Industry News

India's state-run fuel retailers raised gasoline and diesel prices for the fourth time in 10 days in response to disruptions in global energy markets.

The 20-year contract, which excludes the U.S. energy giant, initially involves up to about 1.3 billion cubic meters.

'The government must support our own producers, industries, and workers', OEUK Chief Executive David Whitehouse said.

'On late Saturday, there seemed to have been a breakthrough in the U.S.-Iran war', Gaik June Goh, a senior oil market analyst at Sparta Commodities, said.

The Russian state-controlled company expects the project to feed up to 2 million tons of oil a year to the Eastern Siberia-Pacific Ocean pipeline system.

Uniper shareholders approved a dividend of EUR 0.72 ($0.84) per share for 2025, the power and gas utility's first dividend payment since its bailout by the German government late 2022.

The agreements for liquefied natural gas produced using feed gas from the North Hub and South Hub projects amount to about 2 million metric tons a year.

Three tankers loaded with liquefied natural gas appear to have crossed the Strait of Hormuz in recent days, as suppliers in Qatar and the UAE attempt to get fuel out to key buyers despite the near-total closure of the waterway.

'Under an exclusive three-year engineering partnership, Worley will work with APA to deliver its phased and scalable infrastructure development program aimed at reducing constraints, increasing optionality and improving system flexibility'.

Intercontinental Exchange Inc is working with OKX to launch oil futures contracts that never expire.

Ukrainian forces used long-range drones against Russia's oil-processing and export facilities, in particular the Yaroslavl refinery on Thursday night, Zelenskyy said in a Telegram statement.

Energy markets remain volatile as Iran negotiations and supply risks continue.

Crude oil stocks, not including the SPR, stood at 445.0 million barrels on May 15, according to the EIA's latest weekly petroleum status report.

Chancellor of the Exchequer Rachel Reeves said the UK is closing a tax loophole on oil and gas companies.

Exxon Mobil and QatarEnergy signed an MoU with Egypt to assess the potential of developing natural gas discoveries in Cyprus through the North African country's existing infrastructure.

Enverus Intelligence Research outlined that the Qatari LNG outage will shift the global gas market into a structural deficit.

Oil continues to exert an influence well beyond the energy market itself, Ole Hansen, Saxo Bank's Head of Commodity Strategy, said.

The UK producer completed the purchase of a 50 percent stake in two Shell licenses in the West of Shetland Basin, while entering into an agreement to sell part of its ownership in the Fotla project in the North Sea to Harbour Energy.

'The parties will seek alignment on key areas of joint interest on the Norwegian continental shelf, with the aim of speeding up the development of resources to uphold high production levels and unlock value'.

Japan - one of Asia's biggest importers of energy from the Middle East - flagged the impending arrival of the first Persian Gulf oil shipment to transit the contested Strait of Hormuz since the Iran war began.