormuz has slowed IEA says U.S.-Iran escalation undermines oil surplus forecast (Reuters) – Oil prices rose on Friday and were on track for weekly gains as renewed U.S.-Iran fighting disrupted shipping in the Strait of Hormuz, stoking concerns … Read more
Summary IEA 2027 forecasts imply 4.62 million bpd surplus vs 860,000 bpd deficit in 2026 Global oil supply up 4.1 million bpd month-on-month in June, IEA says Demand seen dropping this year, rebounding by 2 million bpd in 2027 Global inventories up 21 million barrels in June, the IEA says Refined fuel markets tighten as … Read more
(Reuters) – Oil refiners around the world have seen profits surge thanks to a rare combination of robust fuel demand and weak crude prices, as markets have rapidly readjusted following the reopening of the Strait of Hormuz. The windfall is unlikely to last. The benchmark U.S. 3-2-1 crack spread, a widely watched measure of refining … Read more
By Michael S. Derby New York Fed president expects energy prices to cool in remainder of 2026 He declines to say what Fed should do at next policy meeting Williams says balance sheet changes should focus on bank safety NEW YORK, July 9 (Reuters) – New York Federal Reserve President John Williams said on Thursday … Read more
By Neil Ford Canada’s new national power strategy creates huge investment opportunities for grids and clean power while loosening restrictions on gas-fired plants. July 7 – In May, Prime Minister Mark Carney announced plans to double national power generation and grid capacity by 2050 at an estimated cost of C$1 trillion ($729 billion). The National … Read more
(Reuters) – Gasoline and diesel markets are signalling a fuel supply crunch despite relatively subdued crude oil prices, suggesting the energy shock from the Iran war may be far from over. Energy prices surged after the U.S.-Israeli war on Iran led to the effective closure of the Strait of Hormuz, which carried about a fifth … Read more
Meg O’Neill’s decision to simplify the company’s structure is helping BP’s response to the disruption caused by the Iran war By Mitchell Ferman BP PLC’s new chief executive acknowledged that the oil giant still has work to do to streamline its decision-making processes and gain investor trust in a post that marked her first 100 … Read more
(Reuters) – Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said. This could boost demand for crude that would absorb some of the expected global supply surplus … Read more
(Reuters) – Oil tanker traffic through the Strait of Hormuz was at a near standstill on Thursday, according to data and sources, as shipping risks escalated after the U.S. renewed airstrikes on Iran, triggering retaliation by Tehran in the Gulf. Just two tankers had so far sailed through the strait in the early hours of … Read more
By Yawen Chen LONDON, July 9 (Reuters Breakingviews) – Ships passing through the Strait of Hormuz may pay tolls after all. Just not the kind Iran can actually collect. Ostensibly, the relative calm of the last few weeks is over. Iran’s strikes this week on ships trying to transit Hormuz via the waterway nearest Oman … Read more
(Reuters) – Iranian armed forces targeted U.S. military infrastructure in neighbouring Gulf states on Thursday following U.S. strikes on Iran’s southern coastal and eastern provinces, putting further strain on a three-week-old ceasefire agreement. Iran was also preparing on Thursday to bury its slain Supreme Leader Ayatollah Ali Khamenei at the country’s holiest shrine in Mashhad, … Read more
(Reuters) – Iraq will not leave OPEC, but is seeking a fair output quota within the oil producer group, Iraqi Prime Minister Ali al-Zaidi said in an interview with Saudi-owned Al Arabiya TV, according to his office. Reuters reported in an exclusive in June that Iraq, the group’s second-largest producer after Saudi Arabia and one … Read more
(Reuters) – Norway’s oil and gas production has been reduced by 2.4 million barrels of oil equivalent (boe) so far this year as a result of an ongoing pay strike by oil service workers, industry group Offshore Norway said on Thursday. Norway produced about 1.5 billion boe, or more than 4 million barrels of oil … Read more
(Reuters) – One of the clever ways to deal with the unprecedented and disruptive U.S. presidency of Donald Trump is to make up acronyms using Mexican foods. This has given us TACO — Trump Always Chickens Out — to reflect the U.S. president’s tendencyto escalate a situation before retreating once the economic and political costs … Read more
The Three Mile Island nuclear power plant, located in the middle of the Susquehanna River, in Middletown, Pennsylvania.Photographer: Heather Khalifa/Bloomberg Bloomberg Nuclear energy is back in vogue in the US. Utilities are restarting shuttered plants and the Trump administration is pushing for more reactors to be built. Dozens of startups are working on new technologies … Read more
(Reuters) – The possible collapse of U.S.-Iran peace talks and the stop-start flow of tankers through the Strait of Hormuz are a nightmare scenario for Gulf nations desperate to return to normal after a bruising multi-month conflict. What was meant to mark the start of a fragile recovery following the June 17 memorandum of understanding … Read more
Summary US military carries out strikes on Iran, prompting Iranian attacks on Kuwait and Bahrain Some war insurers advise shipowners to pause Hormuz voyages, sources say Analyst says Brent will probably trade in a $75–85 range over the next month July 9 (Reuters) – Oil prices fell on Thursday as markets assessed the impact of … Read more
(Reuters) – Chevron will allow rival oil producers to buy a chemical technology it developed to boost production from shale wells, the company said on Wednesday, as part of a broader push to increase U.S. oil output. The move comes as the U.S. shale industry, which transformed global energy markets nearly 20 years ago through … Read more
(Reuters) – Tech giant Meta announced Wednesday it will build a massive data center in central Alberta, the company’s first in Canada, as it rapidly builds out computing capacity to support the global AI boom. The 1-gigawatt data center will be located in Sturgeon County and represents a total investment of C$13 billion, or $9.17 … Read more
By Parisa Hafezi and Angus McDowall Interim deal’s wording fuels rival U.S.-Iran interpretations over who manages transit Tehran once viewed shutting the waterway as a last resort Iran won’t start nuclear talks before Washington accepts its authority over the strait DUBAI, July 8 – Control over the Strait of Hormuz has become a “golden weapon” … Read more
(Reuters) – A Qatari LNG tanker was still stuck off Oman on Wednesday awaiting salvage operations, shipping data showed, a day after it was hit by a projectile, while the U.S. military said two other tankers had been targeted by Iran in recent days. The attacks on the tankers prompted Washington to revoke a licence … Read more
(Reuters) – Iran’s Revolutionary Guards said they targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched a wave of military strikes on Iran in response to attacks on tankers in the Strait of Hormuz. In the latest blow to the fragile ceasefire agreement, the Islamic Revolutionary Guard Corps said it … Read more
(Reuters) – A Qatari tanker loaded with liquefied natural gas (LNG) was at risk of exploding, one source said, after it sustained significant damage in an attack on the Omani side of the Strait of Hormuz on Tuesday. While the LNG industry has experienced a few accidents at onshore facilities, there has never been a … Read more
By API – American Petroleum Institute When Iran closed the Strait of Hormuz, gasoline prices in California rocketed higher. In West Texas, spot prices for natural gas have been negative for months. And in Boston, winter heating bills have been higher than in nearby states, despite its proximity to natural gas producing regions. Three energy … Read more
Transaction adds the world’s largest commercial well log database to Enverus, expanding its subsurface foundation with depth-calibrated logs, LAS files, formation tops, petrophysics and proprietary coverage across major U.S. basins AUSTIN, Texas (July 8, 2026) — Enverus today announced the acquisition of the A2D well log library and associated data products from TGS ASA, adding the world’s … Read more
(Reuters) The biggest expansion of global LNG supply on record, led by the United States and Qatar, could be slowed as most of the ships needed to transport the fuel are being built in South Korea and China, a Wood Mackenzie report said on Wednesday. “The LNG industry talks constantly about energy security, diversification and … Read more
Summary Qatari LNG tankers change course Three stranded VLCCs exit Strait of Hormuz SINGAPORE, July 8 (Reuters) – At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns. The diversions … Read more
Iran’s top joint military command, Khatam al-Anbiya Central Headquarters, said on Wednesday that Iranian armed forces would deliver a “crushing response” after accusing the U.S. military of targeting parts of southern Iran in what it called a “blatant act of aggression”, and warned that Tehran would not allow U.S. interference in the management of … Read more
By Laila Kearney PJM capacity prices up more than 1,000% in the last two years Industrial electricity prices grow faster than residential, business costs New regulations to manage data center power use could hit factories Industrial manufacturers look for ways to cut costs NEW YORK, July 7 (Reuters) – For years, electricity costs for the … Read more
By Dave Sherwood and Ayose Naranjo HAVANA, July 6 (Reuters) – Cuba began to slowly restore power on Monday after the country’s national electric grid collapsed earlier in the day, the latest blow to an island already suffering from severe energy, fuel and medicine shortages. Grid operator UNE said it was providing electricity to some … Read more
Summary Trump says interim accord with Iran to end war is ‘over’ US launches new strikes on Iran Iran responds with attacks on Kuwait and Bahrain China lifts fuel export curbs for July, sources say July 8 (Reuters) – Oil prices jumped more than 6% on Wednesday, hitting a two-week high after U.S. President … Read more
By Steven Scheer Israeli Foreign Minister Eli Cohen attends a conference at the European Parliament in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo JERUSALEM, July 7 (Reuters) – Gulf countries’ dependence on oil shipments through the Strait of Hormuz could be significantly reduced by a pipeline linking the Gulf to Europe via Israel, Israel’s … Read more
(Reuters) – Global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war, the U.S. Energy Information Administration said on Tuesday. Global benchmark Brent crude oil prices will average around $74 a barrel in the spot market during the third quarter of this … Read more
(Reuters) – The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC’s authority. Gulf producers, desperate for revenue to replenish state coffers depleted … Read more
(Reuters) – The United States is revoking a general license that authorized the sale of Iranian oil, a U.S. official said on Tuesday, warning that Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and would be met with consequences after attacks on tankers in the strategic waterway. Oil prices rose more than 3% … Read more
July 7 (Reuters) – U.S. oil and gas major Exxon Mobil (XOM.N) signaled on Tuesday that changes in oil prices would boost its second-quarter upstream earnings by $3.5 billion to $3.9 billion. Benchmark Brent crude prices averaged at $93.58 a barrel during the April-June quarter, up 4.8% from the prior quarter. The U.S.-Iran war injected … Read more
By Scott Disavino Commercial electricity demand is expected to outpace residential demand in 2026 for the first time on record Renewables’ generation share rises from around 24% in 2025 to 27% in 2027, the outlook said Residential power sales seen dipping in 2026 after hitting a 2025 record NEW YORK, July 7 (Reuters) – U.S. … Read more
By Nicole Jao Saudi-flagged crude oil tanker damaged near Hormuz after LNG tanker hit, sources say Saudi Arabia considers expansion of oil pipeline to Red Sea, sources say Ukrainian drones strike eight tankers from Russia’s ‘shadow fleet’ NEW YORK, July 7 (Reuters) – Oil prices settled 3% higher on Tuesday and then extended gains post-settlement, … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 6.2 million barrels in the week ending July 3 to 319.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdown is part of a U.S. agreement to release 172 million barrels from … Read more
By David Shepardson WASHINGTON, July 7 (Reuters) – Fuel costs for U.S. airlines jumped 85% in May to nearly $6.7 billion as the Middle East conflict drove up prices, the U.S. Transportation Department said on Monday. Airlines spent $3.62 billion on fuel in May 2025, compared with $6.66 billion in the same month this year. … Read more
In the last week alone, Sinokor has sent at least 20 supertankers into the Gulf, enough to carry 40 million barrels of crude By Weilun Soon, Alex Longley and Anthony Di Paola Just a few weeks into the war, one of the Persian Gulf’s top oil producers quietly began sneaking its crude out of the … Read more
Summary UAE output topped 3.8 million bpd weeks after OPEC exit, sources say Record production vindicates Abu Dhabi’s push for quota freedom UAE outpaced Gulf peers in restoring pre-Iran war oil supply (Reuters) – The United Arab Emirates raised its crude output to near record highs above 3.8 million barrels per day in June … Read more
(Reuters) – Global liquefied natural gas trade hit a record last year as strong U.S. exports and rising European imports offset weaker Asian purchases, the International Gas Union said in a report on Wednesday. Conflict in the Middle East could lead to a contraction in 2026, however, it warned. “The conflict in the Gulf has damaged LNG … Read more
July 6 (Reuters) – More than 373,000 homes and businesses were without power as of Monday due to extreme weather conditions across several areas of the United States, according to data from PowerOutage.us. Pennsylvania was the hardest hit, with over 70,000 outages, according to the data. The utility with the most outages was FirstEnergy, where around 59,775 … Read more
Alberta and Ontario proposed the Northern Shield Energy Corridor, a crude oil pipeline and energy corridor across Canada, to reduce the country’s dependence on the US. The proposed pipeline would carry about 500,000 barrels of oil a day for domestic use and export markets, and could expand to 800,000 barrels a day. A feasibility study … Read more
Oil gained following attacks on vessels in the Strait of Hormuz, highlighting continued risks to traffic in the waterway. Brent rose toward $73 a barrel, while West Texas Intermediate was above $69. A tanker traveling south reported being hit about 8 nautical miles east of Limah, Oman, causing a fire, UK Maritime Trade Operations said. The vessel … Read more
(Reuters) – Cuba’s national electric grid collapsed on Monday at midday, the country’s grid operator said, leaving around 10 million people on the Caribbean island without power. Grid operator UNE said it was investigating the cause of the nationwide blackout. Cuba has for months suffered from hours-long, and more recently, days-long power outages linked in … Read more
(Reuters) – Alberta and Ontario on Monday proposed a new 2,050-mile (3,300-km) crude oil pipeline between the two Canadian provinces that they said would initially move 500,000 barrels per day and reduce reliance on foreign markets. * The proposed pipeline would run from Hardisty, Alberta, to refineries in Sarnia, Ontario, and could eventually move 800,000 … Read more
(Reuters) – The funeral of late Iranian Supreme Leader Ayatollah Ali Khamenei was more than a national farewell. The sea of mourners in Tehran sent a message to the United States and Israel that their attempt to break the Islamic Republic had failed. Rather than looking weakened by the war that began with U.S. and … Read more
(Reuters) – Saudi Arabia has set the August official selling price (OSP) for its flagship Arab Light crude to Asia at $1.50 a barrel below the Oman/Dubai average, an $11 cut from the previous month and the biggest drop in more than two decades, according to a Saudi Aramco pricing statement released on Monday. Reuters … Read more
(Reuters) – Iraq’s cabinet approved Basra Oil Company signing “a heads of agreement”, or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar’s UCC to study strategic oil export pipeline projects, according to a cabinet statement. The consortium will prepare technical and financial feasibility studies comparing … Read more
TrueFlow Technologies is a newly incorporated company with proven & ground-breaking technology that focuses solely on the multiphase flow measurement market as it relates to the Oil & Gas industry. The DIP Multiphase Flow Meter is a unique & disruptive technology offering accurate and reliable measurement across all well flow regimes. Whether the well is … Read more
Summary Fears over gasoline and jet fuel supplies proved overblown Record storage releases, eased Chinese buying helped the market Thinned storage must be replenished, poses risk of more price spikes (Reuters) – The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term … Read more
The decision by OPEC+ to increase crude oil production quotas for a fifth straight month from August raises two questions. Can they actually ship the increased output and if they can, who will buy it? The seven core members of OPEC+, which groups together OPEC and allied producers such as Russia, agreed at a meeting … Read more
Summary OPEC+ to raise production by 188,000 bpd from August Gulf exports rise but still below pre-war levels Oil prices fall to pre-war levels on glut fears Iraq presses OPEC+ for higher quota after UAE exit (Reuters) – OPEC+ has agreed a further increase in output targets from August, the group said in a statement … Read more
By Alex Lawler LONDON, July 3 – The Iran war has created the largest oil supply shock ever in terms of daily production losses but the 1979 Iranian Revolution remains the biggest oil crisis by cumulative supply loss, according to Reuters calculations based on International Energy Agency, OPEC and U.S. Department of Energy data. The … Read more
By Robert Tuttle Pembina Pipeline Corp. will move ahead with a C$4.6 billion ($3.2 billion) gas-fired electricity plant that will power a data center project in Alberta. The Greenlight Electricity Center, a 932-megawatt plant to be built in Sturgeon County, will serve a “major data center” development, Pembina, Morgan Stanley Infrastructure Partners and Kineticor Asset … Read more
Fracking, booming power demand and enthusiastic political support have underpinned the fuel’s rise, but for how long? By Julian Hast and Nathan Risser The transformation of the US and its economy over the last 250 years can be tracked through its energy use: An early dependency on burning wood gradually gave way to coal, and … Read more
Summary OPEC+ agrees to raise oil output by 188,000 bpd from August ADNOC sells 16 million barrels in fifth tender at wider discounts, traders say ANZ expects global oil demand to contract by 1.5 mbpd in 2026 Ukraine’s military strikes oil refineries in Russia’s Yaroslavl, Leningrad regions July 6 (Reuters) – Oil prices fell on … Read more
By API – American Petroleum Institute As America approaches its 250th anniversary, instability in the Middle East is a reminder of one of our country’s greatest modern achievements: we changed our energy destiny. A generation ago, global disruptions exposed America’s dependence on foreign energy. Today, the United States is the world’s leading producer of oil … Read more
(Reuters) – U.S. energy firms this week added rigs for a third week in a row, energy services firm Baker Hughes said in its closely followed report on Thursday. The total oil and gas rig count, an early indicator of future output, rose by 7 to 580 in the week to July 2, its highest … Read more
David Blackmon As we celebrate America’s 250th birthday, one of the finest blessings our Founders gave our nation stands out with particular clarity: the system of free enterprise. That system did not merely enable liberty and prosperity in the abstract. It unleashed the human ingenuity, risk-taking, and capital allocation that turned America into the world’s … Read more
Summary Benchmarks touched pre-war lows on Thursday Saudi Aramco shifts to spot sales in Asia Brent spread contango signals fading shortage concerns CALGARY/LONDON (Reuters) – Oil prices were little changed for the week as traders held on to hopes for a successful outcome from attempts to secure peace between the U.S. and Iran. Brent … Read more
(Reuters) – Gulf oil exports in June jumped more than 3 million barrels from May to exceed 10 million barrels per day as the U.S. military helped to keep oil flowing through the Strait of Hormuz, data showed, though exports remained 40% below pre-war levels. The United Arab Emirates led the recovery, allowing millions of … Read more
By Anushree Ashish Mukherjee and Robert Harvey Six-month Brent spread flipped to a discount Wednesday for the first time this year Rise in Strait of Hormuz flows leaves near-term glut on market Potential for storage plays is limited at current price structure, analyst says LONDON, July 3 (Reuters) – Brent crude for prompt delivery traded … Read more
G7 leaders welcome prospect of more Canadian crude in world markets By Deborah Jaremko Tanker calling at the Westridge Marine Terminal in the Port of Vancouver. Photo courtesy Trans Mountain Corporation Canada’s heavy oil has taken on a new shine as oil importers around the world continue to navigate shipping risks in the Strait of … Read more
By Afiq Fitri Alias LONDON, July 3 (Reuters Breakingviews) – The United States is again trying to lure foreign capital into Iran. A key part of last month’s ceasefire signed between Washington and Tehran was a $300 billion “reconstruction fund” for the Islamic Republic. The details may differ from a similar push in the wake … Read more
(Reuters) – Americans are revving up for the Fourth of July holiday, undeterred by gasoline prices that remain elevated and well above historical levels. The easing of tensions between the U.S. and Iran has provided some relief at the pump, reducing fears that disruptions to oil shipments through the Strait of Hormuz could send fuel … Read more
By Amanda Stephenson Summary Pipeline would carry 1 million barrels per day from Alberta to the Pacific coast Alberta said construction could begin as early as September 2027 Pipeline would give Canada more export options to Asia Pembina would hold a 10% construction stake with an option for another 10% (Reuters) – Canada announced plans … Read more
Summary US biodiesel producers operated around 77% of capacity in May, below the EPA’s 90% assumption for mandates May generated 736 million biomass-based diesel RINs versus roughly 915 million needed monthly AFPM has sued and urged lawmakers to reconsider the 2026 biofuel mandates (Reuters) – President Donald Trump’s effort to boost production of bio-based diesel and … Read more
By Jonathan Stempel July 2 (Reuters) – A divided federal appeals court on Thursday upheld a ban covering four Los Angeles-area counties on the manufacture, sale and installation of various appliances that emit nitrous oxides, rejecting claims by appliance makers and trade groups that the pollution control measure conflicted with federal law. In a 2-1 … Read more
FuelMaxx is a state-of-the-art fuel modulator device engineered to optimize diesel combustion, delivering measurable fuel savings and reduced emissions across all types of heavy-duty diesel equipment and vehicles. Designed with durability and performance in mind, FuelMaxx operates completely maintenance-free, requiring no filters, additional fluids, or routine servicing—ensuring maximum uptime and operational efficiency. By enhancing fuel … Read more
By Tim McLaughlin PJM forecast record demand of 166.2 gigawatts at about 6 p.m. EDT Thursday Wholesale power costs rose 68% to $40 billion in the first five months, PJM watchdog says Data center demand accounted for $3.8 billion of the $16.25 billion year-over-year cost increase BOSTON, July 2 (Reuters) – Largest U.S. power grid … Read more
Summary Gasoline prices remain elevated despite crude easing toward pre-conflict levels Refining margins are near 2022 highs, boosted by exports and tight supply White House scrutiny is rising as industry pushes back on pricing claims July 3 (Reuters) – U.S. oil companies are set to report their strongest quarterly profits in years, courting a … Read more
OSLO, July 2 (Reuters) – Norway’s unions representing workers on drilling rigs and floating production platforms reached a wage deal on Thursday evening, ahead of a midnight deadline to avert a strike, labour unions and the employers’ association said. The unions had threatened to call out more than 600 members employed on Transocean’s Encourage rig, … Read more
Continental Resources, Mewbourne Oil and Aethon Energy lead annual list tracking production scale and year-over-year movement AUSTIN, Texas (July 1, 2026) — Enverus, the leading energy data analytics platform, has released its annual list of the 100 most prolific private oil and gas producers in the U.S. Continental Resources held the No. 1 position with 707 … Read more
Reuters Venezuela’s oil exports fell slightly to 1.2 million barrels per day (bpd) last month from 1.24 million bpd in May as two deadly earthquakes caused minor delays at terminals operated by state-run energy company PDVSA, according to data based in tanker monitoring and company documents. Shipments to the United States rose to 630,000 bpd … Read more
UBS, on Thursday, cut its Brent crude price forecast by $25 for the September quarter to about $80 a barrel, on average, and now expects prices to hold the quarter after, citing the rise in oil flows via the Strait of Hormuz after the recent U.S.-Iran agreement. The bank also lowered its 2027 average … Read more
CALGARY, Atla, June 01, 2026 — What started with a single liquid nitrogen tank in the field has transformed routine oil and gas operations. Kathairos’ nitrogen systems have now directly eliminated one million metric tons of CO2 equivalent— and counting. Kathairos Solutions has crossed a major climate milestone: one million metric tons of CO₂e eliminated. … Read more
For the first time in nearly two years, less than half of U.S. LNG exports last month went to Europe as stronger prices in Asia and record imports by Egypt diverted cargoes, according to preliminary ship-tracking data from LSEG. The shift marks the first time since July 2024 that Europe has not taken the … Read more
Summary US, Iran talks conclude in Doha, focused on Strait of Hormuz Nigeria joins International Energy Agency as an associate member Ukrainian military hits Russian oil refinery in Kstovo July 2 (Reuters) – Oil prices fell more than 1% for the third consecutive day on Thursday as concerns over supply disruptions eased after Qatar said Iran … Read more
Activist investors pushed global companies more aggressively in the second quarter to make changes and lifted the overall pace of campaigns in the first half of 2026, Barclays data showed, as their biggest demand was for businesses to sell themselves in a rebounding deal market. Compared with the first half of 2025, activists such as … Read more
Canada’s South Bow and U.S.-based Bridger Pipeline plan to jointly develop a new oil pipeline from Guernsey, Wyoming, to Cushing, Oklahoma, the companies told Reuters on Tuesday. The project will be developed along a corridor acquired from another company, South Bow and Bridger said in an email. The companies said their priority was to engage … Read more
U.S. crude stocks fell to their lowest last week since 2018 as domestic refinery demand rose, while gasoline inventories also fell ahead of the July 4 holiday weekend, the Energy Information Administration said on Wednesday. Commercial crude inventories fell by 3.8 million barrels to 408.4 million barrels last week, the lowest level since September 2018, … Read more
Tehran says U.S. team to meet mediators in Doha, not with Iranian officials U.S. crude inventories fell by 6.1 million barrels last week, API data showed July 1 (Reuters) – Oil prices fell more than 1% on Wednesday as talks between Iran and the U.S. aimed at reaching a final agreement to end their war continued and … Read more
One stage of the Iran war has ended, but the world may be mistaking a pre-election pause for lasting peace. Tehran’s economic leverage will likely remain strong through the U.S. midterm elections in November, but could weaken once the votes are counted, raising the risk of renewed confrontation afterward. In this dangerous new environment, how … Read more
(Reuters) – U.S. Energy Secretary Chris Wright on Tuesday urged supporters of data centers at an Amazon Web Services conference to push back against critics, saying concerns about the facilities are “overblown.” Wright listed concerns that opponents have raised about the boom in the facilities including water and power use and that the artificial intelligence … Read more
(Reuters) – U.S. crude oil production rose to 13.93 million barrels per day in April, the highest on record, monthly data from the Energy Information Administration showed on Tuesday, as producers ramped up output in response to higher oil prices owing to the Iran war. Production rose by 216,000 bpd in April, EIA data showed, … Read more
(Reuters) – U.S. natural gas futures climbed about 3% on Tuesday on rising flows to liquefied natural gas (LNG) export plants and forecasts for record power demand in some parts of the country as homes and businesses crank up air conditioners to escape a brutal heat wave. Front-month gas futures for August delivery on the … Read more
(Reuters) – Investors have had to gulp down the motion-sickness tablets this year as the turmoil from the Iran war has clashed with a seemingly unstoppable boom in all things AI and otherworldly. Global stocks are now $7 trillion higher than at the end of 2025, even though the war caused a $9 trillion drop … Read more
A brief summary of the most recent Energy Institute publication By William Lacey [image] Any of you who follow me know that I love this time of year. The Energy Institute publishes a global energy summary of energy consumption (and a bunch of other data) for broad consumption by the public. What I love about … Read more
Transaction adds Frac Interference Exchange, Well Data Exchange, Production Data Exchange and AquaTrade, extending Enverus’ secure exchange network across completions, well data, production and water logistics AUSTIN, Texas (June 30, 2026) — Enverus today announced the acquisition of four exchange platforms from PDS Energy Information: the Frac Interference Exchange, Well Data Exchange, Production Data Exchange and AquaTrade. … Read more
The logo of oil and gas company Shell at a gas station in Wijchen, Netherlands, April 13, 2026. REUTERS/Piroschka van de Wouw Summary Global demand to hit nearly 700 million metric tons/year by 2050 Global LNG trade likely flat in 2026, growth to return in 2027 South, Southeast Asia to account for 40% of … Read more
by EnergyNow Editorial Staff Alberta Premier Danielle Smith is expected to lay out the next stage of her government’s push for a new West Coast oil pipeline on Thursday, July 2, 2026, as the province moves to meet a key deadline under its energy agreement with Ottawa. CTV News reported on June 29 that Alberta … Read more
