Industry News

Crude oil stocks, not including the SPR, stood at 452.9 million barrels on May 8, according to the EIA's latest weekly petroleum status report.

Revenue collected under the Iran War Oil Crisis Windfall Profits Tax Act would be released back to households to offset increases in their energy and transport costs.

J.P. Morgan warned that Brent could average as much as $151 per barrel in the fourth quarter of this year if the Strait of Hormuz reopens on September 1.

Meren, a Canadian company producing in Nigeria, saw its financial losses deepen for the first quarter as the elevated oil price environment induced by the Middle East war resulted in a hedging charge of $37.2 million.

'My Ministers believe that energy independence must be a long-term goal of national security', King Charles said in the 2026 King's Speech.

The Japanese refiner agreed to purchase some of Chevron's refining and retail assets across the Asia-Pacific for $2.17 billion.

The MoU with state-owned EGAS covers a 'large area' off the north-western coast of Egypt.

The Spanish power and gas utility said it now has about 450 MW of installed renewable energy capacity in Italy, part of an expansion in markets it deems to have a stable regulatory.

Senegal's state-owned oil company said the Yakaar-Teranga gas discovery will cost $7.5 billion to develop.

US inventory data eased supply fears, helping push crude lower after a recent rally.

Saudi Aramco is considering plans to raise billions of dollars from its real estate assets.

The oil and gas giant fought off calls by the New York City Comptroller's Office and proxy advisory firm Glass Lewis for shareholders to vote down the proposal.

'This Biden-era rule prevented energy and mineral production, timber management, grazing and recreation across the West', Interior Secretary Doug Burgum said.

Eni said tests it had conducted with an MSC cruise ship showed that its Hydrogenated Vegetable Oil biofuel can power maritime transport without requiring engine upgrades.

The agreement marks TotalEnergies' resumption of in-the-field activities in the country since the French energy giant ceased production about 15 years ago due to international sanctions against the Assad regime.

'From the onset of the [U.S.-Iran] conflict, we deliberately refrained from publishing price targets for two months', J.P. Morgan analysts said.

The ongoing conflict in Iran has fundamentally altered the global energy landscape, J.P. Hanson, Managing Director and Global Head of the Oil & Gas Group at Houlihan Lokey, said.

The six-block North Ustyurt production sharing contract is BP's first project in the Central Asian country.

Russia expects its oil production to remain flat in 2026 and grow modestly in the coming two years as its energy infrastructure comes under intense drone attacks from Ukraine.

Brent and WTI climbed sharply amid fears of prolonged supply disruptions in the Persian Gulf.