Actualités des Marchés Energétiques

Jul 03 - Kuwait's crude oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday, as the OPEC member boosts exports through the Gulf following the U.S.-Iran interim peace agreement.  The jump in Kuwaiti output adds to signs that Gulf oil flows through the Strait of Hormuz are recovering rapidly following disruption caused by the Iran war, with stranded cargoes gradually clearing the Strait of Hormuz and exporters restoring production.

Jul 03 - Canada, Alberta announce new west coast oil pipeline to boost exports
Canada announced plans to build a new oil pipeline from Alberta to the Pacific coast, which would give the world's fourth-largest oil producer greater capacity to export to Asia and ease its reliance on the United States.Prime Minister Mark Carney made the announcement in Calgary alongside Alberta Premier Danielle Smith, whose government said construction of the 1-million-barrel-per-day pipeline would begin as early as September 2027.

Jul 02 - OPEC+ likely to raise oil output targets from August again, sources say
OPEC+ oil-producing countries will likely agree a further hike in their output targets from August when they meet on Sunday, three sources said on Wednesday, adding to supply at a time of falling prices as the Strait of Hormuz gradually reopens. The target will increase by about 188,000 barrels per day for August, the same as for June and July, the sources said.

Jul 02 - Russia's Urals crude prices in India hit 4-month lows on ample supply, rising competition, traders say
Price differentials for Russia's Urals crude delivered to India in August have fallen to their lowest levels since late February amid ample supply and rising competition, three trade sources told Reuters on Wednesday. They said discounts for August Urals cargoes delivered to Indian ports on a DES basis had widened to below $7 per barrel versus the dated Brent benchmark, from about $4 per barrel just 10 days ago.

Jul 01 - No Brent crude oil cargoes set to load in August, a first for global price benchmark
No cargoes of North Sea Brent crude oil are scheduled to load in August as production steadily declines, traders told Reuters on Tuesday, marking a milestone for the global Dated Brent oil benchmark, which prices over 60% of the world's oil. "What is left of Brent is just a brand name of the most important crude oil contract in the world," said Adi Imsirovic, a Brent expert and veteran oil trader. "At some stage, Brent crude will disappear, but the contract is likely to remain for many years to come."

Jul 01 - Analysts dial down oil forecasts as Hormuz reopening eases supply concerns (poll)
Analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, after five straight monthly increases, as the reopening of the Strait of Hormuz eases concerns over prolonged supply disruptions, a Reuters poll showed on Tuesday. The monthly survey of 31 economists and analysts forecast Brent crude would average $84.50 per barrel in 2026, versus $90.44 projected last month. U.S. crude was seen averaging $79.49 per barrel, down from May's view of $84.63.

Jul 01 - REUTERS TECHNICAL ANALYSIS Q3 OUTLOOK 2026 - WANG TAO

A firmer U.S. dollar is likely to weigh on energy and metals markets. The dollar index has established a solid base and is gathering upward momentum, reinforcing the bearish outlook for crude oil, gold, base metals and grains. In contrast, palm oil and soft commodities appear less vulnerable to dollar strength and are expected to extend their gains. To read the full report, click here .

Jun 30 - Middle East producers push on with oil and LNG loadings despite ship attacks
Middle East producers are pushing ahead with oil and liquefied natural gas loading despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the U.S. and Iran in recent days, shipping data showed. Energy shipping in the strait slowed after attacks on a container ship on Thursday and an oil tanker on Saturday sparked tit-for-tat strikes, threatening Washington and Iran's interim peace deal.

Jun 30 - Iraq's push for bigger OPEC quota driven by revenue pressures, new oil investment
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 from the conflict's fallout and the shock departure of the United Arab Emirates after nearly 60 years as a member.

un 29 - Saudi Arabia may cut August oil prices sharply for Asia as supply improves
Saudi Arabia is likely to sharply cut its official selling prices (OSPs) for crude oil to Asia in August to a four-month low, a Reuters survey showed, after spot crude markets tumbled on rising Middle Eastern supplies. The August OSP for flagship Arab Light crude may slide to a premium of $1.5 to $3 a barrel above the average Dubai and Oman quotes, four industry sources said in the survey, $6.5 to $8 a barrel lower than the July OSP.
 
Jun 29 - Hormuz oil exodus sets stage for chaotic rebalancing act.
Crude prices may be back near levels seen before the Iran war, but the surge in oil exports from the Middle East following the reopening of the Strait of Hormuz is creating a chaotic market that could take months to settle.The steep slide in Brent crude back to pre-war levels of around $73 a barrel following the U.S.-Iran interim deal might, at first glance, suggest business as usual has returned to the world’s most important oil and gas hub. The narrow waterway, which once carried about a fifth of global oil and gas, had been effectively paralysed by conflict for more than 100 days.

Jun 26 - Crude shipments through Hormuz at highest since Iran war began
Crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, data showed on Thursday. Concerns about how long the strait would stay open also boosted trade.

Jun 26 - Saudi Aramco resumes oil loading at Ras Tanura after 4-month halt
Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed, in a sign that Middle Eastern producers are pushing forward with plans to boost exports despite a ship attack in the Strait of Hormuz. Middle Eastern producers had been ramping up oil and gas output and exports in the lead-up to the interim deal between the United States and Iran to halt the war and reopen the strait where a fifth of the world's oil and liquefied natural gas supplies used to pass.

Jun 25 - Global physical crude markets dive as Middle East ramps up supply
Physical crude oil cargoes are selling at steep discounts around the world, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions. The discounts, the biggest in years in some cases, follow the signing of a 60-day interim deal between the U.S. and Iran aimed at ending the war that began on February 28.

Jun 25 - Oil markets start to signal near-term oversupply as tankers exit Strait of Hormuz
Prices of Brent crude oil for second-month delivery traded higher on Wednesday than prices for prompt delivery for the first time since the Iran war started in late February, signaling increased near-term supply. Brent, the global benchmark, traded 12 cents higher for contracts delivering in September versus those with August delivery, implying the market is pricing in ample prompt supply but fewer barrels in the coming months.

Jun 24 - Gulf oil tanker rates nearly double as Middle East producers ramp up exports
Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources. Traffic through the vital strait has been modest since Iran lifted its effective blockade last week after agreeing to a 60-day ceasefire with the U.S., as talks on a permanent deal to end their war continue.

Jun 24 - Russia eyes diesel export ban, fuel imports amid Ukrainian strikes; Crimea restricts public life 
Russia is considering a diesel export ban, Deputy Prime Minister Alexander Novak said on Tuesday, while a newspaper reported on possible fuel imports to tackle shortages, especially in Crimea, which tightened restrictions on public services and activities. Russian President Vladimir Putin also made his first comments about Ukraine's recent strikes on civilian infrastructure, including on Moscow's oil refinery, saying they were a ploy to destabilise society.

Jun 23 - Iran walks out of Swiss talks after Trump threats
Trump’s explosive remarks: Donald Trump’s threats to strike Iran and hint at targeting negotiators prompted Tehran’s delegation to walk out of Swiss peace talks.
Fragile 60‑day roadmap: The talks aimed to implement a deal reopening the Strait of Hormuz and halting Lebanon clashes, but progress is at risk.
Mediators keep talks alive: Pakistan and Qatar say technical negotiations will continue this week despite the diplomatic rupture.

Jun 23 - US authorizes Iranian oil sales amid talks on final peace deal
The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21.

Jun 23 - US gasoline prices tumble for sixth straight week
Diplomacy between the U.S. and Iran has translated into relief at the pump for Americans, data showed on Monday, with gasoline prices falling for a sixth straight week and marking a 15% drop from their May peak. The national average price of gasoline fell 14.1 cents a gallon over the last week to $3.85 per gallon on Monday, according to price-tracking service GasBuddy.

Jun 22 - Shipping slows after Iran says it has again shut the Strait of Hormuz
The number of ships that passed through the Strait of Hormuz fell sharply on Sunday after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal, shipping data showed. Five vessels passed the strait on Sunday, from 26 ships spotted a day earlier, data from analytics firm Kpler showed.

Jun 22 - Asia has plenty of crude oil, but refined fuels remain tight.
Asia's imports of crude oil are on track to return to pre-Iran conflict levels, but flows of refined products are still constrained and fuel prices reflect the supply stresses. The world's top energy-consuming region is expected to import about 22.18 million barrels per day (bpd) of crude in June, up from 20.35 million bpd in May, according to data compiled by commodity analysts Kpler.

Jun 19 - Hormuz reopening to release wave of oil supply, depress prices
Middle Eastern crude oil prices are likely to fall if the Strait of Hormuz reopens on Friday following the U.S.-Iran interim deal, releasing millions of barrels of oil stranded in the Middle East Gulf into global markets, industry executives said. The wave of supply comes after Gulf producers ramped up exports via ship-to-ship transfers off the United Arab Emirates and Oman this month, which depressed spot differentials for Middle East crude to discounts on Tuesday.

Jun 19 - OPEC sticks to robust oil demand outlook, sees no peak on horizon
OPEC maintained its forecast for robust global oil demand growth in the next four years on Thursday and nudged up its longer-term view, citing a worldwide shift towards more supportive policies for oil use and saying there was no sign demand would peak. The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.

Jun 18 - IEA sees significant 2027 oil surplus after Hormuz recovery
The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The U.S. has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the U.S. lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history.

