Drone strikes in the Strait of Hormuz lifted oil prices as geopolitical risks resurfaced, even as weak physical crude markets continue to weigh on sentiment. Saudi Arabia Slashes Its Way Back Into Asia - Saudi national oil company Saudi Aramco (TADAWUL:2222) has slashed it
A group of Ugandan farmers on Tuesday filed a case in the UK High Court against the developer of a $5-billion oil pipeline in East Africa, seeking to stop the nearly completed project on environmental grounds. The $5 billion East African Crude Oil Pipeline (EACOP), which w
Oil futures recover above 100-hour and 200-hour moving averages, signaling a potential shift in short-term technical momentum. Crude oil futures reversed course after plunging $43.89, or 39.6%, from an April 30 high of $110.93 to a low of $67.04 last week. The decline brie
Commerzbank’s Carsten Fritsch highlights a rapid recovery in Gulf oil production and exports following the US–Iran agreement, with Brent moving into contango and Saudi Arabia slashing its OSP for Asian buyers. Despite sharply higher observed flows, Fritsch argues that mine
Retail diesel prices fell for the 12th time in 13 weeks, while crack spreads surged to 70-75% of crude barrel value, signaling deep market divergence. The average weekly retail diesel price declined 9 cents to $4.578 per gallon, marking its 12th drop in 13 weeks, according
The United Arab Emirates raised its crude output to near record highs above 3.8 million barrels per day in June, after the Gulf nation quit OPEC to escape production caps, Reuters reported citing two sources familiar with production data said on Monday. Bloomberg data sho
Abu Dhabi’s national oil company ADNOC on Tuesday signed a 15-year long-term deal to supply gas from the UAE’s Ruwais LNG project to Japanese firm Inpex starting from 2028. Under the deal, Inpex, Japan’s largest exploration and production company, will receive 1 million to
A Qatari LNG carrier strike near the Strait of Hormuz revives shipping security concerns, boosting crude and gas benchmarks. A Qatari LNG vessel, the Al Rekayyat, was hit by a projectile near the Strait of Hormuz, reigniting security fears in the critical shipping lane. Th
The deal broadens cooperation in LNG, crude oil, sulfur, and lower-carbon fuels, reinforcing ADNOC’s role as a key supplier to Japan. Abu Dhabi National Oil Company (ADNOC) and Japan’s Mitsui & Co. have expanded their energy partnership to include liquefied natural gas (LN
The agreement covers 1 million tonnes per annum, locking in over 90% of Ruwais LNG’s 9.6mtpa capacity ahead of its 2028 launch. Abu Dhabi National Oil Company (ADNOC) signed a 15-year liquefied natural gas (LNG) sales agreement with Japan’s Inpex, supplying 1 million tonne
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