The sale of Shell’s 35% stake in Cyprus Offshore Block 12 aligns with its strategy to expand its LNG portfolio. Shell has finalized an agreement to sell its BG Cyprus Ltd subsidiary to Hungary’s MOL Group for $720 million. The deal includes a 35% non-operated interest in C
Chevron reported its highest quarterly profit in six years as crude and fuel prices climbed amid supply disruptions. Chevron posted second-quarter adjusted earnings that exceeded Wall Street forecasts, marking its strongest quarterly profit in at least six years. The gain
Iran’s drone attacks on U.S. military sites in the Gulf region heighten supply disruption fears, lifting crude prices. Oil prices edged higher Friday after Iran launched precision drone strikes on U.S. military bases in Kuwait and Bahrain. The attacks targeted the Ahmad al
September WTI crude futures fell $6.35 this week as geopolitical tensions eased, then partially recovered amid renewed military activity. September WTI crude futures settled at $84.12 late Thursday, marking a $6.35, or 7.02%, decline for the week. The drop followed initial
Six Saudi crude tankers divert around Africa after Houthi attacks disrupt Red Sea shipping routes, raising concerns over supply delays. Six empty Saudi oil tankers have altered course from the Red Sea’s Bab el-Mandeb strait, opting to sail around Africa instead. The rerout
Abu Dhabi’s state oil firm secures supertankers to safeguard crude exports as regional tensions disrupt Strait of Hormuz traffic. Abu Dhabi National Oil Company (ADNOC) has purchased five very large crude carriers (VLCCs) for approximately $590 million. The move aims to se
Increased oil flow through the Strait of Hormuz eases supply concerns, pressuring WTI prices despite ongoing Gulf tensions. West Texas Intermediate crude fell for a second day, trading just above $80.00 as traffic through the Strait of Hormuz rose to 30%-35% of pre-war lev
The UK energy giant seeks to streamline operations and redirect capital toward higher-return projects outside the North Sea. BP has formally begun marketing its North Sea oil business as part of a broader portfolio review aimed at simplifying operations. The move follows m
Middle distillate tightness from Russia’s diesel export ban and US SPR limits offsets easing geopolitical risks in oil markets. Oil prices retreated as ICE Brent fell below $90 per barrel, despite persistent US-Iran tensions. Increased tanker flows through the Strait of Ho
JERA confirms adequate LNG supplies through October, eliminating risks of summer power shortages amid peak demand. Japan’s largest liquefied natural gas buyer has secured enough LNG supplies to cover peak summer demand from August to October, ensuring stable power supply.
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