Jun 18 - While Trump hails Gulf oil flowing, Iran's fleet also gearing up to boost exports
While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading. At least three tankers carrying some five million barrels of Iranian oil have sailed through the U.S. naval blockade this week, shipping data shows, despite the U.S. military saying its operations against Iran-linked shipping will stay in place until Friday.

Jun 17 - The U.S. is using an Iranian smuggling tactic to sneak oil out of the Gulf
The United States military has overseen scores of secretive ship-to-ship oil transfers to keep Gulf energy exports flowing, using aerial and water drones as well as helicopters in an operation to guide convoys to awaiting tankers. The operation on the edge of the Strait of Hormuz employs a shuttling technique long used by Iran to skirt sanctions. 

Jun 17 - Europe's gasoline exports drop, tightening market during US summer driving season
Europe is shipping less gasoline to the U.S. during peak summer driving season, as demand has been rising on the continent where supply has been cut by refinery closures and other disruptions from the Iran war, according to data, traders and analysts. European gasoline imports to the U.S. have traditionally helped balance the market in the world's largest consumer of the fuel. Analysts said the U.S.-Iran deal to end the war, announced on Sunday, will not immediately change a tight gasoline supply-demand balance.

Jun 16 - China's May oil throughput falls to almost four-year low
China's crude oil throughput in May fell 9.1% from a year earlier to the lowest level in almost four years, official data showed, as the country's refineries cut runs on high crude costs and faced losses amid the U.S.-Israeli war on Iran. The world's second-largest oil consumer processed 53.72 million metric tons of oil, or 12.65 million barrels per day, hitting the lowest level since August 2022, data from the National Bureau of Statistics showed.

Jun 16 - Is the Iran war just an energy shock - or a turning point?
Getting people to forget the last crisis may be as simple as ensuring prices drop rapidly and stay low for an extended period. The early market reaction -with Brent tumbling 4% to $83 on the deal announcement - suggests that process may already be underway. If diesel and gasoline vehicles are cheap to refuel and LNG can compete with coal and renewables, it's possible that governments and consumers will forgive and forget the disruption and costs of the Iran war, much as they did after previous conflict-induced price spikes.

Jun 15 - Tired of chaos, investors retreat from oil market at record pace
The extreme volatility of global oil prices has drained liquidity from the market this year at the fastest pace on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to U.S. President Donald Trump's daily social media posts on the Iran war. Liquidity, or how well matched the number of buyers is to the number of sellers, is the product of a number of factors, including traded volume and open interest. 

Jun 15 - Fragile Iran deal offers oil relief, but Hormuz risks remain.
The U.S.-Iran deal ending months of fighting and reopening the Strait of Hormuz will prompt a collective sigh of relief from energy exporters and importers alike. But the fragile calm may not prevent future flare-ups, casting doubt over how quickly - or fully - tanker traffic through the vital waterway can return to normal. Under the agreement announced late on Sunday, Iran and the U.S. agreed to lift their blockades on the Strait of Hormuz, through which roughly a fifth of global oil and LNG flowed before the war broke out on February 28.

Jun 12 - From corn fields to cargo ships, ethanol gains early traction as marine fuel
Shippers including Maersk and mining giant Vale are turning to ethanol as a marine fuel to cut emissions as abundant supply and lower cost make it more attractive than other low-carbon fuels, with further commercial usage expected as early as next year. The use of ethanol in shipping could open a new demand channel for the fuel, which in some countries is blended into gasoline, while offering shipowners another pathway to cut conventional fuel use to meet emission reduction targets.

Jun 12 - US summer driving season hits as gasoline supplies squeezed tight
U.S. vacationers are barreling into peak summer driving season just as the gasoline market faces a supply crunch, with resilient domestic demand and surging fuel exports threatening to strain thin inventories and send pump prices climbing. Surging summer demand from American motorists has not stopped U.S. refiners from increasingly prioritizing lucrative diesel and jet fuel production to backfill global shortages caused by shipping disruptions at the Strait of Hormuz. 

Jun 12 - China learns to live on less fuel, to the relief of oil markets
Three months into the Iran war, the oil market is coming to grips with an unexpected new reality: China, the world's largest importer, needs much less fuel than previously thought. Gasoline sales at Sinopec, which runs China's biggest network of petrol stations and is the world's largest refiner, dropped 8% on-year in April while diesel fell 6%, according to industry sources briefed on internal data.

Jun 11 - Once an Arab oil embargo victim, US becomes world's top oil exporter
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade. America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on Middle Eastern oil for decades and suffered from an oil embargo imposed by some OPEC members in 1973 to retaliate against U.S. support for Israel.

Jun 11 - Hormuz reopening could be OPEC’s undoing.
Saudi Arabia and neighbouring Gulf producers will cheer the eventual reopening of the Strait of Hormuz, but the ensuing flood of oil risks eroding OPEC’s already fragile grip on the market. The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum Exporting Countries and moved the industry’s centre of gravity away from the Middle East.

Jun 10 - Oil inventories headed toward multi-decade lows, US EIA warns
Oil stockpiles in the world's largest economies are headed toward the lowest levels since at least 2003 as inventories are drawn down at a record pace due to the lost output from the Iran war, the U.S. Energy Information Administration said on Tuesday. Total oil inventories in the members of the Organization for Economic Cooperation and Development will fall to just under 2.3 billion barrels by December, the EIA said, based on its current assumption that marine traffic through the Strait of Hormuz is unlikely to return to pre-conflict levels until early 2027. 

Jun 10 - US energy chief says oil exports through Strait of Hormuz, Gulf will 'continue to rise'
U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic in the Gulf and oil exports through the Strait of Hormuz are rising even as Washington and Tehran struggle to reach a deal on ending their more than three-month-old war. "I would say rising very meaningfully," Wright said when asked how ship traffic is flowing through the strait compared to a week or two ago. He said oil exports through the strait and the Gulf have risen and "will continue to rise."

Jun 09 - China's oil imports extend slide as May volumes hit eight-year low
China's May crude imports slumped 29% to their lowest levels in eight years, extending a sharp decline in the world's largest oil importer that is helping keep a lid on global oil prices. Imports dropped to 33.08 million tons, or 7.79 million barrels per day, the lowest level since February 2018, customs data showed.

Jun 09 - Russia to reduce June oil exports amid higher refinery runs and lower crude output, sources say
Russia is set to reduce its crude oil exports as it plans to boost refinery runs in June amid looming fuel shortages, market sources said. Crude loadings from its western ports of Primorsk, Ust-Luga and Novorossiysk could fall to 1.7 million barrels per day (bpd) in June from 2.5 million bpd in May, according to preliminary data from industry and trading sources.

Jun 08 - OPEC+ approves fourth oil output quota hike since Hormuz closure
OPEC+ agreed on Sunday a fourth increase in its oil output targets in as many months, even though the U.S. war with Iran is still preventing several of the group's members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as key OPEC+ members including Saudi Arabia have been unable to supply customers in full since the end of February. 

Jun 08 - Oil market calm masks a host of unknowns.
The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the U.S. nor Iran appears willing to budge - yet the market has settled into an eerie calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns. In recent weeks, benchmark Brent crude has retreated from a four-year high of $118 a barrel, set in March, to below $95, returning to levels that sit comfortably within the range of the past two decades.

Jun 05 - Iranian oil exports fall to lowest level in six years, data shows
Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the oil market faces a supply crunch due to Iran's effective closure of the Strait of Hormuz cutting exports from Saudi Arabia, Kuwait, Iraq and the United Arab Emirates.

Jun 05 - Nigeria's Dangote refinery tops 700,000 barrels a day in test
Nigeria’s Dangote Petroleum Refinery has ramped up crude processing to 700,000 barrels per day (bpd) during a performance test by process licensors, exceeding its nameplate capacity of 650,000 bpd and marking a significant operational milestone, the company said on Thursday. Devakumar Edwin, vice president for oil and gas at Dangote Industries, said the ramp-up forms part of a wider plan to expand capacity to 1.4 million bpd within 30 months, a level that could make the facility one of the largest globally.

Jun 04 - US crude stocks fall on strong export, refining demand, EIA says, as Iran war continues
U.S. crude stocks drew more than expected last week as export and refining demand remained strong with many countries in Asia and Europe seeking to replace Middle Eastern oil and fuel supplies cut off by the Iran war, now in its fourth month. Crude inventories fell by 8 million barrels to 433.7 million barrels in the week ended May 29, the EIA said, compared with a 4 million-barrel draw analysts had forecast in a Reuters poll.

Jun 04 - Kuwait can restore 70% of oil output in 6–8 weeks of Hormuz reopening, KPC executive says
Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Kuwait Petroleum Corporation's managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said on Wednesday. The remaining 30% would take about another month, he told the S&P Global Energy Middle East Petroleum and Gas Conference.

Jun 03 - Oil products shipments exit Hormuz, LNG tanker loads at UAE
Two tankers carrying oil products exited the Strait of Hormuz over the past week, while a liquefied natural gas carrier loaded cargo in the United Arab Emirates, shipping data showed - rare movements as traffic through the chokepoint remains limited. Several tankers have managed to leave the Gulf in the past month, but oil and LNG flows are still severely constrained by the U.S.-Israeli war on Iran, which began on February 28. About a fifth of global oil and LNG supply normally passes through the Strait of Hormuz.

Jun 03 - Russia's western oil exports hit 8-month high as drone strikes curb refining
Russia boosted oil exports via its western ports by 15% in May from April, according to two industry sources familiar with the data, as refinery outages caused by Ukrainian drone attacks push Moscow to export more crude. Ukraine has stepped up its drone attacks on both refinery and oil export facilities this spring, causing fuel shortages in Russia while also weighing on its oil production. Russia's oil output declined in April, the International Energy Agency said and Reuters reported.

