Industry News

Two crude tankers were hit in Iraqi waters and Oman's key oil export terminal was evacuated, as risks to global energy supply from the Middle East war deepened.

Equinor discovered more oil, gas and condensate on Norway's side of the North Sea, with plans to extract the resources via existing infrastructure in the Sleipner and Troll areas.

The European Commission adopted a new Clean Energy Investment Strategy under which the European Investment Bank is expected to roll out EUR 75 billion over the next three years.

Refiners are beginning to balk at eye-watering premiums on available oil barrels.

Oil climbed sharply as traders focused on supply disruptions from the Iran conflict despite a massive global reserve release.

The International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves.

North America dropped eight rigs week on week, according to Baker Hughes' latest North America rotary rig count.

'Our earnings base is now stable and normalized'.

The Aberdeen-based energy and industrial engineering and consulting company remains 'a standalone business while benefiting from Sidara's global scale and long-term owner-operator mindset', Sidara said.

The U.S. Energy Information Administration increased its Brent spot price forecast for 2026 and 2027 in its latest short term energy outlook.

The Spanish energy company has allotted around 80 percent of its planned EUR 2.6-3 billion investment in upstream activities in 2026-28 to the U.S.

The escalating war between the U.S., Israel, and Iran is creating the most severe disruption to global energy markets since the 1970s, GlobalData said.

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.