Merlin-1X well yields high-quality light oil with minimal gas, bolstering Namibia’s emerging status as a major exploration frontier. QatarEnergy announced its tenth oil discovery offshore Namibia, with the Merlin-1X well in Petroleum Exploration License 39 (PEL 39) encount
WTI crude settles near key technical levels as geopolitical risks fail to lift prices, marking the lowest close since April 21. West Texas Intermediate crude futures fell $3.10 to settle at $88.20, erasing gains despite overnight geopolitical tensions after an Apache helic
Petroleum and capital goods exports hit all-time highs, reducing the deficit and signaling potential GDP growth upside. The US trade deficit shrank 1.2% to $55.9 billion in April, driven by record exports of petroleum products and capital goods. Exports rose 2.6% to $327.1
Global supertanker orders surge to 262 vessels, the highest ever, as shippers secure capacity through 2030 due to Middle East risks. The global orderbook for Very Large Crude Carriers has reached an all-time high of 262 vessels, surpassing the previous record of 254 set in
Diesel prices drop to $5.21/gallon The average weekly retail diesel price has fallen to $5.21/gallon. This is the lowest price since the start of hostilities against Iran in March, when prices were $4.859/g and $5.071/g. The decline in diesel prices comes a
Oil prices fall to a three-month low on easing supply concerns, breaking key technical levels and shifting momentum to sellers. West Texas Intermediate crude oil slid $3.50 to $87.70, its lowest level since May 29, as traders unwound geopolitical risk premiums. The decline
Higher prices and Middle East supply disruptions cut India's fuel consumption last month, official data show. India's total fuel demand fell 6.5% year-over-year in May, driven by a 20% drop in liquefied petroleum gas sales. Gasoline consumption declined 6.1%, while diesel
Eni and Petronas launch joint venture for Indonesian and Malaysian assets Eni and Petronas have established Searah, a 50:50 independent joint venture. The new venture will oversee a significant portfolio of gas-producing and development assets in Indonesia and Malaysi
Asia’s benchmark LNG prices are set to jump to the highest level in three and a half years in the second half of 2026 as demand is rising amid high electricity summer demand and the EU needs to refill depleted gas storage sites, Morgan Stanley analysts reckon. The Asian LN
China's oil imports fell to 33 million barrels in May China's crude oil imports declined to their lowest level in eight years. The May total stood at 33 million barrels, or 7.8 million barrels daily. This is a significant decrease from the average daily import rate
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