Industry News

Russia's oil revenue slumped to a six-month low in August.

Oil ended a volatile week 9.7% higher as renewed US-Iran fighting kept Hormuz supply risks elevated.

U.S. retail diesel rose to a record.

Crude oil stocks, not including the SPR, stood at 424.5 million barrels on August 28, the EIA's latest weekly petroleum status report showed.

Eni secured a 25-year agreement with state-owned PdVSA to relaunch activities at the Junin-5 heavy oilfield in the Orinoco Belt.

The London-based company, whose production comes from the UK's side of the North Sea and Southeast Asia, reported a net loss of $24.83 million for H1 2026, improving from -$39.94 million for H1 2025 on higher production and higher oil prices.

The world's second-largest ocean hasn't been this docile since 1941.

EIR director Andy McConn said 'Vaca Muerta's growth potential and low-cost competitiveness are a rare combination in today's upstream market'.

Shell completed its acquisition of ARC Resources, a leading producer in Canada's Montney shale, for around $16.5 billion including assumed debt.

Analysts at BMI revealed that their base case still assumes a preliminary agreement to reopen the Strait of Hormuz by the end of the third quarter.

ADNOC appears to be continuing to load liquefied natural gas onto tankers in the Persian Gulf, according to satellite images, despite ongoing disruptions to energy flows through the Strait of Hormuz and a recent escalation of hostilities.

U.S. retail diesel prices hit the highest since mid-2022.

WTI settled above $91 as fresh Iran strikes offset signals of easing market tightness.

BP signed an agreement with Shell to sell part of its ownership in the Tupinamba exploration block in Brazil's offshore Santos Basin and five leases containing the Conifer exploration prospect on the United States side of the Gulf of America.

RRC Commissioner Wayne Christian hailed an 'oil theft bust' stemming from a multistate investigation as a 'victory for Texas oil and gas'.

Australia's Woodside and Petroleos Mexicanos signed a memorandum of understanding to expand their partnership in Mexican waters beyond the under-construction Trion oil project.

Refiners in India and China, the world's two biggest oil importers, are stepping up spot purchases of Middle Eastern crude.

Chevron Corporation announced that its joint ventures in Venezuela plan to invest more than $7 billion over the next five years.

Diversified signed agreements to acquire Birch Permian from affiliates of Elliott for around $1.8 billion, supported by an expanded investment partnership with Carlyle.

Art Hogan, Chief Market Strategist at B. Riley Wealth, projected that the Brent crude oil price could hit $100 in the next week.