(Investing) – KUWAIT CITY – U.S. Secretary of State Marco Rubio on Wednesday vowed that the United States will not do anything that would undermine the security of U.S. allies in the Gulf region when it comes to Washington’s dealings with Iran. “We’re going to be completely aligned with our partners in the Gulf,” Rubio told reporters in Kuwait City before
(Oil Price) – The U.S. federal government will reduce costs for oil and gas drillers by slashing red tape for the industry, aiming to tempt drillers to expand on federal lands. In a news release this week, the Interior Department said it would revise the Bureau of Land Management’s rule for federal land leasing for oil and gas drilling as well as the
(World Oil) – The greenhouse gas (GHG) intensity of Canadian oil sands production declined for a 13th consecutive year in 2025, extending a long-term trend of improving emissions performance despite continued production growth, according to new analysis from S&P Global Energy. The study found average oil sands emissions intensity fell 2% year-over-year to 59 kgCO2e/bbl in 2025. Since 2009, emissions intensity has
(BOE Report) – J.P. Morgan on Wednesday lowered its second-half 2026 Brent crude oil price forecast due to lower-than-expected OECD commercial inventory draws and lower demand for oil. The bank sees Brent averaging $86 per barrel in the third quarter, $80 in the last quarter, and expects to exit 2026 at $78, according to a research note. * J.P. Morgan
(World Oil) – U.S. Steel has approved a $475 million investment to expand oil country tubular goods (OCTG) production capacity at its Fairfield Tubular Operations in Alabama, targeting growing demand from major U.S. oil and gas basins. The investment will fund the installation of a new quench and tempering (Q&T) line, adding internal heat-treatment capacity for tubular products and supporting the company’s strategy
Weekly Crude Oil Storage as of June 19, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.1 million barrels from the previous week. At 412.1 million barrels, U.S. crude oil inventories are 7% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Investing) – Oil prices extended losses on Wednesday, retreating for a third straight session as signs of a gradual reopening of the Strait of Hormuz and improving U.S.-Iran relations eased fears of a prolonged disruption to Middle East energy supplies. At 09:43 ET (13:43 GMT), Brent crude futures expiring in September, the global oil benchmark, slipped 4% to $73.71 a barrel. Notably, U.S. West
