By Georgina Mccartney US, Iran conclude high-level talks in Switzerland Iran has secured waivers for oil, petchem exports Brent rose earlier after bumpy start to talks HOUSTON, June 22 (Reuters) – Oil prices settled more than 3% lower on Monday, as supply concerns eased after U.S. Vice President JD Vance said progress has been made … 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) – 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
(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
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) – 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
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
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
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
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
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
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
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
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
We invite you to take advantage of Early Bird Rates prior to April 30th. At a moment when energy security, reliability, and affordability are defining global economic and geopolitical stability, the Global Energy Show Canada is set to convene the leaders shaping what comes next. In June 2026, ministers, CEOs, investors, and policymakers will gather … 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
Japan Petroleum Exploration said on Wednesday it plans to quadruple its oil and gas output over the next decade, investing 1.16 trillion yen ($7.3 billion) in exploration and production, mainly in the United States. The company, which recently acquired Verdad Resources Intermediate Holdings for $1.3 billion in its largest-ever deal, will allocate more than half … Read more
By Alex Lawler (Reuters) – The U.S.-Israeli war with Iran and the closure of the Strait of Hormuz have caused the biggest oil supply disruption on record by daily output lost, though at least one earlier shock had a greater cumulative impact, according to Reuters calculations based on International Energy Agency and U.S. Department of Energy … Read more
Reuters The natural gas demand destruction currently resulting from the Iran war as governments implement measures to mitigate the crisis risks becoming structural if the conflict persists, the head of the Gas Exporting Countries Forum said on Wednesday. Since the Middle East crisis began at the end of February, more than 500 million barrels of … Read more
The world’s largest EV-battery manufacturer is looking to stay ahead of BYD and other competitors Contemporary Amperex Technology Co. Ltd., the world’s largest electric vehicle battery manufacturer, unveiled a new fast-charging technology ahead of the Beijing auto show in a bid to stay ahead of BYD Co. Ltd. and other competitors. The Ningde-based company, better … Read more
(Reuters) – Phillips 66 and Kinder Morgan have secured enough long-term shipper commitments to move forward with a proposed pipeline project to supply fuel to Arizona and California, they said on Monday. The Western Gateway Pipeline project comes as companies race to build a major new fuel pipeline to the U.S. West Coast ahead of … Read more
Summary US announces ceasefire extension with Iran Ships attacked by gunfire in Strait of Hormuz API shows drops in US crude, fuel and distillate stocks, sources say (Reuters) – Oil prices rose on Wednesday, erasing earlier losses after reports of gunfire attacks on at least three container ships in the Strait of Hormuz and a lack of … Read more
(Reuters) – An armada of crude oil and refined products tankers is heading to Asia from the United States, but even record-high exports from the world’s top producer cannot come close to making up the losses from the war against Iran. U.S. crude exports are on track for their two strongest months ever in April … Read more
Brent futures have been remarkably volatile since the start of the Iran war By Alex Longley and Grant Smith Oil prices don’t fully reflect the largest supply disruption ever, after the Iran war effectively closed the Strait of Hormuz, some of the market’s top analysts said. So far, the conflict has caused the loss of … Read more
(Reuters) – Oilfield service firm Halliburton on Tuesday said it has been discussing commercial terms with customers for operations in Venezuela after making visits to its existing facilities in the country. Interest in Venezuela has ramped up dramatically since the U.S. capture of former President Nicolas Maduro in January, with oil producers and investors looking … Read more
(Reuters) – North Dakota crude output is set to climb in the coming months as surging oil prices spur operators to ramp up activity, a state regulator said Tuesday. Operators in the third largest oil-producing state are responding to higher oil prices, boosting output from existing wells while holding back on new drilling amid sharp … Read more
(Reuters) – China will have to return to buying large volumes of oil within three weeks after being a big seller during the peak of the Iran supply crisis, the head of Mercuria, one of the world’s largest energy traders, told the FT Commodities Summit. Marco Dunand said China was selling commercial stocks it had … Read more
WCSB oil production can grow 1 MMbbl/d — but more pipeline capacity will be needed by the early 2030s CALGARY, Alberta (Apr. 21, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released its latest report, Oil Sands Play Fundamentals: From Pariah to Priority, which details why the Canadian … Read more
(Reuters) – Saudi Arabia’s crude oil exports rose to 7.276 million barrels per day in February, from 6.993 million bpd in January, while crude output hit its highest level since October 2022, Joint Organizations Data Initiative (JODI) data showed on Tuesday. Saudi production in February was about 10.882 million bpd, the JODI data showed, up … Read more
(Reuters) – President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the U.S. was in a strong negotiating position and would end up with what he called a great deal. “I don’t want to do that. We don’t have that much time,” … Read more
(Reuters) – The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, the world’s most important oil chokepoint, exposing the Middle East’s limited alternatives for exporting its hydrocarbons. The International Energy Agency (IEA) called it the largest supply disruption on record, bigger than the oil shocks of the 1970s and the loss … Read more
(Reuters) – Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe, according to five sources and Reuters calculations. In what could be the sharpest monthly decline to Russian output … Read more
Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the … Read more
(Reuters) – The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday. “This is indeed the biggest crisis in history,” Birol told France Inter radio in an interview broadcast on Tuesday. “The crisis is … Read more
Halliburton beats profit estimates on oilfield services demand in Latin America, Europe (Reuters) – Halliburton beat Wall Street estimates for first-quarter profit on Tuesday, as steady demand in Latin America and Europe helped offset a slowdown in activity in the Middle East due to the Iran war. Revenue in the U.S. oilfield services provider’s international … Read more
(Reuters) – The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago and the aftershock of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations. Iranian Foreign Minister Abbas Araqchi said … Read more
Summary Iran considers attending peace talks in Pakistan Another month of Hormuz disruption could push prices towards $110 a barrel in Q2, Citi says Market awaits US EIA data on Wednesday Russia to stop exports from Kazakhastan to Germany (Reuters) – Oil prices fell on Tuesday, reversing the previous session’s gains, on expectations that peace … Read more
(Reuters) – President Donald Trump invoked the Defense Production Act on Monday to sign a series of energy-related presidential memorandums, the White House announced, as his administration aims to tackle rising fuel prices as a result of U.S. and Israel’s war on Iran. Trump signed memorandums on coal supply chains, domestic petroleum production, natural gas … Read more
(Reuters) – U.S. President Donald Trump on Monday dismissed his top energy official’s view that gas prices will not drop until 2027, saying Americans can expect lower costs as soon as the Iran war ends. On Sunday, U.S. Energy Secretary Chris Wright told CNN that while gasoline below $3 a gallon “could happen later this year, that … Read more
(Reuters) – Oil production in North Dakota rose 4,000 barrels-per-day (bpd) to 1,130,000 bpd in February, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,101,000 bpd in the month. The data was released on the North Dakota Industrial Commission’s general statistics webpage and has been rounded to … Read more
AMSTERDAM, April 20 (Reuters) – The Dutch government on Monday estimated that the European Union could supply enough kerosene to the EU’s economy to last about five months, drawing on domestic production and strategic reserves. European airlines have warned of potential jet fuel shortages within weeks as a result of the Iran war. The Dutch … Read more
By Joshua Gaunt-Warner The European energy services sector faces a brighter future once the Middle East conflict de-escalates as a result of work that oil producers need to undertake to resolve disruption, according to Barclays Plc analysts. Companies such as Technip Energies SA and Viridien SA are set to see increased demand as countries look … Read more
(Reuters) – Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran’s ports, a major hurdle for Tehran to rejoin peace efforts. However, the official stressed that no decision had been made. Adding to … Read more
(Reuters) – A senior Iranian official said on Monday that Tehran is positively reviewing its participation in potential peace talks with the United States but that no final decision has been made. The Iranian official said positive efforts are underway by mediator Pakistan to end the U.S. blockade and to ensure Iran’s participation in the … Read more
(Reuters) – Kuwait has declared force majeure on shipments of crude oil and refined products after a blockade of the Strait of Hormuz prevented some vessels from entering the Persian Gulf, hindering its ability to meet certain customer commitments, Bloomberg News reported on Monday, citing a document. State-run Kuwait Petroleum Corp. notified customers on Friday … Read more
A consistent theme in global oil markets since the U.S. and Israel attacked Iran is that the effective closure of the Strait of Hormuz will be short-lived, and therefore so will the disruption to the supply of crude and refined products. That expectation has consistently been reflected in pricing for crude oil futures, which have … Read more
The stop-start shipping traffic through the Strait of Hormuz underscores the profound uncertainty hanging over the world’s most critical oil and gas chokepoint. But one thing is already clear: even if the guns fall silent, flows through the narrow waterway will take months – and possibly years – to recover to pre-war levels. Iran said … Read more
Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday with just three crossings in the space of 12 hours, according to shipping data. The oil products tanker Nero, which is under British sanctions for Russian oil activities, left the Gulf and was sailing through the Strait, according to satellite analysis … Read more
The U.S. Department of Energy said on Friday it had loaned26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies, the third allotment under the Trump administration’s effort to curb fuel prices that have surged since the U.S.-Israeli war on Iran. The Trump administration agreed in March to release 172 … Read more
Goldman Sachs said softer oil demand and easing supply disruptions have balanced out the risks in its oil price outlook, though it kept its 2026 average forecasts unchanged. The bank maintained its Brent and WTI crude forecasts for 2026 at $83 a barrel and $78 a barrel, respectively, assuming oil flows through the Strait of … Read more
Summary U.S. seizes Iranian cargo ship Tehran rejects a second round of peace talks Shipping traffic remains at virtual standstill through Hormuz, data shows (Reuters) – Oil prices jumped about 5% in Monday trading on fears that the ceasefire between the United States and Iran could collapse after the U.S. seized an Iranian cargo ship and traffic … Read more
* Tehran says gaps remain over nuclear issues, Strait of Hormuz* Trump cites ‘very good conversations’ * Iran reimposes Strait of Hormuz closure * Shipping remains uncertain after vessels report gunfire By Trevor Hunnicutt, Ariba Shahid and Muhammad Al Gebaly WASHINGTON/ISLAMABAD, April 19 – Iran’s top negotiator said recent talks with the U.S. had made … Read more
Iraq says oil exports to resume from all fields within days, state news agency Iraq’s oil ministry said oil exports would resume from all fields within the next few days, the Iraqi state news agency INA reported on Saturday. Four energy sources said that Iraq resumed southern oil exports on Friday after a halt of … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second straight week for the first time since 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, fell by … Read more
A convoy of eight tankers was crossing the Strait of Hormuz on Saturday, data showed, as some ship owners said they hoped Tehran would allow them to leave the Gulf during a short ceasefire window in the Iran war. The group – comprising one very large crude oil carrier (VLCC), several oil product and … Read more
Energy industry experts say it could be a while before any calm returns to rattled oil markets after Iran’s top diplomat declared the Strait of Hormuz “completely open” to commercial traffic that had all but ceased when war engulfed much of the region seven weeks ago. “It will take several weeks, actually, for things to … Read more
By Jesus Calero and Gus Trompiz Threat of mines not fully understood, US Navy advisory warns Norway shippers also flag uncertainty over mines UN’s IMO says currently verifying details A group of ships tests Hormuz exit PARIS, April 17 (Reuters) – A group of ships made an unsuccessful attempt to exit the Gulf on Friday … Read more
By Valerie Volcovici WASHINGTON, April 16 (Reuters) – The Department of Energy will retain funding for major carbon direct air capture awarded under the Biden administration after targeting them for fund cancellation last year, according to a list of projects identified by the agency that it sent to Congress this week seen by Reuters. Last … Read more
By Georgina Mccartney Brent and WTI crude make largest daily drops since April 8 US-Iran negotiations progress, according to media report US military blockade of Iran remains in effect HOUSTON, April 17 (Reuters) – Oil prices settled down by around 9% on Friday after Iran said passage for all commercial vessels through the Strait of … Read more
(Reuters) – Investors placed a bet worth about $760 million on a falling oil price around 20 minutes before Iran’s foreign minister announced on Friday that the Strait of Hormuz was open, another sizeable wager on the world’s most traded commodity ahead of major announcements in the course of the Middle East war. Large, well-timed … Read more
(Reuters) – Iran’s foreign minister said the Strait of Hormuz, a critical waterway for transporting global oil and gas, was open for all commercial vessels following a ceasefire accord agreed in Lebanon. Here are some quotes from the shipping industry and world leaders on the Iranian declaration. SHIPPING INDUSTRY: KNUT ARILD HAREIDE, CEO OF THE … Read more
By Stefanie Eschenbacher, Stephen Eisenhammer, Laura Gottesdiener and Shariq Khan U.S. law enforcement executed a federal search warrant at Ikon Midstream’s Houston headquarters Company’s attorney said raid was triggered by Reuters’ October 2025 investigation into alleged fuel smuggling No arrests made; fuel trader’s attorney maintains Ikon Midstream engaged in no wrongdoing April 16 (Reuters) – … Read more
April 17 (Reuters) – Slovakia will file a lawsuit in the coming days challenging the European Union’s decision to ban Russian gas imports, adopted by a qualified majority, and will seek a preliminary injunction, Prime Minister Robert Fico said on Friday. The suit will be filed with the EU’s Court of Justice, Fico said, criticising … Read more
By Shadia Nasralla, Stephanie Kelly and Dmitry Zhdannikov Europe’s top-three majors made billions trading in Q1, sources say BP flags ‘exceptional’ trading results Shell, TotalEnergies also report strong trading results Chevron, Exxon fail to capitalise on crisis, shares trail LONDON, April 17 (Reuters) – The trading desks of Europe’s top three oil majors have reaped … Read more
Takeaways by Bloomberg AI A record wave of new liquefied natural gas supply was meant to usher in a prolonged period of lower prices, but the war in the Middle East has caused the world’s worst-ever energy crisis and sent prices higher. The near-closure of the Strait of Hormuz and damage to Qatar’s LNG export plant … Read more
(Reuters) – The Electric Reliability Council of Texas (ERCOT) said electricity demand could rise sharply into the 2030s as an increasing pipeline of data centers drives most of the projected growth, according to a presentation on Wednesday by the grid operator. ERCOT’s preliminary base forecast projects peak electricity demand climbing from about 98,087 megawatts in … Read more
(Reuters) – Oil prices plunged by over 10% on Friday, extending previous losses, after Iran’s foreign minister said that the passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period, in line with that in Lebanon. Brent crude futures dropped by $11.12, or 11.2%, to $88.27 a barrel at 1311 … Read more
It could take up to two years to recover a significant share of oil and gas production that has disrupted by the Iran war, Fatih Birol, executive director of the International Energy Agency, said. The recovery will be gradual as damage from the conflict has affected oil fields, refineries and pipelines across the Persian Gulf, … Read more
Leaders want the vital Strait of Hormuz opened immediately to restore energy flows Some Gulf Arab and European leaders believe that a U.S.-Iran peace deal will take about six months to be agreed and that the warring sides should extend their ceasefire to cover that timeframe, according to officials from the regions familiar with the … Read more
By Tasmin Lockwood Key Takeaways China is on track to more than double U.S. nuclear capacity, reaching nearly 186 GW. The U.S. leads today but ranks second when planned projects are included. Emerging players like India and Uganda are rapidly scaling nuclear capacity from near zero. Based on existing and planned projects, its total capacity … Read more
Takeaways by Bloomberg AI Trump administration officials urged US oil producers to boost output amid a global supply shock caused by the war in Iran. The administration is grappling with the effective closure of the Strait of Hormuz, which has yanked an estimated 16 million barrels per day of crude from the world market. Industry leaders … Read more
The heads of the U.S. Interior and Energy Departments will hold a call on Thursday with CEOs from energy companies including Exxon and Chevron on their potential to boost oil and gas output, an administration official said, as the Iran war hikes global energy prices. The prices, which are returning to levels seen during the aftermath … Read more
(Reuters) – The Iran war has torn open a dangerous rift in global oil markets: physical crude is trading at record highs while futures benchmarks signal calm. That disconnect is forcing consumers, companies and policymakers to navigate without a reliable compass – and it could leave a lasting scar on the global economy. Investors have … Read more
The formation in BC and Alberta is a giant for gas and liquids By Don MacLachlan By Resource Works More News and Views From Resource Works Here No wonder that our Resource Works founder and CEO, Stewart Muir, called the Montney natural-gas reserves in Canada “British Columbia’s economic crown jewel.” The Montney Formation in BC … Read more
(Reuters) – China continued to build the world’s largest stockpile of crude oil in March even as the rest of the world started to draw on inventories to compensate for the loss of millions of barrels from the effective closure of the Strait of Hormuz. China, the world’s biggest crude importer, had surplus oil of … Read more
U.S. forces in the Middle East are postured to restart combat operations if Iran doesn’t agree to a peace deal, Defense Secretary Pete Hegseth told a Pentagon briefing on Thursday. “You Iran, can choose a prosperous future, a golden bridge, and we hope that you do for the people of Iran,” he said. “But if … Read more
Summary US imposes new sanctions on Iran’s oil transportation infrastructure US Treasury secretary warns of secondary sanctions on buyers, including Chinese banks Moves come as the US enforces maritime blockade on Iran (Reuters) – The United States on Wednesday threatened to sanction buyers of Iranian oil and said it believed China would pause such purchases … Read more
(Reuters) – U.S. President Donald Trump issued several pipeline permits on Wednesday, including one for the construction of a new pipeline, to facilitate the transportation of crude oil and petroleum products between the U.S. and Canada, according to documents released by the White House. The permit authorizing construction was issued to the Bakken Pipeline Company … Read more
By Ari Natter The Trump administration is unlikely to issue a new a waiver allowing countries to buy sanctioned Russian oil as part of any efforts to tame high fuel prices, Energy Secretary Chris Wright said. “That was a broad-based reprieve,” Wright said Wednesday at an event held by the Wall Street Journal. “I don’t … Read more
There’s been some good momentum toward elevating Canada’s status as a global oil and gas supplier, but the industrial carbon price is eroding its competitive edge, says the head of the Canadian Association of Petroleum Producers.
