Industry News

Indian refiners have bought about 30 million barrels of Russian oil since the U.S. provided a green light for purchases to help the country cope with a shortfall of Middle Eastern supply, according to people with knowledge of the deals.

'Qatar underlined its commitment to remain a reliable energy supplier and looked forward to continuing and strengthening its long-standing energy cooperation with the EU', the European Commission said.

Oil prices plunged after conflicting US signals about tanker escorts through the Strait of Hormuz rattled markets.

Saudi Aramco's chief executive officer warned the impact on global oil markets will be 'catastrophic' the longer the disruption from the Iran war drags on.

'For too long, Washington red tape has strangled American energy producers and held back small businesses', Interior Secretary Doug Burgum said.

Oil supply cuts in the Middle East are deepening.

'While more work must be done, we note the team's focus on execution, capital return and the actions to enhance the company's advantaged mid-continent position', partners at Elliott said.

Targeted to be put into production 2028, the $7.2-billion 'ultra-deepwater' project includes a floating production unit with an output capacity of 100,000 barrels a day.

'While crude has grabbed headlines, the extreme price action is in refined products and particularly middle distillates', Sparta Commodities CEO Felipe Elink Schuurman said.

'By capitalizing on a strong market opportunity, this divestment allows us to monetize an asset that is not central to Shell's lubricants portfolio in the U.S. and reinvest in opportunities that generate higher returns'.

The market is spinning after the most epic price reversal in oil history, Phil Flynn, a senior market analyst at the PRICE Futures Group, told Rigzone on Tuesday.

Trump said the U.S. and Israel were making significant progress in their war on Iran and could end the conflict 'very soon,' curtailing an oil-price surge.

The increase in investor returns comes despite declines in net profit for the fourth quarter and full-year 2025 driven by lower crude oil prices, partly offset by higher crude sales volumes.

Oil swung wildly Monday as fears over the Strait of Hormuz collided with signals the US-Iran conflict may soon wind down.

Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader and President Donald Trump called $100 oil a 'small price to pay'.

Crude oil stocks, not including the SPR, stood at 439.3 million barrels on February 27, according to the EIA's latest weekly petroleum status report.

Saudi Arabia has started reducing oil production as the near-blockage of the critical Strait of Hormuz starts filling storage tanks, according to a person familiar with the matter.

The project will replace seven aging gas-run compressor stations with one electric compressor station to 'debottleneck upstream infrastructure and unlock future production growth' from the Central Fields.

The best estimate of contingent gas resources on Cyprus' side of the field, located on the maritime border with Israel, has increased about 4 percent to 3.67 Tcf, according to a commissioned assessment.

'The island has evolved into the backbone of Iran's export system', J.P. Morgan analysts stated.