(Oil Price) – Global oil inventories are fast approaching a critical point, with Asia the first facing “minimum operational levels” and Europe close behind. This is the latest in a growing series of warnings from industry experts about the state of oil supply and the prospects of a severe shortage. It seems the world is running out of time to avert
(World Oil) – Former bp Plc Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change. bp ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in
Weekly Crude Oil Storage as of May 22, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.3 million barrels from the previous week. At 441.7 million barrels, U.S. crude oil inventories are 2% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Investing) – Oil prices on Thursday sharply pared gains after a report that Washington and Tehran had reached a deal to extend an ongoing ceasefire and launch further negotiations over Iran’s nuclear program, pending President Donald Trump’s final approval. Crude prices had earlier ticked higher after the U.S. and Iran traded fresh strikes, denting hopes for a peace deal that would
(By Oil & Gas 360) Part I – For decades, the oilfield was built on horsepower, steel, and geology. Now it is increasingly being built on algorithms. Artificial intelligence and digital technologies are rapidly transforming how oil and gas companies drill wells, complete reservoirs, manage production, and reduce operational costs. What was once considered one of the world’s most traditional
(BOE Report) – Brent crude futures rose nearly 2% in early Asian trade on Tuesday after the U.S. military carried out strikes in southern Iran in what it described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides. Brent futures climbed $1.40, or 1.5%, to $97.56 a barrel as of 0006 GMT,
(Oil & Gas 360) – Investors are encouraged to register for EnerCom Denver – The Energy Investment Conference, featuring a broad group of public and private energy companies Limited presentation openings are available for E&P, Midstream, OFS, Energy Transition, and Emerging Technology companies Sponsorship opportunities are available for companies seeking to increase their market presence DENVER – May 21, 2026
(By Oil & Gas 360) – Energy markets are becoming increasingly defined by shrinking buffers. This week, traders, policymakers, and producers all focused on the same concern: the world has less margin for disruption than it did even a year ago. Tight inventories, constrained LNG supply, and rising geopolitical pressure around Hormuz are forcing markets to reprice risk faster and
(By Oil & Gas 360) – The longer the Iran war continues, the less this looks like a temporary geopolitical disruption and the more it resembles the early stages of a structural oil supply crisis. For months, markets have focused on headlines surrounding ceasefires, diplomacy, and tanker traffic through the Strait of Hormuz. But beneath the volatility, the global oil
(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
(Investing) – An oil pipeline operated by Plains All American in East Los Angeles, California, was shut down after a rupture, the company said on Friday. The line was struck by a third party conducting excavation work, the company added. It did not provide details on how much oil may have leaked or a timeline on when flows would be restored. The ruptured pipeline
This week’s Baker Hughes Rig Count shows that the U.S. increased by 7 last week, resulting in a total count of 558 rigs. Canada increased by 14 over last week, resulting in a total Canadian count of 138 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Cana Woodford, Eagle Ford and Permian regions experienced an increase