“We’re still talking…
By Emma Sanchez NOV Inc., one of the biggest US makers of oilfield gear, slashed its earnings guidance for the first quarter as the war in the Middle East raises costs and snarls equipment deliveries. Safety and logistical problems from the conflict dented revenue by about $54 million and adjusted earnings by around $32 million, … Read more
Summary US expresses optimism on reaching a deal with Iran Iran offers proposal allowing ships to exit Oman side of Hormuz free of attack US crude, fuel stocks fall on strong export demand (Reuters) – Oil prices rose on Thursday, reversing earlier declines as the market questioned whether peace talks between the U.S. and Iran … Read more
(Reuters) – EagleRock, a company that collects royalties and fees from oil and gas production on the land it controls in the Permian Basin, is exploring a U.S. initial public offering that could value it at up to $2 billion, people familiar with the matter said. The Houston-based firm has hired Goldman Sachs on the … Read more
Summary Net imports of US crude narrows to lowest on record last week US exports climb to seven-month high on wide Brent-WTI spread US exports near capacity limits, analysts and traders say (Reuters) – The U.S. nearly turned into a net crude exporter last week for the first time since World War Two as … Read more
(Reuters) – Reports that the White House has requested a ceasefire in the Iran war are wrong, press secretary Karoline Leavitt told reporters on Wednesday but added that discussions about a second round of talks with the Iranians were ongoing and productive. Speaking at a White House press briefing, Leavitt said any fresh talks would … Read more
(Reuters) – Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict, a source briefed by Tehran said. The U.S.-Israeli war with … Read more
(Reuters) – Qatar may extend its force majeure on gas supplies beyond mid-June, Italian importer Edison said on Wednesday, while predicting the gap will be plugged by U.S. supply instead of Russian gas. Speaking in a media briefing, Edison CEO Nicola Monti and its head of gas portfolio management Fabio Dubini said the Italian group … Read more
(Reuters) – Iran can withstand a complete halt in oil exports of up to two months before being forced to curb production, analysts said, after the U.S. began blocking shipping in and out of the country’s ports on April 13. The blockade could prevent roughly 2 million barrels per day (bpd) of Iranian crude from … Read more
New analysis reveals deepening inventory optionality alongside growing development sequencing risk across the basin CALGARY, Alberta (Apr. 15, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released its latest report, Permian Basin Play Fundamentals: The Intervals Keep Coming. As global supply uncertainty and price volatility weigh on capital … Read more
By Salma El Wardany and Eric Martin The US and Iran are considering extending their ceasefire that ends on Tuesday by another two weeks to allow more time to negotiate a peace agreement, according to a person familiar with the matter. Mediators between the warring sides are trying to set up technical talks to resolve … Read more
By Javier Blas It feels like an eternity, but it was only a decade ago when the political center-left was still for “all of the above” energy sources: fossil fuels and renewables alike. It was the not-so-distant days of Barack Obama, when the US president defended fracking as a force for good, saying there wasn’t … Read more
(Reuters) – The United States and Iran made progress in talks on Tuesday and are moving closer to a framework agreement to end the war, Axios reported on Wednesday, citing two US officials. Reporting by Kanjyik Ghosh in Barcelona;
(Reuters) – U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 913,000 barrels to 463.8 million barrels in the week ended April 10, the EIA said, compared with analysts’ expectations in a Reuters poll for a 154,000-barrel rise. Crude stocks at the Cushing, … Read more
Trump’s upbeat assessment of the prospects for diplomacy boosted market sentiment, with stocks steadying on Wednesday By Patrick Sykes, Arsalan Shahla and Weilun Soon U.S. President Donald Trump played down the prospect of renewed fighting in the war with Iran, even as questions remain over Tehran’s nuclear program and access to the Strait of Hormuz. … Read more
By Robert Cyran NEW YORK, April 14 (Reuters Breakingviews) – For every problem, there’s a ready-made easy solution that is also just plain wrong. A ban on U.S. oil exports fits into the category. Prices for crude and the products made from it are rising because of disruption in the Strait of Hormuz. Asian and … Read more
(Reuters) – Goldman Sachs on Tuesday flagged both upside and downside risks to its average 2026 crude forecasts for Brent/WTI at $83/78 per barrel, citing growing uncertainty around Middle East developments and oil flows through the Strait of Hormuz. Reduced flows through Hormuz pose the biggest upside risk to Goldman’s price forecasts, with estimated oil … Read more
By Mike Dolan Global investors and the International Monetary Fund seem to agree the Iran war is likely over – bar the shouting. The energy market is less sure, and there could be an awful lot of shouting, but many asset prices have returned to square one, and markets now see the conflict’s impact only … Read more
Canadian oil and gas producers anticipate sharply higher profits in 2026 as prices surge due to the Iran war but will channel those earnings back to shareholders rather than invest in major new capital projects, senior executives said on Tuesday. At an annual conference in Toronto, the executives acknowledged their companies’ financial fortunes have changed … Read more
Commodities supercycles can reshape markets for years, if not decades. We appear to be in one again, as the Iran war has amplified several long-term bullish trends. The question for many investors has shifted from whether to engage with the supercycle to how. Following the initial U.S.-Israeli strike on Iran on February 28, oil recorded … Read more
A plurality of investors expect benchmark Brent oil to trade between $80 and $90 a barrel by the end of this year, according to a BofA survey of fund managers published on Tuesday, down from its current level just under $100. Investor sentiment was also at its most bearish in 10 months, but few are … Read more
(Reuters) – U.S. Treasury Secretary Scott Bessent on Tuesday said China had been an unreliable global partner during the Middle East war by hoarding oil supplies and limiting exports of some goods, mirroring its actions with medical goods during the COVID-19 pandemic. Bessent told reporters he had spoken with Chinese officials about the issue. He … Read more
Summary Hormuz strait remains largely shut despite ceasefire U.S. to end waivers on Iranian and Russian oil Official U.S. oil inventory data due Wednesday (Reuters) – Oil prices rose after steep falls in the previous session as shipping through the Strait of Hormuz remained constrained, outweighing expectations of renewed U.S.-Iran talks aimed at ending the … Read more
(Rueters) – U.S. energy company Williams Cos CEO Chad Zamarin said on Tuesday the long-delayed Constitution natural gas pipeline from Pennsylvania to New York could be operational as soon as the end of 2027, if all goes as planned with the controversial project. Zamarin made the comments in Brooklyn, New York, at the groundbreaking of … Read more
U.S. electric utilities expect to spend $1.4 trillion on power lines and other infrastructure-related costs over the next five years, raising concerns about rising power bills ahead for American homes and businesses, according to research released on Tuesday. * Utilities’ five-year capital expenditure plans rose 20% from last year’s reported plans, said PowerLines, a nonprofit … Read more
(Reuters) – The Trump administration will allow a 30-day waiver of sanctions on Iranian oil at sea to expire later this week, two administration officials told Reuters on Tuesday, as the U.S. imposes a blockade on shipments from Iranian ports. The move signals that “Treasury is going full force on Economic Fury,” on Iran, an … Read more
(Reuters) – U.S. Democratic Congressman Ritchie Torres on Tuesday wrote to U.S. market regulators pushing for an investigation into large oil trades placed just hours before the announcement of the U.S.-Iran ceasefire that Reuters first reported last week. Torres, who wrote to regulators last week to push for a probe into lucrative recent trading activity … Read more
By Shadia Nasralla BP had upstream/downstream structure before 2020 transition push No clear timeline set yet for reorganisation Meg O’Neill became CEO on April 1 LONDON, April 14 (Reuters) – BP (BP.L) will reorganise into two main business units – upstream and downstream – under new CEO Meg O’Neill, who took the helm on April … Read more
By Scott Disavino Pipeline constraints in Permian region trap gas, causing record negative Waha Hub prices California power and gas prices turn negative amid low demand and abundant hydropower NWRFC projects above-normal water flows at Dalles Dam, boosting hydropower supply in Northwest NEW YORK, April 14 (Reuters) – U.S. spot power and natural gas prices … Read more
A third Iran-linked tanker was entering the Gulf via the Strait of Hormuz on Tuesday on the first full day of the U.S. blockade on vessels calling at Iranian ports, shipping data showed. U.S. President Donald Trump announced the blockade on Sunday after weekend peace talks in Islamabad between the U.S. and Iran failed to … Read more
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IEA slashes oil demand growth forecast, citing Middle East and Asia-Pacific contraction Strait of Hormuz closure and attacks cause largest oil supply disruption in history, IEA reports IEA warns resuming Hormuz flows is critical; alternative scenario sees deeper supply, demand shocks (Reuters) – The Iran war will force both global oil supply and demand … Read more
(Reuters) – Morgan Stanley left its Brent crude oil price forecasts unchanged on Monday, at $110 a barrel for the second quarter of 2026 and $100 a barrel in the third quarter, falling to $80 a barrel in 2027. The bank said it expected oil supply chains to take months to normalise even if a … Read more
By Sheila Dang, Marianna Parraga and Deisy Buitrago Chevron relinquishing Loran gas field Chevron signs pacts for expansion in the Orinoco Belt New areas, reassignments come after law reform approval CARACAS/HOUSTON, April 13 (Reuters) – Chevron (CVX.N) signed two agreements on Monday to expand operations at Venezuela’s vast Orinoco Belt, including an asset swap adding … Read more
Summary US, Iran leave door open for dialogue after tense talks US begins blockade of Iran’s ports IEA cuts global oil supply, demand growth forecasts (Reuters) – Oil prices fell on Tuesday as signs of possible talks to end the U.S.-Israeli war on Iran eased supply fears stemming from the blockade of the Strait of … Read more
(Reuters) – OPEC on Monday lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, citing the impact of the war in the Middle East, the producer group’s monthly oil report showed on its website. Global oil demand is projected to average 105.07 million bpd in the second quarter, … Read more
Summary Trump announces US naval blockade of Strait of Hormuz Democratic senator questions Trump’s strategy Trump’s approval rating slumping since war on Iran began MIAMI, April 12 (Reuters) – U.S. President Donald Trump said on Sunday that the price of oil and gasoline may remain high through November’s midterm elections, a rare acknowledgement of the potential political … Read more
By Trevor Hunnicutt and Parisa Hafezi Trump says Iranians want to make a deal US, Pakistani officials says talks continue Iran warns of harsh response to maritime blockade Oil prices jump back over $100 NATO allies refuse to join in WASHINGTON/DUBAI, April 13 (Reuters) – The U.S. military began a blockade of ships leaving Iran’s … Read more
By Valerie Volcovici WASHINGTON, April 13 (Reuters) – Oil prices are likely to hit their peak “in the next few weeks” once ship traffic resumes through the Strait of Hormuz, U.S. Department of Energy Secretary Chris Wright said on Monday. Prices are expected to continue rising until “meaningful” ship traffic resumes through the strait, Wright … Read more
(Reuters) – The head of the International Energy Agency, Fatih Birol, said on Monday he hopes another oil stockpile release is not needed but “we stand ready to act” if the energy shock resulting from the war with Iran requires it. The 32-member IEA agreed last month to release 400 million barrels of oil from … Read more
(Reuters) – The Iran war and the closure of the Strait of Hormuz have shattered a status quo that prevailed among Middle East oil and gas producers for decades. Even if the current, shaky ceasefire holds, the uneasy “new normal” has likely set the stage for yet another round of conflict. Tehran has now demonstrated … Read more
(Reuters) – The United States’ NATO allies said on Monday they would not get involved in President Donald Trump’s plan to blockade the Strait of Hormuz, further ratcheting up tensions within the increasingly fragile alliance. Trump said the U.S. military would work with other countries to block all maritime traffic in the waterway, after weekend … Read more
By Julian Hast US natural gas futures rose alongside oil prices as renewed risk to energy flows out of the Persian Gulf triggered financial inflows into baskets of energy products. Weather forecasts also shifted cooler, indicating modestly higher demand for the heating and power-plant fuel. The front-month US gas contract ended last week at the … Read more
A full blockade could halt the remaining flows and threaten economies far beyond the Middle East By Weilun Soon and Clara Ferreira Marques U.S. President Donald Trump’s plan for a full naval blockade of the Strait of Hormuz threatens to deepen an already unprecedented crisis in one of the world’s most important energy-producing regions. The … Read more
(Reuters) – The European Union’s member states must coordinate on energy prices amid a 22 billion euro ($25.70 billion) increase in fossil fuel bills since the start of the Iran war, EU Commission President Ursula von der Leyen said on Monday. “We’re also looking into … coordination of member states’ gas storage filling to … Read more
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Summary US says it will block shipping in and out of Iran on Monday Blocking Iran shipments would take a major source of oil offline Iran exported 1.84 million barrels per day of crude in March (Reuters) – The U.S. military said it would block shipping traffic in and out of Iran’s ports starting … Read more
Summary US to start blockading vessels later on Monday from reaching Iranian ports Two Pakistani tankers enter the Gulf on Sunday Malta-flagged tanker makes U-turn at Hormuz (Reuters) – Oil tankers are steering clear of the Strait of Hormuz ahead of a U.S. blockade later on Monday following failed peace talks between the U.S. and … Read more
Summary Iran peace talks yield no agreement Trump vows to blockade Strait of Hormuz Military vessels approaching strait to be viewed as ceasefire breach – Iran’s Guards (Reuters) – Oil prices jumped back above $100 a barrel on Monday as the U.S. Navy prepared to block ships to and from Iran via the Strait of … Read more
Iran’s Revolutionary Guards said on Sunday that any military vessels attempting to approach the Strait of Hormuz will be considered a violation of the two-week U.S. ceasefire and be dealt with harshly and decisively. The strait is under the control and ‘smart management’ of Iran’s Navy, the Guards said in a statement reported by … Read more
