Interior Department revises rules to lower cleanup costs for abandoned wells from $500,000, aiming to reduce regulatory burdens on energy firms. The US Interior Department will ease regulations for oil and gas drilling on federal lands, reducing costs for energy companies.
API data shows commercial inventories fell sharply over ten weeks, but Strategic Petroleum Reserve releases limit annual drawdowns. US crude oil inventories declined by 765,000 barrels in the week ending June 19, extending a two-month drawdown trend. Commercial stockpiles,
A private survey indicates a draw in crude oil inventories, potentially influencing energy market sentiment ahead of official reports. A private survey revealed a decline in crude oil inventories, suggesting tighter supply conditions. The data, often seen as a precursor to
Spot rates for Very Large Crude Carriers in the Persian Gulf jump nearly 100% in one week amid a rush to clear backlogged cargoes. Spot charter rates for Very Large Crude Carriers in the Persian Gulf have nearly doubled over the past week, reaching approximately USD 55,000
Crude prices fell 0.88% to settle under a key technical level, raising concerns over sustained downward momentum. Crude oil futures settled at $73.21, down $0.65 or 0.88%, breaking below the 200-day moving average of $73.68. The move marks the first close below this techni
Chevron's stock may drop 13% due to oil price slump Chevron's stock is expected to decline 13% due to a drop in oil prices, with a target price of $152.52. The company returned $27 billion to shareholders in 2025 and raised its dividend for the 39th straight year.
Moscow considers halting diesel exports as refinery disruptions and Ukrainian attacks strain domestic fuel supplies and push prices higher. Russia is evaluating a complete ban on diesel exports to address domestic fuel shortages and rising prices. Deputy Prime Minister Ale
UAE's exit from OPEC reduces group's crude oil production share The UAE's departure from OPEC, effective May 1, reduces the group's share of crude oil production and capacity. The UAE was the third-largest crude oil producer in OPEC, with an average production of 3
IOC’s tender for three crude and gas tankers received no bids as shipowners remain wary of Strait of Hormuz disruptions. Indian Oil Corporation (IOC) received no bids for a tender to charter three tankers to transport crude and gas through the Strait of Hormuz. The state-o
By Anushree Mukherjee and Seher Dareen BENGALURU/LONDON June 23 Oil prices fell on Tuesday, extending losses from the previous session, on signs of some progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks. Brent crude futures were
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