International Petroleum Corp. launches 80,000-barrel-per-day Blackrod project amid debates over oil sands' role in energy transition. Alberta’s first new oil sands project in a decade has begun commercial production, targeting an average of 80,000 barrels per day at full c
Iraq’s oil minister states export normalization will be gradual, contingent on uninterrupted Hormuz transit amid lingering geopolitical risks. Oil prices retreated after the Strait of Hormuz reopened under a US-Iran interim deal, easing immediate supply concerns. However,
Berlin considers extending reduced oil stockpiling rules despite easing supply concerns and falling prices. Germany is evaluating an extension of its temporary reduction in oil stockpiling requirements beyond the August 31 deadline. The move comes despite recent market opt
Analysts forecast a 2025 oil surplus but see Middle East supply recovery and low inventories supporting prices near-term. Analysts anticipate a significant oil glut in 2025 following the US-Iran deal, yet expect prices to remain supported. The agreement could reopen the St
The producer group projects steady growth in global oil demand despite rising EV adoption and net-zero pledges. OPEC’s latest World Oil Outlook 2026 projects global oil demand will rise from 105.1 million barrels per day in 2025 to 113.3 million by 2030, reaching 124 milli
Oil traders have gone from pricing in the worst supply disruption in modern history to pricing in a recovery that hasn't happened yet. Inventory data suggests they’re getting ahead of themselves Brent crude fell below $77 per barrel on Thursday, the lowest level sin
WTI and Brent crude prices fall as 12 million barrels of oil transit the Strait of Hormuz following a U.S.-Iran agreement. Oil prices declined Thursday after Vice President JD Vance confirmed tankers carrying 12 million barrels passed through the Strait of Hormuz overnight
State-owned refiners in Asia reject VLCC offers as freight rates triple, disrupting June crude shipments from Iraq and the Persian Gulf. PetroChina and other major Asian refiners have halted June crude loadings from the Persian Gulf after rejecting supertanker offers due t
WTI Oil falls 2.35% to $73.20 West Texas Intermediate Oil declined to around $73.20, down 2.35% on the day. The decline is attributed to optimism over a potential deal in the Strait of Hormuz. This development has led to a lasting easing of tensions in the
Oil prices fall as US-Iran agreement eases Middle East supply disruption fears despite a larger-than-expected US inventory drawdown. West Texas Intermediate crude slid 2.35% to $73.20, hitting a three-month low, as investors prioritized easing Middle East tensions over bul