Iran aims to restore majority of refining capability within two months, oil ministry official says Iran expects to restore most damaged refining and distribution facilities to 70–80% of their pre-attack capacity within one to two months, a senior oil official said, as authorities work to recover from a wave of strikes on energy infrastructure. Deputy … Read more
President Donald Trump on Sunday said the U.S. Navy would immediately start blockading the Strait of Hormuz and would also interdict every vessel in international waters that had paid a toll to Iran. Trump made his remarks in a Truth Social post hours after U.S-.Iran peace talks ended without a deal. Trump said the meeting … Read more
Saudi Arabia has restored full oil pumping capacity through the East-West pipelineto about seven million barrels per day, it said on Sunday, days after providing an assessment of damage on its energy sector from attacks during the Iran conflict. The ministry said energy facilities and the pipeline affected by attacks during the conflict have recovered … Read more
(Reuters) – U.S. Gulf Coast refiners are reaping the strongest margins in years as disruptions to Middle Eastern oil flows from the Iran war raise demand for U.S. fuel exports, analysts and experts said. Asian and European refiners have been hit hard by a slump in Middle Eastern crude exports due to Iran’s blockade of … Read more
(Reuters) – Vice President JD Vance said on Friday he was looking forward to having positive negotiations with Iran as he left for talks in Pakistan with a warning to Tehran not to “play us.” “We’re looking forward to the negotiation. I think it’s going to be positive,” Vance told reporters before leaving Washington. “As … Read more
(Reuters) – The U.S. Department of Energy said on Friday it had loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve to four oil companies, the second allotment under the Trump administration’s effort to curb fuel prices that have surged during the U.S.-Israeli war on Iran. The companies that have been awarded … Read more
By Siddharth Cavale Attacks have cut Saudi oil output by 600,000 bpd, state news agency says Shipping at near-standstill in Strait of Hormuz Brent down 12.7%, WTI down 13.4% this week Russia’s crude exports from western ports has increased Baker Hughes says U.S. rig count down 7% NEW YORK, April 10 (Reuters) – Oil futures … Read more
HOUSTON, April 10 (Reuters) – U.S. federal regulators on Friday approved a request by NextDecade (NEXT.O) to increase the peak number of construction workers at its Rio Grande LNG project in Texas, according to a regulatory filing. NextDecade told regulators that global geopolitical tensions had heightened demand for U.S. LNG, prompting developers to move quickly … Read more
By Dmitry Zhdannikov, Jarrett Renshaw and Timothy Gardner Waiver part of US effort to control fuel prices during war Russia, Iran waivers criticized by US lawmakers in both parties Waiver expires at midnight EDT on Friday WASHINGTON, April 10 (Reuters) – U.S. President Donald Trump’s administration is likely to extend as soon as Friday a … Read more
By David Lawder Rising gas prices threaten to offset tax refund gains, especially for lower-income Americans Wealthier taxpayers benefit more from new deductions, data from Tax Foundation and IRS shows Economists cut US consumption, GDP forecasts due to higher energy cost WASHINGTON, April 10 (Reuters) – U.S. President Donald Trump in February touted this year’s … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in four 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, fell by three to 545 in … Read more
(Reuters) – Shale producer Occidental Petroleum said on Friday its worldwide average realized oil prices fell about 1.6% year-on-year in the first quarter, despite higher benchmark crude rates amid Middle East-related energy market disruption. The U.S.-Israel war on Iran has caused a massive disruption of energy supplies as the Strait of Hormuz, a conduit for … Read more
(Reuters) – The majority of ships that have sailed through the Strait of Hormuz in the past day were linked to Iran, ship tracking data showed on Friday, with other vessels putting off making voyages despite a two-week ceasefire agreed this week between Tehran and Washington, according to data and shipping sources. Three tankers – … Read more
(Reuters) – U.S. President Donald Trump warned Tehran not to charge tolls on ships crossing the Strait of Hormuz, as a mounting global energy crisis prompted Japan on Friday to announce a further emergency oil release. The Iran war has damaged Gulf energy production, stranded tanker traffic, and boosted oil prices by about 50% in … Read more
DENVER, April 9, 2026 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced all cash sale of its Anadarko assets, located in Oklahoma, for $3.0 billion. After customary closing adjustments, proceeds from the sale are expected to total approximately $2.85 billion. “The Anadarko sale completes the transformation of our … Read more
Summary Commonwealth secures enough LNG sales to begin project financing process Glencore’s total LNG offtake rises to 3 mtpa, EQT’s to 2 mtpa, filing shows EQT’s new contract replaces JERA’s terminated volumes HOUSTON, April 9 (Reuters) – EQT Corp and Glencore have each agreed to buy an additional 1 million metric tons per annum of liquefied natural … Read more
Summary Attacks have cut Saudi oil output by 600,000 bpd, state news agency says Shipping at near-standstill in Strait of Hormuz Brent down 12.7%, WTI down 13.4% this week Russia’s crude exports from western ports has increased Baker Hughes says U.S. rig count down 7% (Reuters) – Oil futures settled lower on Friday and posted … 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
(Reuters) – Producers in the Middle East have asked Asian refiners to submit crude oil loading programmes for April and May in preparation for the eventual resumption of shipping through the Strait of Hormuz, three sources with knowledge of the matter said. A two-week ceasefire deal between the U.S. and Iran announced on Wednesday lifted hopes for … Read more
By Kevin Crowley The surge in oil and natural gas prices from the Iran war might seem like good news for the world’s biggest energy companies, but disruptions to production in the region, shipping blockades and hedging losses make the reality far more complicated. Exxon Mobil Corp. and Chevron Corp. lost about 6% of their … Read more
President Donald Trump said on Thursday Iran should not charge fees to tankers going through the Strait of Hormuz, which has been blockaded since the start of the Iran war, causing the worst disruption to global energy supplies in history. “There are reports that Iran is charging fees to tankers going through the Hormuz Strait,” … Read more
Attacks on Saudi energy facilities have cut the kingdom’s oil production capacity by around 600,000 barrels per day and the throughput on its East-West pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the energy ministry. The attacks, including previous strikes on some facilities, also disrupted … Read more
ConocoPhillips said on Thursday it is sending a small evaluation team to Venezuela this week to evaluate oil and gas opportunities. The U.S. oil producer left the South American country in 2007 after its assets there were nationalized. The company is owed about $12 billion with interest following arbitration awards stemming from the expropriations. ConocoPhillips said … Read more
The Trump administration said on Thursday that it was offering to loan up to 30 million barrels of crude oil from the West Hackberry Strategic Petroleum Reserve site, marking the third solicitation of proposals from oil companies since fuel prices spiked due to the U.S.-Israeli war on Iran. Companies can submit proposals to exchange oil … Read more
Missed deadlines for contract review delay investment decisions Some firms await contract details before moving forward Meetings with officials yield limited information (Reuters) – Energy companies evaluating whether to invest in Venezuela are waiting for the OPEC nation’s oil ministry to release contract models that will provide specific terms to continue, expand or start businesses … Read more
(Reuters) – Iran will move the management of the strategic Strait of Hormuz into a new phase, its Supreme Leader Ayatollah Mojtaba Khamenei said on Thursday in a statement read out on state TV. “Iran is not seeking war but will not forfeit its rights and considers all resistance fronts as a unified entity,” Khamenei … Read more
(Reuters) – Iran’s Islamic Revolutionary Guard Corps (IRGC) warned ships to keep to a route passing through its territorial waters when crossing the Gulf’s Strait of Hormuz as traffic on Thursday remained well below 10% of normal volumes. Mitsui O.S.K. Lines, one of Japan’s big three shipping firms, is among those caught up in the … Read more
The huge relief rally across global markets and oil price plunge sparked by the ceasefire in the Iran war are no surprise. What follows, once the initial euphoria dissipates, is far less certain – and far less rosy than investors seem to believe. And the euphoria should dissipate pretty quickly. Leaving aside the very real … Read more
(Reuters) – Imposing a toll on ships sailing through the critical Strait of Hormuz would “set a dangerous precedent” and countries should not impede freedom of navigation, the UN’s shipping agency said on Thursday. Iranian officials have raised the idea of charging a toll for using the Strait after a two-week ceasefire between the United … Read more
(Reuters) – Iran will allow no more than 15 vessels a day to pass through the Strait of Hormuz under the ceasefire agreement it agreed with the United States, Russia’s state TASS news agency quoted an unnamed senior Iranian source as saying on Thursday. The Strait, a strip of water only 34 km (21 miles) … Read more
The U.S. and Iran are set to hold peace talks in Pakistan, which has been mediating, but remain deeply divided on key issues, even though President Donald Trump has said proposals presented by Tehran were a “basis” for talks. Each side is sticking to competing demands for a deal to end the war that could … Read more
Summary LNG price surge and supply chain disruption hit poorer Asian buyers hardest, Ydreos says Reliability concerns prompt some Asian countries to reconsider LNG in energy transition plans Gulf producers’ reputations impacted, with Qatar’s supply reliability now under scrutiny (Reuters) – A Middle East ceasefire signals de-escalation, but the conflict has scarred the global LNG … Read more
(Reuters) – Chevron said on Thursday it expected a $1.6 billion boost to $2.2 billion to its first-quarter upstream earnings versus the fourth quarter of 2025, driven by surging oil and gas prices from volatility linked to the Iran war. The conflict, which began on February 28, sent oil prices skyrocketing as much as 65%, … Read more
(Reuters) – Goldman Sachs trimmed its second‑quarter 2026 forecasts for Brent and U.S. crude to $90 and $87 a barrel, respectively, late on Wednesday, after the U.S. and Iran agreed on a two-week ceasefire. Previously, the bank forecast Brent and West Texas Intermediate (WTI) oil prices to average $99 and $91 a barrel, respectively. “Given … Read more
Summary Market struggles to price clear path for Hormuz reopening Shipping traffic through Hormuz at virtual standstill despite ceasefire, data shows Strikes across Gulf raise supply threats despite ceasefire (Reuters) – Oil prices rose over 3% on Thursday as doubts over a fragile two-week Middle East ceasefire raised concerns that energy flows through the crucial Strait of … Read more
U.S. President Donald Trump said on Wednesday its military ships and aircraft will remain around Iran and threatened that the U.S. will start “shooting” again unless Tehran fully complies with the deal reached with Washington. “All U.S. Ships, Aircraft, and Military Personnel, with additional Ammunition, Weaponry… will remain in place in, and around, Iran, until … Read more
Summary Iran has made clear passage subject to conditions, ADNOC CEO says Global economic stability depends on unconditional reopening, he says UAE oil output halved after strait’s effective closure, Reuters has reported ADNOC loading oil cargoes, will expand output within constraints of damage suffered (Reuters) – The Strait of Hormuz is shut and Iran must … Read more
The war that closed the Strait of Hormuz has ended – for now. But Tehran’s demand to act as toll booth keeper at the world’s most critical oil chokepoint could leave energy markets vulnerable and hardwire higher prices for years to come. The U.S. and Iran agreed on Tuesday to a two-week ceasefire brokered by … Read more
* Ceasefire fails to halt Israel-Hezbollah fighting, Israeli strikes kill 254 in Lebanon * US, Iran declare victory but core disputes unresolved, Strait of Hormuz remains restricted * Financial markets rally on truce, oil prices drop 14%, stock markets surge * US and Iran set for talks in Pakistan as the nations dispute nuclear … Read more
HOUSTON, April 8 (Reuters) – Exxon Mobil Corp (XOM.N) plans overhauls in the spring and at the end of this year at its 612,000 barrel-per-day Beaumont, Texas refinery, said people familiar with plant operations. In May, Exxon plans to shut the 60,000-bpd coker for a planned overhaul that will continue into June, the sources said. … Read more
By Amanda Cooper, Alex Lawler and Ahmad Ghaddar Investors sold 8,600 oil futures lots before US-Iran ceasefire, LSEG data shows Large single trades are rare, typically spread across exchanges to avoid price impact Oil trading volumes and volatility have surged since the war, hitting record highs LONDON, April 8 (Reuters) – Investors placed an approximately … Read more
(Reuters) – U.S. crude production is expected to decline through the mid-2030s, with global crude futures trading below $70 per barrel through 2030, the U.S. Energy Information Administration said in its Annual Energy Outlook on Wednesday. The U.S. is expected to produce between 12.4 million and 12.7 million barrels per day of crude by 2050, … Read more
(Reuters) – When the history books of the Iran war are written, Tuesday night into Wednesday morning may well rank among the most anxious hours for the modern Gulf. After U.S. President Donald Trump warned Iranians that “a whole civilization will die tonight”, residents from Kuwait to Abu Dhabi, whether lying sleepless or jolted awake, … Read more
(Reuters) – The United States, Israel and Iran have agreed to a two-week ceasefire, reached with Pakistani mediation, and U.S. and Iranian officials are expected to hold talks on Friday to discuss a long-term settlement. While Tehran and Washington have agreed to talks, Iran’s 10-point proposals – which U.S. President Donald Trump said offered a … Read more
(Reuters) – Remember global imbalances? They’re back. In a fractured world increasingly marked by self-interest and protectionism, the prospects for a coordinated response among the major economic powers to fix them and avert a crisis look remote. The U.S. current account deficit – and the corresponding surpluses of China, oil producers, the euro zone, and … Read more
(Reuters) – U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.1 million barrels to 464.7 million barrels in the week ended April 3, the EIA said, compared with analysts’ expectations in a Reuters poll for a 701,000-barrel rise. Crude stocks … Read more
(Reuters) – The Iranian navy threatened ships attempting to pass through the Strait of Hormuz without Tehran’s permission with destruction, adding that transit through the waterway remained shut, according to several shipping sources. “Any vessel trying to travel into the sea… will be targeted and destroyed…” the message said. Reporting by Ahmad Ghaddar, Renee Maltezou, … Read more
