(Oil Price) – More Gulf oil is moving again. Getting it out now costs a fortune. Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier. The
(World Oil) – OPEC’s decades-long influence over global oil markets is facing renewed pressure as founding member Venezuela considers leaving the producer group, just months after the United Arab Emirates withdrew. Officials from Caracas are deliberating whether to leave the organization it helped establish more than six decades ago as Venezuela moves closer to the U.S. While an exit would have
(BOE Report) – The Iran war’s redrawing of the global trade map is forcing Gulf nations to retool their investment play book, ploughing capital into infrastructure, from energy pipelines to ports, to weather the fallout from the conflict. The war has highlighted the Gulf’s overreliance on the Strait of Hormuz, previously a chokepoint for 20% of global oil flows but
This week’s Baker Hughes Rig Count shows that the U.S. had no change last week, resulting in a total count of 588 rigs. Canada decreased by 5 over last week, resulting in a total Canadian count of 211 rigs. Breakdown by region Of the regions tracked by Baker Hughes, no regions experienced an increase this week. Meanwhile, 2 regions experienced
(World Oil) – TotalEnergies has completed the transfer of its 10% interest in the Arctic LNG 2 project to NordLine, a subsidiary of Novatek, formally ending its ownership in the project. The company had previously disclosed the planned transfer while reporting its second-quarter 2026 results. Following completion of the transaction, TotalEnergies is no longer a shareholder in Arctic LNG 2. Under the transfer agreement, TotalEnergies
(Investing) – LONDON – Oil prices fell on Friday and were on track for a weekly drop as traders weighed crude flows making it through the Strait of Hormuz against the deadlock in U.S.-Iran diplomacy. Brent crude futures were down 52 cents or 0.6% at $89.18 a barrel at 1419 GMT. West Texas Intermediate crude futures fell $1.01, or 1.2%, to $82.52. Both
