Industry News

Oil futures plunged as traders bet on a possible US-Iran peace deal.

Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be down for the week ending May 22.

'Looking ahead, the outlook remains highly uncertain and depends largely on the duration of the disruption to traffic through the Strait of Hormuz and the time required for oil production and global refinery operations to recover'.

Bo French defeated incumbent Texas Railroad Commissioner Jim Wright in a runoff election for the GOP nomination to sit on the Lone Star State's chief oil regulator.

'I am delighted to welcome Jeff to Noble's Board of Directors', Noble Chairman Charles M. Sledge said.

Petrofac, under administration since 2025, said it had completed the divestment of its core engineering and construction business in the UAE to a consortium of financial investors led by Mason and Pearlstone Alternative.

Rystad Energy described digitalization and Artificial Intelligence in upstream oil and gas as 'a $500 billion opportunity'.

'Recent developments in global energy markets have underscored the importance of operational agility for energy infrastructure of strategic national significance', Malaysia's state-owned Petronas said.

Phase 3 of Baleine, discovered about 5 years ago off the Atlantic coast of the West African country, will increase the field's oil production from 60,000 to 150,000 barrels per day and natural gas output from 80 to 200 million cubic feet a day.

Oil companies were advised to curb sales of oil products to foreign markets following a meeting with the deputy prime minister on the domestic fuel market.

Oil rebounded as renewed US-Iran clashes clouded hopes for a Hormuz deal.

Summer forecasts are pointing to higher than normal temperatures across Asia, while an El Nino weather pattern could make things even hotter.

The U.S. Department of the Interior announced that it generated over $4 billion in total receipts from a Bureau of Land Management oil and gas lease sale in New Mexico and Texas.

BP Plc fired Chairman Albert Manifold just months into the job.

BP Plc's board fired Chairman Albert Manifold just months into the job.

The carbon capture, utilization and storage joint venture of Eni and BlackRock's GIP has secured EUR 500 million in financing to support ongoing and additional projects.

Texas upstream employment increased in April, the Texas Independent Producers and Royalty Owners Association (TIPRO) said.

The Moomba Carbon Capture and Storage project onshore South Australia permanently sequestered 2 million metric tons of carbon dioxide equivalent in over 18 months, the equivalent of taking 826,000 cars off the road, Santos said.

Naeem Aslam, CIO at Zaye Capital Markets (ZCM), outlined that ZCM sees oil being pulled in two directions.

'The approved scheme will support construction of up to 1,000 MW of installed electrolyzer capacity, and the production of up to 10 million tonnes of renewable hydrogen'.