GCC growth forecast cut to 1.3% for 2026 due to lower hydrocarbon revenues Kuwait and Qatar economies expected to contract this year World Bank warns of lingering risks for the region DUBAI, April 8 (Reuters) – The World Bank has slashed its 2026 growth forecast for Middle East economies as a consequence of the war … Read more
Baker Hughes to supply three NovaLT™16 gas turbines with three centrifugal compressors and related services for a pipeline project to support Argentina’s LNG exports These gas compression units mark the first use of Baker Hughes’ NovaLT™ gas turbine technology in South America, reflecting growing demand for high-efficiency, lower-emissions turbomachinery HOUSTON and LONDON, April 07, 2026 … Read more
CALGARY, Alberta, April 08, 2026 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based, internationally focused energy transition company with active Central Asian operations is pleased to provide an operational update on its Uzbekistan project. The Kumli-46 horizontal well (“K-46”) was drilled to a total depth of 3,150 meters … Read more
FRISCO, TX, April 08, 2026 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (NYSE:CRK) plans to release its first quarter 2026 results on May 5, 2026 after the market closes and host its quarterly conference call at 10:00 a.m. CT on May 6, 2026 to discuss the first quarter results. Parties interested in participating in the conference call telephonically … Read more
(Reuters) – Iran’s Revolutionary Guards said on Wednesday that they attacked overnight energy complexes and oil transfer lines linked to the U.S. and Israel, including oil facilities in Saudi Arabia’s port city Yanbu, state media reported. Reporting by Reuters; Editing by Hugh Lawson
New Delhi, April 8 (Reuters) – India expects the United States to extend its waiver on purchase of Russian oil to bring down global oil prices, a government source said on Wednesday. Reporting by Nidhi Verma; Editing by YP Rajesh
By Pooja Menon, Joel Jose and Danilo Masoni April 8 (Reuters) – U.S. and European energy stocks slid on Wednesday, as a ceasefire to the Middle East conflict punctured the hefty war premium built into oil prices due to fears of supply disruption through the Strait of Hormuz. Oil fell below $100 per barrel after … Read more
(Reuters) – U.S. President Donald Trump on Wednesday said any country supplying Iran with military weapons will face immediate 50% tariffs with no exemptions, announcing the duty in a social media post one day after agreeing to a two-week ceasefire with Tehran. Reporting by Susan Heavey; Editing by Sharon Singleton
By Yi-Chin Lee, Julie Zhu and Alessandro Parodi IATA chief Walsh says months before jet fuel supplies recover Refinery damage may delay jet fuel supply recovery, says Walsh Delta expects $2 bln extra costs from jet fuel in Q2 Airline shares rally on ceasefire and Hormuz reopening hopes TUI assessing how to get stranded cruise … Read more
Iran could open the Strait of Hormuz in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan, a senior Iranian official, involved in the talks, told Reuters on Wednesday. “If an understanding on a framework for talks is reached, the strait could be opened … Read more
Summary Upstream earnings could gain from higher oil and gas prices Exxon to release full Q1 results on May 1 Downstream earnings hit by timing effects, but Exxon expects profits to rebound in later quarters CFO Hansen says negative impacts from trading program are temporary and will unwind over time (Reuters) – Higher oil and … Read more
A ceasefire in the Iran war will deliver badly-needed relief to economies battered by the world’s worst ever energy crisis, but hopes the truce will quickly restore normal oil and gas flows from the Middle East are almost certainly misplaced. U.S. President Donald Trump on Tuesday agreed to a two-week ceasefire, conditional on Iran pausing … Read more
U.S. President Donald Trump said on Tuesday that he had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure. Oil dived, bonds rallied and stocks surged as the ceasefire was seen as paving the … Read more
Asset integrity in oil and gas has never been more critical—or more complex. With aging infrastructure, increasing regulatory pressure, and the growing demand for operational efficiency, traditional inspection methods are no longer enough to keep up. At its core, asset integrity management is about reducing the risk of failure, particularly from issues like corrosion, cracking, … Read more
(Reuters) – Nearly six weeks of war in Iran have ended, for now, with President Donald Trump claiming victory, but the U.S.-Iran ceasefire locks in a harsh reality: an entrenched, radical government with control over the Strait of Hormuz and a powerful lever over global energy markets and Gulf rivals, analysts say. The shockwaves have … Read more
Summary Iran says it will open up Strait of Hormuz for two weeks if attacks stop Trump says Iran has offered a 10-point peace proposal Uncertainties still create room for geopolitical premium (Reuters) – Oil fell below $100 a barrel on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, subject … Read more
A planned two-week ceasefire between the United States and Iran and negotiations to end their conflict may mark the first genuine attempt to de-escalate, but there’s still much to be concerned about the world of pain physical oil markets are in. Crude oil futures responded to the news by plunging, with Brent contracts dropping as … Read more
U.S. President Donald Trump said on Wednesday the United States will help with the buildup of shipping traffic in the Strait of Hormuz. Trump on Tuesday agreed to a two-week ceasefire with Iran less than two hours before his deadline for Tehran to reopen the strait or face attacks on its civilian infrastructure. Trump said … Read more
Oil dived, bonds rallied and stocks surged on Wednesday as a two-week ceasefire in the Middle East was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports. U.S. President Donald Trump said he agreed to suspend bombing and attacks on Iran for two weeks and that a … Read more
April 7 (Reuters) – House Democrats questioned the legality of the Trump administration’s deal to return nearly $1 billion to TotalEnergies (TTEF.PA) to stop the development of two U.S. offshore wind farms, according to letters sent to administration officials and the French energy company. U.S. Representatives Jared Huffman and Jamie Raskin, both Democrats, sent a … Read more
By Curtis Williams Freeport LNG requests FERC approval to demolish obsolete Texas import facilities US shift from LNG importer to top exporter driven by shale revolution Company says removal will improve safety and reduce maintenance on unused assets HOUSTON, April 7 (Reuters) – Freeport LNG has asked U.S. regulators for permission to demolish facilities in … Read more
By Timothy Gardner WASHINGTON, April 7 (Reuters) – A group of Democratic U.S. senators on Tuesday pressed Treasury Secretary Scott Bessent on whether enormous tankers that ship liquefied natural gas qualify for a lucrative tax credit meant for smaller boats that burn the fuel. Here are details about the issue. The Alternative Fuel Excise Tax … Read more
It may take months to begin to see the uptick in production from shale fields in places like the Permian Basin By David Wethe and Kevin Crowley United States shale drillers are expected to follow President Donald Trump’s call for higher oil production — but not just because he said so. The 68 per cent … Read more
Bakken oil traded at the Clearbrook, Minnesota, hub shot up to an US$18 premium By Robert Tuttle and Christopher Charleston The spiderweb of cracks in the global oil market are spreading across the Rocky Mountains and U.S. Great Plains as demand for a shrinking pool of accessible crude escalates. Oil grades from Texas and North … 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 4,244 billion kWh in … Read more
(Reuters) – Fuel prices could keep rising for months even after the Strait of Hormuz reopens, the U.S. Energy Information Administration said on Tuesday, deviating from President Donald Trump’s assurances that consumers will see immediate relief when he ends the war with Iran. The U.S.-Israeli war with Iran, now in its second month, has sent … Read more
(Reuters) – Global markets have entered a period of heightened uncertainty ahead of a deadline set by U.S. President Donald Trump for Iran, with investors weighing various outcomes ranging from a ceasefire to renewed military escalation and their implications for oil, currencies and risky assets. Iran showed no sign of agreeing to Trump’s demand that … Read more
(Reuters) – The leaders of the International Energy Agency, the International Monetary Fund and the World Bank will discuss the energy crisis triggered by the Iran war next Monday, IEA executive director Fatih Birol said on Tuesday. “This energy crisis calls for all hands on deck & international cooperation,” Birol said on social media platform … Read more
April 7 – Governments worldwide are trying to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran. Here’s how different countries are responding: INDIA India will review its fuel exports if needed to ensure availability in the local markets, a government official said. India is assessing fuel-supply requests from its neighbours … Read more
MOSCOW, April 7 (Reuters) – NORSI, Russia’s fourth-largest oil refinery, suspended operations on April 5 following a Ukrainian drone attack, two industry sources said on Tuesday. The temporary closure of the refinery will add further uncertainty to Russia’s energy sector, which has been hit by continuous Ukrainian attacks, including those hitting its major oil exporting … Read more
PARIS, April 7 (Reuters) – The current oil and gas crisis triggered by the blockade of the Strait of Hormuz is “more serious than the ones in 1973, 1979 and 2022 together”, Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper. “The world has never experienced a disruption to energy … Read more
By Clyde Russell (Reuters) – LAUNCESTON, Australia, April 7 – The U.S. and Israeli war against Iran has been characterised by a series of miscalculations by most of the involved and peripheral parties, but the real danger is the delusion over the scale of the resulting energy crisis. It is delusional of any nation to … Read more
U.S. natural gas futures edged up to a one-week high on Tuesday on a preliminary decline in daily output. That small price increase came despite forecasts for milder weather and lower demand over the next two weeks than previously expected and a daily decline in the amount of gas flowing to U.S. liquefied natural gas … Read more
U.S. strikes on Iran’s Kharg Island do not represent a change in American strategy, U.S. Vice President JD Vance said on Tuesday as a U.S. official separately told Reuters the additional strikes on military targets did not impact oil infrastructure. The official, who spoke to Reuters on condition of anonymity, described at least some of … Read more
U.S. President Donald Trump once again exhorted Iran to make a deal by his Tuesday deadline, saying a “whole civilization will die tonight” if an agreement is not reached to end the conflict. “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” … Read more
By Dylan Griffiths and Carlos Caminada Dozens of refineries, oil fields, gas plants, ports and other energy infrastructure have been damaged by missile and drone strikes, five weeks into the Iran war. US President Donald Trump threatened to bring “Hell” to Iran with strikes on power plants and other infrastructure if the Strait of Hormuz … Read more
By Eduardo Garcia Pockets of carbon capture projects are emerging in U.S. and Europe as developers capitalize on surging power demand and public funding initiatives but costs remain too high for the sector to boom. March 30 – Google’s recent deal to purchase electricity from a planned 400 MW natural gas plant with carbon capture … Read more
By Veena Ali-Khan and David Carnevali Buyout firm Energy Capital Partners has agreed to re-acquire nuclear services firm EnergySolutions from TriArtisan Capital Advisors LLC, according to a statement provided to Bloomberg News. EnergySolutions will be valued at about $2 billion in the transaction, according to a person familiar with the matter who asked not to … Read more
By Liz Lee and Claire Fu Xi urges safeguards for China’s energy security The Party Central Committee has advanced the new energy security strategy in depth, says Xi China must stay committed to low-carbon development, he adds BEIJING, April 6 (Reuters) – Chinese President Xi Jinping has called for accelerated planning and construction of a … Read more
Summary Iran faces 8 p.m. Washington deadline to open Strait of Hormuz Trump threatens to order attacks on Iran’s bridges, power plants Iran rejects temporary ceasefire, demands permanent end to conflict WTI premium to Brent widens (Reuters) – Oil prices rose on Tuesday ahead of a deadline set by U.S. President Donald Trump for Iran to open … Read more
By Christopher Charleston The war in Iran has sent demand for US oil from overseas toward record levels, bolstering President Donald Trump’s push for “American energy dominance.” But as shipments surge, exports are beginning to run up against their practical limits. Constraints in infrastructure and supply are likely to keep US oil flows well below … Read more
U.S. refiner Phillips 66 said on Monday its first-quarter results were hit by a sharp increase in commodity prices, leaving it with nearly $900 million in pre-tax mark-to-market losses, according to a filing with the Securities and Exchange Commission. Energy prices soared after the U.S.-Israeli war on Iran began in late February. Iran’s effective closure … Read more
By Luc Cohen Government and opposition request 45-day pause in US asset seizure case Venezuela seeks to protect assets like Citgo from creditors Judge requests update on legal representation for Venezuela by May 21 NEW YORK, April 6 (Reuters) – Venezuela’s government and its political opposition are seeking to coordinate their legal defense of the … Read more
By Simon Jessop, Valerie Volcovici and Supantha Mukherjee Water, power usage, pollution, land driving protests Trillium Asset Management seeks detail on Alphabet’s climate strategy Investors flag water risk as emerging threat LONDON, April 6 (Reuters) – Amazon, Microsoft and Alphabet’s Google have each recently abandoned construction of multibillion-dollar data centers over community opposition and now … Read more
By Aref Mohammed Iraq has had to reduce oil production by around 80% Storage has filled up as Strait of Hormuz closure prevented exports Iraq produces more oil than it exports, giving it scope to increase exports even if some capacity damaged BASRA, Iraq, April 6 – Iraq could restore crude oil exports to around … Read more
(Reuters) – Bridger Pipeline’s proposed project to transport Canadian crude from the U.S.-Canada border to Wyoming would cost about $2 billion and have the capacity to transport more than 1 million barrels of oil per day, according to new details released by the company. The company first outlined plans in January to the Montana Department … Read more
(Reuters) – U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, “and that night might be tomorrow night”, warning Tehran it had to make a deal by Tuesday night or face the consequences. Trump had earlier vowed to enforce a Tuesday night deadline for Iran to agree … Read more
(Reuters) – U.S. President Donald Trump said on Monday the Tuesday deadline he has set for Iran to make a deal is final, adding that Iran’s proposal was significant but not good enough. “They made a proposal, and it’s a significant proposal. It’s a significant step. It’s not good enough,” Trump said of Iran. “It … Read more