Summary FCC revives effort to ban Chinese inverters, sources say Ban could come before year end, sources say Europe banned Chinese inverters from some energy projects in May (Reuters) – The Trump administration is drafting a ban on imports of foreign inverters, which connect solar projects and batteries to the grid, over concerns China … Read more
June 29 (Reuters) – Duke Energy (DUK.N) will end its offshore wind lease in the Carolina Long Bay area as part of a settlement agreement with the U.S. Department of the Interior, the department said on Monday, in the latest move by U.S. President Donald Trump to shift investments away from the renewable power source. … Read more
(Reuters) – The removal of mines from the Strait of Hormuz is to be carried out solely by Iran according to the Islamabad MoU between Tehran and Washington, Iran’s Deputy Foreign Minister Kazem Gharibabadi said in a post on X on Monday, in response to French President Macron’s comments on the subject. Emmanuel Macron said … Read more
(Reuters) – Data centers are being blamed for America’s rising electric bills. But the real issue is not that AI — and consumers in general — are boosting energy usage. The real problem is structural, and it began long before the latest infrastructure boom. Average residential electricity rates rose 6% last year — more than … Read more
Crude prices may be back near levels seen before the Iran war, but the surge in oil exports from the Middle East following the reopening of the Strait of Hormuz is creating a chaotic market that could take months to settle. The steep slide in Brent crude back to pre-war levels of around $73 … Read more
The United States accounted for about a third of the rise in global carbon emissions in 2025, as higher gas prices pushed power producers back to coal, an Energy Institute report showed. Here are highlights from the report, produced in partnership with Ember, Kearney Institute and KPMG: * U.S. coal consumption jumped 10% last … Read more
Summary Brent set for third straight month of price falls, WTI set for second Brent prices trading close to February 27 level U.S. and Iran negotiators head to Doha, but meeting uncertain Morgan Stanley cuts Brent price forecast, flags 2027 surplus (Reuters) – Oil prices were heading on Tuesday for their biggest quarterly loss … Read more
U.S. President Donald Trump said on Monday gasoline retailers must get prices down immediately and warned that there will be “big problems” ahead if they did not do so. Here are details: * “Gasoline Retailers must get their Prices down, IMMEDIATELY,” Trump wrote on Truth Social. * “There will be no gauging, which is … Read more
By Florence Tan and Emily Chow Fourth VLCC loading at Ras Tanura on Monday, data shows Iran increases oil loadings at Kharg Island, says Windward Two VLCCs head to UAE port for loading Qatari and ADNOC LNG tankers head to India and China SINGAPORE, June 29 (Reuters) – Middle East producers are pushing ahead with … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. Reporting by Arathy … Read more
By Levin Stamm US companies are set for another strong earnings season, driven by the AI investment boom and windfall profits for energy companies, according to Goldman Sachs Group Inc. strategists. Analysts expect S&P 500 earnings to surge 22% in the second quarter, a hurdle that companies should be able to clear, the team led … Read more
Funding will help advance Library’s sustainability and conservation initiatives MEDORA, N.D., June 29, 2026 /CNW/ – As America celebrates its 250th anniversary, Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) is announcing a $2.5M founding gift to the Theodore Roosevelt Presidential Library (TRPL) which opens July 4, 2026, in Medora, North Dakota. Enbridge’s … Read more
(Reuters) – An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq’s aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc. The pressure from Baghdad adds to the challenges confronting the Organization of the Petroleum … Read more
(Reuters) – Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, a source told Reuters on Monday, after tit-for-tat weekend strikes threatened to derail the fragile accord. Mediators have established communications channels to de-escalate any incidents, and technical talks are … Read more
(Reuters) – Energy exploration has picked up sharply in Australia driven by growing Asian gas demand, technological advances and an improved investment climate, with the Iran war underscoring the urgency to develop supply, after years of sluggish spending. Quarterly oil and gas exploration spending in Australia, the world’s No. 2 liquefied natural gas producer, hit … Read more
A power outage on Sunday forced the shutdown of Venezuela’s largest refinery, the 645,000-barrel-per-day Amuay, workers from that facility said, the second refinery without electricity following two deadly earthquakes in the country. The South American nation has been struggling to provide power to industrial plants, refineries, businesses and citizens following the quakes, which have left … Read more
Summary US and Iran also agree to resume talks over Strait of Hormuz Middle East producers press ahead with loadings Brent crude fell 10.6% last week (Reuters) – Oil prices steadied on Monday as Iran and the United States agreed to halt recent hostilities in the Gulf and Middle East producers pushed ahead with … Read more
(Reuters) – Trump administration policies that have stalled permits for renewable energy projects are putting more than $121 billion of investment at risk and slowing development of wind, solar and storage capacity needed to meet rising power demand, according to a report published on Monday. The findings by energy research firm Wood Mackenzie highlighted tension between President Donald … Read more
Summary CEO Richard Jackson aims to cut debt to $10 billion Occidental to begin repaying $8.5 billion to Berkshire in 2029 Investor Bill Smead says Occidental must grow or seek a buyer (Reuters) – In not quite a month as Occidental Petroleum’s CEO, Richard Jackson has already been challenged with looking for ways to lift … Read more
This week, API launched the American Energy Security Framework — a roadmap for a stronger, more flexible energy system built on secure supply, modern infrastructure and resilience. One of its key recommendations is modernizing the Strategic Petroleum Reserve to improve delivery capability, operational flexibility and emergency readiness. America’s Strategic Petroleum Reserve Deep underground, inside enormous … Read more
Around 1,000 Norwegian oil service workers were locked out on Saturday morning in an escalation of a labour dispute that is expected to disrupt drilling and some production on the Norwegian continental shelf. The lockout was declared in response to an ongoing strike by several hundred members of the Safe union and will affect … Read more
By David Carnevali, Ryan Gould, and David Wethe Magnolia Oil & Gas Corp. has emerged as the front-runner to acquire closely held WildFire Energy for more than $4 billion in what would rank as its largest-ever acquisition, according to people familiar with the matter. The Houston-based shale producer is poised to win the auction … Read more
(Reuters) – U.S. pipeline operator Williams is in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg News reported on Sunday, citing people familiar with the matter. The Tulsa, Oklahoma-based company is putting the finishing touches on an agreement to buy Momentum from private equity firm … Read more
(Reuters) – U.S. refining capacity fell by 263,000 barrels per day (bpd), or 1.43%, in 2025, driven by the planned conversion of a major Houston refinery and a Los Angeles-area plant that shuttered citing market dynamics in California, a state known for strict environmental regulations. Marathon Petroleum, based in Findlay, Ohio, continues as the largest … Read more
(Reuters) – A helicopter belonging to Saudi oil giant Aramco crashed on Sunday in Ras Tanura on Saudi Arabia’s eastern coast on the Gulf, west of the Strait of Hormuz, killing 14 nationals, the state news agency reported, adding that the cause was unknown. Aramco had resumed crude oil loadings on Friday at its Ras Tanura terminal … Read more
(Reuters) – Chevron is exploring additional data center deals across the U.S., including the Midwest, Rockies, and Gulf Coast, following its two-decade-long contract to power a Microsoft data center in West Texas, a company executive told Reuters. Oil and gas companies such as Chevron and Exxon Mobil are angling to profit from the record-high electricity … Read more
By Joey Roulette SpaceX plans to start building 8-mile pipeline next month Project would fuel more launches of Starship moon rocket Pipeline is part of sprawling SpaceX gas plans in Texas WASHINGTON, June 25 (Reuters) – SpaceX (SPCX.O) plans to begin next month building an eight‑mile (13-km) natural gas pipeline called “Starpipe” to its Texas … Read more
(Reuters) – The U.S. diesel futures crack spread, a measure of profitability for refiners, hit a three-week high as analysts said supply tightness for the product is set to persist even after a preliminary deal was reached to end the Iran war. The crack spread, calculated as the difference between the price of U.S. ultra-low … Read more
Aramco resumes Ras Tanura oil loadings after four-month halt Strait of Hormuz loadings at highest level since war began Overall traffic is still a small fraction of pre-war daily average HOUSTON, June 26 (Reuters) – Crude prices fell by more than 3% on Friday, on course for steep weekly losses, as oil tankers kept exiting … Read more
(Reuters) – U.S. energy firms had the biggest weekly increase in rigs since June 2022, energy services firm Baker Hughes said in its report on Friday. The total oil and gas rig count, an early indicator of future output, rose by 10 in the week to June 26, the largest weekly jump in four years. … Read more
By Stella Mackler US natural gas futures settled much lower in the final day of trading for the July contract as midday forecasts shifted to show cooler weather compared with overnight outlooks. Individual transactions moved the market more amid a drop-off in liquidity near expiry. Losses were likely limited as flows to liquefied natural gas … Read more
(Reuters) – UAE Foreign Minister Sheikh Abdullah bin Zayed on Friday stressed the need to protect maritime corridors and ensure freedom of navigation through the Strait of Hormuz in a call with his Iranian counterpart Abbas Araqchi. The exchange, reported by state news agency WAM, marks a rare public contact between Abu Dhabi and Tehran … Read more
(Reuters) – Barclays on Friday cut its Brent crude price forecasts to $96 per barrel for 2026 and $85 per barrel for 2027, down from $100 and $88 respectively, after an increase in oil flows through the Strait of Hormuz. Crude prices were on course for weekly losses, as more oil tankers exited the strait, … Read more
(Reuters) – Iran reasserted its right on Friday to control shipping in the Strait of Hormuz and warned Gulf states against siding with the U.S., a day after an attack on a ship near Oman highlighted the fragility of a preliminary deal to end the Iran war. Tehran was responding to what it called an … Read more
Ukraine has stepped up attacks on Russian energy facilities in recent months, targeting the country’s infrastructurein a war now well into its fifth year. The drone attacks are worsening fuel shortages in Russia, where people have reported rising prices and long queues at the filling stations across most regions. Following is a summary of the … Read more
Summary Solar companies rushed to secure tax credits before deadline, creating a years-long project pipeline Early data shows ending subsidies could raise renewable energy prices 40–120% Project developers say solar will be competitive without tax credits as electricity demand and prices surge (Reuters) – U.S. solar developers have secured federal subsidies for a wave of … Read more
Summary Crude oil prices headed for steep weekly loss Tankers coming into the Gulf to pick up cargoes Overall Hormuz traffic still not close to pre-conflict levels (Reuters) – Fewer vessels transited the Strait of Hormuz on Friday than earlier this week, hours after a Taiwanese-operated ship was fired on by Iran, ship tracking data … Read more
Summary Aramco resumes Ras Tanura oil loadings after four-month halt Strait of Hormuz loadings at highest level since war began Overall traffic remains a fraction of previous daily average (Reuters) – Crude prices plunged by more than 3% on Friday, on course for steep weekly losses, on easing supply concerns as more stranded oil tankers exited the … Read more
By Tim McLaughlin ICF forecasts 445 GW of US capacity additions through 2030 Those additions equal about 191 GW at peak demand, ICF said ICF estimates the US has 26 GW of excess generating capacity above minimum reliability needs BOSTON, June 25 (Reuters) – U.S. electric grid’s rapid buildout is expanding at a pace that … Read more
By Robert Cyran NEW YORK, June 25 (Reuters Breakingviews) – Tales of grizzled wildcatters are captivating, but oil production boils down to an industrial process for spinning geology and capital into profit. Giants such as Exxon Mobil and Chevron are all about grinding out asset values in a mature industry. Just look at their actions … Read more
(Reuters) – Vessels passing outside routes set by the Persian Gulf Strait Authority, a body set up by Iran to manage the Strait of Hormuz, will not be guaranteed safe passage, the authority said in a post on X on Thursday. “Consequences arising from passage through unauthorised routes shall be the responsibility of the owner, … Read more
By Scott Disavino Two U.S. officials told Reuters Iran fired on the cargo ship near the Strait of Hormuz The UN maritime agency paused its Hormuz ship evacuation effort after the suspected attack Rystad says Gulf storage is 50%-60% full, risking output curbs if traffic lags NEW YORK, June 25 (Reuters) – Oil prices rose … Read more
By America Hernandez Court rules ‘duty of vigilance law’ applies to climate risks Judges stop short of imposing binding business measures Prosecutors had said law should not apply to climate change Total will comply but is considering its legal options PARIS, June 25 (Reuters) – French oil major TotalEnergies (TTEF.PA) must disclose the climate risks … Read more
(Reuters) – A cargo ship reported a suspected attack as it attempted to pass through the Strait of Hormuz close to the coast of Oman on Thursday, British navy agency UKMTO said. The UN’s International Maritime Organization is currently assisting ships escape the Gulf, hundreds of which have been stranded there since the Iran war … Read more
By Nicole Jao and Ashitha Shivaprasad NEW YORK, June 25 (Reuters) – A fire was extinguished in a process unit pump room at Monroe Energy’s 190,000-barrel-per-day refinery in Trainer, Pennsylvania, on Thursday, the company said in a statement. The exact cause of the fire is unclear at this time, the company said, adding the incident … Read more
(Reuters) – Peace in the Gulf may ease pump prices, but not the Federal Reserve’s bigger problem: a U.S. economy that may already have been overheating before the Iran war. If oil retreats to pre-war levels, it could even spur demand at a critical juncture and worsen cost-of-living fears. That sounds like a “damned if … Read more
(Reuters) – Iraq’s oil ministry said on Thursday that reports suggesting Baghdad was considering ending its membership in OPEC did not reflect the Iraqi government’s official position. The ministry added that Iraq continued to stress the importance of reviewing oil production quotas to ensure they are aligned with member states’ sustainable production capacities. Reporting by … Read more
By Jonathan Saul and Florence Tan Shipments through Hormuz rise after ceasefire deal Concerns about how long waterway will stay open also boost trade Difficult to estimate exact volume of trade Overall sailings still a fraction of pre-war daily average UN agency launched scheme this week to evacuate vessels trapped in Gulf LONDON/SINGAPORE, June 25 … Read more
By Colleen Howe BEIJING, June 25 (Reuters) – China is aiming for half of its electricity to come from non-fossil sources by 2030, up from a 42.3% target for 2025, according to a five-year plan for the energy sector released on Thursday. Here are other key points from the plan: China is aiming for wind … Read more
(Reuters) – UBS on Thursday cut its Brent crude forecasts to $85 a barrel for end-September and end-December, from $105 and $95 respectively, and said a recovery in oil production from the Iran war was likely to be slower than the market expects. An interim deal last week to end the U.S.-Israeli war on Iran, … Read more
(Reuters) – Some 57 ships carrying an estimated 1,100 seafarers have transited the Strait of Hormuz since June 23 under a United Nations evacuation plan launched this week, data from the U.N.’s shipping agency showed on Thursday. These are the first numbers to be released by the U.N.’s International Maritime Organization for the initiative, which … Read more
Summary Focus on cost blowouts, inflation as shares retreat from record high Craig said he would consider bolt-on deals that deliver value Deal-hungry Glencore in the background Eyes on possible senior executive departures (Reuters) – Newly minted BHP CEO Brandon Craig faces a crowded in-tray as he takes mining’s top job on July 1, from threatened … Read more
Summary Iraq is OPEC’s second-largest producer Iraq’s economy under strain after Hormuz disruption Iraqi exit would be a blow to the oil exporters’ group OPEC was founded in the Iraqi capital Baghdad BAGHDAD, June 25 (Reuters) – Iraq has considered leaving OPEC if the oil producer group does not allow Baghdad to significantly increase oil … Read more
Summary Brent, WTI hit lowest since February 27 Goldman Sachs says no significant pick-up in Iranian production expected Iraq to consider all options if OPEC quota not raised, sources say Iraq also weighed OPEC exit, sources say (Reuters) – Oil prices fell on Thursday to levels last seen before the start of the Iran war … Read more
HOUSTON, June 24 (Reuters) – U.S. crude stocks at Cushing fell to a near 12-year low last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.1 million barrels to 412.1 million barrels in the week ended June 19, their lowest since January 2025, the EIA … Read more
(Reuters) – U.S. Secretary of State Marco Rubio held talks with the United Arab Emirates leader on Wednesday during a Middle East tour, seeking to reassure Gulf allies who view a proposed Iran peace deal as too soft on a regional power that attacked them in the war. The U.S.-Iran accord reached last week — … Read more
Summary Trump names Exxon Mobil and Chevron as part of probe ino gasoline prices US gasoline averaged $3.93 a gallon on Wednesday, AAA data showed US crude prices have fallen 36% from their May peak June 24 (Reuters) – U.S. President Donald Trump said on Wednesday he has instructed the Department of Justice to look … Read more
Venezuelan crude oil exports could rise to 2 million barrels per day by the end of U.S. President Donald Trump’s administration, roughly double current levels, Energy Secretary Chris Wright said on Wednesday at the Reuters Global Energy Forum in New York. (Reporting by Liz Hampton, writing by Richard Valdmanis)
(Reuters) – J.P. Morgan on Wednesday lowered its second-half 2026 Brent crude oil price forecast due to lower-than-expected OECD commercial inventory draws and lower demand for oil. The bank sees Brent averaging $86 per barrel in the third quarter, $80 in the last quarter, and expects to exit 2026 at $78, according to a research … Read more
The Nuclear Regulatory Commission has made changes to lower the burden for applicants and speed up approvals By Mathieu Dion The surge in new data centres for artificial intelligence is translating into growth for the United States electricity sector, and Canadian nuclear company AtkinsRealis Group Inc. wants in. The Montreal-based company has filed a notice … Read more
(Reuters) – Physical crude oil cargoes are selling at discounts across the globe, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions. The steep drop in prices follows the 60-day interim deal between the U.S. and Iran to … Read more
(Reuters) – Japan’s JERA expects liquefied natural gas prices to remain relatively firm in the near term, as restoring Qatar’s LNG facilities damaged during the Iran war will take time and Europe needs to replenish stocks ahead of winter, its chairman said. “Looking over the next year or so, prices may well hold up fairly … Read more
(Reuters) – The latest bout of political turmoil in Britain comes as energy security has moved front and centre following the Iran war, offering the next prime minister a chance to rethink the country’s North Sea oil and gas strategy. Andy Burnham, who is poised to succeed Prime Minister Keir Starmer following his resignation earlier … Read more
(Reuters) – Around 1,150 cargo-carrying ships with an estimated vessel and freight value of $125 billion and as many as 20,000 seafarers are waiting to resume operations in the Gulf after the Iran war shut the Strait of Hormuz, Allianz Research said on Wednesday. “Even if the US and Iran agreement holds and the Strait … Read more
(Reuters) – Three stranded tankers carrying 5 million barrels of crude oil were exiting the Strait of Hormuz on Wednesday, with two heading to Asia, shipping data showed, as the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf, bringing down global prices. South Korean-flagged VL Breeze, a Very … Read more
Summary CFOs cut expected US economic growth to 1.8% from 2.1% in quarterly Fed poll Firm-level optimism rose while hiring plans remained steady, the survey showed Firms saw little hit to demand during months of high oil prices PCE data on Thursday expected to show inflation jumped in May (Reuters) – The U.S.-backed war against … Read more
(Reuters) – The U.S. has started waiving some sanctions on Iran under their interim deal to end the war, but fully unravelling a tangled web of restrictions on the country’s activities and trade under any more comprehensive agreement will be much harder. This is why any effort to lift sanctions on Iran could take years … Read more
By Jan Wolfe Exxon seeks compensation for property seized in 1960 Trump allowed wave of US lawsuits against Cuba Exxon sued under US law called the Helms-Burton Act Trump administration supported Exxon in case WASHINGTON, June 23 (Reuters) – The U.S. Supreme Court made it easier on Tuesday for U.S. companies to seek compensation from … Read more
By Kate Abnett BRUSSELS, June 23 (Reuters) – The owner of the Gazprom-controlled Nord Stream 2 gas pipeline is suing the European Union in the bloc’s second-highest court, seeking to annul the EU’s binding phase-out of gas imports from Russia, a public document showed. The EU approved a law this year to halt all Russian … Read more
By Ruth Liao, Ewa Krukowska, and Petra Sorge The US, Qatar and other natural gas exporters are urging the European Union to ease some of its pending methane emissions rules, warning that the regulations could threaten the bloc’s energy security. In a letter to European leaders, the countries asked for a “pragmatic approach” to clarifying … Read more
June 23 (Reuters) – California Attorney General Rob Bonta sent a notice of intent to sue the Trump administration over its deal earlier this year to cancel an offshore wind lease. The notice relates a $120 million reimbursement by the federal government to Golden State Wind LLC, a joint venture between Ocean Winds and London-based … Read more
By David Wethe The US Department of Interior is slashing the bonds oil and natural gas companies must provide when drilling on federal land by 95% in a move to encourage more energy exploration. The bond required in onshore federal drilling leases will be cut to $25,000 from the $500,000 imposed during the Joe Biden … Read more
Drone view of oil tanker HELGA berthed at one of Iraq’s southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. REUTERS/Mohammed Aty/File Photo Summary Prices pressured by US-Iran talks, sanctions relief More vessels transit … Read more
The Darlington New Nuclear Project is one of 17 initiatives referred to the country’s Major Projects Office for review By Jessica Kim and Erik Hertzberg Canada will make a $715 million loan guarantee to a group of seven First Nations so they can buy a stake in a large nuclear project east of Toronto, according … Read more
By Stella Mackler and Julian Hast US natural gas futures declined as forecasts shifted to show cooler weather in the coming weeks, suggesting a decline in demand for gas-fired electricity as consumers pull back on using air-conditioners. Kinder Morgan’s Gulf Coast Express pipeline expansion project also entered service, indicating more gas will be moving out … Read more
(Reuters) – An evacuation plan to enable hundreds of ships with some 11,000 seafarers stranded in the Gulf to sail through the Strait of Hormuz is underway after Iran and the U.S. reached a ceasefire deal, the United Nations’ shipping agency said on Tuesday. “We have now started contacting the ships to start the evacuation,” … Read more
(Reuters) – U.S. refiner Phillips 66 CEO Mark Lashier said on Tuesday it would take time for crude supplies to clear through the Strait of Hormuz, as uncertainty remains around a return to normal shipping activity. Passage through the Strait of Hormuz is continuing on a limited basis, easing immediate supply concerns and pushing crude … Read more
(Reuters) – Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources. Traffic through the vital strait has been modest since … Read more
(Reuters) – U.S. President Donald Trump insisted on Tuesday that Iran has agreed to allow nuclear inspections long into the future, despite statements from Iran that it has not done so. “Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!),” he wrote in a social media post. “This … Read more
(Reuters) – Oman and Iran will form a team to reach an agreement on “administration of navigation in the Strait of Hormuz” and associated costs and services, the two countries said in a joint statement on Tuesday. The two states will hold talks with coastal countries and other concerned parties, the statement said. Reporting by … Read more
By Emily Chow, Florence Tan and Nerijus Adomaitis Three stranded VLCCs exited strait on Tuesday, data show Seven Qatar-linked ballast LNG tankers enter Hormuz, data show No widespread movement of empty LNG vessels toward Gulf still SINGAPORE/OSLO, June 23 (Reuters) – Three stranded supertankers passed through the Strait of Hormuz on Tuesday, while seven empty … Read more
By Nidhi Verma India LPG imports from U.S. set to exceed 1 million tons in June India imported 648,300 tons of LPG from the U.S. in May LPG is widely used as cooking fuel in Indian households NEW DELHI, June 23 (Reuters) – India’s imports of liquefied petroleum gas (LPG) from the U.S. are set … Read more
By Simon Jessop and Susanna Twidale Twenty-five GWh to be built at sites in Italy, Britain Part of 100 GWh buildout that could cost $4 bln-$5 bln Targets more than $15 billion in revenue over 20 years LONDON, June 23 (Reuters) – Independent energy firm NatPower and Tesla (TSLA.O) said on Tuesday they had reached … Read more
Diplomacy between the U.S. and Iran has translated into relief at the pump for Americans, data showed on Monday, with gasoline prices falling for a sixth straight week and marking a 15% drop from their May peak. The national average price of gasoline fell 14.1 cents a gallon over the last week to $3.85 per … Read more
(Reuters) – The Trump administration on Monday proposed looser rules for oil and gas drilling operations on federal lands, including a dramatic cut to clean-up costs for abandoned wells. The moves are aligned with President Donald Trump’s goal to reduce regulations for businesses and make it easier to invest in production of domestic fossil fuels. … Read more
Summary US waives Iran sanctions, Trump says he will ‘do what I have to’ if Tehran misbehaves Tanker traffic through Hormuz picks up after slower flows due to crossing concerns (Reuters) – Oil prices were little changed on Tuesday as investors watched crude flows through the Strait of Hormuz following progress in U.S.-Iran peace talks. Brent … Read more
SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation today announced that its redomiciliation from New Jersey to Texas is expected to become effective on July 1, 2026. As part of this change, ExxonMobil Holdings Corporation will become the publicly traded parent company, replacing Exxon Mobil Corporation of New Jersey. Shares will continue to trade on the New York Stock … Read more
(Reuters) – Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a … Read more
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest level since June 1983, according to data from the Department of Energy, as supplies continued to tighten in the fallout of the U.S.-Iran war. Inventories in the government’s emergency stash fell by 9.05 million … Read more
(Reuters) – The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical … Read more
(Reuters) – Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region. Exports fell to about 3.990 million barrels per day in April from 4.974 million … Read more
(Reuters) – Asia’s imports of crude oil are on track to return to pre-Iran conflict levels, but flows of refined products are still constrained and fuel prices reflect the supply stresses. The world’s top energy-consuming region is expected to import about 22.18 million barrels per day (bpd) of crude in June, up from 20.35 million … Read more
(Reuters) – Talks between Iran and the U.S. have concluded successfully in Switzerland, Pakistani Prime Minister Shehbaz Sharif said on Monday. “The discussions were held in a positive and constructive atmosphere and yielded encouraging progress, including agreement on a roadmap toward a final deal within 60 days, the establishment of a high-level committee to provide … Read more
(Reuters) – Four liquefied natural gas tankers controlled by Qatar were heading into the Strait of Hormuz on Monday, despite a fall in ship traffic after Iran announced that it had again closed the waterway over the weekend, shipping data showed. The tankers – Wadi Al Sail, Mekaines, Al Sadd and Mesaimeer – were entering … Read more
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By Reuters June 22 (Reuters) – Goldman Sachs said accelerating electric vehicle adoption following a Hormuz-related oil supply shock could trim global oil demand by up to 0.32 million barrels per day by late 2027. Global EV car sales penetration increased 3.4 percentage points, the bank said in a note, to reach 26.1% last month — … Read more
By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Takeaways by Bloomberg AI Data center developers are struggling to connect to the power grid and facing resistance from local communities due to … Read more
Takeaways by Bloomberg AI Chevron Corp. signed a 20-year deal with Microsoft Corp. to provide natural-gas fired power for a proposed West Texas data center. The power plant, named Project Kilby, is expected to provide first power by 2028 and will ramp up to 2.67 gigawatts over time. The partnership with Chevron is expected to supply … Read more
The number of ships that passed through the Strait of Hormuz fell sharply on Sunday after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal, shipping data showed. Five vessels passed the strait on Sunday, from 26 ships spotted a day earlier, data from analytics … Read more
