(World Oil)– The U.S. sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves. The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan’s finance ministry on Thursday. No details on tariffs were shared by either side. U.S. President Donald Trump
(BOE Report) – U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market. The shake-up in trade flows reflects a
(BOE Report)– Oil markets have remained remarkably resilient so far this year, despite concerns over U.S. President Donald Trump’s trade policies and rising OPEC+ production quotas. But that strength will now be tested, as Saudi output is starting to surge just as demand appears to be slowing. Benchmark oil prices are currently near $70 a barrel, down from a 2025
(Oil Price) – After two years of playing the role of OPEC+ model citizen, Saudi Arabia has decided it’s time to loosen the tie—at least according to the IEA. According to the International Energy Agency, the Kingdom overshot its June production quota by a whopping 700,000 barrels per day, pumping 9.8 million bpd—the highest in two years. OPEC’s official production figures
(BOE Report)– Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Wednesday. OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain
(Oil Price)– Saudi Arabia’s crude exports soared by 412,000 barrels per day (bpd) in April from March, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday. Saudi Arabia, the world’s top crude exporter, saw its exports in April at an average of 6.17 million bpd, according to the JODI data which compiles self-reported figures from the individual
(BOE Report)– The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or
(BOE Report)– Options markets suggest the probability of a disruption of oil flows through the Strait of Hormuz is just 4% following the Iran-Israel ceasefire, Goldman Sachs analysts said in a note on Thursday. Fears that Iran could close the Strait of Hormuz after U.S. strikes on its nuclear facilities sent Brent crude futures to a high of $81.40 on
(Investing) – Brent crude oil prices could hit $110 a barrel if the Strait of Hormuz is blocked, Goldman Sachs analysts have forecast, while HSBC analysts see prices topping above $80. Prices for Brent could average around $95 in the fourth quarter of 2025, Goldman Sachs said in a note dated June 22. Their assumptions included oil flows through the critical waterway halving for a
(Investing)– Fears over possible supply constraints from the Israel-Iran conflict have driven oil prices higher in recent days, although past disruptions do not suggest that crude will stay elevated for a long time, according to analysts at Citigroup (NYSE:C). Brent crude futures slumped on Friday following the White House’s comments, although the contract is on course to rise for a third
(BOE Report)– Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel/Iran tensions flare-up. Although relatively contained, the rise has not gone unnoticed just three years after Russia’s invasion of Ukraine triggered a surge in energy prices that ramped up global inflation and sparked aggressive interest rate hikes.
(World Oil) – A week since Israel and Iran started to exchange missile barrages, oil tanker transits through the critical Strait of Hormuz have remained largely steady. A seven-day rolling average for oil tankers above 10,000 deadweight tons that sailed through the Strait — the passageway for the Persian Gulf’s energy supplies to the world — was approximately 42-to-45, according
