API data shows a larger-than-expected draw, though inventories remain 26 million barrels higher year-to-date. US crude oil inventories fell by 9.1 million barrels in the week ending May 15, exceeding analyst forecasts of a 3.4 million-barrel decline. The draw follows a 2.1
Venezuela’s new hydrocarbons law allows international arbitration for contract disputes, addressing legal certainty concerns for oil companies. Venezuela has introduced a new hydrocarbons framework permitting foreign oil companies to resolve contract disputes through inter
The UAE’s departure from OPEC after 60 years could accelerate cartel fragmentation and increase global oil supply, analysts say. The UAE’s decision to leave OPEC after six decades of membership may trigger further erosion of the cartel’s influence, potentially leading to s
Despite a near-halt in daily Hormuz traffic, Bloomberg reports that almost all large non-Iranian tankers that have entered the Persian Gulf during the war appear to have successfully exited with a cargo, underscoring the emergence of a small group of shipowners willing to risk...
A Nigerian industry leader urges state oil firms to diversify export markets amid OPEC+ supply balance disruptions following UAE's departure. Nigeria is pushing to find new buyers for its crude oil after the UAE’s exit from OPEC disrupted the cartel’s supply balance. Wole
The prime ministers of Japan and South Korea have agreed to boost oil supply cooperation, which would involve joint storage, Nikkei reported today, ahead of a meeting between the top officials in South Korea. The two will discuss the financial and technical details of the
State fuel traders increase retail prices by $0.0093 per litre, marking the second hike in a week due to surging crude oil costs. India’s state-owned fuel traders increased retail prices by $0.0093 per litre, the second adjustment in less than a week. The move aims to offs
Canberra sources 100 million litres of jet fuel from China to mitigate disruptions caused by the Strait of Hormuz closure. Australia has secured three shipments of jet fuel totaling over 600,000 barrels, or approximately 100 million litres, from China. Deliveries are set t
Oil prices retreat as geopolitical tensions ease following the U.S. president’s decision to cancel planned military action. West Texas Intermediate crude fell below $102.00 to trade near $101.85 in early Asian trading on Tuesday. The decline follows U.S. President Donald T
The 30-day extension allows Indian refiners to continue processing Russian crude and products without US sanctions risk. The US extended a waiver for India’s imports of Russian crude and oil products for another 30 days, effective May 18. The exemption, first granted in Ma
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