Tankers hugged their home country’s coastline, indicating a different route to a northerly path through Iranian waters By Prejula Prem, Weilun Soon, Julian Lee and Alex Longley Three tankers broadcasting Omani ownership appear to have navigated the Strait of Hormuz by hugging their home country’s coastline, indicating a different route to a northerly path through … Read more
By Marianna Parraga April 6 (Reuters) – A unit of India’s refiner Reliance Industries has begun loading a 2-million-barrel cargo of Venezuelan heavy crude directly bought from state-run energy company PDVSA, according to a company document and shipping data on Monday. Since Caracas signed a flagship oil supply deal with Washington after the U.S. capture … Read more
European gas prices may be underestimating the risks from ongoing Liquefied Natural Gas (LNG) supply disruptions through the Strait of Hormuz, with resilient imports and weak Asian demand masking the impact for now, Goldman Sachs said in a note dated April 2. * European natural gas markets are pricing a lower-than-expected risk premium even as … Read more
Spot premiums for U.S. West Texas Intermediate crude have jumped to all-time highs as competition between Asian and European refiners for supply heats up to replace Middle Eastern oil flows disrupted by the Iran war, industry sources said. Europe is typically the largest importer of U.S. crude, but competition has escalated with Asian buyers scouring … Read more
Bloomberg News Market Snapshot S&P 500 futures 6,650.75 +0.4% Nikkei 225 53,413.68 +0.5% Bitcoin $69,862.54 +3.3% Spot gold $4,703.78 +0.6% Bloomberg Dollar Spot Index 1,213.34 -0.2% Market data as of 05:34 AM ET. Data is subject to provider delays. Five things you need to know Saudi Arabia raised the price of its main oil grade to … Read more
Cambridge Professor Helen Thompson warns that energy disruption triggered by the US-Israel attack on Iran is exposing deep vulnerabilities. The US-Israel war with Iran is emerging as more than a humanitarian crisis, one that’s left thousands of civilians dead and millions displaced. On this week’s Merryn Talks Money, Cambridge University professor Helen Thompson argues that the … Read more
Summary OPEC+ eight members to raise quotas by 206,000 bpd for May US-Iran war largely shuts oil traffic via Strait of Hormuz War leads to worst ever oil supply disruption Tanker loaded with Iraqi crude passes through Hormuz, data shows OPEC+ concerned about attacks on energy assets (Reuters) – OPEC+ agreed on Sunday to raise … Read more
Trump on Sunday issued an expletive-laced threat to destroy Iran’s power plants and blow up ‘everything over there’ Bloomberg News President Trump during a primetime address to the nation at the White House on April 1.Photographer: Alex Brandon/AP Photo/Bloomberg US allies are reportedly pressing for a last-minute deal with Iran, as President Donald Trump extended his deadline … Read more
Summary Strait of Hormuz closure disrupts Middle East oil exports, refiners seek alternatives Trump threatens further action if Strait remains closed Iran allows passage for select vessels OPEC+ agrees modest output rise, war limits actual increases Russian supply also disrupted (Reuters) – Oil prices fell in choppy trade on Monday, as investors awaited clarity on … Read more
(Reuters) – U.S. energy firms this week added to the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said on Thursday. The oil and gas rig count, an early indicator of future output, rose by five to 548 in the week to April … Read more
Recent U.S. intelligence reports warn that Iran is unlikely to open the Strait of Hormuz any time soon because its grip on the world’s most vital oil artery provides the only real leverage it has over the United States, according to three sources familiar with the matter. The finding suggests that Tehran could continue … Read more
By Arathy Somasekhar WTI soars to nearly $114/bbl, highest since March 9 Trump speech did not clarify when Hormuz might reopen WTI heads for biggest daily absolute price rise since 2020 HOUSTON, April 2 (Reuters) – U.S. oil prices settled more than 11% higher and Brent soared nearly 8% on Thursday in volatile trading, as … Read more
Summary Iran has said it would allow ships with no US or Israeli links Vessels appear to turn of identification systems during crossing Dozens of Japanese-owned ships remain stranded, according to transport ministry data (Reuters) – Three Omani-operated tankers, a French-owned container ship and a Japanese-owned gas carrier have crossed the Strait of Hormuz since … Read more
President Donald Trump on Friday said the U.S. can open the Strait of Hormuz with a little more time, as pressure mounts for his administration to find a quick resolution to a war against Iran. “With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE,” Trump … Read more
(Reuters) – The United States is not engaged in any discussions to release additional crude oil from strategic stockpiles, an Energy Department official said on Thursday. The International Energy Agency has said it is considering another coordinated release to address supply disruptions stemming from the war in Iran, after its members in March agreed to … Read more
By David Carnevali and Kevin Crowley Microsoft Corp. is in exclusive talks with Chevron Corp. and investment fund Engine No. 1 over a long-term deal that would underpin a giant power plant in West Texas, providing electricity to a large data center campus. The proposed natural-gas fired power plant is projected to cost about $7 … Read more
April 2 (Reuters) – Oil prices could spike to $120-$130 per barrel in the near term, with a risk of surging above $150 if supply flows through the Strait of Hormuz remain disrupted into mid-May, J.P. Morgan said in a note on Thursday. J.P. Morgan’s base-case assumption is that the disruption to the strait will … Read more
LONDON/NEW YORK, April 2 (Reuters) – European energy majors TotalEnergies (TTEF.PA) and Shell (SHEL.L) are among companies eyeing a majority stake in one of the U.S. Gulf’s most promising sites, three sources with knowledge of the process said, as interest in North American energy prospects rises due to the Middle East conflict. London-listed BP is … Read more
(Reuters) – U.S. President Donald Trump’s address to the nation on Wednesday, in which he vowed more aggressive strikes on Iran, has put consumers on course for record fuel prices at the pumps just ahead of the country’s peak summer travel season, market experts said. Americans expected Trump’s speech to outline a plan to end … Read more
By Laila Kearney NEW YORK, April 2 (Reuters) – Federal regulators approved an operating license extension for California’s last-standing nuclear power plant, allowing it to run for another 20 years if it also gets state legislative approval, the governor of the most populous U.S. state said on Thursday. PG&E’s (PCG.N) Diablo Canyon Nuclear Power Plant … Read more
(Reuters) – Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani told the United Nations Security Council on Thursday he hopes for a council vote on Friday on a resolution Bahrain has drafted to protect commercial shipping in and around the Strait of Hormuz. Oil prices have surged since the U.S. and Israel struck Iran at … Read more
(Reuters) – Detentions of Panama-flagged vessels by China that followed a Panamanian court ruling raise serious concerns about efforts to undermine rule of law in the Latin American country, U.S. Secretary of State Marco Rubio said on Thursday. The U.S. Federal Maritime Commission said last week that it was closely monitoring a surge in detentions … Read more
(Reuters) – BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company’s ongoing portfolio review and strategy development. Howle, who served as interim chief executive before Meg O’Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping. … Read more
By Sing Yee Ong and Weilun Soon A liquefied natural gas tanker has entered the Strait of Hormuz, and if it successfully navigates the waterway would become the first such vessel to pass through the strait since the start of the war. The Sohar LNG tanker, which appears not to be loaded with cargo, is … Read more
Summary US will not be involved in talks Vital oil route effectively shut as Iran war rages Countries seek ways to reopen waterway after ceasefire (Reuters) – Britain will host talks on Thursday aimed at forming a coalition of countries to explore ways to reopen the Strait of Hormuz after U.S. President Donald Trump said securing the … Read more
(Reuters) – OPEC+ is likely to weigh a further oil output increase when eight members meet on Sunday, two OPEC+ sources said, a move that would position key producers to add more barrels should the Strait of Hormuz – the world’s most important oil route, currently shut by the U.S.-Israeli war with Iran – reopen. … Read more
U.S. President Donald Trump told the nation in a televised speech on Wednesday night that the U.S. military had nearly completed the goals it had set out to accomplish in its war with Iran and that the conflict would soon be ending. He added that the U.S. would continue to hit targets in the Islamic … Read more
Reuters Venezuela’s monthly oil exports surpassed 1 million barrels per day in March for the first time since September, with sales to refiners in India and shipments by trading houses to the Caribbean for storage pushing up volumes, according to ship-tracking data. The OPEC country’s oil sales have been rising since Caracas and Washington in … Read more
(Reuters) – Natural gas touches almost every corner of the U.S. economy, fuelling power plants, homes, factories and the booming LNG export sector. But the supply needed to meet all those uses is coming from an ever-narrower slice of America’s shale patch. This mismatch between a widening band of consumers and a shrinking supply base … Read more
(Reuters) – U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels to 461.6 million barrels in the week ended March 27, the EIA said, compared with analysts’ expectations in a Reuters poll for a 814,000-barrel rise. Crude stocks … Read more
(Reuters) – Oil tanker availability along the U.S. Gulf Coast has dropped sharply in recent weeks, as Asian and European refiners cut off from Middle Eastern supply have been snapping up vessels to import oil and fuel from the United States, shipping analysts and traders said. The Iran war has stalled tanker movements through the … Read more
Summary Brent, WTI set for biggest absolute, percentage jumps in 3 weeks Trump speech did not clarify when Hormuz might reopen (Reuters) – Oil prices climbed nearly 7% on Thursday after President Donald Trump said the U.S. would continue attacks on Iran, stoking fears of prolonged disruptions to oil supply. Brent crude futures were up $7.65, … Read more
President Donald Trump staunchly defended his handling of the month-old, U.S.-Israeli war on Iran in a prime-time address on Wednesday, saying the U.S. military was nearing completion of its mission while also reinforcing his threats to bomb the Islamic Republic back to the Stone Age. He delivered his 19-minute speech against a backdrop of high … Read more
(Reuters) – China will at one point have to engage more directly on how to restore oil traffic flows in the Strait of Hormuz because the number of vessels it has going through is probably insufficient, France’s navy chief said on Wednesday. “We have not seen China’s navy step in to reopen the strait. On … Read more
(Reuters) – The United States will be “out of Iran pretty quickly” and could return for “spot hits” if needed, President Donald Trump told Reuters on Wednesday, hours before he was scheduled to make a primetime address to the nation. Trump also said he would express his disgust with NATO for what he considers the … Read more
(Reuters) – Iran’s new leader has just asked the United States for a ceasefire, U.S. President Donald Trump said in a Truth Social post on Wednesday. “We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion,” he said. Reporting by Susan Heavey, writing by David Ljunggren, … Read more
President lashes out at allies for not supporting the war in Iran By Magan Crane and Jack Wittels United States President Donald Trump lashed out at allies for not supporting the U.S. war in Iran, arguing Washington will not fight for their interests as they struggle to get jet fuel with the Strait of Hormuz … Read more
Despite remarks that Trump wants to repatriate automakers, Hoekstra said Canada was not a top concern for U.S. officials By Thomas Seal The United States won’t allow Chinese electric cars from Canada to enter its market, President Donald Trump’s ambassador in Ottawa said, after a January deal in which Prime Minister Mark Carney lowered tariffs … Read more
Summary Barkin sees no major shift yet in consumer spending or inflation expectations Fed officials remain cautious, awaiting clarity on oil price impact before policy changes Retailers face consumer pushback on prices, while service firms retain more pricing power (Reuters) – Businesses continue to act as if high oil prices will prove only a short-term … Read more
Summary Shell seeks access to as much as 20 tcf of Venezuelan gas Chevron expected to relinquish stakes, which would be re-offered Russian-held stakes in two offshore fields remain a hurdle HOUSTON, April 1 (Reuters) – Shell is in advanced talks with Venezuela’s government to develop four large areas near Trinidad and Tobago, in two of … Read more
U.S. and Canadian stock markets rallied on Tuesday as financial markets seized on a couple of tenuous signals for hope about a possible end to the Iran war. The S&P/TSX composite index was up 833.10 points at 32,768.04. In New York, the Dow Jones industrial average was up 1,125.37 points at 46,341.51. The S&P 500 … Read more
(Reuters) – U.S. exports of liquefied natural gas rose to an all-time high in March as plants ran above nameplate capacity and new units started up, preliminary data from financial firm LSEG showed. Shipments to Asia more than doubled from the previous month amid the ongoing conflict in the Middle East that has roiled energy … Read more
(Reuters) – The State Department said on Tuesday it was monitoring threats to Americans in Saudi Arabia and warned all U.S. citizens in the country to shelter in place. “We are tracking reports of threats against locations where American citizens gather,” the U.S. Embassy in Saudi Arabia said in a travel advisory. “We advise U.S. … Read more
By Niccolo Conte | Design Sam Parker Key Takeaways The U.S. was the world’s largest crude oil producer in 2025 at 13.58 million barrels per day, ahead of Russia (9.87) and Saudi Arabia (9.51). Middle Eastern countries produced 32.1% of global crude oil in 2025. Just five countries produced half of the world’s oil in … Read more
March 31 (Reuters) – Nuclear power producer Constellation Energy (CEG.O) on Tuesday said it plans $3.9 billion in capital spending and raised its share buyback authorization to $5 billion, as it prepares to meet growing demand for clean electricity. U.S. power demand is expected to grow further after hitting a record high in 2025, driven … Read more
Summary US-Israeli campaign against Iran could end within two to three weeks, Trump says Uncertainty over how supply chains can be revived OPEC oil output falls in March, Reuters survey finds Saudi Arabia may raise OSPs to Asia, Reuters survey (Reuters) – Oil reversed earlier gains on Wednesday as uncertainty over the situation in the … Read more
Summary Iran threatens to target major US companies in retaliation for attacks Oil prices surge after tanker attack in Gulf (Reuters) – U.S. Defense Secretary Pete Hegseth said on Tuesday the next few days in the war against Iran would be decisive and warned Tehran that the conflict would intensify if it did not make … Read more
