(Oil Price) – Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are
(BOE Report) – U.S. underground natural gas storage capacity of the 375 active storage fields in the Lower 48 states increased in 2025, according to an annual report by the U.S. Energy Information Administration (EIA) on Thursday. The EIA uses two metrics to assess storage capacity: demonstrated peak capacity, which rose 0.1%, or 6 billion cubic feet (bcf), in 2025,
(Oil Price) – Despite the lowest production and export volumes on record, Saudi Arabia saw the value of its oil exports surge by 37.4% in March to the highest level in three and a half years, data from Saudi Arabia’s General Authority for Statistics showed. The value of the Kingdom’s total merchandise exports rose by 21.5% in March 2026 from a year earlier,
(World Oil) – The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to charge royalties of up to 30%, as much as
(Investing) – Seven leading OPEC+ oil-producing countries are likely to agree to a modest increase in July output when they meet on June 7, according to a Reuters report on Thursday. The monthly target set by the seven core members is expected to rise by approximately 188,000 barrels per day, though delivery for several nations remains disrupted by the Iran war.
(Oil & Gas 360) By Greg Barnett, MBA – For decades, the conventional economic narrative held that rising gasoline prices act as a direct tax on consumers, reducing discretionary spending and slowing economic growth. That framework still exists in textbooks, but real-world behavior—especially in the post-2020 environment—suggests the relationship has fundamentally evolved. The modern U.S. consumer is not responding to
(BOE Report) – Goldman Sachs said in a note on Tuesday that U.S. natural gas production is showing signs of price sensitivity as Henry Hub prices moved back above $3 per million British thermal units this week for the first time since late March. The bank sees the ongoing signs of U.S. dry gas production price sensitivity as the most
(Oil Price) – The global gas markets are seriously underestimating how the shock loss of LNG supply from the Middle East will affect the world and economies in the coming months and years, the head of Australia’s top LNG exporter, Woodside, said on Wednesday. “I don’t think markets and consumers and society are yet fully appreciating it, and there’s a
(World Oil) — bp has signed three production sharing contracts (PSCs) in Indonesia, expanding its upstream exploration portfolio near the company’s existing Tangguh LNG operations in Papua Barat and adding participation in a new East Java block. The agreements cover the Bintuni and Drawa exploration blocks near the bp-operated Tangguh LNG project, as well as the INPEX-operated Barong block in East
(BOE Report) – The tanker crew gathered their courage and carefully navigated along a route designated by Iran, hugging the coastline and maneuvering their hulking vessel between island checkpoints through the Strait of Hormuz. The 330-metre-long Agios Fanourios I, laden with Iraqi crude oil and bound for Vietnam, had been bottled up off the coast of Dubai since late April.
(Oil Price) – Three commercial supertankers carrying a combined 6 million barrels of Middle East crude oil have successfully exited the Strait of Hormuz, Reuters reports. The vessels departed the strategic waterway on Wednesday, after being stranded inside the Persian Gulf for over two months, lending hope to an end to the closure of the strait. The crude cargoes were
(Oil & Gas 360) – Freedom Of When/What/How To Work Has Us Heading To More Prosperity, With Profitable, Yet Affordable, Oil & Nat. Gas Prices Driving & Providing. Decision makers able to Do have today’s current month, closing crude oil futures price down at $101.02, down $11.93 from its April 7, $112.95 high. The Strait of Hormuz closing, with Operation Epic
