"You're hitting tank bottom." That is the phrase one oil industry executive used to describe the state of global petroleum inventories, in a conversation the executive said had already been shared with senior officials in Washington. The same person gave it an unusually sp
Energy firms show limited appetite for Alaskan drilling rights amid regulatory uncertainty and environmental concerns. Alaska’s latest oil and gas lease auction attracted minimal investor interest, despite recent policy changes favoring fossil fuel development. The subdued
Oil's war premium just got served a big haymaker on June 12, following reports that U.S. and Iranian officials had agreed on a peace-deal text, according to The Washington Post. Naturally, that raised hopes that the Strait of Hormuz could reopen, a major artery for global
Oil markets extended their decline on Friday, with crude prices falling sharply after U.S. President Donald Trump said a peace agreement with Iran was close and canceled previously threatened military strikes Brent crude slipped below $90 per barrel, trading around
The deal with SBM Offshore aims to produce over 1 billion barrels of oil equivalent from Brazil’s Sergipe-Alagoas basin. Petrobras signed contracts with SBM Offshore for two floating production storage and offloading vessels (FPSOs) to develop its Sergipe deepwater project
Jamaica may be following in the footsteps of its Caribbean neighbours, such as Guyana, as it plans to drill for oil, despite being highly vulnerable to climate change. In recent years, Caribbean oil exploration has boomed, following successful drilling in Guyana and Surina
The British government sets a 2027 deadline to close a sanctions loophole allowing diesel and jet fuel refined from Russian crude in third countries. The UK will ban imports of diesel and jet fuel refined from Russian crude in third countries starting January 1, 2027. The
Baker Hughes data shows active oil rigs increased by 2 to 433, while gas rigs declined by 3 to 121. The number of active oil rigs in the US climbed by 2 to 433 in the latest reporting period, marking the second consecutive weekly increase. Total rigs, including oil, gas, a
U.S. Energy Secretary Chris Wright just gave the market a number that helps explain why Brent crude isn't trading at $150 per barrel Speaking at a Bloomberg Energy event in Houston on Friday, Wright said the U.S. military is now helping move roughly 7 million barrel
Over 136 million barrels of non-Iranian crude have transited the Strait despite Tehran’s closure threats, easing supply concerns. Oil markets initially braced for a historic supply shock after Iran declared the Strait of Hormuz closed, with forecasts of lost exports reachi
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