Jun 02 - OPEC+ likely to raise July oil output target despite Hormuz disruption, sources say
OPEC+ oil-producing countries will likely agree a further hike in their output target for July when they meet on Sunday, three sources said, though the Iran war has so far prevented several from delivering previous increases. Another quota increase would show the group is approaching business as usual despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in May of the United Arab Emirates, a member of the Organization of the Petroleum Exporting Countries for almost 60 years. 

Jun 02 - US crude exports hit record high in May as Iran war tightens global oil supplies
U.S. crude exports climbed to a record 5.6 million barrels per day in May as the Middle East crisis pushed up demand for the country's oil from Asian and European refiners, ship tracking estimates showed on Monday. The U.S. and Israel's war with Iran triggered the largest-ever disruption to the global energy market with refiners globally scrambling for alternatives to Middle Eastern supply. Around a fifth of the world's oil and gas supplies passes through the Strait of Hormuz. a key waterway that effectively closed when the war started at the end of February.

Jun 01 - Record-low U.S. shale well backlog curbs fast output gains amid export surge
U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have increased exports to Asia and Europe since the conflict began and Iran effectively shut the Strait of Hormuz, bottling up most Middle Eastern oil supply.

Jun 01 - Ukrainian drones hit pipeline, refinery, fuel depot in overnight strikes on Russia
Ukrainian drones struck targets across several Russian regions overnight, including an oil pipeline pumping station, a refinery and a fuel depot, Russian and Ukrainian authorities said on Sunday, in an escalating campaign of strikes against energy infrastructure often hundreds of miles inside Russia. Ukraine's General Staff said it had struck the Saratov oil refinery on the Volga river, causing a large fire. Saratov regional governor Roman Busargin said on Telegram that "civil infrastructure" had been damaged in the strike, but gave no more details.

May 29 - US crude, fuel inventories fell last week on strong demand, EIA says
U.S. crude, gasoline and distillate stockpiles fell last week, the Energy Information Administration said on Thursday, as demand from refiners and consumers rose. Crude inventories fell by 3.3 million barrels to 441.7 million barrels in the week ended May 22, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.14 million-barrel draw.

May 29 - Not everybody is a loser from the Iran war. Just ask Brunei !
Argentina, Brunei and Gabon are not three countries that would appear to have much in common. But they are in a small group of energy producers that are big winners from the war against Iran.

May 28 - Three oil, LNG tankers exit Hormuz with transponders off
Two supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week with their transponders switched off, and are heading for India and China, shipping data from LSEG and Kpler showed. The vessels joined a number of tankers leaving the Gulf this month, although oil and LNG traffic overall has still been limited. The Very Large Crude Carrier Eagle Veracruz, carrying 2 million barrels of crude loaded from Saudi Arabia in late February, is heading to Quanzhou port in the southeastern Chinese province of Fujian. 

May 28 - Trump's domestic shipping waiver has not cut gasoline prices by much, data
President Donald Trump’s waivers allowing foreign-flagged ships to move oil and fuel between U.S. ports have had little impact on high domestic gasoline prices due to elevated shipping rates and the relatively small fuel volumes transported so far, a Reuters analysis found. In March, Trump issued a waiver to the Jones Act, a century-old law that requires shippers to use vessels built, owned and crewed by Americans to transport commodities between U.S. ports. 

May 27 - BP ousts Chair Albert Manifold citing governance and conduct issues
BP's board on Tuesday ousted Chair Albert Manifold and expressed serious concerns about his governance standards, oversight and conduct in the latest leadership turmoil to rock the oil major, driving its share price down as much as 10%. Four sources with knowledge of the matter said Manifold had acted aggressively with different colleagues across the company, citing that as one reason for his firing.

May 27 - Oil cargo from US emergency reserve heads to Asia, first in over 3 years
A cargo of crude oil from the U.S. Strategic Petroleum Reserve is heading to the Philippines, the first shipment of U.S. emergency reserve oil to Asia since November 2022, ship tracking data showed. Asia receives about 80% of its oil through the Strait of Hormuz, a critical chokepoint that has remained largely closed during the three-month-old Iran war.

May 26 - India turns to Latin American, African oil after Hormuz disruption
Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-U.S. war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show. Refiners in the world's third-largest oil importer and consumer bought most of their crude from the nearby Middle East until the war broke out at the end of February. 

May 26 - Australia's Santos to focus on LNG and oil growth in three regions under new strategy
Australia's Santos will prioritise LNG and oil growth in three core regions, including Alaska and Papua New Guinea, under a new strategy that also includes reducing net debt by $2.5 billion by 2030. "We are now laser-focused on investment in major oil and LNG production across three regions," CEO Kevin Gallagher said while speaking at the company's 2026 Investor Briefing Day. 

May 25 - Vessels carrying Middle East oil, LNG exit Hormuz, head for Pakistan, China
Two liquefied natural gas tankers are exiting the Strait of Hormuz, heading to Pakistan and China, while a supertanker with Iraqi crude for China left the Gulf on Saturday after being stranded for nearly three months, shipping data showed. The U.S.-Israeli war on Iran that began on February 28 has severely curtailed shipping through the Strait of Hormuz, through which around one-fifth of the world's supply of oil and LNG normally flows.

May 25 - China June fuel exports set for slight increase as restrictions hold, sources say
China is expected to see only a slight uptick in refined fuel exports in June from May, three trade sources familiar with the matter said, as Beijing is set to maintain export curbs for a fourth month to safeguard domestic supply. June exports to regions other than Hong Kong are estimated at around 550,000 metric tons or slightly more, two of the sources added, compared with about 500,000 tons expected for May.

May 22 - The great refining reset (Petroleum Economist )

Recent headlines have focussed on crude volumes lost through the Strait of Hormuz, but the more enduring consequence of the 2026 crisis is a structural shock to global refining. The entire industry relies on assumptions: the heavy sour grades that underpin Asian refinery configurations, the technical architecture to meet product demand, and export possibilities—all now under challenge. While refining has repeatedly adapted to shifting fundamentals, facilities cannot be redesigned in the short term. The 2026 refining crisis will therefore reshape product markets well into the next decade.

    A shock the industry cannot absorb

Initial figures paint a challenging picture. According to the IEA, more than 3m b/d of Middle Eastern refining capacity was shut down in March 2026 due to infrastructure attacks and a lack of viable export routes. By the end of April, around 1.9m b/d of Gulf capacity remained offline, despite some capacity returning. Refineries in Asia also faced problems due to limited feedstock supplies, leading to more than 4.0m b/d of cuts in refining runs in March and April, according to some analyst estimates. These were the deepest run cuts since the height of the COVID-19 pandemic.

Consultancy Energy Aspects assessed crude processing in Asia at 28.4m b/d in April and 28.7m b/d in May, compared with 30.7m b/d and 30.4m b/d in February and March, respectively. This drop reflects the volume of crude and condensates exported via Hormuz. Before the crisis, these exports accounted for 35% of refinery crude supply across the Asia-Pacific region. Thus, the closure represented the loss of more than a third of Asia’s feedstock.

      Technical mismatch in Asian refineries

Asian refiners have sought alternative feedstocks. They have recently been buying US WTI, West African light-sweet grades and the Kazakh CPC Blend to replace Middle Eastern grades. According to data provider Vortexa, the share of light-sweet crude in Asia's crude slate reached 21% in April, compared with 11% in February. However, Asian refineries were not built to process these crudes. They were designed to process heavy sour crudes, with their fluid catalytic cracking, hydrocracking and desulphurisation units tailored for crudes with API gravities below 32° and sulphur contents exceeding 2%. The crisis has not only reduced the volume of available crude but also removed the specific grades these facilities were designed to process. In India, Reliance and Indian Oil Corp. depend on heavy sour grades to maximise refining margins.

    The geographical vulnerability of the product market is just as significant as headline price levels

Similarly, China was the largest buyer of Saudi Arab Heavy and Arab Medium crudes before the crisis. As a result, switching crude slates requires technical reconfiguration, blending adjustments, reduced processing efficiency and, above all, higher costs. Moreover, the switch to light-sweet crudes reduces diesel and jet yields while increasing gasoline yields. This is one reason why diesel and jet remain in short supply.

     Crude oil adjustment

In 2025, around 60% of Asia’s crude imports came from the Middle East, though exposure to Middle Eastern crude varies by country. Japan imported more than 90% of its oil from the region, compared with over 50% for China and India. Japan’s dependence was mitigated in the short term by the release of substantial strategic reserves. By contrast, the Philippines, which imports more than 95% of its oil from the region, was forced to declare a state of national energy emergency in late March. Regardless of reliance on Middle Eastern oil, the technical mismatch means even countries that have secured replacement volumes are operating at reduced efficiency and higher costs.

     Middle distillate crunch

The refining crunch is being felt acutely across middle distillates—namely diesel, heating oil and jet fuel. These products form the backbone of the global economy, vital for transporting goods, supporting manufacturing and sustaining industrial activity. Consequently, they are leading indicators of economic health. While physical crude oil prices have reached more than $100/bl, percentage increases in jet fuel and diesel have far outpaced those in crude oil. Jet fuel prices rose to over $200/bl in Asia and Europe, while diesel prices surged above $160/bl. According to information provider S&P Global Energy, jet fuel levels in transit have fallen to around 15m bl, down from 35m bl pre-war and 45m bl at last summer's levels.

