February 24, 2026 – Oil & Gas 360

Shipping costs surge, oil sands eye consolidation, Venezuela rebuilds- oil and gas 360

Shipping costs surge, oil sands eye consolidation, Venezuela rebuilds: Oil & Gas 360

February 24, 2026

(By Oil & Gas 360) – Global energy markets are absorbing pressure from geopolitics, corporate consolidation, and infrastructure repositioning. Tanker rates tied to Middle East crude exports have climbed to six-year highs as rising U.S.-Iran tensions elevate war-risk premiums and tighten vessel availability. Freight costs on key routes have surged as traders move cargoes forward amid uncertainty, underscoring how quickly

Shale giant Diamondback says global oil glut fears are fading

February 24, 2026

(World Oil) – Fears of a global oil glut that had been expected to crater crude prices are fading amid resilient energy demand, according to Permian basin driller Diamondback Energy Inc. As recently as mid-December, the prevailing outlook among respected oil watchers was that a huge surfeit was in the making that would send crude prices tumbling. Everyone from the International Energy Agency to prominent

Scientists develop accelerator that could slash nuclear waste lifespan by 99%

February 24, 2026

(Oil Price) – For decades, nuclear energy has been regarded as the black sheep of the energy universe, thanks to drawbacks such as high costs, risk of thermal runaway leading to catastrophic accidents as well as the hazardous by-products of nuclear plants. Nuclear waste is notorious for the fact that it can remain dangerously radioactive for many thousands of years. Currently,

Kuwait readies $7 billion oil pipeline deal with global investors

February 24, 2026

(Oil Price) – State-held Kuwait Petroleum Corporation (KPC) is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its crude oil pipeline network in a deal that could be valued at about $7 billion, sources with knowledge of the plan told Reuters. The Kuwaiti national oil company has

North Dakota operators likely to keep crude output steady this year, regulator says

February 24, 2026

(BOE Report) – Crude output is expected to be relatively steady in North Dakota in February, the third-largest U.S. oil-producing state, a state regulator said on Monday, with little change expected in drilling activity. Operators are likely to hold their drilling rig count, an indicator of future output, near current operational levels of 26 for the year, said Nathan Anderson, director

Murphy Oil’s offshore West Africa well comes up dry

February 24, 2026

(World Oil) – Murphy Oil has plugged and abandoned its Caracal-1X exploration well offshore Côte d’Ivoire after the well encountered hydrocarbon shows, but failed to establish commercial volumes. The Caracal-1X well in Block CI-102 reached a total depth of 8,534 ft (2,601 m) before being declared a dry hole. The results will inform Murphy’s ongoing assessment of remaining prospectivity across its

GOP investigates environmental groups opposing Alaska’s Willow oil project

February 24, 2026

(World Oil) – House Republicans have launched an investigation into six environmental organizations over their opposition to a $9 billion oil project developed by ConocoPhillips in Alaska. In letters made public Friday to the Center for Biological Diversity, the Defenders of Wildlife and other conservation groups, lawmakers said they were concerned about “coordination with other activist special interest groups” as

Oil prices hold near seven-month highs with US-Iran talks in focus

February 24, 2026

(Investing) – NEW YORK – Oil prices were little changed near a seven-month high on Tuesday as traders waited for news from nuclear talks between the U.S. and Iran. Brent futures fell 25 cents, or 0.4%, to $71.24 a barrel at 10:41 a.m. EST (1541 GMT), while U.S. West Texas Intermediate crude fell 25 cents, or 0.4%, to $66.06. Earlier in the

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