U.S. energy firms this week added rigs for the eighth time in nine weeks, energy services firm Baker Hughes said in its closely followed report on Thursday. The total oil and gas rig count, an early indicator of future output, rose by one to 563 in the week to June 18, its highest since … Read more
Summary US, Iran conclude high-level talks in Switzerland, mediators say Iran has secured waivers for oil, petchem exports, foreign minister says Brent rose earlier after bumpy start to talks (Reuters) – Global oil prices fell on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, … Read more
Takeaways by Bloomberg AI FERC approved orders to pressure grids to handle hyperscalers’ connection requests within 90 days, and is requiring data centers to pay for their own power and be flexible with electricity consumption. Utilities must now disclose the cost of adding major new consumers to the grid, and grids covering almost two thirds … Read more
The Associated Press Iran has closed the Strait of Hormuz after Israel’s continued attacks in Lebanon. DUBAI, United Arab Emirates — Iran dealt two quick blows to the interim agreement with the United States on Saturday, angered by Israel’s continued attacks in Lebanon, saying it had closed the Strait of Hormuz again and announcing that … Read more
Summary U.S.-Iran talks delayed after digital memorandum reduced urgency, Iran’s Foreign Ministry said At least four tankers entered Hormuz on Friday, MarineTraffic data showed Analysts expect deal to release more than 85 million barrels into global markets CALGARY, Alberta, June 19 (Reuters) – Brent crude ticked higher on Friday, but stayed set for a weekly … Read more
Oil shipments through the Strait of Hormuz picked up on Friday after the United States and Iran signed a ceasefire deal, with Gulf producers preparing to raise exports despite concerns over conditions set by Tehran for using the vital waterway. Washington and Tehran released the text of an interim agreement signed on Wednesday to … Read more
Iran’s Strait of Hormuz body said on Friday it would waive planned fees to use the strait during a 60-day negotiation period under the memorandum of understanding signed with the United States this week. Ships seeking passage through the strait while the interim agreement is in force must submit transit requests at least 48 … Read more
June 18 (Reuters) – The biggest ever U.S. clean energy infrastructure project, an $11 billion wind farm and transmission line in New Mexico, is fully operational after nearly two decades of permitting and construction, owner Pattern Energy Group said on Thursday. SunZia is a 3,650-megawatt wind farm and 550-mile (885-km) transmission line that will carry … Read more
A growing stream of stranded oil is making its way out of the Strait of Hormuz as the US-Iran interim peace deal sparks a flurry of activity. Ships carrying nearly 10 million barrels of oil have either emerged outside the strait or are sailing through, including the first Saudi-owned tankers since the start of the … Read more
A top US energy regulator voted to ease environmental requirements for pipelines and other natural gas projects, saying they’re not needed after a recent Supreme Court ruling. The five-member Federal Energy Regulatory Commission moved on Thursday to no longer require an analysis of cumulative impacts, part of the decades-old National Environmental Policy Act. That policy requires an examination … Read more
OPEC Sees No Peak Oil Demand as Energy Security Beats Climate OPEC forecasts “robust growth” in global oil demand, with demand projected to rise to 113.3 million barrels a day in 2030 and 124.1 million barrels a day by 2050. The largest increments of oil demand growth will come from Asia, the Middle East, … Read more
Alaric Nightingale and Paul Burkhardt The US and Iran have committed to reopening the Strait of Hormuz, the world’s most important artery for shipping oil and natural gas, which has been largely blocked since the two countries went to war in February. However, returning traffic in the strait to prewar levels — if that day ever comes — … Read more
Reuters Citi said on Thursday it expects oil prices to trend lower over the next six to 12 months, to $60 to $65 per barrel by the first quarter of 2027 as flows through the Strait of Hormuz normalize following the signing of a U.S.-Iran MoU to end their conflict. Oil tankers sailed through the … Read more
Energy companies are likely to keep crude output steady this year in North Dakota, the third-largest U.S. oil-producing state, its regulator said on Thursday, despite a sharp decline in oil prices after the United States and Iran signed an interim deal to end their war. Oil prices fell on Thursday to their lowest since … Read more
The blast was so powerful that the huge disc-shaped lid of an oil storage tank was launched into the sky over Moscow like a frisbee. Evading Russian air defences, Ukrainian drones struck an oil refinery in southeast Moscow on Thursday for the second time in three days, igniting a fierce blaze that spewed out clouds … Read more
Middle East oil producers face a reckoning. The Iran war exposed the dangers of relying on a single chokepoint for vital oil and gas exports, leaving Gulf governments with a clear strategic imperative: diversify – at all costs. An Iranian blockade of the Strait of Hormuz had long been viewed as a “Doomsday” event that … Read more
(Reuters) – The U.S. government on Thursday signed a $725 million conditional loan commitment with Energy Fuels to boost domestic processing of rare earth elements as part of its efforts to reduce reliance on China. Energy Fuels, which specializes in uranium production, will expand its operations into rare earth separation and metallization, which is crucial … Read more
Summary Hormuz reopening to free millions of barrels of stranded non-Iranian oil Asian refiners already secured supplies for June to August Weak refining margins to weigh on fresh purchases (Reuters) – Middle Eastern crude oil prices are likely to fall if the Strait of Hormuz reopens on Friday following the U.S.-Iran interim deal, releasing … Read more
Summary Brent, WTI back to early-March levels US-Iran 14-point agreement extends April ceasefire for 60 days Market fundamentals expected to remain tight Ukraine hits Moscow refinery in major attack on Russian capital (Reuters) – Oil prices fell more than 1% on Thursday to their lowest since the first trading day of the Iran war, … Read more
Long-dated prices still support drilling as buyers seek alternatives to Middle East barrels. Just over a month ago, shale heavyweight Diamondback Energy Inc. announced the “light has turned green” for US production growth. With oil trading for more than $100 a barrel at that point as the war in Iran strangled supplies, crude buyers were looking to … Read more
API – American Petroleum Institute June 17, 2026 Energy supply matters, but so does the ability to move it where it’s needed. The disruption in the Strait of Hormuz has tested global energy markets and reinforced this important lesson. This week’s American Energy Snapshot explores one of the tools the U.S. government is using to … Read more
Reuters Activist investor TOMS Capital Investment Management has acquired a sizable stake in Devon Energy and is pressing the U.S. shale operator to sell assets or put itself up for sale, five people familiar with the matter said. Fresh from a $58 billion merger with Coterra Energy, which it completed in May, Devon is in … Read more
U.S. President Donald Trump on Wednesday suggested that sanctions on Iran would be removed once “they behave.” “As far as sanctions are concerned, at some point, you know, we have sanctions which will never let them rebuild. They would have no money, they would be in poverty, the 91 million people would starve, so something … Read more
Bloomberg The Trump administration is canceling four offshore wind leases held by power developer Invenergy LLC that total $765 million, the latest move by the White House to block new offshore wind development. Under a settlement with the Interior Department, Invenergy will redirect that investment to natural gas as well as geothermal projects in the western US, … Read more
U.S. crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 8.3 million barrels to 418.2 million barrels in the week to June 12, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4.6 million-barrel draw. … Read more
While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading. At least three tankers carrying some five million barrels of Iranian oil have sailed through the U.S. naval blockade this week, shipping data shows, despite the U.S. … Read more
The United Arab Emirates’ oil output could exceed 5 million bpd next year as it moves to expand production after its exit from OPEC, making it a major driver of non-OPEC+ supply growth, the International Energy Agency said on Wednesday, The UAE said its decision to leave OPEC, announced earlier this year, was aimed … Read more
Jet fuel market rebalances on higher production, imports, IEA says (Reuters) – Higher production at refineries and increased exports have helped ease concerns over a significant shortfall in the jet fuel market, the International Energy Agency said in its monthly report on Wednesday. “Concerns over jet fuel supply shortfalls ahead of the peak summer travel … Read more
Summary Supply growth to outpace demand growth in 2027, IEA says Will offer chance to replenish depleted global inventories Gulf oil flows about 12 million bpd in early June (Reuters) – The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International … Read more
Developing world won’t completely entrust energy security to the US, says Cheniere Energy’s CFO Cheniere Energy does not expect developing countries to rely solely on the U.S. for their energy security, its Chief Financial Officer, Zach Davis, said on Tuesday. “I don’t see many countries in the developing world, especially at this moment in time, … Read more
By Jason Chiu AXIS D2123-VE monitoing a solar field Energy operations are often defined by environments that are remote, complex, and difficult to access. From pipelines that span vast geographies to well sites and processing facilities operating under demanding conditions, maintaining consistent awareness is not just a technical challenge – it is an operational requirement. … Read more
In today’s energy and infrastructure environment, pressure is no longer the exception, it’s the baseline. Across North America, a new wave of investment is accelerating project timelines. Industry estimates suggest more than $1 trillion in new pipeline infrastructure will be required in the coming decades, driven by rising energy demand, LNG exports, and electrification. At … Read more
By EnergyNow Editorial Staff The U.S. Strategic Petroleum Reserve (SPR) is the world’s largest government-owned emergency crude oil stockpile. It was created after the 1973 Arab oil embargo to protect the United States from severe oil supply disruptions caused by wars, natural disasters, geopolitical crises, or major market shocks. The reserve is managed by the … Read more
Summary Details emerge of interim U.S.-Iran peace deal IEA sees supply significantly overtaking demand next year U.S. crude stocks drop sharply, industry data shows (Reuters) – Oil prices held steady near a three‑month low on Wednesday as investors weighed the impact of a U.S.-Iran peace deal and the International Energy Agency’s warning of a … Read more
Morgan Stanley has lowered its Brent crude oil price forecast for the fourth quarter of this year by $15 per barrel to $80, after the U.S. and Iran signed a preliminary agreement to end the war in the Gulf. “From here, it likely takes several weeks for tanker flow to be restored; we see 50% … Read more
Reuters A $300 billion private fund designed to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with direct knowledge of the deal told Reuters. The fund is designed to give both sides an economic incentive to conclude a final deal, … Read more
Analysts call for more pipeline capacity amid tightening global heavy oil market By Will Gibson Alberta’s oil sands have emerged as one of North America’s most attractive oil plays as costs rise in competing basins like the Permian in Texas, according to a recent report. The oil sands hold 177 billion barrels of proved reserves, making it the … Read more
U.S. spot natural gas prices for Tuesday at the Waha Hub in West Texas turned positive for the first time since early February as demand for the fuel rises with the coming of the summer air conditioning season and energy firms start to wrap up spring pipeline maintenance. Electric companies burn more gas as homes … Read more
Goldman Sachs lowered its fourth-quarter Brent crude oil price forecast to $80 from $90 and cut its 2027 average estimate to $75 from $80, after the U.S. and Iran signed a preliminary agreement to reopen the Strait of Hormuz. Analysts at the investment bank said in a research note released late on Monday they … Read more
Never bet against Donald Trump? The oil market appears to have made a risky wager from day one of the Iran war: The U.S. president would not allow the conflict to spiral into a full-blown economic crisis. So traders wouldn’t price one in, no matter what was happening with physical supplies. It was a risky … Read more
Abu Dhabi National Oil Company (ADNOC) has sold at least 30 million barrels of spot crude to Asian refiners and trading firms so far this month and offered more this week, trade sources said, boosting exports during the U.S.-Iran ceasefire. The United Arab Emirates producer sold cargoes of Das, Upper Zakum and Umm Lulu … Read more
By Feras Dalatey, Jonathan Saul, Dmitry Zhdannikov and Edward Carron Summary Apache shot down by Iran on June 9 was involved in ship-to-ship transfer mission Convoys sail dark with disabled transponders, spacing departures 3,000-4,000 meters apart At least 92 ships have taken part since early May DUBAI, June 16 (Reuters) – The United States military has overseen scores of … Read more
Summary Dubai crude benchmark’s premium slips back to pre-war levels Naphtha goes into contango, diesel and fuel oil backwardation narrows Margins for transport fuels retain strength on low stocks SINGAPORE, June 16 (Reuters) – Spot premiums for crude and some refined products in Asia have fallen back to pre-war levels following a U.S.-Iran deal to … Read more
Summary Stock-based pay grants for top 15 utility CEOs totals $993 million Grid upgrades could surpass $1 trillion in the next decade, analysts said U.S. residential customers faced 13.4 million disconnections in 2024 – EIA data (Reuters) – The U.S. electric grid’s mounting reliability problems have contributed to higher power bills for millions of homes … Read more
The U.S.-Iran deal ending months of fighting and reopening the Strait of Hormuz will prompt a collective sigh of relief from energy exporters and importers alike. But the fragile calm may not prevent future flare-ups, casting doubt over how quickly – or fully – tanker traffic through the vital waterway can return to normal. … Read more
Summary Prices at three-month lows, but above pre-war levels Some analysts expect Hormuz flows to resume in several weeks U.S. is using an Iranian smuggling tactic to sneak oil out of the Gulf June 16 (Reuters) – Oil prices fell more than 2% on Tuesday to a fresh three-month low as markets weighed prospects for … Read more
Reuters The Iran war’s disruption to global crude oil and LNG markets is already being measured in lost barrels and higher prices. Now, with a U.S.-Iran peace deal expected to reopen the Strait of Hormuz, the reckoning begins: was this a watershed moment, or merely another blip? Consider two precedents. The Volkswagen “Dieselgate” scandal over … Read more
The U.S.’s emergency oil reserve was already significantly depleted when Trump took office 16 months ago Bloomberg News The United States’s emergency supply of crude oil has fallen to its lowest level since 1983 as the Trump administration moves toward completing its plan to release 172 million barrels to ease surging fuel prices spurred by … Read more
Citi on Monday cut its average Brent crude forecasts to $75 and $70 per barrel for the third and fourth quarters of 2026, respectively, citing expectations that the Strait of Hormuz trade flows will resume and normalize after the U.S. and Iran approved a memorandum of understanding to end the war in the … Read more
Vice President JD Vance on Monday said the U.S.’ memorandum of understanding with Iran was “a very general document” with specifics of the deal to be worked out during further negotiations. “The MOU…is about a page and half so it is a very general document,” Vance said on CNN’s The Lead with Jake Tapper. … Read more
by EnergyNow Editorial Staff The Trump administration has launched a major effort to expand offshore oil and gas development along the California coast, reopening a debate that has largely been dormant for decades. In January, the U.S. Department of the Interior began the process of considering new offshore lease sales in federal waters off Central … Read more
U.S. Vice President JD Vance said on Monday that he hopes text of an agreement to halt the war in Iran and open the Strait of Hormuz will be released this week, as further negotiations over the deal’s details were set to continue. In an interview on CNBC, Vance also said the United States expects … Read more
India’s Petronet sent a liquefied natural gas tanker through the Strait of Hormuz, the only shipment on Monday since the United States and Iran reached a peace deal to reopen the strategic waterway, shiptracking data showed. The limited traffic underscores wariness among shippers who have welcomed the deal but are still waiting for more details … Read more
Ensuring the Strait of Hormuz is safe from mines could delay a return to normal shipping traffic by weeks following a deal to reopen the waterway, shipping and maritime security sources say. The operation by conventional minesweepers and state-of-the-art underwater drones could continue for 40 to 50 days before many insurance, shipping or oil … Read more
June 15 (Reuters) – U.S. energy shares fell in premarket trading on Monday as crude prices tumbled after Washington and Tehran reached an initial deal that could end the months-long conflict and reopen the vital Strait of Hormuz. The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, Pakistan’s prime minister said, after … Read more
Summary US, Iran to sign MOU on peace deal on Friday, Pakistan PM says Deal includes reopening of Strait of Hormuz Further talks on final agreement expected in next 60 days LONDON, June 15 (Reuters) – Oil prices slipped to a 3-month low on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they … Read more
British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O’Neill’s first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a … Read more
(Reuters) – U.S. energy firms cut the number of rigs operating for the first time in eight weeks, energy services firm Baker Hughes said in a closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by 1 to 562 in the week to June 12. … Read more
By EnergyNow Editorial Staff For much of the past decade, international investors viewed Canada’s oil and natural gas sector as a paradox. The country possesses some of the largest petroleum reserves in the world, a highly skilled workforce, strong environmental standards, political stability, and access to growing global energy markets. Yet despite these advantages, billions … Read more
A liquefied natural gas tanker that has been trapped in the Persian Gulf for over three months appears to be heading toward the Strait of Hormuz, just as the US and Iran say they have reached a deal to reopen the waterway. Disha, which is under a long-term charter with an Indian state-owned importer, is north of … Read more
Shell once had grand ambitions to be the world’s biggest electricity producer through renewable energy sources Bloomberg News The plan to sell the offshore farms marks a further departure from the British energy giant Shell’s past strategy to diversify into green electricity, as they pivot back to fossil fuels. Shell PLC is preparing to launch a … Read more
SINGAPORE, June 15 (Reuters) – Oil prices slipped in early trading on Monday after U.S. President Donald Trump and Iran’s deputy foreign minister said they have reached a deal to halt the war and to resume traffic through the Strait of Hormuz. Brent crude futures fell $3.51, or 4.02%, to $83.82 by 2203 GMT and … Read more
President Donald TrumpPhotographer: Shawn Thew/EPA/Bloomberg The US and Iran said they reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for 60 days of negotiations on the fate of the country’s nuclear program. Officials from the two countries will meet in Switzerland … Read more
By Stephanie Kelly Buyback pause linked to pending ARC Resources acquisition and shareholder vote Unpurchased shares will be rolled into 2026 buybacks, pending board approval ARC deal is Shell’s largest since 2016 LONDON, June 12 (Reuters) – Shell (SHEL.L) said on Friday it was pausing its $3 billion share buyback programme through July 14, citing … Read more
Reuters A senior Iranian official told Reuters a final draft of the memorandum of understanding with the U.S. covered a range of issues, from Tehran’s nuclear work to reopening the Strait of Hormuz and U.S. waivers on oil sanctions, with a final deal to be discussed in the 60 days following agreement by the two … Read more
(Reuters) – U.S. refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said Friday at an event at Port Houston. Venezuela is sending about half of its total exports of 1.2 million barrels a day to the U.S., Wright said, adding that that percentage could increase in the coming months. Iran is not … Read more
Summary Brent hits lowest level since early March, WTI at lowest since April Analysts say upside risks remain, seasonal demand could lift prices OPEC lowers 2026 oil demand growth forecast to 970,000 barrels per day, raises 2027 forecast HOUSTON, June 12 (Reuters) – Brent crude prices fell to their lowest levels since early March as … Read more
By Priscila Azevedo Rocha and Ruth Liao US liquefied natural gas developers expected Europe to become the cornerstone market for the next generation of export projects. Instead, the region is increasingly shying away from the long-term contracts needed to get them built. US executives are coming back empty-handed this year from the industry meetings and … Read more
LONDON, June 12 (Reuters) – Britain on Friday said that a full ban on diesel and jet fuel made in Russia would happen by 2027 as it set out its timeline to end a temporary licence for Russian oil products. Britain last month said it would continue to allow imports of diesel and jet fuel … Read more
(Reuters) – The United States and Iran are not quite at the finish line, but are very close to a deal to resolve their conflict, a senior U.S. official said on Friday, adding that Washington expects to sign an initial deal in the coming days. “The negotiating team has got us in a very good … Read more
(Reuters) – The extreme volatility of global oil prices has drained liquidity from the market this year at the fastest pace on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to U.S. President Donald Trump’s daily social media posts on the Iran war. Liquidity, or how … Read more
(Reuters) – Since the start of the Iran war and Tehran’s announcement that the Strait of Hormuz was “closed”, the market has grappled to put a figure on lost crude supply and to predict the price of oil. Initial calculations were simple: add up all non-Iranian Gulf crude oil exports, some 12 million to 15 … Read more
(Reuters) – Exxon Mobil Corp is exploring potential acquisition targets, including Australia’s Woodside Energy Group, Bloomberg News reported on Friday, citing people familiar with the matter. Any move for Woodside would further strengthen the U.S. oil major’s position in liquefied natural gas (LNG), a business that major energy companies increasingly see as a key growth … Read more
(Reuters) – Chevron is continuing to look at new opportunities in the Middle East and may have more exposure to the region in the future, Chief Executive Officer Mike Wirth said on Friday. Terms of investing in the region are better than they’ve historically been, Wirth said, adding that the Middle East currently accounts for … Read more
(Reuters) – Roughly 7 million barrels of oil are getting out of the Persian Gulf each day with U.S. military help, U.S. Energy Secretary Chris Wright said on Friday at an event in Houston. No Iranian crude is getting out of the Strait of Hormuz, Wright said, adding that he expected to see the free … Read more
(Reuters) – U.S. President Donald Trump denied on Friday that the United States has made major concessions to Iran and a senior U.S. official called an emerging pact “performance-based” with Tehran getting no frozen assets until its part of the agreement is fulfilled. In a post on his Truth Social platform, Trump said Iran’s leaked … Read more
US summer driving season hits as gasoline supplies squeezed tight (Reuters) – U.S. vacationers are barreling into peak summer driving season just as the gasoline market faces a supply crunch, with resilient domestic demand and surging fuel exports threatening to strain thin inventories and send pump prices climbing. Surging summer demand from American motorists has … Read more
Summary Upside risks remain, seasonal demand could lift prices, analysts say OPEC lowers 2026 oil demand growth forecast to 970,000 bpd, raises 2027 demand growth LONDON, June 12 (Reuters) – Oil prices fell over 3% on Friday to their lowest in nearly two months after U.S. President Donald Trump cancelled new strikes on Iran, reducing fears of … Read more
(Reuters) – Just one-in-three Americans approve of the fast pace of data-center construction that supports artificial intelligence and most would oppose building one in their own community, according to a new Reuters/Ipsos poll. The poll results reflect widespread public unease over the data center boom in the United States, an issue high on the minds … Read more
(Reuters) – U.S. President Donald Trump on Thursday said the United States would hit Iran “very hard tonight” and that he wanted to eventually seize Kharg Island, the export heart of one of the world’s largest oil producers. Following are key facts on Iran’s energy industry: KHARG ISLAND The third-largest producer in the Organization of … Read more
By Amanda Stephenson and Arathy Somasekhar Wet weather and Cenovus outage disrupt Western Canada oil supply Cushing inventories near operational lows as U.S. crude stocks fall Western Canadian crude inventories at lowest since 2020 CALGARY, June 11 (Reuters) – Wet weather and a power outage at a major oil sands producer have contributed to crude … Read more
(Reuters) – U.S. President Donald Trump said he hascanceled planned strikes against Iran on Thursday, hours after threatening more bombings and a desire to “take” oil export hub Kharg Island. “Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I … Read more
(Reuters) – U.S. President Donald Trump said on Thursday the Strait of Hormuz would be opened as soon as a “great settlement” of the war in Iran was signed, an event he said he expected would happen within days. “We just made a great settlement of the war with Iran”, Trump told reporters in the … Read more
(Reuters) – The Iran war has become an additional driver of demand for gas turbines, Siemens Energy executives said on Thursday, at a time when manufacturers are already flooded with orders due to the massive data centre expansion in the United States. Along with rivals GE Vernova and Mitsubishi Heavy Industries, Siemens Energy has seen … Read more
(Reuters) – President Donald Trump said on Thursday he wants to take over Kharg Island, Iran’s oil infrastructure hub. Analysts say the U.S. military could seize the island quickly, but the move could leave U.S. troops in great peril and prolong rather than shorten the war. WHERE IS KHARG ISLAND AND WHY IS IT IMPORTANT? … Read more
(Reuters) – Efforts to reach a preliminary deal between Iran and the U.S. have intensified, three Iranian sources and a European official told Reuters on Thursday, despite strikes launched by both sides, as they discuss a mechanism over releasing frozen Iranian funds. The sources said Iran and the United States were still exchanging messages over … Read more
(Reuters) – Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market. The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas … Read more
Summary Cuts 2026 oil demand growth forecast by further 200,000 bpd amid Iran war impact OPEC+ output drops by 190,000 bpd in May, led by Iran facing US blockade Raises 2027 demand growth prediction (Reuters) – OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the … Read more
Liquefied natural gas demand in Asia is quietly recovering from the shock of losing almost 20% of global supply to the Iran conflict as top buyer China shows signs of returning to the market. The biggest-importing region is on track for arrivals of 21.83 million metric tons in June, the most for five months and … Read more
Summary Iran closes Strait of Hormuz, threatens to fire on vessels attempting passage Talks intensifying to reach deal, Iranian sources say U.S. launches additional strikes on Iran, escalating tensions after fragile ceasefire U.S. crude inventories fall sharply, EIA reports 7.2 million barrel crude draw (Reuters) – Oil prices fell on Thursday, following earlier gains triggered … Read more
Summary US oil exports surge as Saudi, Russian exports disrupted by conflict and sanctions EU officials warn of risks in growing dependence on US energy supplies US oil boom driven by private firms, contrasting with state-led output in rivals HOUSTON, June 11 (Reuters) – The United States has become the world’s largest oil exporter, … Read more
Canada’s Trans Mountain pipeline is running at full capacity for the first time since the completion of a major expansion two years ago, but an executive said Wednesday that ongoing global turmoil makes predicting future capacity rates difficult. * The 890,000-barrel-per-day pipeline, which carries oil from the province of Alberta to British Columbia’s west … Read more
(Reuters) – U.S. President Donald Trump said on Thursday he would like to take over Iran’s oil infrastructure hub Kharg Island but he was not sure Americans have the appetite for a major escalation in the war. “We are talking to them and all, but you know, look, my preference has always been – take … Read more
(Reuters) – The U.S.is seeking to loan energy companies up to 40 million barrels of crude oil from the Strategic Petroleum Reserve to help push fuel prices down, the Department of Energy said on Wednesday. The latest U.S. offer to loan the oil is part of a previous U.S. agreement to release 172 million barrels … Read more
(Reuters) – The cost of shipping a container of goods from Asia to the United States has doubled since the start of the Iran war, driven by spiking fuel prices and an uptick in demand from importers who are worried costs will only rise further as the conflict wears on. “If you want to know … Read more
(Reuters) – U.S. Energy Secretary Chris Wright told a congressional hearing on Wednesday that he’s not aware that the U.S. has taken millions of barrels of oil out of Iran, after President Donald Trump told reporters it had. Wright said earlier in the hearing, however, that the U.S. military had helped get some oil out … Read more
CALGARY – The CEO of the under-construction Woodfibre LNG project in British Columbia says Ottawa’s push to market Canada as a reliable energy supplier is starting to come to fruition. Luke Schauerte made his remarks in an interview on the sidelines of the Global Energy Show in Calgary, and shortly after another B.C. LNG project … Read more