Severe product shortages have been reported in South Korea, the Philippines and Vietnam. South Korea, the world’s largest jet fuel exporter, had to cap exports of aviation fuel, diesel and gasoline, and ban naphtha exports for five months. Naphtha shortages, in turn, are pressuring plastics and synthetic fibre production. Europe, which receives over 25% of its jet supply from the Middle East, is bracing itself for a potential “systemic jet fuel shortage”, according to Cirium, a major aviation analytics company.

    Impact on less-developed countries

The strain is not confined to Asia. East Africa is the most exposed region. Its dependence on imports is even higher because it lacks large, operational oil refineries. It relies almost entirely on refined products from the Middle East. Diesel shortages are a serious threat, particularly for the mining sector and agricultural supply chains. Lower-income countries bear a disproportionate share of the pain relative to their share of global demand, as they must fund domestic subsidies and cannot afford spot-market premiums. Compounding the problem, their currencies are depreciating. As of late March/April 2026, at least 31 African countries experienced significant currency devaluation, making fuel imports more expensive and increasing the cost of servicing dollar-denominated external debt. Therefore, the geographical vulnerability of the product market is just as significant as headline price levels. Although Dangote’s Nigerian refinery is a good start for Africa, the continent might need more refineries to meet its demand.

    Long-term reconfiguration

Even before the 2026 refining crisis, the industry had been facing enduring constraints that have been building for years. The IEA estimates that around 4.2m b/d of new refining capacity will come online by 2030. After accounting for around 1.6m b/d of expected closures (primarily in Europe and the US West Coast), the net addition is closer to 2.6m b/d. Oil demand is expected to grow by 710,000b/d between 2024 and 2030, despite mounting pressure on the industry from the energy transition. OPEC, on the other hand, projects the downstream market will tighten steadily from 2027. Most of the current massive refinery additions are scheduled to be fully operational by 2026/2027, according to the producer group. Beyond 2027, the number of firm projects drops off significantly, OPEC says.

    In the long term, the crisis will have achieved what years of energy transition policies could not: a fundamental reset of the downstream industry’s assumptions

The Hormuz crisis is set to bolster OPEC’s narrative. The 2026 conflict between the US/Israel and Iran has destroyed existing capacity, and critical infrastructure has been damaged. Investor interest in new downstream capacity in the Middle East has cooled at the precise moment when the region’s rebuilding should be attracting capital. This is especially critical if OPEC’s estimate of demand growth proves correct. While the IEA expects a plateau at 105.5m b/d, OPEC projects global demand to reach 113.3m b/d by 2030.

The medium- and long-term implications of the Gulf crisis extend beyond global refining tightness. It could lead to a fundamental reshaping of where refining capacity is built and how it is designed. Complex refineries such as Abu Dhabi's Ruwais require comprehensive restart procedures even under normal conditions. However, when infrastructure has been targeted by drone and missile strikes, restoration timelines extend well beyond standard maintenance shutdowns.

The IMF's April 2026 Regional Economic Outlook estimates that output levels across the median Middle East, North Africa, Afghanistan, and Pakistan (MENAP) economies directly affected will remain around 2% below pre-war trends even by 2030, reflecting the enduring nature of the infrastructure damage.

The implications for Asian refining strategy will be equally significant. Medium-term estimates so far suggest that around half of the projected global increase in refining capacity by 2030 will be earmarked for the Asia-Pacific region. The crisis will force a fundamental redesign of how much of that capacity is configured. Crude flexibility is likely to become a defining criterion for new project design. This could mean premium units with the engineering capability to process a wide range of grades, rather than being optimised for a single feedstock. Storage capacity expansion, supply route redundancy and processing technology adaptability will move from previously desired criteria to boardroom requirements.

    The 2026 refining crisis will not end when the final blocked tanker sails through the Strait of Hormuz

In the Americas, the crisis is cementing a structural shift already underway. US refineries are operating at or near capacity to meet surging export demand, supported by domestic light sweet crude and cheap ethane-based feedstock. US ethane-based petrochemical production is now competitive with Middle Eastern and Asian naphtha-based rivals, particularly as the oil-to-gas spread widens. If this advantage is sustained, it will redirect long-term investment away from Asia and the Middle East towards the Atlantic Basin.

The 2026 refining crisis will not end when the final blocked tanker sails through the Strait of Hormuz. Physical damage to Gulf infrastructure, the painful reconfiguration of Asian crude slates, the rise of American refining as a global swing supplier and the sharp cooling of investment enthusiasm in the Middle East will all linger for years.

In the medium term, this will keep the global refined product market structurally tight. In the long term, the crisis will have achieved what years of energy transition policies could not: a fundamental reset of the downstream industry’s assumptions. If such a scenario were to occur, the downstream sector might undergo a complete rethink of its long-standing beliefs about feedstock security, geographical focus and technical expertise. This shift could lead to new opportunities and innovations that benefit all involved.

May 22 - OPEC+ leaders expected to up July oil output target despite Hormuz disruption, sources say
Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war. The monthly target set by seven core OPEC+ members is expected to be raised by about 188,000 barrels per day, the sources said. 

May 22 - Oil market could hit 'red zone' in July-August, IEA chief says
The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the "red zone" in July-August, the head of the International Energy Agency said on Thursday. "We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation," Fatih Birol said in a speech at Chatham House in London, in reference to the oil supply crisis brought about by the Iran war.

May 21 - US crude and gasoline inventories fell last week on strong demand, EIA says
U.S. crude and gasoline stockpiles fell last week as demand remained elevated, while distillate inventories were up, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel draw.

May 21 - Oil refining at a standstill in central Russia after Ukrainian drone strikes, sources say
Virtually all major oil refineries in central Russia have been forced to halt or scale back fuel output following Ukrainian drone attacks in recent days, according to official data and sources. Moscow already introduced gasoline exports ban starting from April until the end of July.

May 20 - Chinese tankers exit Strait of Hormuz with 4 million barrels of crude oil
Two Chinese supertankers carrying 4 million barrels of Middle East crude oil exited the Strait of Hormuz after waiting in the Gulf for more than two months, shipping data on LSEG and Kpler showed. The ships are among a handful of supertankers carrying Iraqi crude exiting the Gulf this month via a transit route that Iran has ordered ships to use.

May 20 - China state refiners slash throughput on supply disruption, weak margins
Chinese state refiners have slashed oil throughput by more than one million barrels per day since the outbreak of the Iran war, analysts and market sources said, as disruption to crude supplies and poor margins forced them to scale back operations. The drop in output by oil majors Sinopec, PetroChina, CNOOC and Sinochem, which account for about 60% of China's refining capacity, has weakened crude demand from the world's top importer and could tighten domestic fuel supplies.

May 19 - US extends sanctions waiver on Russian oil to aid vulnerable countries
U.S. Treasury Secretary Scott Bessent on Monday announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid "energy-vulnerable" countries hit by the Iran war, reversing plans not to grant an extension. Bessent said in a posting on X that the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. 

May 19 - IEA chief warns commercial oil inventories are depleting rapidly, only weeks left
A record 9.9 million barrels of oil were shipped out from the U.S. Strategic Petroleum Reserve last week, data from the Department of Energy showed on Monday, pushing the total volumes in the U.S. government's emergency stash to about 374 million barrels, its lowest since July 2024. The Trump administration is seeking a release of 172 million barrels from the reserve as part of a global agreement to calm oil markets as prices spiked over the U.S.-Israeli war with Iran that began nearly three months ago. 

May 18 - China's April oil throughput hits lowest since August 2022, inventories rise
China's April crude oil throughput fell to the lowest since August 2022, official data showed, as the Iran war curbed refinery runs in the world's second-largest oil consumer. Refinery throughput fell 5.8% from a year earlier to 54.65 million metric tons, or about 13.3 million barrels per day, data from the National Bureau of Statistics showed.

May 18 - Iraq exported 10 million barrels of oil through Strait of Hormuz in April
Iraq exported 10 million barrels of oil via the Strait of Hormuz in April, down from about 93 million barrels monthly before the Iran war, the country's new oil minister, Basim Mohammed, said at a press conference on Saturday. The closure of the Strait of Hormuz due to the Iran war has curtailed oil exports from Saudi Arabia, the UAE, Kuwait and Iraq, sending prices sharply higher.

May 15 - Mexico's Sheinbaum says Pemex CEO Rodriguez leaving
Mexican President Claudia Sheinbaum said on Thursday that Pemex CEO Victor Rodriguez is stepping down and that she is nominating the company's chief financial officer, Juan Carlos Carpio, to replace him. Reuters reported on Wednesday that Rodriguez's future was uncertain given his struggles to turn around Mexico’s embattled state oil company. 

May 15 - Stressed crude oil market looks to Xi-Trump summit for Iran help
What would be the optimal outcome from the meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping from the perspective of the increasingly stressed crude oil market? Ideally, Xi somehow convinces Trump that the United States has won its war against Iran and the best way to cement that victory is to walk away from the conflict in the Middle East.

May 14 - Global oil supply to plunge below demand this year due to Iran war, IEA says
Global oil supply will fall short of total demand this year as the Iran war wreaks havoc on Middle East oil production and drains inventories at an unprecedented pace, the International Energy Agency said on Wednesday, upending its earlier outlook calling for a surplus. The U.S. and Israel's war with Iran, subsequent damage to Iran and its Gulf neighbours' oil infrastructure and the effective closure of the Strait of Hormuz have caused the largest oil supply crisis in history in the IEA's view, sending oil prices skyrocketing.

