Industry News

Brazilian oil producer Petrobras outperformed expectations.

'Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where BP has an established business and extensive oil and gas infrastructure'.

Crude oil stocks, not including the SPR, stood at 407.0 million barrels on July 31, the EIA's latest weekly petroleum status report showed.

The biggest oil producer in the United Arab Emirates spent $1.3 billion to expand its tanker fleet.

Well service employees have raised uncertainties about the impact to their payrolls and other benefits despite a pause in hostilities after striking workers and their employers agreed to settle their dispute through an independent tribunal.

ConocoPhillips has announced a 'planned leadership succession'.

'The investment strengthens Petrofac's long-term ownership structure and reflects continued confidence in the business strategy, capabilities and growth prospects'.

The Norwegian company revealed it had made a rejected acquisition proposal to Britain's Genel but said it remains willing to pursue negotiations with the latter's board.

What does this mean for oil?

China's crude oil imports rebounded last month from a near-decade low, after flows through the Strait of Hormuz picked up and refiners boosted purchases from nations outside the Middle East including Russia.

Oil rose as doubts grew that an Iran-Oman deal would quickly restore normal shipping through the Strait of Hormuz.

Ukraine struck two of Russia's oil refineries overnight.

Aramco revealed that it achieved total hydrocarbon production of 9.5 million barrels of oil equivalent per day in the second quarter 'despite historical supply constraints'.

Saudi Arabia cut its main crude oil price as some Persian Gulf producers continue to send barrels through the Strait of Hormuz.

Enverus Intelligence Research announced that U.S. upstream merger and acquisition activity slowed in the second quarter.

Phillips 66 posted increases in refining margins, plant utilization and natural gas liquids pipeline and fractionation volumes.

There has been one constant through it all, the S&P Global Energy Crude Oil Markets team outlined.

Occidental reported $2.4 billion in net profit adjusted for nonrecurring items for the second quarter, up from $1.1 billion for the prior three-month period on higher oil prices.

The Department of Energy expects to launch a Green Energy Auction next year to migrate off-grid island communities from diesel power to solar power supported with battery energy storage.

The United Arab Emirates has moved more oil through the Strait of Hormuz than any other producer over the past two months, providing a much-needed buffer for global markets reeling from a historic energy crisis.