Recurring US-Iran tensions around the Strait of Hormuz drive short-term oil price swings, with halted strikes easing Brent crude early this week. Brent crude prices fell in early trade after the US halted strikes on Iran, easing geopolitical tensions around the Strait of H
BP seeks buyers for its North Sea portfolio as part of a strategic shift to prioritize higher-value opportunities and streamline operations. BP has launched a potential sale process for its North Sea oil and gas assets, including five production hubs. The move aligns with
The Indian Union Cabinet has approved the National Offshore Exploration Scheme, known as Samudra Manthan, with a total allocated budget of Rs840.84bn ($8.83bn) through the financial year 2030–31. The decision, taken in a meeting chaired by Prime Minister Narendra Modi, mar
WTI futures fall 7.4% to near $78.50 after US suspends planned Iran attacks ahead of renewed peace negotiations. West Texas Intermediate crude futures slid 7.4% to around $78.50 in European trading on Monday. The decline follows the US announcement of suspended military ac
India keeps buying a lot of Russian oil, with July imports hitting a new all-time high and accounting for more than half of total Indian crude oil imports. India’s crude oil imports from Russia rose to 2.8 million barrels per day (bpd) in July, up from the previous high of
Crude futures decline amid U.S. diplomatic efforts with Iran, while hedge funds reduce exposure to technology equities ahead of earnings. Oil prices fell on Monday as the Trump administration pursued talks with Iran, easing supply disruption fears. Crude futures dropped ne
The divestment aligns with BP's strategy to streamline operations and reduce underlying operating expenditure by approximately $1 billion. BP finalized the sale of its Gelsenkirchen refinery in Germany to Klesch Group, marking a key step in its portfolio optimization. The
Deal includes Shell’s 35% interest in Cyprus’s Aphrodite gas field, holding 104 billion cubic metres of contingent resources. Shell has agreed to sell its BG Cyprus subsidiary and a 35% stake in Cyprus Offshore Block 12 to MOL Group for up to $720m. The transaction include
Trump’s decision to delay military action against Iran triggers a sharp decline in oil prices amid easing geopolitical tensions. Brent crude futures fell more than 7% to below USD84 in early Asian trading after the US signaled it would pause further strikes on Iran. The mo
Kuwait's daily oil production rose sharply in July, nearing pre-cut levels as OPEC+ unwinds supply restrictions. Kuwait’s crude oil production climbed to 1.971 million barrels per day in July, up from 1.65 million in June. The increase follows OPEC+’s gradual reversal of o
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