May 14 - OPEC cuts 2026 global oil demand growth forecast
OPEC on Wednesday lowered its forecast for global oil demand growth in 2026, joining other forecasters such as the International Energy Agency in cutting expectations due to the Iran war. The producer group sees a smaller hit to demand than the IEA, which earlier on Wednesday increased its estimate of the decline in oil use this year. 

May 13 - Iraq, Pakistan strike energy deals with Iran as Tehran flexes Hormuz control
Both Iraq and Pakistan have cut deals with Iran to ship oil and liquefied natural gas from the Gulf, according to five sources with knowledge of the matter, in a demonstration of Tehran's ability to control energy flows through the Strait of Hormuz. The U.S.-Israeli war with Iran has slashed energy exports from a region that normally supplies 20% of the world's crude oil and LNG.

May 13 - US EIA concedes Middle East supply disruptions are far worse than prior estimates
The U.S. Energy Information Administration on Tuesday revised its earlier forecasts to reflect a much bigger and lengthier hit to global oil supplies from the Iran war than it previously projected, highlighting the uncertainty that has roiled broader energy markets since the conflict began three months ago. Energy analysts have found it difficult to predict the length and depth of disruptions to oil markets from the war in the Middle East, especially as U.S. President Donald Trump has issued contradictory statements claiming one day that the war could end within weeks, but then threatening to fight until he sends Tehran back to the "stone ages."

May 12 - US issues new sanctions over Iran's oil shipments to China
The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.

May 12 - OPEC oil output hits new low in April on Hormuz export disruption.
OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the U.S.-Israeli war with Iran effectively closed the Strait of Hormuz and forced export cuts. Crude output by the 12-member Organization of the Petroleum Exporting Countries in April fell by 830,000 barrels per day month-on-month to 20.04 million bpd, the survey found.

May 11 - Three crude oil tankers exit Strait of Hormuz with trackers switched off, data shows
Three tankers carrying crude exited the Strait of Hormuz last week and on Sunday with trackers switched off to avoid Iranian attacks, shipping data from Kpler and LSEG showed, underscoring a rising trend to sustain Middle East oil exports. Two very large crude carriers, the Agios Fanourios I and the Kiara M, carrying 2 million barrels of Iraqi crude each, passed through the strait on Sunday, the data showed.

May 11 - China energy imports drop in April amid Iran war as fuel exports hit decade low
China's oil imports fell to the lowest level in almost four years in April as the closure of the Strait of Hormuz choked off supplies to the world's largest oil importer. Crude oil imports fell 20% in April to 38.5 million metric tons compared to a year earlier, hitting their lowest level since July 2022, according to customs data released on Saturday.

May 08 - Oil-price bets ahead of Iran war news totalled $7 billion, reporting shows
A series of well-timed market bets on falling oil prices totalling as much as $7 billion during March and April spread across multiple exchanges and types of fuel and derivatives just before major Iranian policy announcements by U.S. President Donald Trump, according to traders, market experts and Reuters analysis of exchange data. The size exceeds previously reported bets amounting to $2.6 billion, which have already prompted the U.S. administration to warn staff against using nonpublic information for financial benefit. 

May 08 - Hungry to sell, UAE slips hidden oil tankers through Strait of Hormuz
With their location trackers shut off to avoid Iranian attacks, the United Arab Emirates and buyers have recently sailed several tankers loaded with crude through the Strait of Hormuz in a bid to move oil bottled up in the Gulf by the Middle East conflict, according to industry sources and shipping data. The volumes are a fraction of the UAE's typical exports before the U.S.-Israeli war on Iran but they demonstrate the risks the producer and buyers are willing to take to free up oil sales. 

May 07 - Oil supply shock to worsen as inventories fall further even if conflict ends
Oil supplies are set to tighten further in coming weeks even if the U.S. and Iran agree on a peace deal to end their war because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide - so oil companies will continue to deplete storage tanks to meet peak summer demand. The world has used temporary buffers - commercial stockpiles, oil in transit or held in storage at sea and emergency reserves - to offset the shock from the war in the Middle East.

May 07 - US crude and fuel inventories fall as Iran war roils energy markets, EIA says
U.S. crude and fuel inventories continued to draw down last week as countries around the globe scrambled to fill supply gaps caused by disruptions from the war with Iran, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.3 million barrels to 457.2 million barrels in the week ended May 1, the EIA said, compared with analysts' expectations in a Reuters poll for a 3.3 million-barrel draw. 

May 06 - Canada-US oil pipeline close to reaching commitment requirement, sources say
A proposed pipeline for carrying Canadian crude oil to the United States is close to securing the minimum commitments from oil companies that the project needs to go ahead, four sources familiar with the matter told Reuters. The Alberta-to-Wyoming pipeline, proposed by Canadian pipeline company South Bow Corp and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead, bringing much-needed pipeline takeaway capacity to Canada. 

May 06 - ADNOC set to push shale-style oil, gas projects after UAE's OPEC exit
Abu Dhabi's ADNOC expects to make a final investment decision this year on its unconventional gas project with TotalEnergies, with approval for a separate unconventional oil project expected to follow soon, its upstream chief said. The United Arab Emirates' May 1 exit from OPEC was a "sovereign decision taking into account the long-term strategic and economic interest of the country," state oil giant ADNOC's Upstream CEO Musabbeh al Kaabi told Reuters.

May 05 - UAE owes it to investors to produce without restrictions, energy minister says
The United Arab Emirates owes it to its investment partners to produce what global oil markets require without restrictions, while cooperating with other crude producers, its energy minister said on Monday after the Gulf state left OPEC. The UAE, one of OPEC's biggest producers, exited the group on May 1, widening a rift with its neighbour Saudi Arabia, effectively the leader of the Organization of the Petroleum Exporting Countries and the wider OPEC+ group. "

May 05 - Trump broke OPEC. He may regret it: Bousso
U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, under its de facto leader Saudi Arabia, has exercised outsized influence over oil markets, dialling output up or down by tapping spare capacity to manage prices and defend market share.

May 04 - Trump says US to help ships stranded in Strait of Hormuz as tanker fired on
President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the U.S.-Israeli war on Iran, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz. Trump gave few details of the plan to aid ships and their crews that have been "locked up" in the vital waterway and are running low on food and other supplies.

May 04 - OPEC+ crude output boost is symbolic, but it still matters: Russell
It's easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day is largely meaningless, especially for the OPEC+ members reliant on the narrow waterway for access to global markets.

May 01 - US naval blockade squeezes Iran's oil exports, forces crude onto floating storage
A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure.

May 01 - The UAE dumping OPEC may not affect crude as anticipated: Russell
The United Arab Emirates' withdrawal from OPEC is widely seen as lessening the clout of the producer group and initiating a race to boost output, ultimately resulting in sharply lower crude oil prices. However, the U.S. and Israeli war against Iran has upended global crude markets to such an extent that expecting what might otherwise seem the most obvious outcome is likely flawed thinking.

Apr 30 - OPEC+ likely to agree another oil output hike without UAE, sources say
OPEC+ will likely agree a small oil output quota hike on Sunday despite the loss of the lion's share of its exports due to the U.S.-Israeli war with Iran and the exit of a key member, the United Arab Emirates, three sources with knowledge of the discussions told Reuters. The oil producer group will likely agree an increase of around 188,000 barrels per day in oil output targets, the sources said. The increase is similar to last month's hike of 206,000 bpd minus the share of the UAE, which leaves the group from May 1.

Apr 30 - Trump met with oil firms on possible months-long extension of Iran blockade
U.S. President Donald Trump met with top officials from Chevron and other energy companies on Tuesday to talk about possible steps to calm oil markets if the blockade of Iranian ports continues for months, a White House official said on Wednesday. The talks focused on U.S. oil production, oil futures, shipping and natural gas, the official said.

Apr 29 - UAE leaves OPEC in blow to global oil producers' group
The United Arab Emirates on Tuesday said it was quitting OPEC, dealing a blow to the oil producers' group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations. The exit of the UAE - one of the group's biggest producers - weakens OPEC's control over global oil supplies and widens a rift between the UAE and its neighbour Saudi Arabia, effectively the leader of the Organization of the Petroleum Exporting Countries.

Apr 29 - China's May fuel exports to rise over April, but curbs remain, sources say
China has approved 500,000 metric tons of fuel exports for May to regions other than Hong Kong, representing a near doubling of shipments forecast for April, trading sources said, but levels remain less than half of last year's corresponding averages. Beijing has clamped down on fuel exports since March to safeguard the domestic market from disruption in crude and fuel supply caused by the closure of the Strait of Hormuz in the U.S.-Israeli war with Iran. 

Apr 28 - Shell to acquire Canada's ARC in output-boosting $16.4 billion deal
Shell has agreed to buy Canadian energy company ARC Resources in a $16.4 billion deal, paid for mostly with shares, the British firm said on Monday. ARC will boost Shell's output of 2.8 million barrels of oil equivalent per day by 370,000 boed. The deal will give Shell 2 billion barrels of reserves and bring savings of around $250 million within a year of closing, without affecting its investment budget of $20 billion to $22 billion through to 2028, it said.