Even with flows gradually improving, EIR modeling shows OECD inventories bottoming at multi-decade lows and a lasting geopolitical premium in Brent CALGARY, Alberta (June 10, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published its latest report, Strait of Hormuz | What Comes Next for Oil Markets? In … Read more
U.S. President Donald Trump on Wednesday said Tehran has taken too long to negotiate a deal and would now “have to pay the price” after Iran and the United States exchanged strikes in the region amid reported efforts to continue talks. “Iran is all talk and no action,” Trump wrote in a social media … Read more
(Reuters) – U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, driven by AI-hungry data centers and electrification, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) … Read more
Summary US launches new strikes on Iran after helicopter downed Tehran threatens to resume hostilities if Israel attacks Hezbollah US crude inventories fall for eighth week, raising supply concerns LONDON, June 10 (Reuters) – Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction and investors weighed lower Chinese demand with global inventory … Read more
(Reuters) – Devon Energy (DVN.N) on Tuesday said it expects production to average 1.38 million barrels of oil equivalent per day in 2026, including oil output of 500,000 barrels per day, following the completion of its merger with Coterra Energy. The U.S. oil and gas producer forecast full-year 2026 capital spending of about $4.9 billion, … Read more
(Reuters) – Oil stockpiles in the world’s largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization … Read more
New reports show the Permian Basin supports more than 940,000 U.S. jobs, generates billions in state revenue, and continues driving American energy leadership. MIDLAND, Texas, June 9, 2026 /PRNewswire/ — The Permian Strategic Partnership (the PSP), a coalition of 25 leading Permian Basin energy companies and two university systems, today released its 2025 Annual … Read more
(Reuters) – Abu Dhabi National Oil Company is exploring opportunities in Canada’s upstream and liquefied natural gas sectors through its international arm XRG, a senior company executive said on Tuesday at the Global Energy Show in Calgary. Musabbeh Al Kaabi, ADNOC’s CEO of upstream, did not provide details on what specific investments the company may … Read more
(Reuters) – U.S. natural gas supply and demand will both rise to record highs in 2026, the U.S. Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. EIA projected dry gas production will rise from a record 107.7 billion cubic feet per day (bcfd) in 2025 to 111.0 bcfd in 2026 and 113.6 … Read more
NEW YORK, June 9 (Reuters) – Oil stockpiles in the world’s largest economies were headed toward the lowest levels since at least 2003 as top consuming nations tapped inventories at a record pace to plug the loss of over 11 million barrels a day of Middle Eastern output due to the Iran war, the U.S. … Read more
(Reuters) – U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz is rising “very meaningfully” as the conflict with Iran continues. “I would say rising very meaningfully,” Wright said when asked how ship traffic is flowing through the Strait compared to a week or two ago. Wright made … Read more
(Reuters) – Electricity supplies in New York have shrunk over the last five years, leaving one of the most populous U.S. states at risk of falling short of the energy needed to power homes and businesses on the hottest and coldest days of the year, the state grid operator said on Tuesday. The retirement of … Read more
( Reuters) – Global offshore wind capacity is set to quadruple over the next decade to reach 420 gigawatts (GW) by the end of 2035, a report by the Global Wind Energy Council (GWEC) showed on Tuesday. Around 92 GW of offshore wind was installed by the end of 2025, enough to power around 100 … Read more
(Reuters) – Crude oil prices pushed up by the Iran war helped propel Canada’s goods trade surplus in April up by 55% to a 15-month high of C$2.72 billion ($1.95 billion), Statistics Canada said on Tuesday. Analysts polled by Reuters had forecast a surplus of C$2.57 billion. Statscan revised March’s surplus down to … Read more
By David Shepardson WASHINGTON, June 8 (Reuters) – Fuel costs for U.S. airlines jumped 78% in April to nearly $6.5 billion compared with the year before, as the Middle East conflict drives up jet fuel prices, the U.S. Transportation Department said Monday. Airlines’ fuel costs were up 26% over March and carriers used 2.6% less … Read more
Oil prices fell on Tuesday, erasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities. Brent crude futures were down 91 cents, or 1%, at $93.34 a barrel at 0400 … Read more
By Kate Abnett and Joanna Plucinska EU eyes expanding carbon costs to outbound international flights Airlines oppose this, back U.N. carbon offset scheme instead EU sceptical offsets will drive emissions reductions Aviation’s climate impact set to increase without further action BRUSSELS/BERLIN, June 8 (Reuters) – Europe’s biggest airlines have urged the European Union not to … Read more
By Javier Blas When the day comes, the reopening of the Strait of Hormuz will be an extraordinary event: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production, that had been shut down for a hundred days and counting. Nothing even remotely close has been attempted — ever. The oil industry doesn’t … Read more
The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran’s ambassador to Moscow was quoted as saying on Monday. The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which before the conflict saw one-fifth of the world’s … Read more
The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the U.S. nor Iran appears willing to budge – yet the market remains surprisingly calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns. The … Read more
Summary HAPCO start-up pushed from mid-year to September or October, sources say PetroChina Dalian unit resumption postponed indefinitely China’s refining margins turn negative on high crude costs and fuel price caps India’s capacity expansion on track SINGAPORE, June 8 (Reuters) – Chinese refiners have delayed two projects slated to come online this year following disruptions … Read more
(Reuters) – Norwegian oil companies have agreed to a wage deal with three labour unions, preventing any strike action that would have disrupted output, negotiators for both sides said on Friday. Labour unions had said nearly 8% of Norwegian offshore oil and gas workers planned to strike if wage mediation failed, and the industry estimated that this … Read more
Summary Israel strikes on Iran follow strikes on Beirut on Sunday Iran on Sunday retaliated with missile attacks on Israel Iran plans to collect Hormuz transit fees, ambassador quoted as saying Analysts say impact of OPEC+ output hike agreement is limited LONDON, June 8 (Reuters) – Oil prices rose more than 3% on Monday, as … Read more
By Paula Sambo, Liana Baker, and Mathieu Dion A surge in electricity demand from artificial intelligence and data centers is reshaping North America’s power markets, creating a “renaissance” for natural gas after decades of limited new development, according to KKR & Co. partner Brandon Freiman. The power sector has moved from years of flat … Read more
‘Two months ago, if you said oil is going to be the low 80s, you’d pop the champagne,’ said Ensign Energy Services Inc. president Bob Geddes By This Article and More by Steven Wilhelm Here Original: financialpost.com/business/energy/canada-oil-gas-drillers-making-money-busiest-may-since-2014/wcm/6acce87b-0c18-4fbe-af44-ddf94508e35f High oil prices are propelling a new rush for black gold across Western Canada, with drillers getting … Read more
(Reuters) – Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since … Read more
Iran’s Deputy Foreign Minister Kazem Gharibabadi said on Sunday that regional governments were “not in a position to demand reparations”, responding to reports the U.S. could use Iranian assets to compensate regional allies for war-related damages. Gharibabadi added in a post on X that Iran’s assets were “neither war spoils for Washington nor a payment … Read more
Rosneft Chief Executive Igor Sechin said on Saturday that U.S. energy companies were the main beneficiaries of the closure of the Strait of Hormuz and that Washington was trying to change the fundamental contours of the global energy markets to suit U.S. interests. Iran blockaded the Strait, the main route for about a fifth … Read more
Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel. The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil … Read more
Summary Hezbollah leader rejects Lebanon ceasefire deal Iranian oil exports fall to lowest level in six years, data shows OPEC secretary general says oil demand to remain robust, no change to estimates HOUSTON, June 5 (Reuters) – Oil prices fell on Friday as traders gained confidence that renewed conflict between the U.S. and Iran … Read more
By Nichola Groom Trump’s Alaska drilling rights auction attracted only two bidders Winning bids totaled $3.7 million Only five tracts auctioned out of 58 offered June 5 (Reuters) – The Trump administration’s Friday auction of oil and gas leases in Alaska’s Arctic National Wildlife Refuge attracted only $3.7 million in winning bids for five tracts … Read more
(Reuters) – Here are the main issues between the United States and Iran as they seek a deal to end their war, which is now in its fourth month: HORMUZ AND GULF BLOCKADE Iran’s closure of the Strait of Hormuz, normally the conduit for around a fifth of global oil and liquefied natural gas shipments, … Read more
By Scott Disavino NEW YORK, June 5 (Reuters) – U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of … Read more
(Reuters) – Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets. Some fear the next move higher for … Read more
(Reuters) – President Vladimir Putin said on Thursday that Russia was ready to resume gas supplies to Germany via the Nord Stream pipeline that was heavily damaged by undersea explosions in 2022, and the onus was on Berlin to make up its mind. Putin told journalists in St. Petersburg that one of the two … Read more
Summary U.S. will auction 689,000 acres of oil and gas leases in Alaska’s Arctic National Wildlife Refuge Industry interest uncertain after previous ANWR lease sales attracted few or no bids Supporters cite jobs and energy security, while critics warn of environmental damage and risks to Indigenous communities’ way of life June 5 (Reuters) – … Read more
Summary Trump to use Defense Production Act to steer money to coal projects Funds would upgrade coal plants, support new facilities and export infrastructure Environmental groups criticize plan; industry says coal supports AI-driven power demand and energy security (Reuters) – President Donald Trump said on Thursday he is directing hundreds of millions of dollars … Read more
By Robert Harvey LONDON, June 3 (Reuters) – Many airlines have been hit hard by price swings in the jet fuel market, and some are not in a position to hedge their exposure, the International Air Transport Association’s head of fuel said on Wednesday. Some airlines with more elaborate hedging strategies get a bit of … Read more
Summary Cushing inventories near operational minimum, risking supply disruptions and crude quality issues US crude exports hit record highs as global supply disrupted by Iran war Phillips 66 internal estimates show Cushing could hit operational minimum as soon as June end NEW YORK/HOUSTON, June 5 (Reuters) – At the prairie town that calls itself … Read more
(Reuters) – Electricity demand in Texas grew 9% in recent months, nearly five times the U.S. average, driven by the expansion of data centers and cryptominers in the Lone Star State, according to data released by Hitachi Energy on Thursday. The Texas power grid saw the largest jump in both power demand and the addition … Read more
(Reuters) – Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the … Read more
ST PETERSBURG, June 4 (Reuters) – OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St Petersburg International Economic Forum, despite the Middle East conflict and closure of the Strait of Hormuz. “Despite all the commentary out there that oil demand is … Read more
(Reuters) – The trickle of tankers exiting the Strait of Hormuz has gathered pace in recent weeks, as traders adopt stealth measures to make the crossing. While this is freeing some of the vast oil inventories trapped in the Gulf, it does not signal a slow return to normalcy. Instead, it previews the opaque, fragmented … Read more
By Curtis Williams Delfin FLNG 1 to be first US floating LNG facility, largest globally Project had been delayed by pipeline explosion near Holly Beach and Johnson Bayou in Louisiana Delfin aims to secure FIDs for additional FLNG vessels within the next year June 3 (Reuters) – Delfin Midstream said on Wednesday it has taken … Read more
By Jennifer A Dlouhy President Donald Trump is preparing to use Cold War-era authorities to dole hundreds of millions of federal dollars to support coal-fired electricity as well as US exports of the fossil fuel. Trump is expected to announce he’s delivering the funding for US coal plants and an American export terminal under the … Read more
By Julian Lee and Alex Longley No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than three months. Iran has throttled traffic … Read more
By Bruno Venditti | Graphics/Design: Sam Parker Key Takeaways China accounts for one-third of global electricity demand, a dramatic rise from under 10% in the early 2000s North American countries lead in per capita electricity use among the top consumers due to large homes, climate, and energy-intensive lifestyles Electricity demand reflects both economic activity and living standards. … Read more
Summary Israel-Lebanon ceasefire lifts hopes of wider regional deal Trump signals possible progress as soon as weekend US crude stocks fall sharply, tightening supply outlook (Reuters) – Oil prices fell on Thursday after a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war with Iran that could lead to … Read more
LONDON, June 3 (Reuters) – Liquefied natural gas (LNG) prices could rise further in significant volatility than experienced so far during the Iran war if supply disruptions coalesce with hot weather in Asia and European storage refill needs, Uniper’s chief executive for the Middle East, John Roper, said on Wednesday. The current supply disruptions have … Read more
(Reuters) – Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain’s regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% … Read more
By Laila Kearney NEW YORK, June 3 (Reuters) – A record number of mostly gas-fired power plants are expected to connect to the U.S. Midwest grid over the next five years as the area’s electricity demand surges, according to survey results released by the regional grid operator and its member states on Wednesday. Data centers … Read more
(Reuters) – U.S. President Donald Trump said Iran has agreed not to have a nuclear weapon and that he would probably meet with Supreme Leader Mojtaba Khameneiat some point if things “work out”. “They’ve already agreed they’re not going to have a nuclear weapon,” Trump told “Pod Force One” in an interview broadcast on Wednesday, … Read more
(Reuters) – There will be a spike in oil demand to replenish storage levels after the current global oil supply crisis in overcome, ADNOC senior vice president of business transformation Fatema Bin Saleem Al Teneiji said on Tuesday. Oil demand will then start to pick up as oil prices normalise, she said at the S&P … Read more
(Reuters) – Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Kuwait Petroleum Company’s managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said on Wednesday. The remaining 30% would take about another month, he told the S&P Global Energy Middle East Petroleum and … Read more
(Reuters) – The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco’s vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global … Read more
Process safety in oil and gas has long relied on people walking into the very environments everyone is trying to protect them from. Even with strong procedures, gas detection and permitting, inspection programs still depend on operators and technicians entering hazardous areas, climbing structures, and performing confined space entries to get the data they need. Heavy industrial … Read more
By Will Wade and Brody Ford Mounting local opposition to data center construction presents an opening for Bloom Energy Corp., according to its chief executive officer, who pitches its fuel cells as cleaner and quieter than conventional power-generating systems. “Rationally, our deployment should not be a community issue,” Chief Executive Officer KR Sridhar said in … Read more
(Reuters) – Chevron has applied to join Argentina’s incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country’s shale patch. The filing, which still requires government … Read more
By Julian Hast US natural gas futures ended lower as domestic gas flows to liquefied natural gas export terminals along the US Gulf Coast dropped for a third consecutive day. The reduction is concentrated at Sabine Pass LNG in Louisiana and Corpus Christi LNG in Texas. Lower gas flows to terminals leaves more supplies in … Read more
By Fabiola Zerpa Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid. New regulations drafted for Venezuela’s oil law demand that companies be self-sufficient in power generation in oil and … Read more
Summary IEA warns of possibility of critically low stockpiles in summer Vitol exec said market underpricing risks from war U.S. stockpile data due at 1430 GMT (Reuters) – Oil prices rose more than 2% on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted anew and talks between Tehran and Washington … Read more
June 2 (Reuters) – Seven U.S. states led by New York sued the Trump administration on Tuesday for cancelling a major offshore wind lease off the coast of New York in exchange for a pledge by its owner to invest instead in fossil fuel projects. The lawsuit in the Washington, D.C., federal court challenges a … Read more
(Reuters) – U.S. liquefied natural gas exports fell to 10.2 million metric tons (MT) in May, the lowest level this year excluding February’s shorter month, as seasonal maintenance curbed output, preliminary data from financial firm LSEG showed. The decline was driven by planned outages across several export plants, as operators carried out spring maintenance after … Read more
QatarEnergy and Adnoc are using methods typically employed by Russia to get their gas across the Strait of Hormuz. By Stephen Stapczynski Major liquefied natural gas exporters in the Persian Gulf are preparing for a potential future where disruptions in the Strait of Hormuz persist for longer. In a bid to move their LNG through … Read more
BAKU, June 2 (Reuters) – A U.S. delegation and Azerbaijan signed commercial agreements worth more than $8 billion, and Washington plans to invest in the country’s energy sector, U.S. Assistant Secretary of State Caleb Orr said on Tuesday. Orr, on a visit to Baku, said the United States was seeking a larger role in Azerbaijan’s … Read more
By Laila Kearney NEW YORK, June 2 (Reuters) – U.S. energy regulators granted a waiver to speed up the connection of the Three Mile Island nuclear power plant in Pennsylvania, which is being restarted to serve Microsoft (MSFT.O) data centers in the region, a filing showed this week. The Federal Energy Regulatory Commission on Monday … Read more
(Reuters) – The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol’s managing director for Bahrain, Tom Baker, said on Tuesday. Iran’s effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, … Read more
EIR identifies five quarterly signals—from EUV tool orders to packaging utilization—that best indicate whether AI chip supply can scale through 2030 CALGARY, Alberta (June 2, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released a report that frames AI compute growth as a manufacturing-throughput question and recommends … Read more
CALGARY, AB – GLJ Ltd. (“GLJ”), global energy consultants, today announced the completion of its acquisition of Petrel Robertson Consulting Ltd. (“PRCL”), a respected Canadian geoscience and engineering consulting firm. As a result of the acquisition, GLJ will strengthen its position as a leading provider of geoscience, engineering, and energy consulting services by combining PRCL’s … Read more
Summary Hormuz transit to remain below pre-war levels as long as peace uncertain, Khoury says Airlines that hedged jet fuel prices still cannot fly due to lack of physical supply, he says Chinese demand not what it should be; “teapot” refineries showing appetite, ADNOC exec adds (Reuters) – August could mark a tipping point for … Read more
(Reuters) – Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency’s oil industry and markets division said on Tuesday. “We’re seeing stock draws continuing into the summer, and with the possibility or the likelihood that … Read more
By Janet Lorin People walk on the Princeton University campus in Princeton, New Jersey. Photographer: Craig Warga/Bloomberg Princeton University’s endowment is backtracking on its pledge to divest from publicly traded oil and gas companies, four years after it said it would exit such holdings as way to move toward a net-zero portfolio. A trustee-mandated decision … Read more
Summary US launches new strikes on Iran after helicopter downed Tehran threatens to resume hostilities if Israel attacks Hezbollah US crude inventories fall for eighth week, raising supply concerns LONDON, June 10 (Reuters) – Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities muddied direction and investors weighed lower Chinese demand with global inventory … Read more
By Tammy Nemeth & David Blackmon Across rural Virginia, suburban Utah, and farm communities in the Midwest, residents are showing up at planning meetings to voice real worries about massive new data centers: noise, water use, electricity demand, and the conversion of farmland into industrial zones matter. Yet what appears as spontaneous local pushback … Read more
Summary Brent, WTI slip after previous session’s sharp rally Trump says talks with Iran continue Uncertainty over US-Iran talks keeps markets on edge LONDON, June 2 (Reuters) – Oil prices fell more than 1% on Tuesday, paring the previous session’s sharp gains, after U.S. President Donald Trump said talks with Iran were ongoing. Trump’s comments came despite a report that Tehran … Read more
(Reuters) – U.S. crude exports climbed to a record 5.6 million barrels per day in May as the Middle East crisis pushed up demand for the country’s oil from Asian and European refiners, ship tracking estimates showed on Monday. The U.S. and Israel’s war with Iran triggered the largest-ever disruption to the global energy … Read more
By Barbara J. Powell US oil refiners are running their plants harder than usual, with some even putting off maintenance, as strong profits and steady demand for fuels tempt the processors to run plants near maximum capacity. The industry has had one of its lightest maintenance seasons in years. From January through May, refiners shut … Read more
By Grant Smith Oil industry experts have told OPEC+ that supply disruption caused by the closure of the Strait of Hormuz will persist to the end of the year, even if the waterway reopens promptly. Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on Monday warned that it will take many … Read more
(Reuters) – Venezuela’s oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the United States, India and Europe, shipping data showed on Monday. Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year … Read more
(Reuters) – Iran’s Tasnim news agency said on Monday that Tehran’s negotiating team is stopping exchanges of messages with the United States through mediators due to attacks on Lebanon, as diplomatic efforts to end the three-month-old Iran war continue. The agency said Iran and the Resistance Front, which includes its Shiite allies in Yemen, Lebanon … Read more
(Reuters) – Oilfield services provider Weatherford International said on Monday it has agreed to acquire energy technology firm NCS Multistage Holdings in a cash-and-stock deal. On a blended basis, Weatherford will pay the equivalent of 0.463 of its shares for each NCS share, with roughly 20% of the consideration in cash. Based on Reuters calculations, … Read more
By Ahmad Ghaddar and Alex Lawler Seven members likely to raise target by 188,000 bpd on Sunday, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged OPEC delegates hold technical talks in Vienna this week VIENNA, June 1 (Reuters) – OPEC+ oil-producing countries will likely agree a … Read more
The U.S. said it struck Iranian military sites at the weekend and Iran’s Revolutionary Guards said on Monday it had targeted a U.S. base in response, the latest exchange of attacks amid negotiations to end the three-month-old war. The U.S. and Iran have sporadically exchanged strikes since their ceasefire took effect in early April as … Read more
Goldman Sachs said late Sunday that weak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices higher. Here are a few details: * April retail sales data from … Read more
Bloomberg News Wildfires have erupted in Canada’s oilsands-producing region of Alberta with large blazes within 20 kilometres of about half a million barrels a day of crude production. A total of six out-of-control fires are burning in the Lac la Biche region, where many of the largest in-situ oilsands well sites are located, with the biggest … Read more
HOUSTON, June 01, 2026 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) and NCS Multistage Holdings, Inc. (NASDAQ: NCSM) (“NCS Multistage”) today announced that Weatherford has entered into a definitive agreement to acquire NCS Multistage. Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford … Read more
(Reuters) – Nearly 8% of Norwegian offshore oil and gas workers plan to strike from June 5 if state-brokered wage mediation fails, labour union data showed on Monday. It was too early to say how a potential strike could impact production from oil and gas fields, a spokesperson for Offshore Norway, which … Read more
Summary Israel orders troops to advance further into Lebanon US proposes gradual de-escalation plan for Israel and Lebanon Goldman Sachs flags weak oil demand in China and Europe Brent crude oil prices lost around a fifth in May (Reuters) – Oil prices rose more than 3% on Monday after Iran and the U.S. traded strikes and Israel … Read more
(Reuters) – U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a sixth straight week, for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by four to 562 … Read more
By David French and Shariq Khan Stone Ridge offers around $8 billion for Devon’s Marcellus shale position, sources say The Stone Ridge offer would be supported by largest ever ABS financing in US oil and gas, sources say Devon reviewing its business post-Coterra merger, prioritizing shareholder value and capital allocation Unclear whether Stone Ridge offer … Read more
By Erwin Seba Brent and WTI register steepest weekly losses since April US-Iran ceasefire deal not finalised US crude, gasoline and distillate stockpiles fell last week -EIA HOUSTON, May 29 (Reuters) – Oil futures fell more than 2% on Friday, closing out their steepest weekly decline since early April as traders awaited word that the … Read more
May 29 (Reuters) – The heads of the International Energy Agency, International Monetary Fund, World Bank and World Trade Organization warned on Friday that the war in the Middle East was straining global energy supplies and hitting vulnerable economies hardest. The U.S.-Israel war on Iran has disrupted trade, rattled financial markets and raised concerns over … Read more
(Reuters) – Canada’s South Bow will decide whether to proceed with its proposed partial revival of the Keystone XL oil pipeline by mid-2027, the company said on Friday, as it announced it has secured the shipper commitments it was seeking to advance the project. The proposed 550,000-barrel-per-day Alberta-to-Wyoming pipeline, dubbed Prairie Connector, could increase Canada’s … Read more
(Reuters) – A political understanding has been reached between Iran and the United States over the Iran war, but it has not yet been finalised, a senior Iranian source told Reuters on Friday. The source said U.S. Donald Trump’s claim that uranium would be unearthed by the U.S. was not true, adding that the possible … Read more
(Reuters) – U.S. oil and gas major Chevron will not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth told Bloomberg TV on Friday. Wirth also said several vessels that transit through the Strait of Hormuz have been attacked in recent days. Perhaps not every day, but there have … Read more
(Reuters) – U.S. crude production was largely steady in March at 13.7 million barrels per day, according to the Energy Information Administration on Friday. Crude production in Texas fell to 5.78 million bpd, marking a four-month low, while output in neighboring New Mexico was steady on the month at 2.31 million bpd. Texas and New … Read more
By Heidi Taksdal Skjeseth Norway is putting pressure on the European Union to remove a moratorium on new oil and gas drilling in the Arctic where almost two thirds of its petroleum resources lie. Norwegian politicians, civil servants, and environmental and industry lobbyists are increasingly visiting Brussels to influence EU institutions as the bloc gears … Read more
By Kevin Crowley, Annmarie Hordern, and Jonathan Ferro Several vessels transiting through the Strait of Hormuz have been attacked in recent days, underscoring the “very real” risks that remain for shipowners in the Persian Gulf whether or not a peace accord is signed, Chevron Corp. Chief Executive Officer Mike Wirth said. “There still has been … Read more
NEW YORK, May 28 (Reuters) – A U.S. District Court on Thursday denied the California Department of Parks and Recreation’s bid to stop oil producer Sable Offshore Corp (SOC.N) from moving oil on a long-disputed pipeline linked to the Santa Ynez offshore platform. The denial marks a setback for California’s efforts to stop the Santa … Read more
Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Friday that already-hot levels of inflation make it harder to assume the current energy shock will have only a temporary impact on pricing and can be ignored by the central bank. “My primary concern is inflation, which is too hot and has been … Read more
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised. An agreement would represent a big step towards ending a war that has … Read more
Summary Brent projected to average $90.44 per barrel in 2026 WTI projected to average $84.63 per barrel in 2026 (Reuters) – Analysts have increased their 2026 oil price forecasts for the third time since the Iran war began at the end of February, as they cite a months-long timeline for energy flows to normalise to … Read more
Summary Brent and WTI register steepest weekly losses since April U.S.-Iran ceasefire deal not finalised U.S. crude, gasoline and distillate stockpiles fell last week, EIA reports (Reuters) – Oil futures fell nearly 2% on Friday and were on track for their steepest weekly decline since early April after reports that the U.S. and Iran had reached agreement … Read more
