(Oil Price) – ADNOC Logistics and Services has placed a $900-million order for four newbuild LNG carriers to expand its fleet as Abu Dhabi’s national oil company seeks to boost gas exports to seize the global rise in LNG demand. ADNOC Logistics and Services on Friday announced a newbuilding order for an additional four next-generation LNG carriers with a total value of approximately
(BOE Report) – A recent escalation of hostilities between the U.S. and Iran could upend the International Energy Agency’s forecast of a significant oil market surplus next year, it said on Friday, as global supply jumped in June when the Strait of Hormuz reopened but still lagged pre-war levels. Global oil markets received some respite last month as a peace
(Oil Price) – BP has started to simplify its portfolio and cut costs, and will make fewer but better choices in which projects to invest, chief executive Meg O’Neill said on Thursday. “We are taking concrete action to grow long-term value for shareholders: simplifying our portfolio, reducing costs, maintaining tight discipline on capex and strengthening the balance sheet,” O’Neill, the first
(BOE Report) – Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said. This could boost demand for crude that would absorb some of the expected global supply surplus following OPEC+’s decision to
(World Oil) – The United States and Iran exchanged a second round of military strikes Thursday, escalating tensions in the Persian Gulf and further disrupting commercial shipping through the Strait of Hormuz. U.S. Central Command (CENTCOM) said it struck about 90 Iranian targets overnight—following roughly 80 targets hit the previous day—to further degrade Tehran’s ability to threaten commercial vessels transiting
(Investing) – Oil prices eased on Thursday after earlier gains as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz. Brent crude futures were down 11 cents, or 0.1%, to $77.91 a barrel at 1322 GMT. U.S. West Texas Intermediate crude futures dropped 38 cents, or 0.5%,
(By Oil & Gas 360) – Markets have become remarkably efficient at pricing today’s headlines, but what they struggle to price is tomorrow’s uncertainty. Following months of conflict, supply disruptions, and volatile oil prices, the prospect of an uneasy ceasefire between the United States and Iran has offered financial markets a measure of relief. Crude prices have eased from wartime highs,
(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
(BOA Report) – At least four oil and gas tankers have turned back from attempting to transit the Strait of Hormuz, ship-tracking data showed, as renewed attacks on vessels in the critical waterway heightened safety and security concerns. The diversions come after a Qatari liquefied natural gas tanker and a Saudi-flagged crude oil tanker were damaged near the strait on
(BOE Report) – The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC’s authority. Gulf producers, desperate for revenue to replenish state coffers depleted during the four-month-old conflict,
(Oil Price) – The oil majors are set for windfall earnings for the second quarter, which saw crude oil prices jump to a four-year high due to the closure of the Strait of Hormuz. The earnings at both ExxonMobil and Chevron are expected to have tripled in the April to June quarter compared to the first quarter, as the worst supply disruption in
(BOE Report) – Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as