Apr 28 - Companies dust off oil rigs in storage in Venezuela as contracts are overhauled
Oilfield service companies that for years kept rigs and specialized equipment stored in Venezuela have begun removing them from warehouses for assembly and repair as the government advances a review of oil and gas contracts that could lead to fresh activity, four sources involved in the preparations said. Since a sweeping reform of Venezuela's main oil law was approved in January, foreign and local producers have been submitting required documentation while negotiating the ratification or amendment of their contracts.

Apr 27 - Only five ships pass through Strait of Hormuz in 24 hours
Only five ships, including one Iranian oil products tanker, have passed through the Strait of Hormuz in the past 24 hours, Friday shipping data showed, after Iran seized two container ships this week and the U.S. continues to blockade Iranian ports. Shipping traffic passing through the crucial waterway at the entrance to the Gulf during an uneasy ceasefire between Washington and Tehran represents a fraction of the average 140 daily passages before the Iran war began on February 28.

Apr 27 - Trump grants 90-day Jones Act waiver extension to curb energy costs
President Donald Trump granted a 90-day extension to a shipping waiver that makes it easier to move oil, fuel and fertilizer around the United States, the White House said on Friday, the latest effort to curb rising energy costs linked to the war with Iran. The move reflects a broader push by the White House to dampen politically sensitive fuel price spikes ahead of November’s midterm elections, where affordability is expected to be a defining issue for voters. 

Apr 24 - Asia deepens refining cuts due to Iran war, putting diesel and jet fuel supplies at risk
Asian refining throughput is set to tumble in April and May as crude imports hit a 10-year low and the Iran war forces refiners to process lighter grades, curbing diesel and jet fuel output by at least 1 million barrels per day, analysts and refining sources said. Asia, which accounts for 37% of global refining output and ordinarily sources two-thirds of its crude from the Middle East, has been hardest-hit by the closure of the Strait of Hormuz, with run cuts at refiners in the region exacerbating tight fuel supply and keeping prices elevated.

Apr 24 - Gulf oil output likely to rebound within months after Hormuz reopening, Goldman says
Gulf oil production, sharply curtailed by the Iran conflict, is likely to mostly recover within a few months after the Strait of Hormuz fully reopens, but could take significantly longer, Goldman Sachs said on Thursday. The bank estimated about 14.5 million barrels per day of Gulf crude output – around 57% of pre war supply – was offline in April, largely due to precautionary shutdowns and stock management rather than physical damage to oilfields.

Apr 23 - Iran seizes two container ships attempting to leave Gulf
Iran said it had captured two container ships seeking to exit the Gulf via the Strait of Hormuz on Wednesday after firing on them and another vessel, its first seizures since its war with the United States and Israel began in February. Iran's semi-official Tasnim news agency reported the seizures, adding that its Revolutionary Guard Corps Navy had warned that any disruption to order and safety in the strait would be considered a "red line." 

Apr 23 - US crude stocks rise, fuel inventories fall as total exports hit record, EIA says
U.S. crude stocks rose while gasoline and distillate inventories fell last week as supply disruptions tied to the Iran war drove total exports to record levels, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.9 million barrels to 465.7 million barrels in the week ended April 17, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.2-million-barrel draw.

Apr 22 - Trump declares Iran ceasefire extension with Hormuz strait still blocked (Reuters)

- U.S. President Donald Trump called off attacks on Iran indefinitely, though the Strait ​of Hormuz remained blocked on Wednesday with three ships reportedly hit by gunfire, and neither side showed up for peace talks in Pakistan.
Trump said in a statement on social media the U.S. ‌had agreed to a request by Pakistani mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal ... and discussions are concluded, one way or the other."

- But even as he announced what appeared to be a unilateral ceasefire extension, Trump also said he would continue the U.S. Navy's blockade of Iran's trade by sea.
Iran considers the U.S. blockade an act of war and has said it will not lift its closure of the strait, which has caused ​a global energy crisis, as long as the U.S. blockade continues.
- Pakistan, acting as mediator, had cleared out a luxury hotel in the capital Islamabad for last-ditch peace talks on Tuesday, in the hopes of reaching ​a deal in the final hours before a two-week-old ceasefire expired. But Iran never confirmed it would attend and a U.S. delegation led by Vice President JD Vance never departed ⁠Washington, leaving an apparent stalemate in the nearly two-month war with no clear solution to reopen the Strait of Hormuz.
- There was no response early on Wednesday to Trump's ceasefire announcement from senior Iranian officials, although some initial reactions from ​Tehran suggested Trump's comments were being treated skeptically. Tasnim News Agency, affiliated with the Islamic Revolutionary Guards Corps, said Iran had not asked for a ceasefire extension and repeated threats to break the U.S. blockade by force.
- An adviser to Iran's lead ​negotiator, the speaker of parliament Mohammad Baqer Qalibaf, said Trump's announcement might be a ploy.
Just hours before Trump called off attacks, he had repeated threats to resume them, declaring that his military was "raring to go".

Apr 22 - Shipping traffic through Hormuz still largely halted
Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply. 

Apr 22 - Ukraine to restart oil flows via Druzhba pipeline on Wednesday, source says
Ukraine will resume pumping oil through the Druzhba pipeline on Wednesday, an industry source said, after President Volodymyr Zelenskiy said repairs were complete and urged the EU to unblock a 90-billion-euro loan halted by an argument over the pipe. A lengthy suspension of oil flows through the pipeline following a Russian attack on a pumping facility in Ukraine in January sparked an angry backlash from European Union members Hungary and Slovakia, which remain reliant on Russian oil imports via Druzhba.

Apr 21 - Hormuz shipping again near standstill after shots and seizure
Ships were largely avoiding the Strait of Hormuz on Monday after an escalation at the weekend in which Iran fired what appeared to be warning shots at vessels and the U.S. military seized an Iranian cargo ship. Just one ship exited the Gulf through the strait while two entered in the space of 12 hours, ship-tracking data showed on Monday, a fraction of what is usually about 130 vessels per day.

Apr 21 - China curtailing, not banning fuel exports, shipping data shows
China is curtailing refined fuel exports rather than banning them, with countries including Malaysia and Australia receiving supplies even after Beijing extended last month's restriction into April, according to shipping data and traders. The export cut has been deeper in April than it was in March, according to tanker tracker Vortexa, with shipments of diesel, jet fuel and gasoline to destinations other than Hong Kong totalling 320,000 metric tons in the first two weeks of this month - just a sixth of year-earlier levels.

Apr 20 - World weighs fate of Mideast ceasefire after US seizes Iranian cargo ship
Concerns grew that the ceasefire between the United States and Iran might not hold after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Iran vowed to retaliate. Efforts to build a more lasting peace in the region likewise appeared to be on shaky ground, as Iran said it would not participate in a second round of negotiations that the U.S. had hoped to kick off before the ceasefire expires on Tuesday.

Apr 20 - Opening Hormuz is the easy part. Restoring oil flows isn’t: Bousso
The stop-start shipping traffic through the Strait of Hormuz underscores the profound uncertainty hanging over the world’s most critical oil and gas chokepoint. But one thing is already clear: even if the guns fall silent, flows through the narrow waterway will take months – and possibly years – to recover to pre-war levels. Iran said on Saturday that it was tightening control over the strait in response to a U.S. blockade on Iranian tankers, firing at several vessels and warning mariners that the strait was closed.

Apr 17 - Ample supply buffers US cargoes from price shock as Europe, Asia prices surge
U.S. crude cargo prices have retreated from recent price spikes while prices in Europe and Asia continued to hit record highs almost seven weeks into the Iran war, as releases from the U.S. Strategic Petroleum Reserve and Venezuelan imports cushion domestic supplies, analysts and traders said. Physical cargoes of Mars crude, a medium, sour grade produced in the U.S. Gulf of Mexico, traded at an outright price of around $97 a barrel on Wednesday, according to data from Argus Media, down from the $128.70 a barrel reached on April 2.

Apr 17 - California gasoline stocks fall to record lows as Hormuz disruption bites
California’s gasoline inventories have declined to record lows as fuel prices have surged nationwide on the back of the war on Iran, and analysts warn that the full effect of supply disruptions tied to the closure of the Strait of Hormuz has yet to hit the Golden State. Motorists in California as of Thursday were paying an average of $5.86 a gallon, highest in the U.S., far above the $4.09-per-gallon nationwide average, according to the American Automobile Association.

Apr 16 - Iran offers proposal allowing ships to exit Oman side of Hormuz free of attack, source says
Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict, a source briefed by Tehran said. The source, who declined to be identified due to the sensitivity of the matter, said Iran could be willing to let ships use the other side of the narrow strait in Omani waters without any hindrance from Tehran. 

Apr 16 - EU working on jet fuel plan as Iran crisis threatens air travel
The European Union is drafting plans to tackle a looming jet fuel supply crunch and maximise refinery output, officials said. European airlines have warned of jet fuel shortages within weeks as a result of the Iran war, disrupting travel ahead of summer. Europe is more dependent on jet fuel imports, with some 75% from the Middle East, than for any other transport fuel.

Apr 15 - Strait of Hormuz traffic barely affected on first day of US blockade, data shows
The first full day of a U.S. blockade on vessels calling at Iranian ports made little difference to Strait of Hormuz traffic on Tuesday, with at least eight ships including three Iran-linked tankers, crossing the waterway, shipping data showed. "During the first 24 hours, no ships made it past the U.S. blockade," the U.S. Central Command said on X, adding that six vessels complied with direction from U.S. forces to turn around to re-enter an Iranian port. 