Japanese trading house Mitsui is looking to invest in LNG projects across the Middle East, the U.S. and Australia to meet rising power demand from data centers, Bloomberg News reported on Thursday, citing its CEO Kenichi Hori. The company will consider taking equity stakes or securing supply agreements in LNG and gas chemicals firms, Hori … Read more
The U.S. said on Thursday it has imposed new sanctions on Iran’s military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz. The Treasury Department said it had sanctioned eight vessels involved in transporting Iranian crude oil and petroleum … Read more
U.S. distillate fuel oil inventories fell to a 23-year low last week, the Energy Information Administration said on Thursday, as the Iran war continues to choke global fuel supplies and raise demand for U.S. crude and petroleum products. The country’s distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels in the … Read more
U.S. forces shot down four Iranian drones fired at a commercial ship By Jennifer A. Dlouhy and Courtney McBride The U.S. struck Iranian military targets for the second time this week and Kuwait said it responded to missile and drone threats, highlighting the fragility of the ceasefire and the challenge of forging a peace accord … Read more
BP ousted Manifold on Tuesday, citing serious concerns related to ‘governance standards, oversight and conduct’ By Mitchell Ferman and Ruth David Former BP PLC Chairman Albert Manifold said nobody raised the issue of his conduct during his time at the oil major, hitting back at what he said were lies “told about me.” BP ousted … Read more
South Bow will not proceed with a partial revival of the Keystone XL pipeline until it has proof that a U.S. presidential permit is “durable,” the pipeline operator’s CEO, Bevin Wirzba, said on Thursday at the Energy Roundtable conference in Calgary, Canada. The Alberta-to-Wyoming pipeline, proposed by South Bow and its U.S. partner Bridger … Read more
(Reuters) – U.S. crude, gasoline and distillate stockpiles fell last week, the Energy Information Administration said on Thursday, as demand jumped. Crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4.14 million-barrel draw. Crude … Read more
(Reuters) – French oil major TotalEnergies made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday. “Our oil traders — and it’s their job — … Read more
(Reuters) – The U.S. and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and launch negotiations on Iran’s nuclear program, but President Donald Trump still needs to give final approval, Axios reported on Thursday, citing two U.S. officials. Reporting by Katharine Jackson and Daphne Psaledakis
By American Petroleum Institute (API) Last week, something big happened in the U.S. oil and gas industry. In southeastern New Mexico, the federal government held the largest onshore oil and natural gas lease sale in American history. It generated more than $4 billion — more than four times the previous record. In this edition of … Read more
U.S. spot natural gas prices for Thursday at the Waha Hub in West Texas rose to their highest since early February – while remaining in negative territory – as demand for the fuel rises with the coming of summer and pipeline companies start to wrap up spring maintenance. Next-day prices at Waha have remained below … Read more
Reuters If Donald Trump is indeed backing off and allowing the Federal Reserve to do what it needs to do, then the U.S. president may have to park his administration’s long-assumed preference for a weaker dollar too. For some nervous Republicans, that may come asa relief. As his appointee Kevin Warsh was sworn in as … Read more
(Reuters) – Global investment in natural gas projects is set to rise by more than 10% this year to $330 billion, its highest level in 10 years, while upstream oil spending declines for a third straight year, the International Energy Agency said in a report. As global energy markets remain disrupted by the Iran war, … Read more
(Reuters) – A cargo of oil from the U.S. Strategic Petroleum Reserve headed to California this month for the first time ever, ship tracking service Kpler said. The unusual movement highlights the redrawing of trade flows and shipping routes as the Iran war has cut off supplies of Middle Eastern crude. California, once a top … Read more
(Reuters) – Exxon Mobil shareholders on Wednesday approved the company’s plan to redomicile in Texas, marking a win for the top U.S. oil producer after two leading proxy advisory firms advised investors to strike down the proposal. The oil producer is incorporated in New Jersey, but the company has been headquartered in Texas since 1989. … Read more
Summary US crude stockpiles fall for sixth week, API data shows Iran’s Revolutionary Guards strike US airbase after US attack in Bandar Abbas Two supertankers exit Strait, heading to India and China (Reuters) – Oil prices jumped more than 2% on Thursday after Iran’s Revolutionary Guards said they had targeted a U.S. airbase in response to an … Read more
New York, May 27 (Reuters) – U.S. crude oil inventories fell for a sixth straight week last week, according to market sources citing American Petroleum Institute data released on Wednesday, while fuel stocks also fell. Crude stocks fell by 2.8 million barrels in the week ended May 22, the sources said on condition of anonymity. … Read more
The U.S. military carried out new strikes overnight in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the Strait of Hormuz, a U.S. official told Reuters on Wednesday. The official, who spoke on condition of anonymity, said the U.S. military has also intercepted and … Read more
Canada’s proposed Ksi Lisims LNG export facility is in talks with several European utilities interested in purchasing liquefied natural gas from the West Coast of Canada, the CEO of Houston-based Western LNG, the lead proponent of the project, said in an interview on Wednesday. Davis Thames said Ksi Lisims expects to be able to announce … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business performance and plans at its Annual Meeting of Stockholders. The meeting highlighted the company’s strong performance and consistent strategy, with stockholders showing their support by voting in favor of the full slate of Directors and with the company’s recommendations on all matters to … Read more
(Reuters) – Tehran would restore shipping through the Strait of Hormuz to pre-war levels within a month in a framework deal with the U.S. to also include withdrawing U.S. forces from Iran’s vicinity, Iranian state television reported on Wednesday. The report said the U.S. would end a naval blockade of Iranian shipping, citing a memorandum … Read more
By Catarina Saraiva Lorie Logan Photographer: Desiree Rios/Bloomberg Federal Reserve Bank of Dallas President Lorie Logan sounded a warning signal that the world’s supply of oil and natural gas may start to dwindle if shipping through the Strait of Hormuz doesn’t return to normal soon. Logan, whose district includes the Permian Basin — the world’s … Read more
By Sheila Dang HOUSTON, May 27 (Reuters) – Chevron (CVX.N) shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary voting results at the annual meeting on Wednesday. Chevron opposed the proposal brought by the National Legal and Policy Center, saying it should have the … Read more
May 27 (Reuters) – Intercontinental Exchange, one of the world’s biggest operators of trading platforms, reported on Wednesday record liquidity across its global natural gas and power markets, including for North American natural gas. The impact of the Iran war, which has led to the effective closure of the Strait of Hormuz, has led to … Read more
By Rajesh Kumar Singh and Shivansh Tiwary American sticks to 2026 profit outlook despite fuel-price jump Isom says premium, corporate and leisure demand remain strong Spirit exit, premium-seat growth support revenue outlook CHICAGO, May 27 (Reuters) – American Airlines (AAL.O) is sticking with its recently lowered full-year profit outlook despite a sharp jump in fuel … Read more
Iran’s state TV said Tehran had obtained a draft of an initial, unofficial framework for a memorandum of understanding with the United States on ending their conflict. Under the framework, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while the United States would withdraw military forces from … Read more
Three months since the Iran war began, persistently high oil prices have policymakers grappling with renewed inflation fears, while sliding currencies are a headache for some Asian countries. But the conflict has boosted other assets, especially oil, and the dollar’s credentials as a safe-haven. Here’s a look at some stand-out winners and losers. OIL’S … Read more
The sudden ousting of BP Chairman Albert Manifold over allegations of misconduct less than eight months after he took office plunges the British energy giant into its second leadership scandal in less than three years. These repeated leadership misfires suggest BP’s board is quickly becoming a liability. His departure is related to aggressive conduct … Read more
(Reuters) – Oil prices fell around 3% on Wednesday as traders weighed up progress in U.S.-Iran peace talks against renewed hostilities. Brent crude futures fell $2.67, or 2.68%, to $96.91 a barrel by 1139 GMT, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel. The losses dented Brent’s gains … Read more
A cargo of crude oil from the U.S. Strategic Petroleum Reserve is heading to the Philippines, the first shipment of U.S. emergency reserve oil to Asia since November 2022, ship tracking data showed. Asia receives about 80% of its oil through the Strait of Hormuz, a critical chokepoint that has remained largely closed during the … Read more
By Kevin Crowley, Jennifer A Dlouhy, Fabiola Zerpa, and David Wethe Exxon Mobil Corp. and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago. Both companies are in active negotiations with President Delcy Rodríguez’s … Read more
By Julian Hast US natural gas futures fell just before options contracts for front-month delivery expired, erasing earlier gains that had been triggered by an increase in domestic gas supplies flowing to liquefied natural gas export terminals on the Gulf Coast. Losses were likely aided by a cool shift in weather forecasts, signaling lower demand … Read more
Shares of the company fell 9.3% By Mitchell Ferman and Ruth David BP PLC unexpectedly fired Chairman Albert Manifold just months into the job due to serious concerns about “governance standards, oversight and conduct,” prolonging a period of turmoil at the U.K. oil major. BP has had three chief executive officers in as many years, … Read more
The gas will be shipped from the Ksi Lisims project, a $10 billion floating export facility that has already received regulatory approval By Brian Platt Canada is set to announce a deal to supply Germany with liquefied natural gas from a planned export facility on the coast of British Columbia, according to people familiar with … Read more
(Reuters) – WhiteHawk Minerals is targeting a valuation of up to $701.2 million in its U.S. initial public offering, as the natural gas mineral and royalty firm looks to tap investor appetite for domestic energy assets. The Philadelphia, Pennsylvania-based company is seeking up to $187 million by offering roughly 6.9 million shares priced between $25 … Read more
US energy firm Northern Oil & Gas Inc. agreed to acquire a stake in Canadian oil and gas properties, its first foray into international assets. Northern will pay Parallax Energy Operating Inc. C$350 million ($254 million) in cash and stock for a 25% interest in oil-producing properties and tens of thousands of acres in the Duvernay shale basin in … Read more
HIGHLIGHTS NOG makes strategic entry into Canada with inventory-rich light oil acquisition in the Duvernay Shale for a CA$350 million (~US$259 million) initial unadjusted purchase price Operated ‘buy-down’ acquisition of a 25% non-operated stake in light oil producing properties with significant undeveloped inventory in Alberta, Canada in the Duvernay East Shale Basin operated by Parallax … Read more
There’s no pipeline without Pathways and no Pathways without a pipeline. That was the quid pro quo spelled out in a sweeping energy accord signed between Alberta and Ottawa in November. Alberta is spearheading early planning and regulatory work on a potential new one-million-barrel-a-day pipeline to the West Coast that would provide an outlet for … Read more
(Reuters) – The U.S. and Iran are discussing a plan to open the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities, the Nikkei newspaper reported on Monday citing a Middle East diplomatic source. Iran would proceed to clear mines from the strait during a 30-day window following … Read more
Summary Brent rises, WTI falls owning to settlement price mismatch US Secretary of State says negotiating deal could ‘take a few days’ Some oil, LNG tankers have passed through strait in recent days, shipping data shows (Reuters) – Brent crude oil rose more than 2% on Tuesday after the U.S. military carried out strikes in Iran, … Read more
(Reuters) – U.S. President Donald Trump said on Monday that he asked Saudi Arabia, Qatar, Pakistan, Turkey, Egypt and Jordan to join the Abraham Accords en masse to normalize relations with Israel as he tries to negotiate an agreement to end the war with Iran. Pakistan rejected the proposal. None of the other countries has … Read more
Iran’s foreign ministry spokesperson said on Monday that conclusions have been reached on many topics discussed in a potential 14-point memorandum of understanding, but this does not mean a deal to end the Middle East war is imminent. The framework is focused on an end to the war and a U.S. naval blockade in … Read more
Summary LNG tankers Fuwairit, Al Rayyan and Al Hamra cross strait VLCC Eagle Verona heads for China with Iraqi Basrah crude (Reuters) – Ship-tracking data showed three liquefied natural gas tankers passed through the Strait of Hormuz in recent days, heading to Pakistan, China and India, as well as a supertanker with Iraqi crude for … Read more
(Reuters) – China’s gas destocking signals stronger LNG imports ahead of winter, reinforcing upside risks to European gas prices, particularly if disruptions to Hormuz energy flows persist, Goldman Sachs said in a note on Thursday. The bank said that China’s April gas demand was marginally down year-over-year at 379 billion cubic meters per year (Bcm/y) … Read more
Summary Washington cites progress in Iran conflict resolution Trump says there is no rush for Iran deal, US blockade stays Two LNG, one crude tanker cross Strait in recent days, shipping data show (Reuters) – Oil prices fell more than 4% to two-week lows on Monday as optimism grew that the United States and Iran … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for the fifth week in a row for the first time since February 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven … Read more
(Reuters) – U.S. oil operators in North Dakota are moving cautiously on ramping up drilling despite a sharp rise in oil prices driven by the Iran war, as companies wait to see if higher prices will last long enough to justify new investment, the state’s regulator said on Friday. While elevated prices have improved near-term … Read more
(Reuters) – U.S. shale producer Devon Energy’s $2.6 billion purchase of new acreage in the Delaware Basin will extend its drilling runway and reinforce its position as the region’s top producer, analysts said on Friday. Devon bought 16,300 net undeveloped acres in a federal lease sale this week in the Delaware part of the broader … Read more
By Patrick Sykes The US and Iran have been locked in a stalemate since agreeing to a ceasefire in April. They’ve been unable to reach a deal to end a monthslong war that has killed thousands of people and sparked a global energy crunch. Tensions remain high as Iran maintains a tight grip on shipping … Read more
By Georgina Mccartney, Arathy Somasekhar and Ashitha Shivaprasad May 22 (Reuters) – An oil pipeline operated by Plains All American (PAA.O) ruptured in East Los Angeles, California, the company said on Friday, adding that the impacted section of the pipeline was shut down. The line was struck by a third party conducting excavation work, the … Read more
May 22 (Reuters) – Ukrainian forces have attacked a Russian oil refinery in Yaroslavl, some 700 km (435 miles) from the Ukrainian border, President Volodymyr Zelenskiy said on Friday, the latest in a series of strikes by Kyiv on oil facilities in Russia. “In particular, overnight, the Defense Forces of Ukraine operated against targets associated … Read more
By Erwin Seba Rubio says more work needed in Iran talks despite some progress Iran, US maintain opposed on Tehran’s uranium, Strait of Hormuz OPEC+ expected to increase July oil output, sources say WTI, Brent headed for weekly losses HOUSTON, May 22 (Reuters) – Oil prices climbed on Friday, as investors worried that the U.S. … Read more
(Reuters) – As prices for physical crude oil hit all-time highs of over $160 per barrel last month, analysts and traders alike rushed to predict a market Armageddon if the U.S.-Iran war dragged on and the Strait of Hormuz stayed closed. Five weeks later, with the strait still largely shut and peace talks at an … Read more
Barclays is maintaining its 2026 average Brent crude oil price forecast at $100 a barrel though risks are skewing higher, the bank said in a note on Friday.In trading on Friday, Brent futures were at about $105 a barrel as investors doubted the prospects of a breakthrough in U.S.-Iran peace talks, while the key Strait … Read more
(Reuters) – EU antitrust regulators will decide by June 26 whether to clear oilfield services firm Baker Hughes’ $13.6 billion acquisition of Chart Industries, according to a European Commission filing. Baker Hughes announced the deal in July last year to boost its presence in industrial technology servicing liquefied natural gas and data centres and also leverage its industrial … Read more
The oil industry has shown remarkable resilience in the face of the largest energy supply shock in modern history, pulling multiple levers to cushion the blow of the Iran war. But barring a breakthrough in peace talks, the global market may be only months away from a breaking point. The world’s biggest and most liquid … Read more
On a weekly basis, Brent was 5.48% lower and WTI was down by 8.37%, with prices volatile as expectations for a peace deal between Iran and the U.S. shifted. “We have so many headlines back and forth, it’s hard to keep up,” said Phil Flynn, senior analyst with Price Futures Group. “The story now is … Read more
May 21 (Reuters) – U.S. oil major Exxon Mobil (XOM.N) is in talks to acquire rights to produce oil in Venezuela nearly two decades after it was effectively expelled from the country, the New York Times reported on Thursday, citing people familiar with the matter. The deal, which could be finalized and announced as soon … Read more
Army Corps mandates stricter safety, monitoring for Dakota Access pipeline Conditions include enhanced leak detection, water monitoring systems, independent review of pipeline leak No new pipeline segments authorized HOUSTON, May 21 (Reuters) – The Dakota Access oil pipeline can keep operating under stricter environmental and safety conditions, the U.S. Army Corps of Engineers said on … Read more
By Nicole Jao Automobile association expects record 39.1 million to travel by car this weekend Gasoline prices surge due to Iran conflict; Strait of Hormuz closure impacts supply Analysts warn that low inventories, refinery outages and hurricanes could push prices higher NEW YORK, May 21 (Reuters) – Soaring gasoline prices and a looming fuel crunch … Read more
By Jennifer A Dlouhy The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to … Read more
(Reuters) – Canada has become more attractive for oil and gas investment under Prime Minister Mark Carney although the cost of doing business remains a challenge that could limit long-term energy sector growth, industry executives said on Thursday. Oil and gas companies, which have long complained that onerous federal regulations and environmental policies in Canada … Read more
(Reuters) – A diplomatic deal between the United States and Iran would be unfeasible if Tehran implemented a tolling system in the Strait of Hormuz, U.S. Secretary of State Marco Rubio told reporters on Thursday. “No one in the world is in favor of the tolling system. It can’t happen. It would be unacceptable. It … Read more
(Reuters) – U.S. underground natural gas storage capacity of the 375 active storage fields in the Lower 48 states increased in 2025, according to an annual report by the U.S. Energy Information Administration (EIA) on Thursday. The EIA uses two metrics to assess storage capacity: demonstrated peak capacity, which rose 0.1%, or 6 billion cubic … Read more
(Reuters) – When Donald Trump warned Iran on April 7 that “a whole civilization will die tonight,” a European diplomat in Washington said his government wanted an urgent answer to a chilling question: Was the U.S. president contemplating the use of a nuclear weapon? Across Europe and Asia, the concern went beyond whether Trump’s apocalyptic … Read more
By Ahmad Ghaddar and Olesya Astakhova Seven members likely to raise target by 188,000 bpd, sources say Most cannot meet targets due to Hormuz closure Group-wide OPEC+ policy expected to remain unchanged LONDON, May 21 (Reuters) – Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet … Read more
LONDON, May 21 (Reuters) – British finance minister Rachel Reeves said on Thursday she would stop multinationals, including oil and gas firms, from reducing their tax liability by using corporate structures that involve foreign branches. Reeves made the announcement in a speech setting out a range of measures to help British consumers, saying the changes … Read more
Canada’s Energy Moment Has Arrived With Canada’s energy agenda moving faster than it has in a generation, the past month alone tells the story. A federal-provincial pipeline agreement to the Pacific coast, Enbridge’s $4 billion Sunrise Expansion approved, Shell’s $22 billion acquisition of ARC Resources bolstering LNG Canada Phase 2, and Keyera’s $5.3 billion midstream … Read more
HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) — Devon Energy Corporation (NYSE: DVN) announced the successful acquisition of 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or approximately $161,500 per net acre, through the Bureau of Land Management (“BLM”) Oil and Gas … Read more
(Reuters) – Shale producer Devon Energy on Thursday said it has acquired 16,300 net undeveloped acres in the core of the Delaware Basin in New Mexico for about $2.6 billion through a federal lease, strengthening its position in the top U.S. shale basin. The deal comes weeks after Devon closed its $58 billion merger with Coterra Energy, as … Read more
By Reuters (Reuters) – The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the “red zone” in July-August, the head of the International Energy Agency said on Thursday without elaborating. The world entered the oil supply crisis … Read more
(Reuters) – U.S. energy storage developers installed 9.7 gigawatt-hours of new capacity in the first quarter of 2026, marking a record high for the quarter, an industry report showed on Thursday. Energy storage capacity grew 32% in the quarter from a year ago despite federal actions the industry says are slowing clean energy development, … Read more
Summary ADNOC chief Jaber’s outlook among most pessimistic for return to normal Hormuz traffic Mideast war and Iran blockade have disrupted one-fifth of global oil flows Jaber urges renewed investment to strengthen global energy supply chains (Reuters) – Full oil flows through the Strait of Hormuz will not return before the first or second … Read more
(Reuters) – The United States withdrew 17.8 million barrels of crude oil from its inventories, the highest on record, the Energy Information Administration said on Wednesday, as the Iran war has cut global supplies and raised demand for U.S. crude and products. The country’s stock of oil fell to 819.2 million barrels as of May … Read more
Summary Supreme Leader says enriched uranium must stay in Iran, Iranian sources say Pakistan steps up diplomatic bid to get US-Iran peace talks on track US withdrew biggest oil drawdown on record from SPR last week Europe’s economy hit hard as energy price shock stifles demand (Reuters) – Oil prices rose over 1% on Thursday … Read more
A Trump administration sale of oil and gas drilling rights on federal lands in New Mexico and Texas generated $4 billion in winning bids, the Interior Department said on Wednesday. The sale’s total obliterated that of previous onshore government oil and gas auctions at a time when the Iran war has cut global supplies and … Read more
(Reuters) – U.S. crude and gasoline stockpiles fell last week as demand remained elevated, while distillate inventories were up, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15, the EIA said, compared with analysts’ expectations in a Reuters poll for … Read more
Delayed Qatari capacity recovery is forecast to reshape LNG trade flows and energy security strategies worldwide CALGARY, Alberta (May 20, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released its latest report, Global Gas and LNG | Qatari Outage Fixes Oversupply, examining the long-term implications of the Qatar … Read more
By Florence Tan and Jonathan Saul Crude tanker sailings through strait still small – data Industry guidance shows high risks with every crossing Uncertainty remains over conditions in the Gulf SINGAPORE, May 20 (Reuters) – Three supertankers were crossing the Strait of Hormuz on Wednesday carrying oil bound for Asian markets, after waiting in the … Read more
(Reuters) – U.S. President Donald Trump is discovering – yet again – just how unforgiving and powerful bond markets can be. A global selloff has swept through sovereign debt markets, as rising inflation has driven yields on long-dated bonds to their highest levels in decades. The 30-year U.S. Treasury yield on Wednesday hit 5.20%, the … Read more
(Reuters) – The tanker crew gathered their courage and carefully navigated along a route designated by Iran, hugging the coastline and maneuvering their hulking vessel between island checkpoints through the Strait of Hormuz. The 330-metre-long Agios Fanourios I, laden with Iraqi crude oil and bound for Vietnam, had been bottled up off the coast of … Read more
(Reuters) – A new crude oil pipeline that bypasses the Strait of Hormuz and which the United Arab Emirates began building last year is now 50% complete, the CEO of state oil giant ADNOC, Sultan Al Jaber, said on Wednesday. Iran has largely kept the waterway critical for global oil and gas supplies shut to … Read more
(Reuters) – Saudi Arabia’s crude oil exports in March fell to 4.974 million barrels per day from 7.276 million bpd in Feb, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published … Read more
(Reuters) – Japanese oil refiners will be able to secure sufficient substitute crude and petroleum products to replace Middle Eastern supplies through the summer, the head of an industry association said on Wednesday. Shunichi Kito, president of the Petroleum Association of Japan, said that U.S. crude is becoming the main substitute while efforts continue to … Read more
(Reuters) – U.S. shale oil drillers have responded rapidly to the surge in crude prices since the start of the Iran war by ramping up production, but output gains are likely to be far more constrained than in the previous shale boom. The loss of around 13% of the world’s oil supplies due to the … Read more
By David Carnevali Buyout shops are finding a rare exit opportunity in the US oil patch. US private equity firms are shopping more than half-dozen closely held oil and gas companies in Texas, Colorado and elsewhere that together are worth about $20 billion, after the Iran War pushed crude above $100 a barrel. That’s spurred … Read more
By Stephanie Kelly and Shadia Nasralla Shell CEO Wael Sawan says oil demand will remain essential for decades Shareholder climate resolution gets 13% support, according to initial results LONDON, May 19 (Reuters) – Shell (SHEL.L) shareholders knocked back a climate activist resolution at Tuesday’s annual general meeting, in a resounding show of support for CEO … Read more
(Reuters) – Major U.S. power company NextEra Energy announced a plan to acquire Dominion Energy in a $66.8 billion deal that would create one of the world’s largest electric utilities. The combined company would have an enterprise value of roughly $420 billion, making it the third-biggest American energy company behind oil majors Exxon and Chevron … Read more
By Helen Coster and Rich McKay Gas prices surge to more than $4.50 a gallon nationwide Some drivers increasingly limit travel, avoid higher-priced gas stations More Americans turn to public transit NEW YORK, May 19 (Reuters) – Mali Hightower’s answer to high gas prices is a toy he fished out of someone’s trash. The 30-year-old … Read more
Summary Trump and Vance talk up Iran deal prospects Another two oil tankers exit Strait of Hormuz Official U.S. stockpiles data due at 1430 GMT (Reuters) – Oil prices lost about 3% on Wednesday after U.S. President Donald Trump again asserted that the Iran war will end “very quickly”, though investors remain wary about the outcome of peace … Read more
Summary Regulators to assess merger on consumer impact amid AI-driven demand Deal aims to accelerate data center power projects using combined scale, expertise Consumer advocates criticize merger as benefiting shareholders over ratepayers (Reuters) – NextEra and Dominion Energy’s massive merger may depend on whether the combined company can keep power bills in check even as … Read more
Goldman Sachs said in a note on Tuesday that U.S. natural gas production is showing signs of price sensitivity as Henry Hub prices moved back above $3 per million British thermal units this week for the first time since late March. The bank sees the ongoing signs of U.S. dry gas production price sensitivity … Read more
By Paul Allen and Keira Wright Australia’s vast shale gas resources give the nation an edge in the global energy sector, especially at a time when the Iran war is constraining supplies across the world, according to Texas-based investor Bryan Sheffield. The Middle East conflict, which has disrupted gas supplies and lifted prices, is pushing … Read more
By Francesca Landini and Marwa Rashad AMSTERDAM, May 19 (Reuters) – U.S. gas exporters are asking Europe to delay the enforcement of a new methane emissions law until 2028, a top official of the national suppliers’ lobby said on Tuesday, warning the regulatory risk is already holding back long‑term contracts with European customers. “U.S. exporters … Read more
Houston, May 19 (Reuters) – U.S. crude oil inventories fell for a fifth straight week last week, according to market sources citing American Petroleum Institute data released on Tuesday, while fuel stocks also fell. Crude stocks fell by 9.1 million barrels in the week ended May 15, the sources said on condition of anonymity. Gasoline … Read more
(Reuters) – Any delays to increasing liquefied natural gas production capacity at ConocoPhillips’ joint ventures with Qatar are likely to be months, not years, its Europe Gas head said. The U.S. energy group is a partner in QatarEnergy’s main LNG project, which includes offshore facilities in the North Field and onshore facilities at Ras Laffan, … Read more
Industrial demand and heating transitions reshape long-term load growth, concentrated in key U.S. power markets CALGARY, Alberta (May 19, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released its latest report, Electrification Load Forecast: The L48 Goes Electric, highlighting the growing role of electrification in shaping U.S. power … Read more
