Tanker traffic through Hormuz picks up pace Tanker traffic through the Strait of Hormuz has increased in recent weeks. At least six tankers carrying oil or LNG moved to exit the Persian Gulf through Hormuz on a route close to Oman’s coast on Sunday. Prior to this in
Seven core members of OPEC+ agreed Sunday to raise collective output targets by 188,000 barrels per day starting in August, marking a fifth consecutive monthly increase as the group continues rolling back production cuts introduced in 2023. The countries involved are Saudi
BP exits Canada’s Bay du Nord offshore project, transferring its 37.2% stake to Equinor for undisclosed terms. BP has agreed to sell its 37.2% interest in the Bay du Nord oil project offshore Newfoundland and Labrador to Equinor, making the Norwegian firm the sole owner. F
Daily crude tanker transits remain below 10 vessels, far short of the 15 million barrels per day capacity before the conflict. Oil tanker traffic through the Strait of Hormuz remains severely constrained, with daily transits holding at 20-30% of pre-war levels. Recent data
Oil prices declined by more than 1% on Monday 6 July following the decision by the Organisation of the Petroleum Exporting Countries (Opec) and its allies, known as Opec+, to raise production targets from August. By 07:56 GMT, Brent crude futures had dropped by $1.02, or 1
Germany’s LNG imports rose to 12% of total gas supply in H1, up from 10% a year earlier, amid reduced Middle East deliveries. Germany’s reliance on US liquefied natural gas increased in the first half of 2024, with LNG accounting for 12% of total gas supply, up from 10% a
Oil prices retreat as OPEC+ production decisions fail to ease concerns over excess global supply. West Texas Intermediate crude fell to $68.30, down 0.64% on Monday, as oversupply worries offset recent price gains. Investors remain cautious despite OPEC+ output adjustments
WTI oil trades down 0.64% at $68.30 West Texas Intermediate oil prices have fallen due to concerns over a global supply glut. The decline comes despite two consecutive daily gains last week. OPEC+'s decision to increase output by 188K barrels per day from A
Brent and WTI crude futures decline after OPEC+ agrees to boost production targets by 188,000 barrels per day from August. Oil prices dropped after OPEC+ agreed to raise output targets by 188,000 barrels per day starting in August, adding to existing increases for June and
Seven OPEC+ members plan to increase August output, while a US-Iran deal boosts crude supply and shipping routes, pressuring prices. Oil markets face renewed supply pressure as seven OPEC+ members prepare to raise output in August, adding to concerns over a potential globa
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