Three months into the biggest oil supply disruption in modern history, China appears to have discovered something that should make oil bulls at least a little uncomfortable. It can get by on less fuel than anyone thought China's gasoline and diesel demand has been f
Oil prices remain elevated in the wake of the Iran War. Tehran’s ability to close the Strait of Hormuz has sharply crimped world oil supply, with around 20% of all petroleum consumed globally passing through the waterway This triggered an oil shock with prices surgi
Kuwait appears to have joined a growing bunch of Middle Eastern oil and gas producers that have moved to ship energy cargoes in dark mode through the Strait of Hormuz. The liquefied petroleum gas (LPG) carrier Gas Umm Al Rowaisat, which is owned by the national Kuwait Petr
State-run refiners increase UAE crude and LPG purchases after a strategic supply deal with ADNOC last month. Indian refiners have secured crude oil supply through August by ramping up imports from the UAE, Africa, and Brazil. The move follows a strategic agreement with Abu
Canadian oil producers benefit as expanded pipeline capacity meets surging Asian demand for the first time since completion. The Trans Mountain pipeline has achieved full operational capacity of 890,000 barrels per day following its expansion. Demand has exceeded available
The deal aims to modernize PDVSA’s operations using digital tools and artificial intelligence to boost declining production. SLB has signed a long-term agreement with Venezuela’s state-owned PDVSA to reverse the country’s declining oil production and modernize its energy s
OPEC crude production fell to its lowest level since 2000, driven by voluntary cuts and the UAE's exit from the group. OPEC crude oil production averaged 16.13 million barrels per day in May, the lowest level since 2000. The decline reflects ongoing voluntary output cuts b
Oil prices rise as geopolitical tensions escalate following US military action in the Middle East. West Texas Intermediate crude oil prices approached $89.50 in early European trading on Thursday. The move follows renewed US airstrikes against Iran-backed targets, heighten
Iran’s closure of the key oil chokepoint sends Brent crude up 2.26% amid heightened Middle East tensions. Brent crude jumped 2.26% to $95.20 a barrel in early Asian trading after Iran declared the Strait of Hormuz closed following fresh U.S. military strikes. West Texas In
Global oil inventories are six weeks from operational minimums The oil market is underestimating the risk of a supply-driven price spike. Roughly 11 million barrels per day of shut-in production is being offset by higher refinery throughput, SPR releases, and storage drawd
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