By Mathias de Rozario and Jerome Terroy May 19 (Reuters) – The tanker market is booming, but whether reopening the Strait of Hormuz would send freight rates soaring or crashing is still uncertain, the head of Belgian tanker firm CMB.Tech (CMBT.BR) said on Tuesday. One of the prevailing views is that a reopening would trigger … Read more
By Anna Flávia Rochas U.S. power developers could face delays and higher costs from shortages in electricians and other crafts, requiring faster rollout of skills and technology training. May 18 – Soaring demand for workers to build data centers, transmission grids and power plants is intensifying already strong competition for electricians, line workers and other … Read more
(Reuters) – Russia and China are ready to support each other on a wide range of issues, including national unity and protection of sovereignty, President Vladimir Putin said in a video address ahead of a visit to China starting on Tuesday. Relations between Russia and China have reached an ‘unprecedented level’ of mutual understanding and … Read more
enate (Reuters) – The U.S. Senate voted on Monday to confirm Steve Pearce, a former oilman and congressman from New Mexico, to lead the Bureau of Land Management. Pearce was one of 49 nominees for federal positions that were confirmed in one Senate bloc vote of 46-43. The BLM, a division of the Interior Department, … Read more
The U.S. dollar-dominated global oil trading system is being tested by the Iran war and the closure of the Strait of Hormuz, as governments in major consuming nations turn to increasingly opaque deals with Tehran and Gulf producers to secure supplies. Since the outbreak of the war on February 28, roughly a fifth of global … Read more
by Yogi Schulz Alberta Premier Danielle Smith and Prime Minister Mark Carney signed an MOU Implementation Agreement on May 15, 2026, that outlines various commitments and a timeline for approval of the UCP government’s much-sought-after crude oil pipeline to the West Coast. The agreement also advances Carney’s dreams of pulling Canada out of the U.S. … Read more
(Reuters) – The chief executive of NextEra Energy said on Monday that his company felt good about Dominion’s investment in offshore wind, a technology he has disparaged in the past. CEO John Ketchum made the remarks on a call with investors to discuss NextEra’s $66.8 billion bid for Dominion, which is building a more than $11 billion … Read more
Across North America, data centers have moved from being a background part of the digital economy to one of the most important pieces of modern infrastructure. They support cloud computing, online banking, streaming, ecommerce, government systems, scientific research, and now artificial intelligence. Their rapid expansion is creating major economic opportunities, but it is also … Read more
Venezuela’s Oil Minister Paula Henao reacts at Miraflores Palace in Caracas, Venezuela, March 13, 2026. REUTERS/Gaby Oraa Summary Venezuela’s new oil minister, Paula Henao, to meet US oil firms US plans $100 billion investment to revive Venezuela’s oil sector after Maduro’s ouster US officials stress Venezuela’s key role in Western Hemisphere energy security HOUSTON (Reuters) … Read more
Summary Trump said on Monday he had paused a planned resumption of attacks on Iran Iran seeks lifting of sanctions, release of frozen funds, end to US marine blockade US extends sanctions waiver on Russian seaborne oil (Reuters) – Oil prices fell on Tuesday, with global benchmark Brent crude dropping 1.5%, after U.S. President Donald … Read more
BP and union leaders resumed labor contract negotiations for workers at the Whiting, Indiana, oil refinery on Monday with no agreement yet, as a lockout entered its third month this week. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S. Midwest, have been locked out since March 19 after months of negotiations … Read more
HOUSTON (Reuters) – A record 9.9 million barrels of oil were shipped out from the U.S. Strategic Petroleum Reserve last week, data from the Department of Energy showed on Monday, pushing the total volumes in the U.S. government’s emergency stash to about 374 million barrels, its lowest since July 2024. The Trump administration … Read more
By Reuters May 18 (Reuters) – Ford Motor’s energy unit said on Monday it has signed a five-year deal to supply up to 20 gigawatt-hours of storage capacity to renewable power developer EDF. Under the deal, EDF can procure up to 4 GWh of DC Block battery energy storage systems (BESS) annually from the carmaker’s unit, Ford … Read more
May 18 (Reuters) – Refiner Phillips 66 said on Monday it would move ahead with the Zeus Gas Plant in the Permian Basin and a third Coastal Bend Fractionator in Texas, expanding its network to capture growing volumes of gas and natural gas liquids from the top U.S. shale field. Shares of the company were … Read more
Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves “are not endless”. The onset of the spring planting and summer travel seasons in the northern hemisphere … Read more
May 18 (Reuters) – Glenfarne’s Alaska LNG said on Monday it had signed a long-term natural gas supply deal with ConocoPhillips and that it now had agreements for enough volumes to support a final investment decision for Phase One of its project and meet Alaska’s in-state natural gas needs. The company said the 30-year agreement would … Read more
Gasoline accounts for a shrinking share of household budgets, but its political power can still make or break a presidency. By Kevin Crowley In his 1987 book, Trump: The Art of the Deal, then-real estate mogul Donald Trump wrote that one of his 11 “Elements of the Deal” is to “know your market.” Rather than … Read more
Summary UAE reports drone attack on Barakah nuclear power plant Saudi Arabia intercepts three drones from Iraqi airspace Trump expected to discuss military options on Tuesday US allows lapse of sanctions waiver on Russian seaborne oil (Reuters) – Oil prices extended gains on Monday, driven by increasingly bleak prospects for peace in the Middle East … Read more
May 18 (Reuters) – NextEra Energy will buy Dominion Energy in an all-stock transaction valued at about $66.8 billion, creating the world’s largest regulated electric utility by market value, as U.S. utilities race to meet surging demand from data centers fuelling the artificial intelligence boom. The deal, one of the largest in the U.S. power industry, adds … Read more
UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move DUBAI, May 16 (Reuters) – The United Arab Emirates’ decision to withdraw from OPEC and OPEC+ was a sovereign and strategic choice based on a comprehensive assessment of its production policy and future capabilities, the UAE energy minister, Suhail Al Mazrouei, said on … Read more
By Brad Brooks Summary Rural Colorado Trump supporters accept higher gas prices for Iran policy goals Many cite willingness to sacrifice economically to prevent Iranian nuclear threat Some express doubts about quick relief, but prefer Trump over Democrats Trump’s economic approval rating has declined sharply WIGGINS, Colorado, May 16 (Reuters) – Perched behind the cash … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since September 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by three … Read more
Summary Companies EPA mandates boost biofuel blending, driving refiner profits RIN credit prices surge over 80%, enhancing biofuel profits Soyoil costs, limited supply could limit biodiesel output, analysts say NEW YORK, May 15 (Reuters) – U.S. oil refiners are finally reaping profits from renewable fuels, which had squeezed margins for years, but now demand has … Read more
Summary Agreement Signing: The implementation agreement for the West Coast oil pipeline signed today, outlines a pathway to construction beginning as early as September 01, 2027. Pipeline Submission: Alberta will submit the comprehensive pipeline proposal to the Federal Major Projects Office (MPO) by July 01, 2026.(Canada Day). Project Designation: Canada will pursue national interest designation … Read more
May 14 (Reuters) – A Texas jury on Wednesday found Exxon Mobil (XOM.N) not liable on claims it defrauded investors through disclosures tied to its Canadian oil sands and Rocky Mountain gas operations. The 2016 lawsuit alleged Exxon concealed that its Canadian bitumen operations were losing money, failed to properly incorporate carbon-cost assumptions into reserve … Read more
By Zoltan Simon Chinese President Xi Jinping opposes charging a toll in the Strait of Hormuz, a White House official said, in an apparent reference to Iran’s effort to monetize its control of the waterway where roughly a fifth of the world’s oil and liquefied natural gas normally transit. Xi talked about that and the … Read more
By Nojoud Al Mallees Mark Carney has rolled out yet another plank in his economic strategy, this time pledging to double Canada’s electricity generation by 2050. The prime minister’s pitch is to spend big on expanding the power grid to provide affordable and reliable electricity to Canadians. The total projected cost is expected to exceed … Read more
By Tooba Khan and Stephen Stapczynski Pakistan has imported its second shipment of liquefied natural gas from the Persian Gulf in a week, showing how Islamabad is leveraging its newfound geopolitical influence to ease an energy crunch. The South Asian country received its latest cargo on Friday, according to ship-tracking data compiled by Bloomberg, after … Read more
The U.S. will replenish every barrel of oil it releases from the Strategic Petroleum Reserve, Energy Secretary Chris Wright said Friday at an event in Sabine Pass, Texas. “We’re releasing oil now, and for each barrel we’re releasing, we’re going to get at least 1.2 barrels of oil back into the reserve. We’ll leave it … Read more
The UAE and Saudi Arabia are the only major Gulf oil producers able to get significant quantities to market during the war By Anthony Di Paola The United Arab Emirates will double its capacity to export crude oil bypassing the Strait of Hormuz by next year, as it seeks to reduce reliance on the shipping … Read more
(Reuters) – President Donald Trump said on Friday he discussed Chinese oil companies that have been sanctioned for buying Iranian oil and will make a decision about whether to lift bans in the next few days. The U.S. recently imposed sanctions on several Chinese oil refiners for buying Iranian oil, including Hengli Petrochemical, one of … Read more
Summary Brent and WTI set for hefty weekly gains More vessels have been crossing Strait of Hormuz Ship attacks and seizures remain a worry Trump says he is running out of patience with Iran Iran says it is prepared to resume fighting (Reuters) – Oil prices gained more than 3% on Friday, climbing over $3 … Read more
(Reuters) – Argentina has launched its biggest Vaca Muerta shale bid round in a decade, offering 15 exploration blocks as energy companies and importing nations seek more reliable crude supplies amid heightened Middle East tensions. The auction, run by Neuquen provincial energy company Gas y Petroleo del Neuquen (GyP), comes as concerns over disruption to … Read more
Summary White House weighs gas tax suspension as fuel prices surge, options dwindle Polls show most Americans feel financial strain, many doubt war is worth the cost Some Republicans back gas tax suspension, but party leaders are so far noncommittal (Reuters) – Trump administration officials are scrambling to contain the economic and political fallout … Read more
(Reuters) – The U.S. House passed legislation on Wednesday that would allow nationwide year‑round sales of gasoline containing 15% ethanol, handing a major win to biofuel producers and farm groups while raising concerns among refiners about higher compliance costs. The H.R. 1346 bill, or the Nationwide Consumer and Fuel Retailer Choice Act, approved by a vote of … Read more
Summary Trump expected to seek China’s help to break Iran impasse Rubio warns Beijing that support for Tehran risks US-China ties Iran war reshapes Middle East alliances, with disputed reports of secret Israel-UAE talks US, Iran demands remain far apart; Vance says progress being made (Reuters) – U.S. President Donald Trump discussed the Iran war with … Read more
EagleRock, a land and resource management company that collects royalties and fees from oil and gas production on the land it controls in the Permian Basin, has raised $320.1 million in its U.S. initial public offering on Wednesday. The Houston-based company sold 17.3 million shares at $18.50 apiece, touching a mid-point of its marketed … Read more
Summary Trump, Xi begin Beijing talks with trade truce, Iran war in focus China- and Japan-linked oil tankers pass through Hormuz (Reuters) – Oil prices were flat, having erased some earlier gains, on Thursday after Iran’s state media said about 30 vessels had crossed the Strait of Hormuz in recent hours while the semi-official Fars … Read more
By Shariq Khan and Scott Disavino EIA now sees Middle East oil supply losses peaking at 10.8 mln bpd in May Global oil inventories expected to fall 2.6 mln bpd this year, keeping prices elevated EIA cuts global oil demand growth forecast, cites high prices and demand destruction NEW YORK, May 12 (Reuters) – The … Read more
(Reuters) – U.S. officials raised the prospect of China buying more American energy after Presidents Donald Trump and Xi Jinping held talks in Beijing on Thursday. The White House said Xi expressed interest in buying more U.S. oil to reduce China’s dependence on the Strait of Hormuz in a readout of the two-hour-plus summit … Read more
By Georgina Mccartney HOUSTON, May 13 (Reuters) – Dealmaking in the U.S. upstream oil and gas sector jumped to $38 billion in the first quarter of this year, marking the highest quarterly total in two years, analytics firm Enverus said on Wednesday. Shale producer Devon (DVN.N) and smaller rival Coterra closed on their merger last … Read more
By Rodrigo Campos May 13 (Reuters) – Venezuela on Wednesday launched a restructuring of its sovereign debt and that of state oil firm PDVSA, lifting bond prices, as it seeks relief from what it called unsustainable obligations. In a statement, the government said the “comprehensive and orderly” overhaul would cover both sovereign debt and that … Read more
By Sheila Dang HOUSTON, May 13 (Reuters) – Proxy advisory firms Glass Lewis and Institutional Shareholder Services have recommended that Exxon Mobil (XOM.N) and Chevron (CVX.N) investors vote against some of the boards’ stances on shareholder proposals, including against Exxon’s plan to redomicile in Texas. Both U.S. oil producers have long been the subject of … Read more
(Reuters) – U.S. crude and gasoline stocks fell last week while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 4.3 million barrels to 452.9 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1-million-barrel draw. Crude stocks at the Cushing, … Read more
(Reuters) – U.S. energy firms pulled a record 8.6 million barrels of crude from the Strategic Petroleum Reserve (SPR) in the week ended May 8, reducing the total amount of oil in the SPR to 384.1 million barrels, the lowest since October 2024, the U.S. Energy Information Administration said in its weekly Petroleum Status Report … Read more
(Reuters) – Annual electric power generation from utility-scale solar will surpass that from coal for the first time in 2026 within the electricity grid, the U.S. Energy Information Administration said in its latest Short-Term Energy Outlook on Wednesday. Solar generation in the Electric Reliability Council of Texas (ERCOT) grid, which serves most of the state, … Read more
Higher oil prices set to trigger wave of deals as private sales accelerate CALGARY, Alberta (May 13, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released its summary of recent U.S. upstream M&A activity and market outlook, highlighting a strong start to 2026 followed by a volatility-driven … Read more
Summary OPEC cuts Q2 oil demand forecast by further 500,000 bpd amid Iran war impact OPEC+ output drops by 1.74 million bpd in April on Hormuz closure Raises 2027 demand growth prediction by 200,000 bpd to 1.54 million bpd (Reuters) – OPEC on Wednesday lowered its forecast for global oil demand growth in 2026, joining … Read more
Reuters The U.S. Energy Information Administration on Tuesday revised its earlier forecasts to reflect a much bigger and lengthier hit to global oil supplies from the Iran war than it previously projected, highlighting the uncertainty that has roiled broader energy markets since the conflict began three months ago. Energy analysts have found it difficult to … Read more
Summary Supply losses from Gulf producers exceed 1 billion barrels, IEA reports IEA forecasts market to remain undersupplied through Q3 2026 even if conflict ends soon IEA sees 2026 global oil supply falling 3.9 million bpd due to ongoing war IEA estimates 246 million barrel inventory drawdown in March and April (Reuters) – Global oil … Read more
As the oil and gas industry faces aging infrastructure, tightening emissions regulations, and a growing skilled labor shortage, one question is defining the next decade of operations: how do you inspect what you can’t safely reach? Microwatt Controls is heading to the Energy and Drone Summit this June with an answer, and it is the only one … Read more
By Gabriel Cohen | Editing Niccolo Conte | Design Sabrina Lam Key Takeaways The U.S. was the world’s largest crude oil producer in 2025, pumping 13.58 million barrels per day. Five of the world’s top 10 crude oil producers are in the Middle East. Russia and Saudi Arabia ranked second and third globally, each producing … Read more
Summary Oil prices remain above $100 per barrel Investors await Trump-Xi meeting in Beijing US inflation posts largest gain in three years (Reuters) – Oil prices were little changed on Wednesday as investors monitored a fragile Middle East ceasefire and awaited a high-stakes summit in Beijing between U.S. President Donald Trump and China’s Xi Jinping. Brent crude futures were up 23 … Read more
(Reuters) – The Strait of Hormuz has emerged as the central battleground of the Iran conflict. The passage of a handful of oil and gas tankers in recent days, apparently with Tehran’s consent, hints at tacit acceptance of its control. This foreshadows a more dangerous phase in what is fast turning into a Hormuz war. … Read more
By Scott Disavino and Curtis Williams Three vessels head to China after direct shipment pause Chinese buyers resold US LNG cargoes to other countries US LNG shipments to China dropped sharply since 2025 NEW YORK/HOUSTON, May 12 (Reuters) – China could receive in June its first direct U.S. liquefied natural gas shipment in more than … Read more
NEW YORK, May 12 (Reuters) – U.S. crude oil inventories fell for a fourth straight week last week, while distillate inventories also declined. Motor gasoline stocks, however, rose, according to market sources citing American Petroleum Institute data released on Tuesday. Crude stocks fell by 2.2 million barrels in the week ended May 8, the sources … Read more
(Reuters) – Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran’s ability to control energy flows through the Strait of Hormuz. The U.S.-Israeli war with Iran has slashed energy exports from … Read more
(Reuters) – U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,248 billion kWh in … Read more
(Reuters) – The U.S. Department of Energy’s statistical arm on Tuesday said it assumes that the Strait of Hormuz will be effectively shut through late May and traffic will resume gradually from next month, prompting the agency to hike its forecasts for U.S. motor fuel prices. Iran’s chokehold on the Strait of Hormuz in its … Read more
From Positioning to Building In the past twelve months, Canada loaded its first LNG cargo at Kitimat, advanced a federal-Alberta corridor agreement to open a new Pacific export route, and established the Canada Strong Fund, the nation’s first sovereign wealth fund, with a $25 billion federal commitment to co-invest alongside private capital. Enbridge’s $4 billion … Read more
The government’s appeal of that decision is pending before the U.S. Court of Appeals for the Federal Circuit By Zoe Tillman The Trump administration asked the United States trade court to pause a ruling that declared the president’s latest 10 per cent global tariffs unlawful while the government appeals, meaning importers would keep paying the … Read more
Trump is seeking to suspend the federal 18.4 cents U.S. a gallon tax on gasoline By Will Kubzansky A federal gasoline tax holiday as proposed by U.S. President Donald Trump would result in billions of dollars in lost tax revenue each month, independent budget analysts say. Trump told reporters at the White House on Monday … Read more
(Reuters) – The Iran war is starting to shape China’s imports of major commodities, with April data showing a sharp decline in crude oil but rising trade in metals. The headline-grabbing number from the figures released last week by customs was the slide in arrivals of crude oil, with the world’s biggest importer taking in … Read more
(Reuters) – Iran has expanded its definition of the Strait of Hormuz into a “vast operational area” far wider than before the Iran war, according to a senior officer in the Islamic Revolutionary Guard Corps (IRGC) Navy. The strait is no longer viewed as a narrow stretch around a handful of islands but instead has … Read more
(Reuters) – Major Asian liquefied natural gas (LNG) importers Japan and South Korea ramped up coal-fired power generation in April and into early May, market data showed, as the Iran war disrupted supplies of the super-chilled fuel and boosted prices. Japan’s gas-fired power supply hit two-year lows in April and South Korea’s dropped to six-month … Read more
(Reuters) – U.S. President Donald Trump will arrive in Beijing this week for a summit with President Xi Jinping on May 14 to 15, where U.S. officials say a deal for Beijing to buy more U.S. energy could be under consideration. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. … Read more
(Reuters) – Shareholder proxy adviser Institutional Shareholder Services has recommended investors vote against a proposal by Exxon Mobil’s board to move its location of incorporation to Texas, saying this would impose greater hurdles for shareholders seeking accountability for directors and officers. Exxon is seeking to abandon its corporate registration in New Jersey and redomicile in Texas where … Read more
Summary ADNOC Drilling outpaces rig deployment targets ADNOC Drilling ready to meet increased demand if required Operations unaffected by war disruptions, maintains 98% rig availability in Q1 Unconventional oil and gas projects advancing (Reuters) – ADNOC Drilling is ready to expand the United Arab Emirates’ oil production capacity beyond its current target of 5 million … Read more
Over the last 30 years, North America’s oil and natural gas pipeline industry has undergone a major technological transformation. Modern pipelines are dramatically safer, more durable, and more closely monitored than the systems built in the mid-20th century. Advances in metallurgy, welding, leak detection, automation, digital monitoring, and integrity management have significantly reduced the risk … Read more
By Andrea Shalal and Daphne Psaledakis Three people, nine companies hit with sanctions Four firms based in Hong Kong, four in UAE WASHINGTON, May 11 (Reuters) – The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding … Read more
By Ryan Gould Blackstone Inc. and Halliburton Co. are investing a combined $1 billion into VoltaGrid, an energy startup that makes gas-powered microgrids that are used to power data centers. Blackstone’s Tactical Opportunities strategy and Halliburton are injecting $775 million of fresh capital and buying $225 million from existing shareholders, according to a statement Monday … Read more
By Timothy Gardner May 11 (Reuters) – The Trump administration said on Monday it will loan energy companies 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve as part of a global agreement to calm oil markets that have spiked on the U.S.-Israeli war with Iran. Nine companies, including Exxon Mobil (XOM.N), Trafigura, … Read more
(Reuters) – Disruption to oil exports via the Strait of Hormuz is threatening to delay the market’s return to normal until 2027, Saudi Aramco CEO Amin Nasser warned on Monday. “The longer the supply disruptions continue, even for another few more weeks, it is going to take a much longer time for the oil market … Read more
Summary Iran demands compensation for war damage Reiterates sovereignty over Strait of Hormuz U.S. crude inventories likely to have fallen, poll shows Trump meeting with China’s Xi in focus LONDON, May 12 (Reuters) – Oil prices rose by more than 3% on Tuesday as stark differences between the U.S. and Iran on a proposal to … Read more
(Reuters) – Saudi state oil giant Aramco could reach a maximum sustainable oil production capacity of 12 million barrels per day in three weeks if required, CEO Amin Nasser said on Monday. He said that the energy supply shock that began in the first-quarter was the largest the world has ever experienced, and that if … Read more
By Nandita Bose and Timothy Gardner Gas prices surge on Iran war, creating political risk for Trump and Republicans before midterms Gas tax suspension requires congressional approval, with Senator Hawley introducing supporting legislation Senator Mark Kelly, other Democrats, previously proposed waiver until October WASHINGTON, May 11 (Reuters) – President Donald Trump said on Monday he … Read more
(Reuters) – JP Morgan expects Brent crude to remain in the low-$100s for much of 2026, even if the Strait of Hormuz reopens in June, as accelerating inventory draws and logistical bottlenecks keep the oil market tight, the bank said in a note. JP Morgan’s revised framework assumes that the pace of oil inventory depletion … Read more
Trump says Iran ceasefire on ‘life support’ after rejecting Tehran’s response President Donald Trump said on Monday that the ceasefire with Iran was “on life support,” after dismissing Tehran’s response to a U.S. peace proposal as “stupid.” Trump’s swift rejection of Iran’s response on Sunday has fueled concerns that the 10-week-old conflict will drag on … Read more
(Reuters) – The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday. “We expect demand rationing to continue as long as supply remains disrupted through … Read more
(Reuters) – U.S. natural gas futures climbed about 3% to a one-week high on a decline in output in recent weeks. That price increase came despite forecasts for less demand next week than previously expected and ample amounts of gas in storage. Front-month gas futures for June delivery on the New York Mercantile Exchange rose … Read more
By Alex Lawler OPEC April output plunges 830,000 bpd Eight OPEC+ producers had pledged to raise output before Iran war forced export cuts Biggest drop is in Kuwait LONDON, May 11 (Reuters) – OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the U.S.-Israeli … Read more
By Tim McLaughlin Policies shift project financing risk to ratepayers, raising bills before projects are completed Consumer advocates and businesses warn advanced funding may not deliver promised savings Georgia’s Vogtle nuclear project highlights risks of cost overruns and public backlash BOSTON, May 9 (Reuters) – Millions of Americans are unknowingly financing electric grid projects before … Read more
By Krishna N. Das and Nidhi Verma India not keen to buy LNG subject to sanctions despite talks, say sources Tanker carrying unauthorised LNG diverted after talks falter, says source India conveyed decision to Russian deputy energy minister – source NEW DELHI, May 11 (Reuters) – India has declined Russia’s offer to sell it liquefied … Read more
(Reuters) – Buyers of electric vehicles and consumers of a diet cola in India may seem to be two groups with little in common, but they are both at risk from the fallout from the ongoing closure of the Strait of Hormuz. The longer the narrow waterway remains closed to most vessels the more pronounced … Read more
(Reuters) – A second Qatari liquefied natural gas tanker is transiting the Strait of Hormuz days after the first such cargo crossed under an arrangement involving Iran and Pakistan, highlighting how cargoes are crossing the waterway on a case-by-case basis amid ongoing conflict risks. The vessel, Mihzem, with capacity of 174,000 cubic metres, departed Ras … Read more
(Reuters) – Iran’s oil sector has faced some issues since the start of a U.S. maritime blockade on Iranian ports, but the oil ministry has taken countermeasures, Iran’s Oil Minister Mohsen Paknejad said on Monday to state TV, without specifying the measures. “During the 40 days of war, our production didn’t decrease and the export … Read more
By Julian Lee and Alex Longley No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than two months. Iran has throttled traffic … Read more
(Reuters) – U.S. producer Diamondback Energy bought options to sell the price difference between U.S. West Texas Intermediate crude and globally traded Brent crude at around minus $42 a barrel in coming months, according to the company’s quarterly filing, a bet that could pay off if the United States banned oil exports. The unusual hedge … Read more
Summary Trump calls Iran’s response to U.S. peace proposal ‘unacceptable’ Trump, Xi to discuss Iran among other topics later this week Aramco CEO warns 1 billion barrels lost will slow oil market recovery 3 more tankers exit Strait of Hormuz with trackers switched off (Reuters) – Oil prices rallied on Monday, a day after President Donald … Read more
By Amanda Stephenson Enbridge eyes $10-20 billion in new capital investments over next 24 months Company views rival Canadian pipeline proposals as a sign of industry confidence and growth CEO Greg Ebel highlights surge in demand for crude oil export capacity at Ingleside terminal May 8 (Reuters) – The investment climate for energy infrastructure in … Read more
The U.S. and Iran appeared no closer this past weekend to finding an end to their war after the two sides traded fire in the Gulf amid a tenuous ceasefire, while a U.S. intelligence analysis concluded Tehran could withstand a naval blockade for months. Recent days have seen the biggest flare-ups in fighting in and … Read more
Russian President Vladimir Putin said on Saturday that he thought the Ukraine conflict was coming to an end. Russia’s 2022 invasion of Ukraine triggered the most serious crisis in relations between Russia and the West since the 1962 Cuban Missile Crisis, when many people feared the world was on the brink of nuclear war. “I … Read more
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz. “Our objective is simple: keep energy flowing, even when the system is … Read more
REUTERS – With the standoff over the frozen Iran war threatening a global economic meltdown, Washington and Tehran have scaled back their efforts to agree a comprehensive peace deal and now seek a limited pact putting off the harder issues. This is what we know about the proposals under discussion and where they leave the … Read more
By Cody Good | Design Cynthia Tran Vo Key Takeaways China holds an estimated 1.4 billion barrels of strategic crude oil inventory, more than the next nine largest stockpiles combined. The U.S., Japan, and OECD Europe are the next-largest holders, reflecting decades of preparation for major oil supply shocks. Global strategic oil inventories are one … Read more