(Reuters) – U.S. crude oil output fell by the most in two years during January following a severe winter storm that knocked production offline in large swathes of the country, data from the Energy Information Administration showed on Tuesday. U.S. crude oil output fell 410,000 barrels per day month over month in January to 13.25 … Read more
(Reuters) – A cargo of WTI Midland crude headed to Greece for the first time in about four years, ship tracking data on Kpler showed, as U.S. and Israel’s war on Iran and reduced traffic through the Strait of Hormuz have upended trade flows and shut in output in the region. Isle of Man-flagged medium-sized … Read more
(Reuters) – QatarEnergy has yet to update its liquefied natural gas (LNG) customers on the impacts of recent attacks on its gas plants, Edison CEO Nicola Monti said on Tuesday. Monti said a pause in LNG supply until mid-June, which QatarEnergy notified the Italian utility of last week, was mainly due to the shipping blockade … Read more
(Reuters) – More vessels are flowing through the Strait of Hormuz, U.S. Defense Secretary Pete Hegseth told a briefing on Tuesday. “There are countries around the world who ought to be prepared to step up on this critical waterway as well,” he told reporters. Reporting by Phil Stewart, writing by Michelle Nichols, editing by David … Read more
By Nichola Groom Exemption granted based on national security grounds Impacted species include critically endangered Rice’s whale Environmental groups vow to challenge vote in court Oil and gas industry says environmental protections remain March 31 (Reuters) – A federal panel, convened for the first time in more than three decades, voted unanimously on Tuesday to … Read more
(Reuters) – European Union governments should prepare for a “prolonged disruption” to energy markets as a result of the Iran war, the bloc’s energy chief has told countries’ ministers ahead of an emergency meeting on Tuesday. In a letter to energy ministers, dated March 30 and seen by Reuters, EU Energy Commissioner Dan Jorgensen said … Read more
(Reuters) – President Donald Trump on Tuesday urged countries that did not help in the U.S.-Israeli strikes on Iran to buy American oil and go to the Strait of Hormuz and “just TAKE it.” Trump singled out Britain and France as unhelpful in the month-long war that has roiled global markets, driven up energy prices … Read more
The head of Polar LNG, a company that plans to build a liquefied natural gas plant on Alaska’s North Slope, said his company is hoping to buy discounted equipment from a Russian project on which Washington has imposed sanctions. Polar LNG launched on Monday. Joel Riddle, its president and CEO, in an interview said the … Read more
(Reuters) – Massive investments in artificial intelligence that underpinned record runs in equities face a major hurdle as the Middle East crisis clouds prospects for growth and energy costs, said Melissa Otto, head of research at S&P Global Visible Alpha. Before the Iran war broke out, tech giants Microsoft, Amazon, Alphabet and Meta planned to spend about $635 billion on data centres, … Read more
Summary Gasoline prices rise due to Iran conflict and Strait of Hormuz closure High fuel costs impact US households and Trump’s political standing Analysts expect crisis to be shorter than 2022 Ukraine conflict NEW YORK, March 30 (Reuters) – The U.S. national average retail price of gasoline crossed $4 a gallon for the first … Read more
By Julian Hast US natural gas futures ended lower on forecasts showing warmer weather than previously expected in the eastern US, as well as market expectations that domestic stockpiles will increase relative to seasonally normal levels in the coming weeks as demand lowers moving into spring. US gas storage levels, which were up by 14 … Read more
Reuters President Donald Trump said on Monday the United States was in talks with a “more reasonable regime” to end the war in Iran but repeated his warning to Tehran to open the Strait of Hormuz or risk U.S attacks on its oil wells and power plants. “Great progress has been made but, if for … Read more
Summary Trump tells aides he is willing to end Iran war without reopening Hormuz, report says Kuwait says oil tanker was hit in Iranian attack at Dubai port Brent heads for record monthly gain, WTI for most since 2020 (Reuters) – Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, … Read more
Summary Golden Pass LNG startup amid tight global gas supply QatarEnergy holds 70% stake, Exxon 30% in Golden Pass Golden Pass faced delays, cost overruns since 2019 construction start (Reuters) – Golden Pass LNG, a joint venture between QatarEnergy (QATPE.UL) and Exxon Mobil, has produced its first liquefied natural gas at its new facility … Read more
Venezuelan opposition leader and Nobel Laureate Maria Corina Machado addresses delegates at the 44th annual CERAWeek by S&P Global in Houston the week of March 23, 2026. Top oil executives, senior U.S. government officials and influential policymakers from around the world are gathering in Houston, Texas, for S&P Global’s annual CERAWeek conference. The gathering took … Read more
By Alex Longley, Julian Lee, Alaric Nightingale, Kevin Crowley, Yongchang Chin, Sherry Su, Charles Gorrivan, Devika Krishna Kumar, Priscila Azevedo Rocha, John Ainger, Jorge Valero, Grant Smith, Bill Lehane, Lucia Kassai, Ruth Liao, Mia Gindis, Jack Wittels, Emma Sanchez, Rong Wei Neo, Maddie Parker, Tom Orlik, Reade Pickert, Mitchell Ferman, Stephen Stapczynski, Prejula Prem, Graphics by Tom … Read more
By Siddharth Cavale Analysts flag concern over Saudi oil exports from Red Sea G7 nations are ready to take steps for energy stability NEW YORK, March 30 (Reuters) – Oil prices closed higher on Monday, with Brent heading for a record monthly rise, while U.S. crude futures settled above $100 a barrel for the first … Read more
Japan called on the Group of Seven wealthy nations and the International Energy Agency to be ready to take further flexible measures to stabilise energy markets if the Iran war drags on, its industry minister said on Monday. Those actions could include additional coordinated oil stockpile releases at an appropriate time, Ryosei Akazawa told reporters … Read more
Shell says windfall taxes risk deterring future gas investment Australia’s LNG export revenues set to surge on supply shock SYDNEY, March 31 (Reuters) – Shell (SHEL.L) has warned Australia against introducing a windfall tax on gas exporters, saying such a move would deter investment and undermine energy security as LNG prices surge following disruption to … Read more
BRUSSELS, March 30 (Reuters) – Energy prices around the world have soared after Iran closed the Strait of Hormuz in response to U.S.-Israeli attacks, leaving many Group of Seven and EU governments seeking ways to lessen the impact on their economies. Finance and energy ministers of the G7 – the United States, Canada, Japan, Britain, … Read more
By Kate Abnett Video conference planned for 1300 GMT Tuesday Focus on gas storage, stabilising oil product markets Alarm over tightening supplies of diesel and jet fuel BRUSSELS, March 30 (Reuters) – European Union energy ministers will hold talks on Tuesday to coordinate their response to the disruption to oil and gas markets triggered by … Read more
Reuters Some of U.S. President Donald Trump’s major policy decisions have been preceded by well-timed bets, leading some experts to raise questions about whether information had somehow leaked ahead of time. Here is a list. March 23, 2026 – IRAN ATTACK PAUSE: An unidentified trader or traders bet $500 million on Brent and WTI crude … Read more
(Reuters) – The U.S. technology industry is being pushed to shrink its power use in times of high demand, amid growing public concern that Big Tech’s massive electricity needs for its expansion of data centers are maxing out the country’s grid. The power industry and its regulators are increasingly urging tech companies to make what … Read more
Most conversations about pneumatic emissions abatement start in the right place—a site, a device count, a vent rate, a regulatory deadline. An operator identifies a handful of facilities that need to move to zero-emissions pneumatics, evaluates the available solutions, and makes a decision. At that scale, almost any approach can technically work. The real question … Read more
(Reuters) – President Donald Trump has been weighing whether to use ground forces to seize Iran’s strategic oil hub of Kharg Island, an operation analysts say could be achieved quickly, but leave U.S. troops in great peril and prolong rather than shorten the war. WHERE IS KHARG ISLAND AND WHY IS IT IMPORTANT? Kharg Island … Read more
Summary Iran conflict escalates as Houthis attack on Israel Analysts flag concern over Saudi oil exports from Red Sea Iran accuses US of ground assault plans Pakistan prepares to host peace talks (Reuters) – Oil prices extended gains on Monday, with Brent heading for a record monthly rise, after Yemeni Houthis widened the Iran war by launching … Read more
Oil companies will have to look further afield for new fossil fuel resources now that the Iran war has dented the investment allure of the energy-rich Middle East. Higher oil prices will give them that chance. Major international oil companies, including Exxon Mobil, Chevron, TotalEnergies, Shell and BP, have long been drawn to the Middle East by its vast resources, … Read more
A month after U.S. and Israeli strikes on Iran, global markets for the supply of crude oil, refined products and liquefied natural gas are already in the second-worst possible scenario. Everything hinges on the Strait of Hormuz. This chokepoint, which normally carries around 20% of global crude, products and LNG, is still effectively closed to … Read more
Reuters The Pentagon is preparing for weeks of ground operations in Iran, the Washington Post reported Saturday, citing U.S. officials. The plans could involve raids by Special Operations and conventional infantry troops, the Post reported. Whether President Donald Trump would approve any of those plans remains uncertain, according to the Post. The Trump administration has … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-January, energy services firm Baker Hughes said on Friday. The oil and gas rig count, an early indicator of future output, fell by nine to 543 … Read more
Tehran suggests system of charging fees and limiting passage to ‘non-hostile’ ships could endure beyond the war By Alice Hancock in Brussels and Najmeh Bozorgmehr in Tehran Original: financialpost.com/financial-times/iran-cash-strait-of-hormuz Iran is working to establish a system of approved passage for ships through the Strait of Hormuz, a tightening of control over the crucial waterway that … Read more
By Lisa Baertlein US diesel prices rise due to Iran’s control of Strait of Hormuz Independent truckers slammed by flat demand, high diesel costs Big trucking firms manage fuel costs using surcharges, bulk buying LOS ANGELES, March 27 (Reuters) – The U.S.-Israeli war on Iran has sent U.S. diesel prices up 50%, delaying a long-awaited … Read more
(Reuters) – Global energy companies are getting back to basics and focusing on the hunt for new sources of oil and gas, executives declared at the CERAWeek conference in Houston this week, ending years of underinvestment in exploration. In recent years, the shale revolution in the U.S. promised abundant, flexible supply, while growth in renewable … Read more
(Reuters) – Global oilfield services companies are bracing for a hit to earnings as the Iran war disrupts energy infrastructure across the Middle East and producers hold back on new drilling until higher oil prices prove durable. Surging commodity prices – the Brent benchmark is up 53% since February 27, the day before the U.S. … Read more
By Shariq Khan Investors remain wary of prolonged conflict US extends Strait of Hormuz deadline Prices could hit $200 if war drags on, Macquarie analysts say NEW YORK, March 27 (Reuters) – Oil prices rose on Friday and notched weekly gains, reflecting scepticism about prospects for a ceasefire in the month-old Iran war. Brent … Read more
By George Hay LONDON, March 27 (Reuters Breakingviews) – Gulf conflict has pushed European and Asian liquefied natural gas prices higher, but not American ones. Those with lots of US supply, like Shell and TotalEnergies, can make tidy trading margins. And $41 bln Venture Global, with a boatload of un-contracted LNG, has struck gold. Full … Read more
(Reuters) – Russian Foreign Minister Sergei Lavrov said the U.S. has been seeking control over the Nord Stream gas pipelines in the Baltic Sea, which were damaged by mysterious blast in September 2022. Explosions that destroyed the pipelines more than three years ago largely severed Russian gas transit to Europe, squeezing energy supplies on the … Read more
(Reuters) – There are reasons to believe that there could be an escalation in the conflict in the Middle East in the coming days, Polish Prime Minister Donald Tusk said on Friday. “I have reasons to believe, also based on information we’ve received from our allies, that stabilisation is unlikely in the coming days. On … Read more
By Jennifer A. Dlouhy and Skylar Woodhouse Treasury Secretary Scott Bessent said a US insurance program meant to boost shipping through the Strait of Hormuz will begin soon, a move that may help revive flows of much of the world’s oil and gas supplies. Bessent’s predictions, delivered Thursday during a meeting of President Donald Trump’s … Read more
By Riley Griffin and Josh Saul Meta Platforms Inc. is paying for the construction of seven new natural gas-fired plants to fuel its most power-hungry data center, increasing its reliance on fossil fuels amid a fast-moving artificial intelligence race. The company reached a new agreement with Entergy Corp. to build and pay for enough gas … Read more
By Keira Wright, Paul-Alain Hunt, and Ruth Liao Three Australian plants that provide about 8% of the world’s liquefied natural gas have had their output curbed by a cyclone, in a further blow to mainly Asian buyers reeling from the halt of shipments from Qatar. Karratha, the onshore processing facility that feeds Woodside Energy Group … Read more
Brent was last near US$110 a barrel on Friday, after touching a crisis-high of US$119.50 earlier this month By Rong Wei Neo Oil may hit a record US$200 a barrel if the Iran war drags on till June, with the Strait of Hormuz staying shut, Macquarie Group Ltd. said. A conflict that stretches through the … Read more
By Jan Strupczewski EU finance ministers aim to prevent market fragmentation with any energy price support EU Commission warns any response must be targeted, temporary and fiscally limited EU proposes support for vulnerable households to avoid inefficiencies BRUSSELS, March 27 (Reuters) – European Union finance ministers will seek to coordinate on Friday their response to … Read more
March 27 (Reuters) – Cuban officials have petitioned the Vatican to help persuade the administration of U.S. President Donald Trump to ease its oil embargo in senior-level meetings with Vatican officials including Pope Leo, the Washington Post reported on Friday, citing people familiar with the matter. Reuters could not immediately verify the report. The Vatican … Read more
By Florence Tan and Yuka Obayashi SINGAPORE, March 27 (Reuters) – Asian refiners are beginning to switch to pricing U.S. crude oil purchases against global benchmark ICE Brent instead of Dubai after the Middle East marker spiked to record levels this month, three refining and trade sources said on Friday. The move could reduce liquidity … Read more
(Reuters) – The United States has sent Iran a “15-point action list” as a basis for negotiations to end the current conflict, U.S. Special Envoy Steve Witkoff said on Thursday, adding that there are signs that Tehran was interested in making a deal. Witkoff, speaking during a cabinet meeting at the White House, said that … Read more