Apr 15 - US will not renew waiver on Iranian oil as it mounts pressure on Tehran, sources say
The U.S. will not renew a 30-day waiver of sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend, two administration officials told Reuters on Tuesday, as the U.S. imposes a blockade on shipments from Iranian ports. Tuesday's move signals that "Treasury is going full force on Economic Fury" on Iran, an apparent reference to Operation Epic Fury, the U.S.-led military campaign against the country, one of the officials said.

Apr 14 - OPEC+’s 11m b/d March production collapse (Petroleum Economist)
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower

The escalation of the conflict in the Middle East has turned a potential supply risk into a real decline in regional oil shipments. According to Petroleum Economist, most producing countries in the region reported a sharp drop in output in March compared with February. The downturn is largely due to the near closure of the Strait of Hormuz, which carries about 20% of global oil flows. With tanker traffic halted for most of March because of the ongoing war between Iran, the US, and Israel, Gulf producers cut production as export routes remained blocked and storage capacities filled up.

What was forecast as an oversupplied market at the start of 2026 has quickly become a supply deficit. In February, OPEC+ output data reflected only planned adjustments, but March figures reveal the full impact of the conflict, driven by policy responses and operational constraints across member states. Although a temporary ceasefire could allow a gradual resumption of shipping, the global oil market is expected to remain tight for many months. OPEC+ announced increases of 216,000b/d in April and a similar volume in May, while around 400m bl of oil has been scheduled for release from strategic reserves, although the actual volume is likely to be lower due to logistical and political constraints. This contrasts with at least 11m b/d in losses due to the closure of the Strait of Hormuz—including crude oil, condensates and refined products. The impact of some shut-in oilfields on production will become visible only later.

Gulf production collapse

Petroleum Economist estimates that OPEC-9’s production in March was 15.46m b/d, down from 23.36m b/d in February, a significant drop of nearly 8m b/d. The largest decline was in Iraq, where output fell from 4.30m b/d to 1.50m b/d. Exports from the Basrah and Khor al-Amaya terminals were affected by the Hormuz blockade. Iraq exported about 800,000b/d via Turkey and took steps to send some barrels through Syria. However, Iraqi exports through the Al-Tanf and Al-Waleed border crossings into Syria resumed only in the last few days of March. In its direct communication with OPEC, Iraq quoted its estimate at 1.91m b/d, while our estimate closely matches secondary sources’ estimate of 1.63m b/d. The key question is no longer whether supply will exceed demand in 2026, but how quickly global production can recover from the largest disruption to Gulf exports in decades

Kuwait’s output more than halved, from 2.57m b/d in February to 1.25m b/d in March. The country had to declare force majeure and cut output at its fields and refineries as exports stalled. Kuwait is 100% dependent on oil exports via the Strait of Hormuz. OPEC’s largest producer, Saudi Arabia, reduced production from 10.2m b/d to 7.75m b/d. Although its East–-West Pipeline could transport up to 7m b/d, the Kingdom needed 2m b/d to meet domestic requirements. The port of Yanbu on the western end of the line was handling barely 4.5m b/d of exports. As a result, export bottlenecks and precautionary shut-ins at offshore fields during the conflict reduced Saudi export capacity. The UAE diverted more than 1.5m b/d of oil via the Habshan–Fujairah oil pipeline in the Gulf of Oman, thereby bypassing the Strait of Hormuz. Still, its production fell to 1.95m b/d from 3.39m b/d in February.

Non-Gulf stability

Outside the Gulf, production trends diverged, as not all producers cut output. Nigeria, for example, increased production to 1.51m b/d from 1.39m b/d, partly reflecting improved operational conditions in the Niger Delta despite problems at the Forcados oilfield. Equatorial Guinea also recorded a modest increase.

Production from OPEC members not participating in production cuts also declined slightly. Combined production from Iran, Libya and Venezuela fell from 5.34m b/d in February to 5.24m b/d in March, bringing total OPEC production down from 28.70m b/d to 20.70m b/d. While Venezuela continued its gradual recovery, increasing output to 1m b/d from 870,000b/d, Iranian output slipped by 21,000b/d, to 3m b/d. Libyan production edged lower, by 20,000b/d, to 1.24m b/d, although the Libyan NOC tried to redirect some output from the Al-Sharara oilfield via alternative routes after a fire.

Production among the non-OPEC participants in the OPEC+ alliance remained broadly stable. Their combined output rose only marginally from 12.49m b/d in February to 12.57m b/d in March. Russia held production steady at 9.0m b/d, while Kazakhstan increased output slightly, to 1.60m b/d as production at the Tengiz field continued to recover. Production in Oman, Azerbaijan, Malaysia, Bahrain and Brunei changed minimally.

The steady output levels of non-Gulf OPEC+ members and other partners highlight an important aspect of the current crisis. Most of the disruption has affected Gulf producers, the exports of which depend heavily on the Strait of Hormuz. With this key maritime channel blocked, these countries have seen significant declines in crude output and exports, while producers outside the region have largely maintained output. This divergence underscores how dependence on a single transit route can expose nations to acute risks during geopolitical conflicts, reinforcing the vulnerability of Gulf exporters compared with their counterparts elsewhere.

Market outlook and price implications

The crisis has fundamentally altered the outlook for the oil market in 2026. Before the conflict, analysts predicted global oil supply would exceed demand, at least in the first half of the year, due to high stocks and rising non-OPEC production. The Hormuz disruption abruptly reversed that outlook. The daily loss of millions of barrels of Gulf supply, combined with logistical obstacles caused by the conflict, has pushed the market into a significant supply deficit. Several consuming countries released strategic petroleum reserves to stabilise markets, temporarily easing the shortage. However, these releases have also created another challenge: global inventories will eventually need to be replenished.

Industry analysts estimate it could take 3–5 months for oil markets to return to normal operations, even after shipping resumes, because of the complex logistics of restarting production and clearing the backlog of delayed shipments. The recovery also depends on the durability of the ceasefire and on infrastructure repairs. At the same time, governments that released emergency stocks will eventually need to rebuild their reserves, creating additional demand for crude at a time when high prices are leading to demand destruction. Together, these factors mean the oil market is likely to remain undersupplied for some time.

The shift from surplus to shortage has significant implications for oil prices. At the height of the crisis, crude prices surged as markets reacted to the sudden supply shock. Although prices eased after the announcement of a temporary ceasefire, the underlying supply balance remains tight. High prices also affect refinery margins and the supply of refined products, especially in Asia and Europe. Heavy sour grade prices have surged due to a lack of comparable supply from the Middle East. The key question is no longer whether supply will exceed demand in 2026, but how quickly global production can recover from the largest disruption to Gulf exports in decades. Until that recovery is complete, the oil market is likely to remain structurally tight, leaving prices highly sensitive to further geopolitical developments in the Middle East.

Apr 14 - US begins Iran port blockade, oil prices ease on hopes for dialogue
The U.S. military began a blockade of Iran's ports, angering Tehran and adding uncertainty around the crucial waterway, although hopes for dialogue to end the war provided some relief to oil markets where benchmark prices fell below $100. After a breakdown of weekend talks in Islamabad between the two adversaries, a U.S. official said there was continued engagement and forward motion on trying to get to an agreement. Pakistani Prime Minister Shehbaz Sharif also said efforts were still under way to resolve the conflict.

Apr 14 - China's March crude oil imports unscathed by Iran war, gas imports hit a multi-year low
China's March crude oil imports fell 2.8% from a year earlier due to a high base, official data showed, while the Iran war curbed refinery runs with Middle East supply disruptions expected to weigh on April imports. Imports in March were 49.98 million metric tons, or about 11.77 million barrels per day, the General Administration of Customs said.

Apr 13 - US to blockade Iran ports after talks fail to yield a deal
The U.S. military said it will begin a blockade of all maritime traffic entering and exiting Iranian ports and coastal areas on Monday, after weekend talks failed to reach a deal to end the war with Iran, jeopardizing a fragile two-week ceasefire. The U.S. Central Command said that the U.S. blockade, starting at 10 a.m. ET on Monday (1400 GMT), would be "enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman."

Apr 13 - Oil tankers steer clear of Hormuz ahead of US blockade
Oil tankers are steering clear of the Strait of Hormuz ahead of a U.S. blockade later on Monday following failed peace talks between the U.S. and Iran over the weekend, shipping data showed. President Donald Trump said on Sunday the U.S. Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardising a fragile two-week ceasefire.

Apr 10 - Iran war raises demand for US fuel, boosting Gulf Coast refining margins
U.S. Gulf Coast refiners are reaping the strongest margins in years as disruptions to Middle Eastern oil flows from the Iran war raise demand for U.S. fuel exports, analysts and experts said. Asian and European refiners have been hit hard by a slump in Middle Eastern crude exports due to Iran's blockade of the Strait of Hormuz, forcing some to cut production. 

Apr 10 - Middle East producers prepare for oil export resumption via Hormuz, sources say
Producers in the Middle East have asked Asian refiners to submit crude oil loading programmes for April and May in preparation for the eventual resumption of shipping through the Strait of Hormuz, three sources with knowledge of the matter said. A two-week ceasefire deal between the U.S. and Iran announced on Wednesday lifted hopes for a reopening of the Strait, through which about 20% of global oil and liquefied natural gas supplies travelled before the war.

