Industry News

'EIR finds that global oil markets remain structurally tight despite recent price volatility', the company said.

With a handling capacity of 1.8 million metric tons of cargo annually, the project eliminates the need for intermediate transport for crude feedstock and oil products between tankers and the refinery.

Saudi Arabia wants to contain a renewed conflict with Houthi militants through behind-the-scenes diplomacy, according to people familiar with the matter, in a bid to prevent clashes with the Iran-backed group hurting its oil industry and economy.

Oil prices tumbled as hopes for a US-Iran agreement raised expectations that shipping through the Strait of Hormuz could resume more normally.

North America added 16 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

The prospect of an interim deal focused on the Strait of Hormuz gained traction.

The prospect of a deal between the U.S. and Iran appeared to be gaining traction on Tuesday.

Saudi Aramco reported a 33 percent increase in second-quarter profit as it benefited from a war-driven surge in oil prices.

Saudi Aramco said it is looking at options to expand its oil export capacity as the Iran war disrupts flows through the Strait of Hormuz and Houthi rebels threaten shipments in the Red Sea.

The divestment by EnCap Flatrock is one of 'the most significant private midstream transactions in the U.S.'

Crescent expects its full-year production to range from 327,000 barrels of oil equivalent a day to 335,000 boed, of which 40-42 percent would be oil.

'By later this week, the national average could reach its highest level ever recorded for this point in the calendar year', Patrick De Haan, Head of Petroleum Analysis at GasBuddy, warned.

'The project is expected to reach substantial completion in the fourth quarter of 2026, with sales under long-term sale and purchase agreements commencing shortly thereafter'.

BP PLC announced a four percent increase to 8.66 cents in its quarterly dividend per share, as higher oil prices continued to offset lower upstream and refining volumes.

BMI analysts outlined that they continue to believe a broader diplomatic understanding between the U.S. and Iran remains achievable during this quarter but warned that the outlook remains 'highly fragile'.

Aramco said attacks on its assets last month have had no material impact on its operations, and the company is working to expand its oil export capacity as the Strait of Hormuz remains disrupted by the Iran war.

Cuba was hit by its fourth island-wide blackout in less than a month.

Oil prices fell sharply as renewed optimism over Strait of Hormuz negotiations eased fears of prolonged supply disruptions.

The increase was driven by the power and gas utility's Virginia business.

The North American midstream company reported CAD 415 million in net income adjusted for nonrecurring items for the second quarter, up year-on-year.