By Sheila Dang, Stephanie Kelly and Amanda Stephenson Oil prices surge due to Iran conflict, boosting profits Analysts revise Chevron, Shell earnings estimates upwards Middle East disruptions may hurt oilfield-service companies HOUSTON, March 26 (Reuters) – As Big Oil executives gathered this week and discussed the biggest-ever disruption to global energy supplies due to the … Read more
(Reuters) – Vicki Hollub is preparing to retire as chief executive of Occidental Petroleum, after her decade-long stewardship of the U.S. oil and gas company that made her one of the most powerful women in a male-dominated industry, sources familiar with the matter told Reuters. Hollub, 66, plans to make a formal announcement later this … Read more
Summary US extends Strait of Hormuz deadline to April 6 Investors remain wary of prolonged conflict Prices could hit $200 if war drags on, Macquarie analysts say (Reuters) – Oil prices rose on Friday but were set for their first weekly decline since February 9 as U.S. President Donald Trump extended a pause in attacks … Read more
(Reuters) – U.S. President Donald Trumpsaid on Thursday that Iran was letting10 oil tankers transit the Strait of Hormuz as an apparent goodwill gesture in negotiations. Trump made the comments at a Cabinet meeting in the White House, elaborating on what he had previously described as a “present” from Iran. “They said, to show you … Read more
By Liam Denning In demand. Photographer: Callaghan O’Hare/Bloomberg The conflict in Iran represents both an expression of US “energy dominance” and a profound test of it. Resurgent domestic oil and gas production promised insulation against the fallout from a new war in the Middle East. The same war is casting doubt on that promise. The … Read more
By Amanda Cooper and Robert Harvey Options market shows bets on $150 oil by end-April rising Open interest in $150 calls nearly 10 times larger than last month Oil is trapped in Gulf following U.S.-Israel conflict with Iran Brent crude set all-time high of $147 in 2008 LONDON, March 26 (Reuters) – Traders are piling … Read more
By Forrest Crellin and Shadia Nasralla PARIS, March 26 (Reuters) – TotalEnergies’ (TTEF.PA) CEO Patrick Pouyanne said on Thursday that the company made a decision not to declare force majeure to any of its liquefied natural gas customers, and that it would respect all the LNG contracts in terms of price and volume. Qatar, the … Read more
By Bhargav Acharya and Kanishka Singh WASHINGTON, March 26 (Reuters) – U.S. President Donald Trump said on Thursday he was pausing attacks on Iran’s energy plants for 10 days at what he cast as the Iranian government’s request, and said talks with Tehran were going “very well.” “As per Iranian Government request… I am pausing … Read more
By Siddharth Cavale Iran says it is reviewing US proposal, has no interest in talks Ukrainian attacks, tanker seizures halt 40% of Russia oil export capacity Houthi movement says it stands ready to strike Red Sea waterway NEW YORK, March 26 (Reuters) – Crude futures closed higher on Thursday, rebounding from the previous session’s losses, … Read more
(Reuters) – White House press secretary Karoline Leavitt on Wednesday said the United States is tracking “very closely” how to get oil tankers through the Strait of Hormuz. “As far as tankers through the Strait, it’s something we’re tracking very closely,” Leavitt told reporters about the key shipping lane near Iran. However, the press secretary … Read more
(Reuters) – With visibility on the U.S. economic outlook greatly reduced by the fog of war and $100-a-barrel oil, it might seem an odd time to be getting more bullish on stocks. But from a valuation, earnings, and growth perspective, there’s a compelling case. Strategists at Barclays outlined it this week as they raised their … Read more
(Reuters) – President Donald Trump on Thursday urged Iran to make a deal to end U.S. and Israeli bombing or face more strikes on their country. “They now have the chance, that is Iran, to permanently abandon their nuclear ambitions and to join a new path forward,” Trump said during a Cabinet meeting at the … Read more
(Reuters) – Iran’s initial response to the U.S. proposal to end the war, which was conveyed to Pakistan, was that it was “one-sided and unfair”, a senior Iranian official told Reuters on Thursday, adding that a path forward might still be found if realism prevailed in Washington. The official said the proposal “was reviewed in … Read more
By Mohammed Ghobari and Emma Farge Houthis have track record of disrupting international shipping Iran-aligned group ready should need arise to join war, leader says Bab al-Mandab is a key choke point (Reuters) – Yemen’s Iran-aligned Houthi movement, whose attacks on the Red Sea caused international shipping and trade chaos during the Gaza war, stands … Read more
(Reuters) – The European Union may be forced to scale back its flagship climate policies and geopolitical aims as the Iran war drives up energy prices – with lasting consequences for the bloc’s energy strategy. The energy crunch sparked by the conflict, now in its fourth week, has rattled Europe, which is heavily dependent on … Read more
(Reuters) – Barclays said on Thursday that a prolonged closure of the Strait of Hormuz would likely lead to a 13-14 million barrels per day supply loss, noting that while the scale of the disruption is immense, so is the uncertainty around its duration. Exports from Yanbu and Fujairah have picked up in recent weeks … Read more
By Mike Dolan (Reuters) – The Iran oil shock has upended rate forecasts and roiled U.S. Treasury markets – driving volatility to its highest in nearly a year and forcing selling that is taking a serious toll on liquidity. The risk is that the tremors spread further. One of the key attractions of the U.S. … Read more
(Reuters) – Abu Dhabi state oil company ADNOC’s CEO Sultan Al Jaber described any restriction of passage through the Strait of Hormuz by Iran as “economic terrorism”. “When Iran holds Hormuz hostage, every nation pays the ransom, at the gas pump, at the grocery store, at the pharmacy,” Al Jaber said in a speech in … Read more
(Reuters) – Private energy companies and their backers are emerging as leaders in the next phase of global shale development, taking early positions in overseas basins while publicly listed U.S. producers focus on capital discipline and their core domestic acreage. The pattern echoes the early years of the U.S. shale revolution, when independent wildcatters took … Read more
(Reuters) – BlackRock CEO Larry Fink said oil prices could reach $150 a barrel and cause a “global recession” if Iran “remains a threat” even after the war ends. “If there is a cessation of war, and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, a threat … Read more
Oil prices above $100 a barrel would not trigger a meaningful production increase in the U.S. unless they stay elevated for more than a quarter, shale executives said at the CERAWeek energy conference in Houston, troubling news for consumers slammed by the energy crisis during the U.S.-Israeli war on Iran. Shale producers helped make the … Read more
(Reuters) – U.S. officials this week said the historic spike in fuel prices during the war in Iran will be short-term and trumpeted record U.S. production at an industry conference where oil executives and government officials from Asia, the Middle East and Europe bemoaned the worst oil and gas supply disruption in decades. The contrasting … Read more
Summary Iran reviews US proposal, but has no interest in holding talks Ukrainian attacks, tanker seizures halt 40% of Russia oil export capacity Turkey says drone struck oil tanker in the Black Sea (Reuters) – Oil rose by over 4% on Thursday, rebounding from the previous session’s losses, as prospects for a prolonged conflict in … Read more
(Reuters) – Supply disruptions linked to the U.S.-Israeli war on Iran could delay construction of liquefied natural gas projects slated for development in the U.S., Freeport LNG CEO Michael Smith said on Wednesday at the CERAWeek energy conference in Houston. The U.S. is the world’s largest LNG exporter and has more new capacity under construction … Read more
(Reuters) – Iran’s parliament speaker, Mohammad Baqer Qalibaf, said on Wednesday that intelligence suggests “enemies” are planning to occupy an Iranian island with support from a regional country which he did not name. “Iranian forces are monitoring enemy movements and if they take any step, we will attack vital infrastructure in that regional country in … Read more
(Reuters) – Venezuela’s oil production, including condensate and gas liquids, has reached 1.1 mln barrels per day in March, a government presentation citing figures from state oil company PDVSA showed on Wednesday. The figure was an increase from January, when production was 942,000 bpd, the presentation, shared by acting President Delcy Rodriguez during a virtual … Read more
By Dylan Griffiths Fire and plumes of smoke rise from an oil facility in Fujairah, United Arab Emirates on March 14. Photographer: Altaf Qadri/AP Photo Dozens of refineries, oil fields, gas plants, ports and other energy infrastructure have been damaged by missile and drone strikes, with the Iran war now well into its fourth week. … Read more
(Reuters) – When the missiles and drones eventually stop flying in the U.S.-Israeli air strikes against Iran, a new contest is likely to get underway: the scramble for contracts to rebuild damaged oil and gas infrastructure and restore shipping lanes – and influence – across the Middle East. The destruction is not confined to Iran. … Read more
(Reuters) – The Western allies trying to negotiate a way to protect the Strait of Hormuz for energy shipping face a stark reality: a similar effort in the Red Sea that started years earlier cost billions of dollars and ultimately failed against Yemen’s Houthis. The costly Red Sea experience – four ships sunk, more than … Read more
Reuters Whatever the outcome of the Iran war, one question is already inescapable for the Gulf’s energy-rich economies: is the U.S. security umbrella still worth the price? Since the U.S. and Israel launched strikes on Iran on February 28, it’s been its Gulf neighbours who have suffered most from missiles and drones that followed – … Read more
Venezuela opposition leader Maria Corina Machado told Reuters on Tuesday that early interest in Venezuela’s oil sector is positive but she called for more transparency and contract security, including a new oil law, to further increase crude and gas output in the South American country. In January, Venezuela’s National Assembly approved a sweeping reform of … Read more
The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the U.S.-Israeli war on Iran, executives and oil ministers said on Tuesday. Costs for energy, fertilizers and petrochemicals are soaring as the world is losing as much as … Read more
(Reuters) – Venezuela needs to “completely rewire” its fiscal system to attract new investment, ConocoPhillips CEO Ryan Lance said on Tuesday at the CERAWeek conference in Houston, underscoring the challenges facing the country’s oil industry in the wake of President Nicolas Maduro’s capture in January. Lance called a reformed hydrocarbon law in the OPEC-member country … Read more
(Reuters) – The U.S. may not be scaling electricity fast enough for the expansion of artificial intelligence, Google’s President and Chief Investment Officer Ruth Porat said on Monday, speaking about the vast amounts of power needed to scale the company’s AI data centers. “We are concerned that we are not full throttle on energy,” she … Read more
By Rajesh Kumar Singh United plans to receive over 250 aircraft by April 2028 United focuses on premium seating with new Airbus models Premium travelers seen as resilient to fare increases CHICAGO, March 24 (Reuters) – United Airlines (UAL.O) on Tuesday unveiled a broad aircraft and cabin overhaul centered on higher-end seating, pressing ahead with … Read more
(Reuters) – Gaining the approval of local communities has become paramount to building data centers in the U.S., Microsoft President Brad Smith said on Tuesday, as towns across the country increasingly protest the developments. The rapid proliferation of Big Tech data centers is driving up the country’s electricity demand and power bills, and drawing scrutiny … Read more
(Reuters) – The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday. The pipeline, proposed by Canadian pipeline company South Bow and its U.S. partner Bridger Pipeline, could increase Canada’s crude exports to the U.S. by … Read more
Summary Trump cites progress with Iran, US proposes plan to end war Iran tells UN ‘non-hostile’ ships can transit Strait of Hormuz Saudi hikes Yanbu exports to work around Hormuz halt, data shows Russia halts Baltic oil exports after Ukrainian drone attacks (Reuters) – Oil prices sank about 5% on Wednesday after reports the United … Read more
(Reuters) – Valero Energy Corp is preparing to restart its 380,000 barrel-per-day (bpd) Port Arthur, Texas, oil refinery this week after shutting the plant on Tuesday following an explosion and fire the previous day, two people familiar with operations said. Workers were blocking the pipelines that feed the damaged 47,000-bpd unit 243 diesel hydrotreater early … Read more
(Reuters) – Iran has told International Maritime Organization member states that “non-hostile vessels” may transit the Strait of Hormuz if they coordinate with Iranian authorities, the Financial Times reported on Tuesday, citing a letter. The U.S.-Israeli war against Iran has all but halted shipments of about one-fifth of the world’s oil and liquefied natural gas … Read more
(Reuters) – Emergency measures to alleviate the disruption to energy supply caused by the U.S.-Israeli war on Iran are “not even a drop in the proverbial barrel” compared to normal oil and gas export flows from the Middle East Gulf, the CEO of Kuwait Petroleum Corporation said on Tuesday. Kuwait and Gulf neighbors Saudi Arabia, … Read more
(Reuters) – Energy security is key to securing national security, Shell CEO Wael Sawan said on Tuesday, warning that the supply disruptions from the U.S.-Israel war with Iran that have hit Asia could creep into Europe by next month. “We are trying to work with governments to just alert them to the various levers they … Read more
(Reuters) – The cost of building gas plants has topped $3,000 per kilowatt, more than tripling over the last decade, Carlyle’s energy investment officer said on Tuesday. “There’s a real increase that’s happened, and that’s flowing into the power prices in the market today,” Matt O’Connor, chief investment officer of international energy at Carlyle, said … Read more
(Reuters) – Kuwait could ramp up oil production relatively quickly if the U.S.-Israel war with Iran were to end today, hitting full production capacity in 3-4 months, Shaikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation, said on Tuesday in a video address to the CERAWeek energy conference. He said supplies from alternative pipelines to the … Read more
(Reuters) – Traders bet half a billion dollars on the price of crude only 15 minutes before U.S. President Donald Trump announced a five-day delay to attacks on Iran’s energy infrastructure that sent the market plunging, exchange data and Reuters calculations showed. Having issued Iran with a Monday deadline to reopen the critical Strait of … Read more
(Reuters) – China is conducting a vast undersea mapping and monitoring operation across the Pacific, Indian and Arctic oceans, building detailed knowledge of marine conditions that naval experts say would be crucial for waging submarine warfare against the United States and its allies. In one example, the Dong Fang Hong 3, a research vessel operated … Read more
