Gasoline sales rose 7.4% annually despite overall fuel consumption decline, driven partly by increased exports to Russia. India’s fuel consumption fell 3.1% year-over-year in June to 19.24 million metric tons, marking a second consecutive monthly decline. The drop contrast
Oil prices rise as geopolitical tensions escalate after Iran targets commercial vessels in a key global chokepoint. West Texas Intermediate crude futures advanced above $69.00 per barrel, trading at $69.20 during Asian hours on Tuesday. The gain follows reports of Iranian
Attacks on vessels in the key chokepoint disrupt nearly 20% of global oil and LNG flows, risking higher energy prices and freight costs. Iranian forces launched missile strikes on commercial vessels in the Strait of Hormuz, hitting two ships and setting a loaded LNG tanker
China buys 26M oil amid Saudi price cuts China has increased its oil purchases from the Middle East, driven by deep discounts offered by Saudi Arabia. The price cut is expected to further boost China's buying, as the country replenishes its depleted domestic stocks
Oil majors ExxonMobil and Chevron are poised for record earnings as crude prices hit four-year highs amid Middle East supply disruptions. ExxonMobil and Chevron are expected to report second-quarter profits nearly triple those of the first quarter, driven by crude oil pric
Dangote Refinery seeks $4 billion via Africa’s largest potential IPO at a $40 billion valuation, reshaping Nigeria’s energy sector. Shell and ExxonMobil are committing billions to Nigeria’s deepwater oil projects, aiming to restore production and expand refining capacity.
Canadian producers shift to fast-cycle Clearwater wells, cutting production timelines and raising 2026 capital spending amid rising permits. Alberta’s oil sector is accelerating production through the Clearwater formation, enabling wells to come online within months instea
Crude futures settled at $68.55 after failing to sustain gains above the 100-hour moving average near $68.77. Crude oil futures closed at $68.55, down $0.14 for the session, as buyers struggled to maintain momentum above the 100-hour moving average at $68.77. The intraday
UAE crude production climbs above 3.8 million barrels per day The UAE has increased its crude production to above 3.8 million barrels per day in June, its highest level in over six years. This surge in production follows the UAE's exit from OPEC, which had previous
Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July. The drop wipes out the revenue boost Moscow received from the conflict and pressures a feder
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