(Oil Price) – Japan is readying a $10-billion financial support package for Southeast Asian economies to help them procure crude oil amid the supply shock from the Middle East, Japanese news outlet NHK reports. Japan’s Prime Minister Sanae Takaichi is set to unveil the package on Wednesday at an online summit meeting of the Asia Zero Emission Community plus, or
(World Oil) – Transocean has secured a long-term contract extension with Petrobras for its ultra-deepwater drillship Deepwater Corcovado, adding approximately $445 million to the company’s backlog. The 1,156-day extension will begin in direct continuation of the rig’s current work offshore Brazil and is expected to keep the drillship contracted through November 2030. The award reflects continued demand for high-specification ultra-deepwater drilling capacity in Brazil’s
(Oil Price) – An analysis by The Guardian has revealed that the world’s largest Oil & Gas companies, as well as major oil producers such as Saudi Arabia and Russia, will make an extra $234 billion in windfall profits by the end of the year if oil prices continue to average $100 per barrel. According to the exclusive report,
(BOE Report) – Canadian oil and gas producers are benefiting from the surge in commodity prices driven by the Middle East war, but they say it’s not changing their investment plans in the near-term. The chief executive at oilsands giant Cenovus Energy says it’s too early on in the crisis to know what the enduring changes to the market are
(World Oil)– The Permian basin continues to reinforce its position as the lowest-cost U.S. shale play, with an estimated 55,000 drilling locations capable of breaking even below $50/bbl, according to new analysis from Enverus Intelligence Research (EIR). The estimate represents roughly 10% year-over-year growth, driven by ongoing resource delineation, improved well performance and continued cost efficiencies. The sub-$50/bbl inventory is
(By Oil & Gas 360) – The market isn’t just reacting to higher oil prices. It’s reacting to what those prices mean this time. What’s unfolding looks less like a temporary spike and more like a second-order shock, one that’s already starting to ripple through inflation, interest rates, and growth expectations in ways that feel more persistent than 2022. This time,
(World Oil) – Transocean has secured a long-term contract extension with Petrobras for its ultra-deepwater drillship Deepwater Corcovado, adding approximately $445 million to the company’s backlog. The 1,156-day extension will begin in direct continuation of the rig’s current work offshore Brazil and is expected to keep the drillship contracted through November 2030. The award reflects continued demand for high-specification ultra-deepwater drilling capacity in Brazil’s
(Oil Price) – Oil supply from the Middle East could drop by another 2.3 million barrels per day (bpd) if the U.S. were to completely block the Strait of Hormuz, according to bank Nomura. “We estimate around 2.3mbpd loss of incremental oil supplies versus March 2026, and nearly 9.3mbpd loss versus March 2025 in the event the US were to
(Oil Price) – Iran may halt its own oil shipments through the Strait of Hormuz for several days. Tehran is weighing a short-term pause to avoid testing the U.S. naval blockade just days before another round of ceasefire talks. The objective is to get through the next week without a maritime incident that derails negotiations before they start. Iran has
(Oil Price) – Saudi Arabia is expected to ship in May halve the crude volumes to China it supplies in April as the Kingdom hiked its official selling prices while part of the supply is trapped in the Middle East due to the war. Saudi Arabia, the single biggest crude oil exporter in the world, is expected to send about
(Oil Price) – The European Union needs to suspend its planned ban on imports of Russian LNG, currently slated to take place on January 1, 2027, as the Middle East war has roiled energy markets, according to Claudio Descalzi, the chief executive of Italy’s oil and gas major Eni. “I think that it is necessary to suspend the ban that
(BOE Report) – The United States’ NATO allies said on Monday they would not get involved in President Donald Trump’s plan to blockade the Strait of Hormuz, further ratcheting up tensions within the increasingly fragile alliance. Trump said the U.S. military would work with other countries to block all maritime traffic in the waterway, after weekend talks failed to reach