(Reuters) – U.S. LNG exporter Freeport LNG is expected to reduce output in the coming days due to unplanned maintenance at the Texas plant, twomarket sources said. The work at the third largest LNG export facility in the U.S. could last through May and have prompted the company to cancel three previously scheduled cargoes, the … Read more
By Erwin Seba Oil benchmarks pare gains of as much as 3% Brent, WTI on course for falls of more than 7% for the week HOUSTON, May 8 (Reuters) – Brent crude futures jumped as much as 3% on Friday, a day after the U.S. and Iran traded air strikes, but pared gains as traders … Read more
By Mia Gindis Wall Street is growing more convinced that shipping through the Strait of Hormuz will remain impaired into the second half of the year, highlighting expectations for a longer-lasting supply shock. A majority of surveyed investors expect flows through Hormuz to be disrupted beyond the end of June, and 43% of respondents don’t … Read more
(Reuters) – China’s foreign ministry confirmed on Friday that an oil products tanker carrying Chinese crew was attacked in the Strait of Hormuz, and expressed deep concern about vessels affected by the ongoing conflict in the Middle East. There are Chinese nationals aboard the vessel, but no reported crew casualties so far, foreign ministry spokesperson … Read more
(Reuters) – A suspected oil spill covering dozens of square kilometres of sea near Iran’s main oil hub of Kharg Island has been seen on satellite imagery this week. The likely spill – appearing on images as a grey and white slick – covered waters to the west of the 8-kilometre (5-mile) long island, pictures … Read more
(Reuters) – Canadian crude oil pipeline company South Bow said on Friday it is beginning efforts to obtain required permits across the U.S. route of its Prairie Connector project. The Alberta-to-Wyoming pipeline would use portions of pipe already installed in Canada as part of the cancelled Keystone XL project. South Bow said on a conference … Read more
By Scott Disavino NEW YORK, May 8 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row, the first three-week streak of increases since early February, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig … Read more
U.S. oil and gas producer Devon Energy said on Thursday its board had approved a $8 billion share repurchase program, a week after activist investorKimmeridge called for higher shareholder returns. Last week, Kimmeridge, a well-known activist investor in the energy sector, urged Devon’s incoming board to swiftly pursue asset sales, improve capital allocation and revamp … Read more
CALGARY, AB, May 8, 2026 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported first quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update. Highlights (All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.) First … Read more
Summary Installers, banks, insurers shun China-linked U.S. solar factories Industry awaits guidance on new subsidy restrictions Financing delays threaten new U.S. power capacity as demand soars (Reuters) – Top solar companies, banks and insurers have stopped doing business with at least a half dozen recently built U.S. panel factories because of uncertainty over whether their … Read more
Reuters – Enbridge reported first-quarter adjusted profit on Friday that surpassed analysts’ expectations as robust performance in its gas transmission and utility businesses offset softer results in its liquids pipelines segment. See the Enbridge Press Release Here The pipeline operator is benefiting from rising demand for natural gas, utility infrastructure and power supply for data … Read more
Summary Oil benchmarks pare gains of as much as 3% Brent, WTI on course for falls of more than 7% for the week (Reuters) – Oil prices pared early gains on Friday, a day after renewed fighting near the Strait of Hormuz raised new questions about the ceasefire between the United States and Iran. Brent … Read more
(Reuters) – A series of well-timed market bets on falling oil prices totalling as much as $7 billion during March and April spread across multiple exchanges and types of fuel and derivatives just before major Iranian policy announcements by U.S. President Donald Trump, according to traders, market experts and Reuters analysis of exchange data. The … Read more
By Georgina Mccartney and Arathy Somasekhar HOUSTON, May 7 (Reuters) – A pipeline that ships crude oil between the Permian basin in West Texas and Houston was fully operational on Thursday after a brief outage due to a leak, operator ONEOK (OKE.N) said. Traders had received a shipping notice from ONEOK on Wednesday, seen by … Read more
May 7 (Reuters) – U.S. President Donald Trump’s executive order in January to impose a fuel blockade on Cuba amounts to “energy starvation” with grave consequences for the Caribbean island nation’s development and human rights, U.N. experts said on Thursday. Washington, which has imposed an embargo on the communist-run island since 1960, intensified measures this … Read more
By Wa Lone and Shariq Khan TORONTO, May 7 (Reuters) – Global energy markets are headed into ‘troubled waters’ as the Iran war continues to knock out millions of barrels of oil each day, Fatih Birol, head of the International Energy Agency, said on Thursday at a conference in Toronto. His comments come as Brent … Read more
By Siddharth Cavale US considers restarting escorts for commercial vessels through Strait of Hormuz, WSJ says Analysts warn prices could rebound if conflict escalates again Iran’s oil production likely down by around 400,000 bpd – US energy secretary Chris Wright Brent, WTI futures turn positive in extended trading after Iran reports explosions NEW YORK, May … Read more
(Reuters) – Goldman Sachs said that strong crude exports outside the Gulf and subdued demand from China are helping to partially offset market tightening caused by very low Gulf exports. Goldman Sachs said in a note dated Thursday that 45% of the hit to Persian Gulf crude/condensate exports is being offset, primarily by increased exports … Read more
By Yawen Chen LONDON, May 7 (Reuters Breakingviews) – Shell is reaping the benefits of high fossil fuel prices. The $240 billion oil and gas major on Thursday reported first-quarter adjusted earnings of $7 billion, up nearly 25% year on year, as oil prices surged past $100 a barrel. Yet when it comes to shareholder … Read more
U.S. Energy Secretary Chris Wright said on Thursday that Iran appears to have cut back oil production by 400,000 barrels per day and is likely to reduce it more as its storage units fill. “It looks like they’ve likely already cut back their production, maybe by 400,000 barrels a day. They’ll likely continue to ramp … Read more
(Reuters) – A Chinese-owned oil products tanker was attacked near the Strait of Hormuz on Monday, Chinese media outlet Caixin reported, as President Donald Trump launched a U.S. plan that day to help stranded vessels but suspended it a day later. This was the first time a Chinese oil tanker has been attacked, a person … Read more
(Reuters) – While prices for crude oil futures have surged and slumped in line with the latest headlines about the war between the United States and Iran, the impact of the crisis in physical markets for refined fuels has been worsening. Another hint of a peace agreement was enough to send Brent contracts down 7.8% … Read more
By Ruth Liao Western Midstream Partners LP agreed to acquire closely-held pipeline operator Brazos Delaware II for about $1.6 billion. The deal, which is expected to close by the end of June, includes 900 miles (1,450 kilometers) of pipes as well as natural gas processing plants and related equipment in the prolific Delaware region of … Read more
By Ari Natter The Trump administration is studying using oil under land at US military bases and other Department of War sites to help refill the nation’s depleted emergency reserves, according to a person familiar with the matter. No decision has been made on the possible initiative, said the person who asked not to be … Read more
By Stephen Stapczynski and Anthony Di Paola Abu Dhabi National Oil Co. has managed to keep a trickle of liquefied natural gas exports moving through the Strait of Hormuz by concealing tanker locations, as established producers shift tactics to navigate the conflict. At least two tankers that loaded at Adnoc’s Das Island facility recently went … Read more
Summary Shell cuts quarterly buybacks to $3 billion from $3.5 billion Middle East war cuts output by 4% Shares fall in early trade along with oil prices, peers LONDON, May 7 (Reuters) – Shell’s first-quarter profit beat estimates and hit its highest in two years at $6.9 billion on Thursday, boosted by gains linked to the Middle … Read more
OKLAHOMA CITY and HOUSTON, May 07, 2026 (GLOBE NEWSWIRE) — Devon Energy Corporation (“Devon”) (NYSE: DVN) and Coterra Energy Inc. (“Coterra”) (NYSE: CTRA) today announced the successful completion of their previously announced all-stock merger (the “Transaction”), creating a premier large-cap shale operator with a high-quality asset base anchored by a leading position in the economic … Read more
(Reuters) – Cheniere Energy swung to a loss in the first quarter from year-ago profit on Thursday, hurt by billions of dollars in losses tied to LNG-linked derivative contracts as geopolitical tensions and volatile global gas prices rattled energy markets. The company said results were mainly hurt by a $4.8 billion unfavorable change in the … Read more
The hyperscaler has been adding a gigawatt of data centre capacity, enough to power 750,000 homes, every three months By Alastair Marsh and Brody Ford Microsoft Corp. may shelve one of the industry’s most ambitious clean-energy targets as it tries to remove hurdles that could hold it back in the race to power data centres, … Read more
Wednesday, May 6 (Reuters) – U.S. President Donald Trump told reporters on Wednesday that he met with top officials at Chevron (CVX.N) and ExxonMobil (XOM.N) a day earlier to discuss Venezuela. Reporting By Jacob Bogage and Jarrett Renshaw; Editing by Jasper Wad
(Reuters) – Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide – so oil companies will continue to deplete storage … Read more
Summary Oil prices drop 2%, extending previous session’s heavy losses Al Arabiya reports possible easing of U.S. blockade Analysts warn prices could rebound if conflict escalates again (Reuters) – Oil prices extended losses on Thursday, sliding around 2% to below $100 a barrel on renewed hopes for a U.S.-Iran peace deal that could bring a gradual … Read more
By Kate Abnett May 6 (Reuters) – The European Commission has drafted plans to let oil and gas companies avoid penalties for breaching the EU’s methane emissions law, a draft document seen by Reuters showed, after pressure from industry and the United States government. The move follows calls from oil and gas industry groups to … Read more
(Reuters) – U.S. shale producer Occidental Petroleum will not add more oil hedges this year after volatility in crude prices following the Iran war led to lower realized prices. Speaking on a post-earnings conference call on Wednesday, Chief Financial Officer Sunil Mathew said derivative-related losses had a partial impact on Occidental’s first-quarter profit, which still … Read more
(Reuters) – The European Commission is considering suspending methane emissions penalties during energy supply crises after pressure from the United states and the fossil fuel industry to dilute rules on leaks of the greenhouse gas, the Financial Times reported on Wednesday. The Commission plans to roll out new rules on monitoring, reporting and verification for … Read more
(Reuters) – Major U.S. passenger airlines spent just over $5 billion on jet fuel in March, up $1.8 billion or 56% from what they spent in February, the U.S. Transportation Department said on Wednesday. The cost per gallon of fuel in March was $3.13, up 74 cents, and 31% over February. Fuel use rose 20% … Read more
(Reuters) – Cenovus Energy on Wednesday posted an 83% jump in first-quarter profit, driven by higher crude prices, strong refining margins and increased production following its acquisition of MEG Energy. The Canadian oil and gas producer also said it would raise its quarterly base dividend by 10% to 22 Canadian cents per share starting in the … Read more
Summary Strait of Hormuz disruptions, refinery issues dent fuel supply Analysts warn prices could rise further if war persists Morgan Stanley: US gasoline inventories falling faster than usual despite high prices (Reuters) – The U.S. national average retail price of gasoline surpassed $4.50 a gallon on Tuesday for the first time since July 2022, data … Read more
May 6 (Reuters) – Power producer NRG Energy on Wednesday missed Wall Street estimates for first-quarter adjusted profit, hurt by milder weather in Texas and increased costs. The company’s interest expenses in the quarter rose to $285 million from $163 million a year ago, impacted by costs related to the completed acquisition of power generation assets from … Read more
‘We are at risk of letting this opportunity pass Canada by,’ said the Oil Sands Alliance, which represents five of Canada’s largest oilsands companies By Naimul Karim Capital investment in Canada’s oilsands has nearly halved over the past decade compared to the previous one, an industry group said Monday, warning the country is not moving … Read more
Summary US crude oil stocks expected to fall further Brent crude drops below $100 a barrel Benchmarks set for biggest daily declines in a month (Reuters) – Oil prices extended declines on Wednesday, slumping to two-week lows after a Pakistani source said that the United States and Iran were nearing an initial peace deal. Brent crude … Read more
(Reuters) – U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, … Read more
(Reuters) – Exxon Mobil is using artificial intelligence and new technology to interpret seismic data from Guyana in days rather than months, John Ardill, the company’s vice president of exploration, said on Tuesday. High-performance computing and AI-driven algorithms have accelerated seismic imaging, Ardill said at the Offshore Technology Conference in Houston. “We’re using what was … Read more
HOUSTON, May 05, 2026 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) today provided an update on the expected timing for completion of the Canadian NGL business divestiture to Keyera Corp (“Keyera”). PAA and certain of its affiliates have received a filing from the Canadian Competition Bureau challenging the proposed … Read more
(Reuters) – President Donald Trump on Tuesday dismissed Iran’s military capability and said Tehran “should wave the white flag of surrender” but is too proud to do so. Trump told reporters in the Oval Office that Iran’s military has been reduced to firing “peashooters” and that Tehran privately wants to make a deal despite its … Read more
Industry consortium is developing LifeSaver to help energy field crews access timely, job-specific safety guidance at the point of work, with pilots planned during 2026 AUSTIN, Texas (May 5, 2026) — Continental Resources, BPX Energy, Chord Energy and Ranger Energy Services, together with Enverus, today introduced LifeSaver, a field safety initiative being developed on the … Read more
(Reuters) – The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz. The U.S. military said on Monday it destroyed six Iranian small boats, as well as cruise missiles and drones, after President Donald Trump … Read more
(Reuters) – The head of the International Monetary Fund on Monday warned that inflation was already picking up and the global economy could face a “much worse outcome” if the war in the Middle East drags into 2027 and oil prices hit around $125 per barrel. IMF Managing Director Kristalina Georgieva said the continuation of … Read more
May 5 (Reuters) – Marathon Petroleum (MPC.N) on Tuesday beat Wall Street estimates for first-quarter profit, benefiting from stronger refining margins amid tighter global supply driven by the Middle East war. Its shares rose 2.8% in early trading, with the stock up 60% so far this year. The company approved an additional $5 billion share … Read more
May 5 (Reuters) – Utility Duke Energy (DUK.N) exceeded Wall Street expectations for first-quarter profit and revenue on Tuesday, supported by the recovery of rate-based infrastructure investments and favorable weather. Energy companies are pushing to increase customer electricity rates in 2026 to help pay for infrastructure improvements, as power grids are strained by extreme weather … Read more
OSLO, May 5 (Reuters) – Norway’s government said on Tuesday it is offering 70 new blocks for energy companies to explore for oil and gas in its annual licensing round as the country seeks to extend the life of its petroleum industry. The new blocks include 38 areas in the Barents Sea, 10 areas in … Read more
OPEC’s control over production levels was a sticking point in the UAE’s participation in the group going back years By Anthony Di Paola The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said. “It serves our national interests and … Read more
WASHINGTON, May 4 (Reuters) – The United States has extended a license that protects Venezuela-owned refiner Citgo Petroleum from creditors through June 19, according to a statement on the U.S. Treasury Department’s website on Monday. The general license, issued by the Office of Foreign Assets Control, is meant to encourage investment and boost oil output … Read more
(Reuters) – The United States and Gulf Arab nations are drafting a U.N. Security Council resolution designed to condemn Iran for blocking the Strait of Hormuz in response to a U.S.-Israeli bombing campaign, U.S. Ambassador to the U.N. Mike Waltz said on Monday. Waltz said negotiations will take place this week on the resolution, which … Read more
By Robert Tuttle Canada’s oil industry is pushing back hard on proposals to impose a higher carbon tax, arguing the policy adds costs at a time when the world needs more secure and affordable sources of energy. Prime Minister Mark Carney and Alberta Premier Danielle Smith agreed to a higher carbon tax for industrial emissions … Read more
Summary Iran counters with Gulf attacks on vessels and UAE oil port US Navy escorts Maersk vessel through Hormuz (Reuters) – Global oil prices slipped on Tuesday a day after the United States launched an operation aimed at reopening the Strait of Hormuz to shipping, although exchanges of fire between the U.S. and Iran limited the … Read more
Summary Oil companies commit to move at least 400,000 bpd, or about 72% of the pipeline’s initial capacity, sources say South Bow, Bridger aim to reach about 450,000 bpd in committed capacity to green-light pipeline Commitments signal oil companies are eager for takeaway capacity for Canadian output HOUSTON, (Reuters) – A proposed pipeline … Read more
(Reuters) – Global oil stocks are approaching their lowest level in eight years, Goldman Sachs said on Monday, warning that the speed of depletion was becoming a concern as supplies through the Strait of Hormuz remained restricted. Oil prices jumped about 6% on Monday after Iran hit several ships in the Strait of … Read more
(Reuters) – Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to meet supply while the … Read more
(Reuters) – Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.27, or 5.8%, to settle at $114.44 … Read more
May 4 (Reuters) – U.S. shale producer Diamondback Energy (FANG.O) raised its annual production forecast on Monday, after beating Wall Street expectations for first-quarter profit on a rally in oil prices. The first quarter was marked by geopolitical uncertainty and extreme volatility in oil prices, which have surged more than 87% this year after the … Read more
MIDLAND, Texas, May 04, 2026 (GLOBE NEWSWIRE) — Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included … Read more
MIDLAND, Texas, May 04, 2026 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2026. FIRST QUARTER 2026 HIGHLIGHTS Average oil production of 521.0 MBO/d (979.4 MBOE/d) Net cash provided by operating activities of $1.8 billion; Operating Cash … Read more
(Reuters) – Fire broke out at a major UAE oil industry zone on Monday after a drone attack originating from Iran, authorities said, as the Gulf state’s military separately intercepted three Iranian missiles over its waters and a fourth crashed into the sea. Civil defence teams were deployed immediately to contain the blaze at the … Read more
Is 4% the new 2%? By Jamie McGeever U.S. inflation has been above the Federal Reserve’s target for so long that many observers believe policymakers have implicitly accepted a higher level. The worry now is that it just keeps rising. Businesses, consumers and investors could be forgiven for thinking that policymakers, despite their repeated commitment … Read more
(Reuters) – The war with Iran has boosted prices of globally traded natural gas by throttling exports from the Gulf. In West Texas, gas is so abundant that some producers must pay to have it taken away. The war and Iran’s attacks on Gulf energy producers have halted 20% of global liquefied natural gas (LNG) … Read more
Europe, on the other hand… By John Authers The USS Abraham Lincoln conducting blockade operations. Source: U.S. Navy/Getty The Strait of Hormuz remains blockaded — latest peace efforts have fizzled. European assets are sustaining far more damage than the US from the stalemate. The US K-shaped economy is holding up well, for now. The US … Read more
Beijing has told its companies to ignore American sanctions on a major oil refiner, complicating the leaders’ summit next week. By Rong Wei Neo Oil storage tanks at a petrochemical production base on the outskirts of Shanghai. Source: Bloomberg US President Donald Trump’s expected meeting with his Chinese counterpart Xi Jinping next week just got … Read more
It’s easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is … Read more
Land management company EagleRock is targeting a valuation of up to $2.6 billion in its initial public offering in the United States, as it seeks to tap renewed investor interest in the energy sector. The Houston-based company said it was aiming to raise up to $346 million in the IPO by offering 17.3 million … Read more
Summary UAE energy minister says it left OPEC on good terms Expresses confidence UAE will keep working with OPEC members UAE was one of OPEC’s biggest producers DUBAI, May 4 (Reuters) – The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other … Read more
(Reuters) – Norway’s Equinor said on Monday it was extending key supplier deals for drilling and well services with a combined value of around 17 billion Norwegian crowns ($1.83 billion) to maintain production from the Norwegian continental shelf. The company said in a statement it was exercising one-year options under three contracts for integrated … Read more
(Reuters) – President Donald Trump’s administration has brought U.S. onshore wind development to a halt, citing national security concerns, the Financial Times reported on Sunday. Approvals for about 165 onshore wind projects on private lands are being held up by the Pentagon, FT said, citing the American Clean Power Association and people close to the … Read more
(Reuters) – Fervo Energy said on Monday it was targeting a valuation of up to $6.5 billion in its initial public offering in the United States. The Houston-based energy developer also said it is aiming to raise up to $1.3 billion in the IPO by offering 55.6 million shares priced between $21 and $24 apiece. … Read more
A tanker reported being hit by unknown projectiles in the Strait of Hormuz, a maritime security organisation said on Monday, shortly after President Donald Trump said the U.S. would start helping free ships stranded in the Gulf by the U.S.-Israeli war on Iran. Trump provided few details about the plan, which he said would start … Read more
(Reuters) – Investment firms Warburg Pincus and Kayne Anderson are exploring a potential sale of WildFire Energy, with any deal expected to value the U.S. shale operator at more than $4 billion including debt, people familiar with the matter said. The move comes at a time when crude prices have surged, with U.S. benchmark oil … Read more
Summary US warship was hit by two missiles, Iran’s Fars says US Central Command denies any US vessel was struck US to start operation to aid stranded ships, Trump says OPEC+ agrees third oil output quota hike since Hormuz closure (Reuters) – Oil prices rose over 3% on Monday after Iran claimed it had struck … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since mid-March, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by three to … Read more
President Donald Trump said on Friday the U.S. Navy was acting “like pirates” in carrying out Washington’s naval blockade of Iranian ports during the U.S. and Israel’s war against Iran. Trump made the comments while describing the seizure by U.S. forces of a ship a few days ago. “We took over the ship, we took … Read more
Trump didn’t elaborate on the Iranian participants in the latest talks, or when they occurred By Patrick Sykes, Eltaf Najafizada and Josh Wingrove U.S. President Donald Trump expressed displeasure with the current state of negotiations with Iran, blaming disjointed leadership in Tehran for preventing a deal to end the nine-week conflict that’s triggered a global … Read more
Saudi Arabia is able to divert the bulk of crude exports to the Red Sea By Andrey Biryukov The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf, with Saudi Arabia and Oman set for a windfall and others including the United Arab Emirates seeing a … Read more
By Yousef Saba, Ahmad Ghaddar and Maha El Dahan Saudi Arabia’s energy minister Prince Abdulaziz is half-brother of Crown Prince Early years of diplomatic touch have transformed into an iron grip on OPEC UAE exit a critical test for Prince Abdulaziz’s influence over oil markets May 1 (Reuters) – Saudi Energy Minister Prince Abdulaziz bin … Read more
By Curtis Williams Asia absorbed nearly a quarter of all US LNG exports in April The surge came despite a drop in total US LNG exports Another US LNG plant starts selling superchilled gas HOUSTON, May 1 (Reuters) – U.S. exports of liquefied natural gas to Asia jumped in April, with American producers helping offset … Read more
Iran sends peace talks proposal to Pakistani intermediaries Brent crude and WTI on track for strong weekly gains UAE official says unilateral Iranian arrangements for Hormuz cannot be trusted HOUSTON, May 1 (Reuters) – An Iranian proposal on negotiations with the U.S. sent crude oil futures diving on Friday, but prices remained on track for … Read more
(Reuters) – A senior United Arab Emirates official said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides as efforts to end the Iran war remained at an impasse. Two months into the conflict, the vital sea … Read more
(Reuters) – The United Arab Emirates’ withdrawal from OPEC is widely seen as lessening the clout of the producer group and initiating a race to boost output, ultimately resulting in sharply lower crude oil prices. However, the U.S. and Israeli war against Iran has upended global crude markets to such an extent that expecting what … Read more
Delivered first-quarter earnings of $4.2 billion, or $8.8 billion excluding unfavorable estimated timing effects of $3.9 billion and an identified item of $0.7 billion Generated earnings per share of $1.00, or $1.16 excluding the identified item, and $2.09 excluding the identified item and estimated timing effects Sustained industry-leading reliability and delivered record production in Guyana1 … Read more
Vicki Hollub to retire as President and CEO effective June 1, 2026; Occidental’s Board Names Chief Operating Officer Richard Jackson as her successor HOUSTON, May 01, 2026 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced that its Board of Directors, as part of its management succession planning, has named Senior Vice President and Chief Operating Officer Richard … Read more
By Humeyra Pamuk and Tala Ramadan UAE bans citizens from visiting Iran, Lebanon and Iraq Trump ‘OK’ with Iran playing in World Cup Briefing scheduled for Trump on Thursday about strike options by US military, US official says US puts pressure on allies to help open Strait of Hormuz Benchmark oil price touches four-year high, … Read more
By Sheila Dang Downstream segment swings to loss, mainly from timing effects Upstream earnings grow 4% year-on-year CFO says $1 billion in timing effects to unwind in Q2 HOUSTON, May 1 (Reuters) – Chevron (CVX.N) exceeded Wall Street estimates for its first-quarter earnings on Friday, as elevated oil prices linked to the U.S.-Israeli war on … Read more
By Sheila Dang Exxon profit hit by Middle East disruptions U.S.-Iran conflict hits output, volumes could fall further in second quarter Oil majors show uneven hits from U.S.-Iran war CFO says paper losses from hedging to unwind in a ‘few months’ HOUSTON, May 1 (Reuters) – Exxon Mobil (XOM.N) beat estimates for adjusted earnings on … Read more
One source said Greer cautioned that Canada should not attempt to use those resources and critical minerals as leverage in negotiations on the trilateral trade pact. United States Trade Representative Jamieson Greer told Canadians looking for insights into the future of bilateral trade this week that “America First” is policy, not a slogan, and … Read more
Summary Companies Iran conflict disrupts global oil flows, tightening California supply and raising prices Reliance on Asian imports and refinery closures worsen California’s fuel shortages Rising gas prices spark political debate ahead of state and national elections California fuel stockpiles hit record lows, imports dropped sharply in April, Kpler data shows CARLSBAD, California, April 30 … Read more
(Reuters) – Why have global equity markets been so resilient to the Iran oil shock? Because $100 a barrel oil doesn’t mean what it used to. Brent crude has risen around 70% since the Iran war began on February 28 to over $120 per barrel, as of early Thursday. Yet global equity markets, though volatile, … Read more
(Reuters) – European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran warupended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the … Read more
By Kevin Crowley, Edward Ludlow, and Caroline Hyde The oil and liquefied natural gas shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell Plc Chief Executive Officer Wael Sawan said. “We are talking about roughly 900 million barrels that haven’t been … Read more
Soaring gas production is poised to bolster US manufacturing, creating an economic tailwind By Julian Hast, Emma Sanchez, Kevin Crowley, and Leonardo Nicoletti A gas flare near Mentone, Texas. Photographer: Bronte Wittpenn/Bloomberg As the Iran war strangles natural gas supplies, countries across Asia and Africa are rationing fuel and enduring blackouts. In Europe, the conflict … Read more
Summary Brent crude and WTI on track for strong weekly gains UAE’s Gargash says unilateral Iranian arrangements for Hormuz can’t be trusted Iran threatens painful response if U.S. renews attacks (Reuters) – Oil prices steadied but remained on track for weekly gains on Friday as efforts to halt the Iran war remained at an impasse, with Tehran … Read more
By Reuters (Reuters) – Canada’s TC Energy approved a $1.5 billion Columbia Gas expansion project on Friday after its first-quarter profit narrowly beat analysts’ expectations, driven by strong performance in its North American operations. The Appalachia Supply Project – expected to start operations in 2030 – is backed by a 20‑year contract with a financially strong … Read more
(Reuters) – A U.S. naval blockade of Iranian ports has shrunk Tehran’s oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is … Read more
