Crude Oil Archives -

Every barrel counts, or no barrels count- Why America’s next energy story isn’t about supply

June 29, 2026

(Oil & Gas 360) By Greg Barnett, MBA – The June 2026 Monthly Energy Review confirmed something that would have been almost unimaginable a generation ago: the United States has largely solved its domestic energy supply problem. Oil production remains near record levels. Natural gas production remains abundant. Energy exports continue to balance a system capable of producing more energy than

Gulf producers race to load oil and LNG as Hormuz stays open

June 29, 2026

(Oil Price) – Saudi Arabia, the United Arab Emirates, and Qatar continue loading oil and LNG onto vessels at their Persian Gulf ports despite the attacks on two commercial vessels near the Strait of Hormuz and the weekend tensions between the U.S. and Iran. The Middle Eastern producers are rushing to load oil and LNG while the Strait of Hormuz is

Iraq’s push for bigger OPEC quota driven by revenue pressures, new oil investment

June 29, 2026

(BOE Report) – An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq’s aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc. The pressure from Baghdad adds to the challenges confronting the Organization of the Petroleum Exporting Countries, still reeling

Stalled US permits threaten $121 billion in wind and solar investment, report shows

June 29, 2026

(Investing) – Trump administration policies that have stalled permits for renewable energy projects are putting more than $121 billion of investment at risk and slowing development of wind, solar and storage capacity needed to meet rising power demand, according to a report published on Monday. The findings by energy research firm Wood Mackenzie highlighted tension between President Donald Trump’s goal of

360 Energy Pulse: What mattered in energy this week

June 26, 2026

(By Oil & Gas 360) – Energy markets continued shifting from crisis pricing toward normalization this week, but the transition remains uneven. Oil prices weakened as Hormuz flows improved and Saudi Arabia prepared to cut prices, yet shipping uncertainty, strategic reserve building, and new attacks kept risk alive. The market is no longer pricing full disruption, but it is not

The United States has solved supply, not price

June 26, 2026

(Oil & Gas 360) By Greg Barnett, MBA – A June 2026 Perspective on the Monthly Energy Review, the Short-Term Energy Outlook, and the Global Forces Behind Your Gasoline Bill. The June 2026 edition of the Energy Information Administration’s Monthly Energy Review (MER) arrives with remarkably little drama. U.S. energy production remains strong. Consumption remains relatively stable. Exports continue to

Saudi Arabia set to slash oil prices as Hormuz reopens

June 26, 2026

(Oil Price) – Saudi Arabia is expected to slash the official selling prices of its crude loading for Asia in August, as Middle East’s crude benchmarks crashed amid the tentative reopening of the Strait of Hormuz and the oil supply increase from the region. Saudi oil giant Aramco, the world’s single-biggest crude oil exporter, is expected to slash the OSP of

Traffic through Strait of Hormuz slows after attack on ship

June 26, 2026

(BOE Report) – Fewer vessels transited the Strait of Hormuz on Friday than earlier this week, hours after a Taiwanese-operated ship was fired on by Iran, ship tracking data showed. The U.N. shipping agency temporarily paused its voluntary scheme to evacuate hundreds of stranded ships and thousands of seafarers from the Gulf after the ship was damaged in the attack

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count increased by 10, is at 573

June 26, 2026

This week’s Baker Hughes Rig Count shows that the U.S. increased by 10 last week, resulting in a total count of 573 rigs. Canada increased by 11 over last week, resulting in a total Canadian count of 197 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Granite Wash, and the Permian experienced an increase this week.

Drone attack cuts output at Kazakhstan’s Karachaganak oil field

June 26, 2026

(World Oil) – Kazakhstan’s giant Karachaganak oil and gas field cut crude production by more than a quarter after a drone attack forced the shutdown of a processing plant in Russia that handles its gas. Karachaganak, one of Kazakhstan’s three largest hydrocarbon projects alongside Tengiz and Kashagan, accounts for about 10% of the country’s oil production. Because the field produces crude

Hormuz’s next chapter is about gas, not just oil

June 25, 2026

(By Oil & Gas 360) – The reopening of the Strait of Hormuz has brought a measure of relief to global energy markets. Tankers are once again moving through the world’s most important energy corridor, crude prices have retreated from their wartime highs, and traders have become increasingly optimistic that the worst of the disruption may be over. That optimism

US oil prices briefly fall below $70 even as stocks dwindle at storage hub

June 25, 2026

(BOE Report) – Revived tanker movement through the Strait of Hormuz pushed U.S. crude prices below $70 a barrel briefly on Wednesday even though inventories at the country’s crude storage hub in Cushing, Oklahoma have dropped to their lowest in 12 years. Stocks of oil at Cushing fell to about 19 million barrels last week, the lowest level since 2014,

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