(BOE Report) – U.S. oil exports in July fell to 3.66 million barrels per day, the lowest level in eight months, ship tracking data showed, as a short-lived peace deal between the U.S. and Iran in June briefly flooded markets with Middle Eastern oil and diminished demand for American crude abroad. The U.S. had cinched the spot as the world’s
(Oil & Gas 360) By Greg Barnett, MBA – In 1975, America responded to energy insecurity by storing oil underground. Fifty years later, America may have responded to the same challenge in a very different way. Not by abandoning the Strategic Petroleum Reserve. By surrounding it with an energy system its creators could scarcely have imagined. That may sound like
(Investing) – DUBAI – The Trump administration backs a nuclear energy pact with Riyadh allowing Saudi Arabia to enrich uranium and process spent atomic fuel, two sources have said, a move that may worry regional states concerned about weapons proliferation. Here are some of the main issues at play: WHAT HAS HAPPENED SO FAR? Washington and Riyadh have for years been discussing
(Oil Price) – The national average price of gasoline in the United States topped $4 per gallon once again on Monday following the crude oil price rally of the past week amid the renewed hostilities in the Middle East and the fresh de facto closure of the Strait of Hormuz. As of July 20, the national average price for a gallon
(World Oil) – Vitol Group is in late stage talks to sell its shale oil venture VTX Energy Partners LLC to a consortium of two private equity buyers – Carnelian Energy Capital and EnCap Investments, a deal that would mark a scaling back for the trader in U.S. upstream oil and gas production. The companies could sign the deal as soon as next week,
(Investing) – A bipartisan group of U.S. lawmakers on Thursday urged the Trump administration to crack down on imports of what they say are partially finished solar cells that are being used to evade trade duties and improperly claim federal manufacturing tax credits, according to a letter seen by Reuters. The debate over so-called blue wafers is part of a long-running
(World Oil) – Buccaneer Energy reported continued production growth at its Pine Mills field in East Texas, where average net production has increased to approximately 135 bopd as the company advances enhanced recovery projects and prepares to launch a waterflood later this year. The company said production at Pine Mills has more than doubled since its current management team took over in mid-2024, when
(Oil Price) – New York Governor Kathy Hochul has signed the country’s first-ever executive order imposing a statewide moratorium on new large-scale data centers for up to one year. The order freezes the permitting process for new data centers requiring 50 megawatts or more of electricity, placing the fastest-growing source of U.S. power demand on hold while state regulators assess its long-term impact on
(Oil & Gas 360) By Greg Barnett, MBA – Hanging in my office is a Bowles map published in 1783, the year America secured its independence. Among the rivers, settlements, mountains, and boundaries of a young Republic appears a single word in western Pennsylvania: Petroleum. The resource was known. The opportunity was not. For nearly eighty years, the hydrocarbons beneath
(Investing) – DUBAI – Daily tanker traffic in the Strait of Hormuz appeared to have slowed on Friday, after the U.S. and Iran exchanged hostilities this week and renewed their arguments over who was in control of passage through the critical waterway. The attacks renewed concerns about the recovery of global oil supplies and shipping, and highlighted the fragility of an
(Oil & Gas 360) By Greg Barnett, MBA – Less than eighty years after the Declaration of Independence announced the birth of a new nation, another declaration was being written in the hills of western Pennsylvania. It carried no signatures, sparked no rebellion, and invited no accusations of treason. Yet its consequences would prove transformative. In August 1859, Edwin
(Oil Price) – Oil prices surged over 7% to a two-week high on Wednesday after U.S. President Donald Trump declared that the interim ceasefire agreement with Iran is officially over and dismissed the recently signed memorandum of understanding as a “waste of time.” Brent crude for September delivery spiked 7.6% to trade at $79.76 per barrel at 10:40 am ET, while WTI crude for
