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Iran and Oman Near Landmark Deal to Manage Strait of Hormuz
Iran and Oman are close to agreeing on joint management of the Strait of Hormuz, media have reported...
India’s Solar Manufacturing Push Backfires as Panel Factories Shut Down
India ran into an obstacle in its ambitions to boost solar generation as local factories began to shut down because of component shortages, Reuters reported today, citing unnamed industry sources. The ...
New Pipelines Set To Ease Permian Natural Gas Glut
The regional price of natural gas produced in the Permian, the top U.S. oil basin, was negative for most of the first half of the year. Rising associated gas output from oil-targeting wells has had no ...
Africa’s Richest Man Proposes To Build 700,000 Bpd Oil Refinery In Kenya
East Africa has spent decades exporting one commodity and importing another. The region holds roughly 4.7 billion barrels of crude oil reserves and more than 70 trillion cubic feet of natural gas acro ...
Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years
Europe is unlikely to refill its natural gas storage facilities to even 80% before winter, Equinor CEO Anders Opedal said on Wednesday, Reuters reported, raising the prospect that the continent will e ...
Pakistan Scrambles for Oil Alternatives as Hormuz, Red Sea Risks Mount
Pakistan’s refiners are inquiring traders about potential crude oil supply from the U.S., Nigeria, Singapore, and central Asia, amid the escalating crisis in the Middle East that threatens supply from ...
Oil Jumps Nearly 4% as Houthis Threaten Red Sea Blockade
Oil prices jumped by nearly 4% early on Wednesday as concerns about crude supply from the Middle East intensify with threats to shipping at both chokepoints in the region, the Strait of Hormuz and the ...
US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.603 million barrels in the week ending July 17. In the week prior, US crude oil inventories f ...
Kazakhstan Suspends Major Oil Exports as Black Sea Risks Escalate
Following a drone attack on the Caspian Pipeline Consortium (CPC) terminal along the Black Sea Coast, Kazakhstan has newly confirmed a halt to crude transfers there. "Kazakhstan is set to stop piping ...
India Pulls Back From Iraqi Oil as Hormuz Turns Too Dangerous
India's biggest state refiners are no longer willing to gamble on the Strait of Hormuz. Indian Oil Corp. and Mangalore Refinery & Petrochemicals have suspended crude loadings from Iraq after a string ...
U.S. Says China Has Slashed Iranian Oil Purchases by 40%
The United States says its campaign to choke off Iran's oil revenue may finally be showing results where it matters most: China. Treasury Secretary Scott Bessent said Tuesday that Chinese purchases of ...
Iran Says U.S. Struck Unfinished Nuclear Plant, Warns of Safety Risk
Iran has warned there is a nuclear safety risk after the United States struck a nuclear power plant that is under construction in the southwestern province of Khuzestan. U.S. forces fired multiple mis ...
Oil Reverses Gains on Renewed Hope of Peace in Iran
Crude oil prices reversed their climb this morning, retreating on reports that efforts are being made to negotiate another ceasefire between the United States and Iran. Brent crude was trading at $88. ...