The proposed project will transport Canadian crude from the U.S.-Canada border to Wyoming U.S. President Donald Trump on Thursday signed an order authorizing a proposed project to transport Canadian oil across the border as part of an effort to revive parts of the cancelled Keystone XL pipeline. South Bow, the Canadian pipeline company behind … Read more
A closely watched global crude benchmark briefly touched its highest price since war erupted in the Middle East more than two months ago before retreating on Thursday, as a resolution to the supply squeeze in the Strait of Hormuz remains elusive. Brent — the price benchmark tied to light, sweet, seaborne crude — for June … Read more
(Reuters) – Australia’s Woodside Energy is struggling to sell liquefied natural gas volumes from its planned Louisiana LNG export facility because it is seeking liquefaction fees above prevailing U.S. market rates, two people familiar with the matter told Reuters. The Australian energy producer has so far announced only one long-term sales and purchase agreement for … Read more
By Keira Wright Australia’s liquefied natural gas exporters are missing out on meeting rising Asian demand because of a lack of capacity that’s partially down to an uncertain investment environment, according to Chevron Australia Corp. Demand for Australian LNG, particularly from Japanese buyers, is outstripping operational supply limits, said Chevron Australia’s Managing Director Balaji Krishnamurthy. … Read more
By Vladimir Soldatkin and Anton Kolodyazhnyy Russia’s Novak: oil industry is facing its deepest crisis Novak: hard to talk about a price war amid market shortages Novak: Russia will stay in OPEC+, committed to its mechanism Novak: it may take several months for oil market to recover MOSCOW, April 30 (Reuters) – Russia’s Deputy Prime … Read more
By Vallari Srivastava April 30 (Reuters) – Oil and gas producer ConocoPhillips (COP.N) on Thursday forecast a lower annual output and excluded Qatar from its near-term outlook, citing disruption to its operations in the Middle East due to the Iran conflict. ConocoPhillips is a partner in QatarEnergy’s liquefied natural gas export plant, one of the … Read more
By Humeyra Pamuk and Tala Ramadan Iran vows painful response to any new US attack Trump to be briefed on options by US military US puts pressure on allies to help open Strait of Hormuz Benchmark oil price touches four-year high WASHINGTON/DUBAI, April 29 (Reuters) – Iran said on Thursday it would respond with “long … Read more
PARIS, April 30 (Reuters) – The world is facing its biggest energy crisis in history due to disruption caused by the conflict with Iran, reaffirmed International Energy Agency head Fatih Birol on Thursday. “The oil markets and gas markets are going through big difficulties. When I looked last time, the oil price was over $120 … Read more
April 30 (Reuters) – U.S. refiner Valero Energy (VLO.N) surpassed Wall Street expectations for first-quarter adjusted profit on Thursday, helped by strength in its refining segment, margins and throughput volumes. Diesel and jet fuel margins climbed sharply in the first quarter after U.S.-Israeli attacks on Iran disrupted Middle Eastern supply, pushing finished fuel prices up … Read more
(Reuters) – Iran’s new Supreme Leader Mojtaba Khamenei said in a published written message on Thursday that a new chapter for the Gulf and Strait of Hormuz has been taking shape since the Iran war with the United States and Israel broke out on February 28. Iran’s Supreme Leader said that Tehran would secure the … Read more
(Reuters) – J.P. Morgan on Thursday said the UAE could attract greater investments from U.S. companies once it is in a position to pump more oil after the country decided to leave the Organization of Petroleum Exporting Countries group. The fourth-largest producer in OPEC said on Tuesday it would exit the group on May 1. … Read more
Apollo Global Management, Blackstone and KKR are battling it out to acquire a significant stake in the mammoth LNG Canada project from energy major Shell, three people familiar with the matter said. The trio, among the world’s largest asset management firms, are the remaining bidders in the auction process, run by Shell, which also garnered interest … Read more
(Reuters) – The largest U.S. power grid operator – PJM Interconnection – said on Wednesday that it will begin processing new power plant applications this week after working through a years-long backlog of projects. PJM, which controls the flow of electricity on transmission lines across 13 Midwest and Mid-Atlantic states, is facing electricity shortfalls due … Read more
Summary Global oil benchmark Brent hits $126.41 a barrel, highest since March 2022 US considers possible military action to break Iran negotiation deadlock, news report says Oil supply disruptions persist as Strait of Hormuz remains closed OPEC+ to raise output quotas slightly; UAE exit seen as limited near-term market impact (Reuters) – Global oil prices … Read more
Summary US puts pressure on allies to help open Strait of Hormuz Benchmark oil price touches four-year high Trump reported to be weighing new strikes, long blockade Iran weighing possible deal, says Pakistani source (Reuters) – The United States is pressing ahead with plans for an international coalition to open the Strait of Hormuz, according … Read more
Summary Brent projected to average $86.38 per barrel in 2026 WTI projected to average $80.07 per barrel in 2026 For table of crude price forecasts, click (Reuters) – Analysts have increased their oil price forecasts for the second time since the Iran war began at the end of February as they factor in the prospect … Read more
(Reuters) – U.S. President Donald Trump on Wednesday welcomed the United Arab Emirates’ move to pull out of OPEC and said he thinks the move could help lower oil prices. “I think it’s great,” Trump said when asked by reporters at the White House what he thought of the UAE’s decision. The UAE – one … Read more
Canada’s oil and gas producers are drawing renewed interest from global energy majors as the Middle East conflict has heightened the country’s attractiveness to the world’s biggest operators, with Shell’s $16.4 billion agreement to buy ARC Resources the clearest sign of the shift. TotalEnergies and ConocoPhillips are among the companies taking a fresh look at Canadian competitors, alongside Equinor and BP. Companies have … Read more
(Reuters) – The United Arab Emirates’ decision to quit OPEC and OPEC+ has brought years of tensions with Saudi Arabia out into the open, marking a strategic break with Saudi-led oil governance in a rebalancing of power shaped by the Iran war. Political analysts and regional experts said the move to leave the groups of … Read more
(Reuters) – U.S. drivers can expect another spike in gasoline prices in the coming days, just as the summer driving season gets underway, as the conflict in Iran drives oil prices higher and pushes countries around the world to call on American energy supplies. Gasoline demand typically peaks in the summer as many Americans embark … Read more
(Reuters) – At least six ships – a fraction of the usual traffic – have crossed the Strait of Hormuz in the past 24 hours, shipping data showed on Wednesday, while the U.S. and Iran remain deadlocked over coming to terms that would re-open the crucial waterway. The vessel traffic was mainly through Iranian … Read more
(Reuters) – Ares Management said it has acquired a stake in the Rover natural gas pipeline from a unit of fellow investment firm Blackstone for an undisclosed sum, as interest in U.S. energy infrastructure assets grows. In a statement sent to Reuters, Ares said funds led by its Infrastructure Opportunities strategy would buy 32.4% of … Read more
(Reuters) – U.S. President Donald Trump on Wednesday urged Iran to ‘get smart soon’ and sign a deal, following days of deadlock in efforts to end the conflict and a media report that the U.S. would extend its blockade of Iran’s ports. In a post on Truth Social, Trump, who has said Iran can call … Read more
(Reuters) – Spot premiums for physical crude have slipped from record highs reached earlier during the Iran war as refiners are drawing on inventories and cutting back processing to cope with lost Middle East supply, traders and analysts said. Since the U.S.-Israeli war on Iran that began on February 28 caused the near-total closure of … Read more
(Reuters) – The United Arab Emirates’ decision to quit OPEC would result in faster oil supply growth from the country as it comes out of the current crisis, Barclays said late Tuesday. The UAE, the fourth-largest producer in the Organization of the Petroleum Exporting Countries, said on Tuesday it would exit the group on May … Read more
(Reuters) – Phillips 66 posted a surprise first-quarter profit on Wednesday, as higher refining margins helped it offset steep losses tied to volatile commodity prices. U.S. Gulf Coast refiners are reaping their strongest margins in years, as disruptions to Middle Eastern oil flows due to the Iran war have driven up demand for U.S. fuel exports. U.S. refiners, … Read more
(Reuters) – The United Arab Emirates is reassessing its role and contributions across multilateral organisations but is not considering any further withdrawals at this time, a UAE official told Reuters on Wednesday, a day after Abu Dhabi announced its withdrawal from OPEC. The Emirati official, who spoke on the condition of anonymity, said the country is reviewing … Read more
(Reuters) – The United Arab Emirates’ decision to leave OPEC will sharply diminish the 65-year-old producer group’s influence over the oil market, opening the door to an all-out price war once Gulf producers rush to regain market share when the Iran war is over. The surprise move comes at a time of unprecedented turmoil in … Read more
Calgary, Alberta — GLJ Ltd. (“GLJ”) announces a planned leadership transition, with President & Chief Executive Officer Jodi Anhorn stepping down from his role effective October 1, 2026. Michael Livingstone, currently Senior Vice President, Geosciences, will assume the role of President & CEO. This transition follows a structured and deliberate succession process led by GLJ’s … Read more
Summary Gasoline prices have climbed over 40% since late February, AAA data shows Unplanned refinery outages in April totaled about 150,000 barrels per day Retail prices may need to rise further to prevent losses for gasoline dealers, analysts warn NEW YORK, April 28 (Reuters) – The average U.S. gasoline price rose to its highest level … Read more
By Liz Hampton and Arathy Somasekhar Brent, WTI futures extend gains after report US crude exports hit record 6.44 million bpd, driving inventory drawdowns Gasoline and distillate stocks fall sharply ahead of US driving season DENVER, April 29 (Reuters) – The United States became a net exporter of crude for the first time since World … Read more
Summary Benchmarks on multi-day rally amid Strait of Hormuz closure UAE OPEC exit unlikely to boost near-term supply, analysts say US to extend Iran port blockade, WSJ says US crude inventories fall for second week Oil prices rose 3% on Wednesday, with the Brent contract hitting a one-month high, on media reports the U.S. will … Read more
(Reuters) – U.S. President Donald Trump and his top officials met with oil and gas executives including Chevron CEO Mike Wirth at the White House on Tuesday to discuss the energy fallout of the Iran war and other topics, Axios reported on Wednesday. White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve … Read more
By Reuters (Reuters) – The United States and U.S. companies signed deals worth billions of dollars with Balkan countries on Tuesday, boosting Washington’s energy presence in the region and backing AI development. The U.S. is seeking to deepen ties and counter the influence of Russian oil and gas in southern Europe, having signed a long-term deal … Read more
The United Arab Emirates’ planned exit from OPEC and the wider OPEC+ alliance from May 2026 is expected to have limited immediate impact on oil markets but could weaken the group’s supply discipline and price-management ability over time, HSBC said in a research note on Tuesday. The UAE, one of OPEC’s largest producers, said on … Read more
(Reuters) – Energy prices are expected to surge by 24% in 2026 to their highest level since Russia’s full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the war in the Middle East end in May, the World Bank said on Tuesday. Commodity prices could rise even further if hostilities … Read more
By Stephanie Kelly and Shadia Nasralla Business including oil trading posts best result since 2022 BP’s gas and oil production units underperformed expectations Fuel margins, production outlook remain sensitive to Iran war BP plans to cut hybrid bonds by $4.3 billion, net debt rises LONDON, April 28 (Reuters) – BP’s (BP.L) first-quarter profit more than … Read more
The plan for Shell to purchase ARC for US$13.6 billion is the biggest deal in the Canadian oilpatch in over a decade By Robert Tuttle and Mitchell Ferman Shell PLC.’s acquisition of Canada’s ARC Resources Ltd. marks a vote of confidence in Prime Minister Mark Carney’s push to expand the nation’s hydrocarbon exports beyond the … Read more
ANALYST REACTIONS: UAE to Leave OPEC and OPEC+ Oil Producer Groups LONDON, April 28 – The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic … Read more
NEW YORK, April 28, 2026 /PRNewswire/ — Kimmeridge, a private investment firm focused on the energy sector, today released an open letter to the future Board of Devon Energy ahead of the closing of its merger with Coterra (CTRA), expected on May 4th, 2026. “The merger of Devon and Coterra represents a compelling strategic combination … Read more
(Reuters) – Chevron is likely to close a deal for the sale of its 50% stake in Singapore Refining and other regional assets to Japan’s top refiner Eneos in May, two sources familiar with the matter said. The U.S. major had been expected to complete the deal, valued at $1 billion or more, in the first quarter, … Read more
JPMorgan and two Kuwaiti lenders are joining HSBC in a $6 billion financing syndicate for prospective buyers of a stake in Kuwait Petroleum Corporation’s crude oil pipeline network, three people with knowledge of the matter told Reuters. KPC has been in talks with a group of potential investors over a stake sale in its crude … Read more
A liquefied natural gas tanker managed by UAE’s ADNOC has crossed the Strait of Hormuz and appears to be near India, ship-tracking data showed on Monday. If confirmed, this will be the first loaded LNG tanker to cross the strait since the Iran war started on February 28. Adnoc did not immediately respond to a … Read more
Summary Trump unhappy with latest Iranian proposal to end war stalemate Iranian oil tankers turned back by US blockade ADNOC LNG tanker crosses Hormuz for first time since Iran war (Reuters) – Oil prices rose 3% on Tuesday, extending the previous session’s gains, as efforts to end the U.S.-Iran war appeared to have stalled, with … Read more
(Reuters) – U.S. President Donald Trump told reporters that Americans should expect to pay higher gas prices “for a little while.” Energy prices have risen around the world since the start of the Iran war in late February. Trump was asked if Americans “should anticipate spending more on gasoline for the foreseeable future.” “For a little while,” Trump … Read more
By Jeff Desjardins Key Takeaways China accounts for 51.7% of global coal consumption, using more than all other countries combined. The top six countries make up 87% of global demand. India is a distant second at 11.7%, followed by Indonesia (9.0%). The U.S. and Australia each contribute about 5% of global demand. Coal consumption is more concentrated … Read more
(Reuters) – The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy. The loss of the UAE, a longstanding OPEC … Read more
By Shivansh Tiwary and David Shepardson American declined to engage with United approach United CEO said deal would have been good for US jobs, economy Trump said he did not support a merger WASHINGTON, April 27 (Reuters) – United Airlines (UAL.O) said on Monday it had ended its pursuit of a merger with American Airlines … Read more
By Anant Chandak and Indradip Ghosh BENGALURU, April 27 (Reuters) – Gulf Cooperation Council (GCC) economies are sliding into their worst economic crisis since the pandemic, with several expected to contract this year on spillovers from the U.S.-Israel war with Iran right on its doorstep. The war’s knock-on effects have ripped through the energy market … Read more
By Aditya Soni, Akash Sriram and Stephen Nellis OpenAI can now sell products on Amazon and Google Cloud, expanding enterprise reach Microsoft aims to reduce reliance on OpenAI by developing its own AI models Ending exclusivity may ease antitrust scrutiny in US, UK, and Europe OpenAI’s demand on Amazon’s cloud described as staggering in internal … Read more
By Howard Schneider Fed officials will decide whether to signal possible rate hikes amid oil shock Warsh confirmation may move forward after end of Powell probe Powell could still remain on Fed’s Board of Governors until 2028 WASHINGTON, April 27 (Reuters) – Federal Reserve policymakers will gather in Washington this week in what may be … Read more
Citi raised its outlook for average Brent crude prices for the rest of 2026 late on Sunday, warning prices could surge to $150 a barrel if oil flows through the Strait of Hormuz remain disrupted through the end of June. The bank lifted its base-case forecast for Brent to $110, $95 and $80 a … Read more
Summary Shell says it will take on $2.8 billion in net debt Analysts said Shell needed exploration success or a deal ARC acquisition to boost Shell’s output by 370,000 boed LONDON, April 27 (Reuters) – Shell has agreed to buy Canadian energy company ARC Resources in a $16.4 billion deal which the British oil and gas major … Read more
The U.S. has stepped in to shield the global economy from the oil crunch triggered by the Iran war by boosting exports, selectively easing sanctions and tapping strategic reserves. The conflict may be denting Washington’s standing in some quarters, but it is also cementing its transformation into the world’s dominant energy superpower. Unlike in previous … Read more
Summary At least 14 rigs are in assessment or repair Providers more willing to work with PDVSA’s traditional partners Some firms seek 12-month contracts to cover repair costs April 27 (Reuters) – Oilfield service companies that for years kept rigs and specialized equipment stored in Venezuela have begun removing them from warehouses for assembly and … Read more
The Valero Refinery in Wilmington is shown from Signal Hill, California, U.S., January 14, 2026. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab Summary Diesel, jet fuel margins surged after Strait of Hormuz closure disrupted supply Phillips 66, Valero, and Marathon Petroleum expected to post higher quarterly profits Analysts expect strong fuel margins to boost refiner … Read more
Summary Trump says Iran can call if it wants to talk Iranian envoy shuttles between Pakistan, Oman and Russia Goldman Sachs raises fourth-quarter oil price forecasts (Reuters) – Oil prices jumped almost 3% on Monday as peace talks between the U.S. and Iran stalled and shipments through the Strait of Hormuz remained limited, … Read more
Goldman Sachs raises oil price forecasts on tight supply Goldman Sachs has raised its oil price forecasts for the fourth quarter to $90 a barrel for Brent crude and $83 for U.S. West Texas Intermediate (WTI), on lower output from the Middle East. “The economic risks are larger than our crude base case alone suggests … Read more
Hopes of a diplomatic breakthrough in the U.S.-Israeli war with Iran faded on Sunday, as efforts to revive talks stalled and both Tehran and Washington showed little sign of softening their positions. Iranian Foreign Minister Abbas Araqchi flew back to the Middle East from mediation talks in Pakistan over the weekend, while U.S. President Donald … Read more
President Donald Trump said on Sunday that Iran can reach out to the United Stated if it wants to negotiate an end to the war between the two countries. “If they want to talk, they can come to us, or they can call us. You know, there is a telephone. We have nice, secure lines,” … Read more
(Reuters) – Top oilfield services companies SLB and Baker Hughes said on Friday they expect higher spending on oil exploration and production, as tighter global supplies driven by the Middle East conflict highlight the need for investment, particularly in North America. The U.S.-Israeli war with Iran has halted 20% of the world’s oil that usually … Read more
By Timothy Gardner US targets Hengli Petrochemical and 40 firms, vessels for helping Iran sell oil Sanctions aim to restrict Iran’s oil exports Experts say targeting Chinese banks would have greater effect US has warned two Chinese banks it is willing to impose secondary sanctions WASHINGTON, April 24 (Reuters) – The Trump administration said on … Read more
By Erwin Seba HOUSTON, April 24 (Reuters) – Amber Energy CEO Greg Goff promised $11 billion in investments in Citgo Petroleum if the U.S. Treasury Department’s Office of Foreign Assets Control releases the refiner owned by Venezuela to Amber as a Delaware judge approved in November. Goff’s appeal for release of control to Amber came … Read more
By Laila Kearney and Alex Lawler Iran to make offer aimed at satisfying US demands, Trump tells Reuters Trump to send Witkoff and Kushner to Pakistan for Iran talks, CNN reports WTI falls on the day, but both benchmarks rise on the week NEW YORK/LONDON, April 24 (Reuters) – Oil prices whipsawed in volatile trade … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 544 in the week to April … Read more
tanker (Reuters) – U.S. LNG exporters have so far offset the drop in shipments from Qatar following Iranian attacks on its facilities and the closure of key Middle East shipping lanes, ensuring that total supplies remain at record highs despite the war. The on-again, off-again peace talks with Iran mean that the repair of damaged … Read more
Divests its geoscience and petroleum engineering software portfolio to global technology firm SLB in order to sharpen focus on proprietary data and insights Launches Titan, a new customer facing AI-powered platform for upstream data and insights Partners with SLB to distribute S&P Global Energy data and develop new tools NEW YORK, April 24, 2026 /PRNewswire/ … Read more
Summary Iran to make offer aimed at satisfying US demands, Trump tells Reuters Trump to send Witkoff and Kushner to Pakistan for Iran talks, CNN reports WTI falls on the day, but both benchmarks rise on the week April 24 (Reuters) – Oil prices whipsawed in volatile trade on Friday, but were higher on the … Read more
The entrance to oilfield service provider SLB’s office in Houston, Texas, showing the former Schlumberger’s new name and logo, is seen in this handout image taken June 2023. Courtesy of SLB/Handout via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY./File Photo (Reuters) – SLB reported a fall in first-quarter profit on … Read more
(Reuters) – U.S. oil executives expect domestic production to rise as the ongoing war in Iran upends global supplies and pushes crude and fuel prices higher, according to a Dallas Fed survey. The survey collected data from April 15 to April 20 from 120 oil and gas firms, of which 78 were exploration and production … Read more
Gulf oil production, sharply curtailed by the Iran conflict, is likely to mostly recover within a few months after the Strait of Hormuz fully reopens, but could take significantly longer, Goldman Sachs said on Thursday.The bank estimated about 14.5 million barrels per day of Gulf crude output – around 57% of pre-war supply – was … Read more
By Josh Saul Costs to build natural gas-fired power plants in the US increased 66% between 2023 and 2025 as developers propose building more projects nationwide to meet rising electricity demand, adding to customer and political concerns about rising power bills. The average project expense for a gas power plant with combined-cycle turbines, the more … Read more
By Robert Tuttle The Canadian government’s pledge to supply 23.6 million extra barrels of oil in the coming months reflects natural growth in production, according to BMO Capital Markets, rather than a specific effort to produce more crude. The promise made by Energy Minister Tim Hodgson last month was Canada’s contribution to the 400 million … Read more
(Reuters) – The White House is expected to extend the Jones Act waiver for up to 90 days as early as Friday to help blunt fuel price pressures tied to the Iran conflict, according to two sources familiar with the decision. The move would temporarily ease requirements that goods transported between U.S. ports be carried … Read more
A new crude pipeline is crucial to Carney’s ambitions of making Canada an energy superpower By Brian Platt Alberta is looking at three options for a new oil pipeline to ship 1 million barrels a day through northern British Columbia, according to people familiar with the matter, as Canadian officials make plans to sharply increase … Read more
(Reuters) – Russia is maintaining the flow of its oil to world markets and thereby helping to limit the impact of the crisis triggered by the Iran war, but it has no specific initiative to propose within OPEC+, the Kremlin said on Thursday. “At the moment, we are making our contribution to stabilizing prices and … Read more
(Reuters) – Iran seized two ships in the Strait of Hormuz as it tightened its grip on the strategic waterway after U.S. President Donald Trump announced he was indefinitely calling off attacks, with no sign of peace talks restarting. The status of a two-week-old ceasefire, due to have expired earlier this week, remained unclear. In … Read more
(Reuters) – Asia’s imports of liquefied natural gas (LNG) are poised to drop to the lowest in nearly six years in April as the effective closure of the Strait of Hormuz cuts off cargoes from major supplier Qatar. Despite the loss of volumes it could be argued that Asia’s LNG markets are being more successful … Read more
About 10.7 million barrels of Iranian crude exports crossed through the Strait of Hormuz and exited the area blockaded by the U.S. Navy between April 13 and 21, data analytics firm Vortexa said. * The shipments transited on six crude carriers that had their AIS data switched off. * A U.S. blockade of Iranian ports … Read more
The past decade has brought a rapid succession of global energy crises, driven by military conflict, extreme weather and supply-chain snarls. As today’s highly interconnected oil and gas markets become more fragmented and the low-carbon transition accelerates, recurring shocks may be becoming the norm. First came the post-pandemic inflationary surge in 2021, quickly followed … Read more
(Reuters) – S&P Global Energy has reduced its global oil demand forecast for 2026 by 700,000 barrels per day as the U.S.-Iran war disrupts energy supplies from the Middle East and hits demand in the second quarter, consultant Ethan Ng said on Thursday. Global oil demand growth expected to shrink to 400,000 bpd versus … Read more
Summary Destination of first shipment unclear, Reuters previously reported Italy as possible recipient Golden Pass CEO highlights milestone toward full commercial operations Only first processing unit operational, two more units under construction (Reuters) – Golden Pass LNG, a joint venture between QatarEnergy and U.S. oil major Exxon Mobil, said on Wednesday that the first cargo … Read more
Summary Iran seizes ships in Strait of Hormuz US maintains naval blockade and intercepts Iranian tankers Total US exports of oil and petroleum products climb to a record LONDON, April 23 (Reuters) – Oil prices extended gains on Thursday, rising more than $1 on stalled peace talks between Iran and the United States and continued … Read more
While oil demand destruction deepens with each passing day the Strait of Hormuz remains closed, the longer-term impact of the Iran war may paradoxically work in oil’s favour. Spiking energy security concerns and greater fragmentation could lead to a less efficient, more voracious global energy system. Aggregate worldwide oil consumption is plummeting under the … Read more
The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from their positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday. Washington has imposed a blockade on Iran’s trade by sea while Iran has fired on ships to prevent them sailing through … Read more
(Reuters) – U.S. energy company Chevron said on Thursday that production had fully resumed at its Wheatstone liquefied natural gas plant in Western Australia following repairs for damage caused by a cyclone last month. Tropical Cyclone Narelle struck the 8.9 million-ton-a-year facility in late March, leaving both LNG processing trains offline. “Extreme winds associated with the cyclone … Read more
By John Ainger Turkey will use its role as host of this year’s COP31 climate summit to boost clean energy adoption, according to the event’s incoming president, with the Iran war showing how important it is to diversify away from fossil fuels. Murat Kurum, Turkey’s environment minister who will oversee the talks, said in an … Read more
By Courtney Subramanian, Jennifer A Dlouhy, and Arsalan Shahla US President Donald Trump indefinitely extended a ceasefire with Iran after the two sides failed to meet for more peace talks, with the war developing into a game of brinkmanship over the critical Strait of Hormuz. Trump said Pakistan, the main mediator between the warring sides, … Read more
(Reuters) – U.S. oilfield services firm Weatherford International said on Wednesday that oilfield activity in Mexico has normalized and it was starting to get paid after a new financial mechanism helped raise funds for state-run energy company Pemex to pay its suppliers after long delays. Oilfield service companies had significantly reduced activities amid Pemex’s accumulation … Read more
(Reuters) – A lockout at BP’s 440,000-barrel-per-day refinery in Whiting, Indiana, enters its second month as the British oil major and hundreds of union workers remain at odds. BP locked out about 800 workers represented by the United Steelworkers union on March 19, after months of negotiations failed to produce a new labor contract. The … Read more
The U.S. Supreme Court on Wednesday rejected Enbridge’s bid to change the venue of an environmental lawsuit by Michigan seeking to force the Canadian energy company to stop operating an oil pipeline between two of the Great Lakes. The justices unanimously ruled that Enbridge had waited too long to seek to move the lawsuit by … Read more
(Reuters) – Safe and sustainable passage through the Strait of Hormuz is what top shipping companies require before the world’s sees much oil or cargo leave or enter the Gulf, two top sector executives said on Wednesday. “Two weeks ago when the ceasefire, said to be temporary, came into picture, we thought there was hope. … Read more
(Reuters) – Traders placed a series of bets worth $430 million on a drop in crude prices just 15 minutes before U.S. President Donald Trump said he would extend a ceasefire with Iran on Tuesday. It is the third time this month, and the fourth in total, that large, well-timed directional bets on the oil … Read more
(Reuters) – Researchers at Citi said on Monday that global crude and product inventories could decline by roughly 900 million barrels even if the United States and Iran agree to a ceasefire extension this week, and both Strait of Hormuz flows and oil production recover to normal levels by the end of June. The bank … Read more
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