March 24 (Reuters) – The United States will continue its strikes on Iran, with the pause applying only to attacks on Tehran’s energy sites, Semafor reported on Monday, citing a U.S. official, during what President Donald Trump has described as “productive” talks with unidentified Iranian officials. Earlier on Monday, Trump had postponed for five days … Read more
By Katya Golubkova, Yuka Obayashi and Tamiyuki Kihara Japan began tapping private oil stockpiles on March 16 Japan to open public stockpiles on March 26, PM Takaichi says To use five days worth of oil supply from joint oil stockpiles Three tankers, not related to the Strait of Hormuz, heading towards Japan Industry calls for … Read more
Historic Strait of Hormuz disruption and limited supply response expected to drive Brent prices to average $95/bbl for the remainder of 2026, $100/bbl for 2027 CALGARY, Alberta (Mar. 24, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy-dedicated artificial intelligence and data analytics company, is releasing an updated global oil outlook that … Read more
Valero shuts Texas refinery after explosion rocks diesel unit, sources say Reuters Valero Energy Corp has shut its 380,000-barrel-per-day (bpd) oil refinery in Port Arthur, Texas, following an explosion and fire at a diesel hydrotreater unit, people familiar with the plant operations said on Monday. The explosion at the 47,000-bpd 243-diesel hydrotreater unit rocked the … Read more
At first glance, the Iran war appears to be hitting oil and gas with equal force, as missiles, drone strikes and shipping disruptions choke flows through the Strait of Hormuz. But beneath that surface symmetry lies a critical imbalance. The global gas supply chain has fewer rerouting options and less storage capacity than the … Read more
Shell is concerned that the Iran war could impact long-term confidence in the affordability and security of natural gas supplies, said the company’s president of integrated gas, Cedric Cremers. “These geopolitical shocks…send the wrong signals to customers around the long-term fundamentals of gas,” Cremers said at the CERAWeek conference in Houston. The conflict has removed … Read more
(Reuters) – India’s Reliance Industries, operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, days after the U.S. temporarily removed sanctions on the oil, three sources familiar with the matter said on Tuesday. The Indian refiner bought the oil from the National Iranian Oil Co., two of the sources … Read more
By Curtis Williams Jack Fusco, President and CEO of Cheniere Energy during the CERAWeek energy conference in Houston, Texas, U.S., March 7, 2023. HOUSTON, March 23 (Reuters) – The situation in the Middle East shows the need for diversity in energy supplies, Jack Fusco, CEO of Cheniere Energy (LNG.N), the nation’s largest U.S. liquefied natural … Read more
Summary Trump says US, Iran have ‘major points of agreement’ Iran rejects claim of contact with Washington Macquarie says Brent could hit $150 if Hormuz shut through April (Reuters) – Oil rose on Tuesday as the world’s biggest supply disruption persisted and as Iran denied it had talks with the U.S. to end the war in the … Read more
WASHINGTON, March 23 (Reuters) – The United States is “highly unlikely” to release more oil from its Strategic Petroleum Reserve to calm energy markets during the war with Iran, U.S. Energy Secretary Chris Wright told CNBC on Monday. The U.S. was looking at a variety of other levers to try to bring down prices, he … Read more
(Reuters) – Some of the world’s top oil executives and energy ministers in Houston on Monday expressed growing concern over the long-term effects of the U.S.-Israel war with Iran on the global economy, while the U.S. Energy Secretary Chris Wright downplayed the crisis. The war has caused one of the biggest disruptions to energy supplies … Read more
(Reuters) – A disruption to global energy supplies from the U.S.-Israeli war on Iran lasting beyond three to four months would pose a systemic risk to the global economy, TotalEnergies CEO Patrick Pouyanne said on Monday. The disruption to global fuel supplies is worse than the disruption to crude oil supplies because it has been … Read more
By Amanda Stephenson Middle Eastern, Asian investors show interest in Canadian pipeline Alberta to submit pipeline proposal for federal fast-tracking in June Regulatory hurdles and carbon pricing policy impact pipeline feasibility HOUSTON, March 23 (Reuters) – Middle Eastern and Asian investors have expressed early-stage interest in a potential new crude oil pipeline in Canada and … Read more
(Reuters) – Two tankers bound for India sailed through the Strait of Hormuz on Monday carrying liquefied petroleum gas (LPG) loaded in the United Arab Emirates and Kuwait, although overall traffic through the critical waterway remained blocked. Hundreds of vessels and some 20,000 seafarers have remained stranded inside the Gulf since Tehran threatened to attack … Read more
(Reuters) – Chevron CEO Mike Wirth said he is uncertain how quickly shut-in production in the Middle East stemming from the ongoing U.S.-Israel war with Iran will return. “It will take time to come out of this,” Wirth said on Monday at the CERAWeek conference in Houston. Tightness in the energy market due to the … Read more
(Reuters) – No one likes expensive oil, especially in the U.S., where driving, spending, and energy-intensive economic activity are on such a vast scale. But despite fears to the contrary, the average U.S. consumer has never been better equipped to deal with $100-a-barrel oil. U.S. households are the richest they’ve ever been in nominal terms. … Read more
(Reuters) – Global oil prices have not climbed enough to cause demand destruction, U.S. Energy Secretary Chris Wright said on Monday at the CERAWeek energy conference in Houston, Texas, even as markets continued to gyrate and global oil prices remained over $100 a barrel due to the U.S.-Israel war on Iran. Wright’s remarks come amid … Read more
(Reuters) – President Donald Trump on Monday told reporters the United States has held talks with Iran and that the two sides had “major points of agreement.” Trump said the conversations that took place on Sunday would to continue on Monday and that if the negotiations continued productively, there would be a deal very soon. … Read more
(Reuters) – U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile. Trump’s wager has only partly paid off. U.S. oil prices have risen … Read more
(Reuters) – The gas subsidiary of ADNOC, Abu Dhabi’s state oil firm, on Monday said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. The U.S.-Israeli war on Iran escalated sharply over the weekend after President Donald Trump threatened … Read more
(Reuters) – Iran’s Tasnim news agency, citing an Iranian official, said that the strait of Hormuz will not return to pre-war conditions and energy markets will remain unsettled, adding that no negotiations with the U.S. are under way. Tasnim said U.S. President Donald Trump backed down from attacking critical Iranian infrastructure amid financial market pressure, … Read more
Reuters) – Abu Dhabi state oil giant ADNOC’s Group CEO Sultan Al Jaber will not travel to Houston for the CERAWeek energy conference and will participate virtually before travelling to Washington D.C. for meetings, an ADNOC spokesperson told Reuters, as the Iran war upends energy markets. The gathering, which draws some of the oil … Read more
IEA discussing further oil stock releases, chief Birol says Summary IEA prepared to release more oil ‘if necessary’ Asia Pacific is at the forefront of the oil crisis Work from home and lower speed limits could conserve fuel Australia’s 30 days of diesel stock is ‘solid’, Birol says (Reuters) – The International Energy Agency is … Read more
Summary Trump post says ‘good’ talks with Iran discuss ‘Complete and total resolution of hostilities’ Israel launches new wave of attacks on Tehran Iran vows to strike Gulf infrastructure if US attacks power grid Tehran says strait open to all but ‘enemies’ (Reuters) – U.S. President Donald Trump said on Monday he had given orders … Read more
Goldman Sachs late on Sunday raised its 2026 average price forecast for Brent crude oil to $85 per barrel (bbl) from $77, while raising its West Texas Intermediate (WTI) forecast to $79/bbl from $72. The bank expects extended disruptions to crude shipments through the Strait of Hormuz and increased strategic stockpiling to drive the market … Read more
Saudi Aramco Chief Executive Amin Nasser has cancelled his planned appearance at the CERAWeek energy conference in Houston to remain in Saudi Arabia because of the Iran conflict, an industry source told Reuters. Nasser, who has been CEO of the world’s top oil exporter for more than a decade, is usually one of the headline … Read more
Summary Trump post says ‘good’ talks with Iran discuss ‘Complete and total resolution of hostilities’ Israel launches new wave of attacks on Tehran Iran vows to strike Gulf infrastructure if US attacks power grid Tehran says strait open to all but ‘enemies’ (Reuters) – U.S. President Donald Trump said on Monday he had given orders … Read more
Summary Trump gave Iran 48 hours to reopen Strait of Hormuz on Saturday (Reuters) – Oil prices plunged by more than 13% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days, hours ahead of a deadline that threatened further escalation in the conflict … Read more
(Reuters) – The world’s top energy executives return to Houston this week as the escalating U.S.-Israeli war on Iran has become a nightmare for energy markets, as unprecedented attacks on infrastructure and shipping disruptions sent global oil prices soaring while governments scrambled to fight inflation and avoid recessions. Global oil prices jumped this week, hitting … Read more
The crude oil futures markets are still largely pricing for an early resolution to the conflict in the Middle East that results in the full re-opening of the Strait of Hormuz. But in pricing for this outcome the market is actually making it more likely the narrow waterway that serves as a conduit for as … Read more
Critical infrastructure and energy facilities in the Middle East could be “irreversibly destroyed” should Iranian power plants be targeted, Iran’s Parliament Speaker Mohammad Baqer Qalibaf said in comments posted on X on Sunday. His comments come after U.S. President Donald Trump warned that Iranian power plants would be targeted if the Strait of Hormuz is … Read more
Iran will completely shut the strategic Strait of Hormuz if U.S. President Trump executes threats to target Iranian energy facilities, the country’s Revolutionary Guards said in a statement on Sunday. Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of Hormuz within 48-hours, suggesting a significant escalation … Read more
Cuba’s national electric grid collapsed on Saturday for the second time in a week amid the U.S.-imposed oil blockade, officials announced, as the communist government struggles to keep the lights on for its 10 million people with decrepit infrastructure. “At 18:32 (2232 GMT), a total disconnection of the National Electric Power System occurred. We will … Read more
Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday. U.S. President Donald Trump on Saturday threatened to “obliterate” Iran’s power plants if Tehran did not fully reopen the Strait of … Read more
The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday.Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, … Read more
The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure … Read more
The U.S. Energy Department said it had awarded contracts to loan 45.2 million barrels of crude oil from the Strategic Petroleum Reserve as of Friday. Companies that have been awarded the SPR contracts include BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading, the Energy Department said in a statement. The Trump administration is loaning … Read more
The Panama Canal is operating at top capacity with a daily passage of between 36 and 38 vessels, the waterway’s chief Ricaurte Vasquez told reporters on Friday, adding that the Iran war is boosting demand by owners and operators of liquefied natural gas tankers, particularly those loading at U.S. ports.The world’s second busiest waterway, which … Read more
By Maha El Dahan, Andrew Mills and Yousef Saba QatarEnergy boss says he warned US energy secretary and executives Says earlier evacuation meant pulling out 10,000 workers in 24 hours Says North Field expansion could be delayed by more than a year Says difficult to describe how he feels after Iran attack DUBAI, March 20 … Read more
(Reuters) – Iraq has declared force majeure on all oilfields developed by foreign oil companies, as military operations in the region have disrupted navigation through the Strait of Hormuz, preventing most of the country’s crude exports from moving, oil ministry sources said. Reporting by Aref Mohammed and Ahmed Rasheed, Editing by Louise Heavens
(Reuters) – Liquefied natural gas (LNG) supplies from Qatar to India could be impacted following Iranian strikes on energy facilities in the Middle Eastern nation, a government official said on Friday. India, the world’s fourth-largest LNG importer, relies on Qatar for about 41% of its gas imports. In 2024/25, India imported over 27 million metric … Read more
By Georgina Mccartney US deploys more troops to Middle East, Trump comments on Iran Iraq declares force majeure on some oilfields Strait of Hormuz disruptions keep oil prices high, analysts say HOUSTON, March 20 (Reuters) – Oil prices jumped on Friday and settled at their highest in nearly four years, as Iraq declared force majeure … Read more
By Marianna Parraga Vessel Sea Horse had loaded a Russia-origin cargo earlier this year US Treasury said a waiver to Russian cargoes does not cover sales to Cuba March 20 (Reuters) – A tanker carrying fuel originally bound for Cuba on Friday changed its destination to Trinidad and Tobago, according to LSEG ship-tracking data, a … Read more
CEO says Iran war has bolstered the outlook for the Ksi Lisims LNG project which will need a pipeline partner By Meghan Potkins Two years after exiting a key pipeline project tied to a proposed new liquefied natural gas terminal on British Columbia’s coast, TC Energy Corp. chief executive François Poirier says the company could … Read more
(Reuters) – Prime Minister Anthony Albanese has asked Australia’s Treasury to model options for a tax on the windfall profits of gas companies, the Australian Broadcasting Corporation reported on Friday, as well as to suggest reforms to the Petroleum Resources Rent Tax ahead of the annual budget in May. Australia is the world’s third-largest LNG … Read more
(Reuters) – Asian refiners are increasingly sending medium-sized crude cargoes from the U.S. Gulf Coast to Asia through the Panama Canal as the U.S.-Israeli war with Iran disrupts trade flows, raises shipping costs and forces Asian refiners to hunt for alternative supplies. The use of medium-sized tankers that typically cost more per barrel to transport … Read more
(Reuters) – North Dakota crude output is expected to rise in March and the following months as operators in the third-largest oil-producing state restart inactive wells and winter restrictions are eased, the state’s regulator said on Thursday. The North Dakota Department of Mineral Resources said, however, that the pace of activity would depend on how … Read more
JUNO BEACH, Fla., March 19, 2026 /PRNewswire/ — NextEra Energy, Inc. (NYSE: NEE), the largest energy infrastructure builder in the United States, confirmed today that President Donald J. Trump has approved the development of up to 10 gigawatts of natural gas?powered generation in Texas and Pennsylvania. The approval, made in connection with Japan’s $550 billion … Read more
By Scott Disavino NEW YORK, March 20 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of … Read more
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