Apr 09 - Iran's Hormuz 'toll booth' set to hardwire higher energy prices: Bousso
The war that closed the Strait of Hormuz has ended - for now. But Tehran's demand to act as toll booth keeper at the world's most critical oil chokepoint could leave energy markets vulnerable and hardwire higher prices for years to come. The U.S. and Iran agreed on Tuesday to a two-week ceasefire brokered by Pakistan, subject to Tehran pausing its blockade of oil and gas traffic through the strait, according to U.S. President Donald Trump. 

Apr 09 - Iran struck Saudi Arabia oil pipeline just hours after ceasefire, source says
Iran attacked Saudi Arabia's East-West Pipeline just hours after a ceasefire was agreed to pause the Iran war, an industry source told Reuters on Wednesday, hitting its only crude oil export route since hostilities began. Saudi Arabia's East-West Pipeline, currently its only outlet for exporting crude oil, was hit in an Iranian attack while other facilities in the kingdom were also targeted, an industry source told Reuters on Wednesday.

Apr 08 - Iran ceasefire provides hope, but physical oil markets to remain stressed: Russell
A planned two-week ceasefire between the United States and Iran and negotiations to end their conflict may mark the first genuine attempt to de-escalate, but there's still much to be concerned about the world of pain physical oil markets are in. Crude oil futures responded to the news by plunging, with Brent contracts dropping as much as 16% to a low of $91.70 a barrel in early Asian trade on Wednesday after ending at $109.27 on Tuesday.

Apr 08 - China's teapots seek Iranian oil after prices fall, sources say
Some Chinese independent refiners, armed with fresh import quotas from Beijing, have begun seeking prompt cargoes of Iranian crude after oil prices slumped, three trade sources said. The Chinese refiners, known as teapots, had largely stayed on the sidelines since the U.S.-Iran conflict broke out in late February, causing global oil prices to surge, while Washington temporarily waived sanctions on Russian, Iranian crude at sea erasing discounts for these cargoes.

Apr 07 - Hormuz closure divides the fortunes of Middle Eastern oil states
The Strait of Hormuz's closure and the resulting surge in global oil prices have handed financial windfalls to Iran, Oman and Saudi Arabia, while other states that lack alternative shipment routes have lost billions of dollars, a Reuters analysis found. Iran effectively shut the Strait - a route for about a fifth of global oil and LNG flows - after U.S. and Israeli airstrikes on Iran at the end of February led to a widening conflict. 

Apr 07 - Trump's shipping waiver does not boost oil flows within US; fuel exports soar
U.S. President Donald Trump's move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact on American oil supply, according to trade data and analysts who noted that U.S. refiners and shippers are earning more profits sending fuel overseas. Last month, Trump waived Jones Act limitations for 60 days starting March 17, hoping the move would help tame the surge in fuel prices caused by the Iran war by increasing shipments from the U.S. Gulf Coast to other coastal markets in the country.

Apr 06 - OPEC+ agrees to boost oil output when Strait of Hormuz reopens
OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran. The war has effectively shut the Strait of Hormuz - the world's most important oil route - since the end of February and cut exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq, the only countries in the group which were able to significantly raise production even before the conflict began. 

Apr 06 - Oil giants show early interest in US Gulf deepwater field stake, sources say
European energy majors TotalEnergies and Shell are among companies eyeing a majority stake in one of the U.S. Gulf's most promising sites, three sources with knowledge of the process said, as interest in North American energy prospects rises due to the Middle East conflict. London-listed BP is also interested, two of the people and a fourth one said, as is Spain's Repsol, a fifth person said. Chevron is also expected to consider a bid, two of the people said. 

Apr 02 - Iran war puts Middle East Dubai oil benchmark under stress as prices soar
The halting of oil exports through the Strait of Hormuz has left the Dubai Middle East benchmark, the price used to value nearly a fifth of global crude supply, in a perilous position. The Dubai benchmark, used to price 18 million barrels of oil per day, is based on crude produced by the United Arab Emirates, Oman and Qatar and mostly loaded inside the Strait of Hormuz.

Apr 02 - IEA warns Middle East oil disruptions set to hit Europe in April
Oil supply disruptions from the Middle East will rise in April and begin to impact Europe's economy as the closure of the Strait of Hormuz severely curbs supplies, International Energy Agency head Fatih Birol said on Wednesday. More than 12 million barrels of oil have been lost since the start of the U.S.-Israel war on Iran due to Tehran's attacks on energy assets in the region and restrictions on shipping through the Strait, he added. 

Apr 01 - Saudi Arabia may set May oil prices to Asia at record high on war disruption
Saudi Arabia may hike its May crude official selling prices to Asia to record highs as Middle East oil became the world's most expensive after the U.S.-Israeli war with Iran caused massive supply disruptions, according to a Reuters survey of industry sources. The May official selling price (OSP) for flagship Arab Light crude, the country's most widely sold grade, may rise to premiums of $22.50 to $40.50 a barrel above the average of Dubai and Oman quotes, six sources said in the survey, $20 to $38 a barrel higher than the OSP for April. 

Apr 01 - OPEC oil output plunges in March as war forces export cuts, Reuters survey finds
OPEC oil output plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey found, as the U.S.-Israeli war against Iran effectively closed the Strait of Hormuz and forced export cuts. Crude output by Organization of the Petroleum Exporting Countries members in March fell by 7.3 million barrels per day month-on-month to 21.57 million bpd, the survey showed, led by cuts in Kuwait, Iraq, Saudi Arabia and the United Arab Emirates.

Mar 31 - From Belt and Road to belt tightening: China's neighbours get cold shoulder on energy
As energy stress spreads across Southeast Asia, governments across the region are asking China to deliver on its pledges of closer energy security cooperation by freeing up now-banned exports of fertiliser and fuel. But so far China has offered only vague statements and has yet to even publicly acknowledge the export bans reported by Reuters and others as it focuses on insulating its own economy from the war in Iran.

Mar 31 - European, African oil market gets tighter as Asia buys more
The European and African oil market is showing more signs of tightness with some crude differentials hitting record highs as peak summer demand nears and Asia seeks supplies to fill shortages caused by Iran's blocking of the Strait of Hormuz, now into its fifth week. The Iran war has forced the shutdown of at least 10 million barrels per day of oil from the Middle East due to Iran's effective closure of the strait, and attacks on Iranian and other Middle East Gulf nations' energy infrastructure. That production volume represents at least 10% of daily global oil consumption.

Mar 30 - Trump reverses course on Cuban oil blockade, allows Russian tanker to pass
U.S. President Donald Trump signaled he was reversing course on blocking oil shipments to Cuba on Sunday, saying he had "no problem" with any country sending in crude as a Russian tanker neared a Cuban port with a badly needed shipment. A sanctioned Russian vessel, part of the country's "shadow fleet," was just off the coast of eastern Cuba on Sunday, according to ship tracking data, and was expected to reach port on Monday, a lifeline for the country's economy that has nearly ground to a halt under a de facto oil blockade imposed by Washington.

Mar 30 - Services firms feel the squeeze as oil rally from Iran war fails to spur drilling
Global oilfield services companies are bracing for a hit to earnings as the Iran war disrupts energy infrastructure across the Middle East and producers hold back on new drilling until higher oil prices prove durable. Surging commodity prices - the Brent benchmark is up 53% since February 27, the day before the U.S. and Israel launched strikes against Iran - typically make oil and gas projects more profitable, boosting demand for rigs and crews. 

Mar 27 - Trump officials tout US energy dominance as global oil execs warn of supply crisis
U.S. officials this week said the historic spike in fuel prices during the war in Iran will be short-term and trumpeted record U.S. production at an industry conference where oil executives and government officials from Asia, the Middle East and Europe bemoaned the worst oil and gas supply disruption in decades. The contrasting messages relayed to industry leaders at the annual CERAWeek conference in Houston reflected the different political realities in the U.S. and the rest of the world. 

Mar 27 - Big Oil to reap billions from Iran war windfall after a month of soaring energy prices
As Big Oil executives gathered this week and discussed the biggest-ever disruption to global energy supplies due to the war in Iran, there was one impact they did not address publicly: the multibillion-dollar windfall they will make because of soaring prices for the energy they sell. Global benchmark Brent crude has so far averaged around $97 per barrel in March, up 33% from the $69 average in February and even more from $65 in January.

Mar 26 - At least 40% of Russia's oil export capacity halted, Reuters calculations show
At least 40% of Russia's oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers, according to Reuters calculations based on market data. The shutdown is the most severe oil supply disruption in the modern history of Russia, the world's second largest oil exporter, and has hit Moscow just as oil prices exceeded $100 a barrel due to the Iran war.

Mar 26 - Japan shifts focus to oil in unorthodox scramble to talk up yen
Japan is weighing a controversial plan to arrest the yen's slide: stepping into oil futures markets, sources say, as long-standing policy tools lose traction against stubborn inflation pressures. Details of the proposal remain scant, after Reuters reported on Monday that it was under discussion, but the idea underscores Tokyo's mounting frustration.

Mar 25 - Asia looks to COVID-era playbook to tackle fuel crisis
Countries across Asia are weighing up work-from-home policies and stimulus measures enforced during the COVID pandemic, as they scramble to respond to global fuel shortages triggered by the Iran war. Asia is at the frontline of the fuel crisis, buying more than 80% of the crude that transits the Strait of Hormuz, which has been almost totally blocked by Iran since the war broke out on February 28. 

Mar 25 - Global energy crisis deepens; efforts to plug supply gap fall short, industry executives warn
The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the U.S.-Israeli war on Iran, executives and oil ministers said on Tuesday. Costs for energy, fertilizers and petrochemicals are soaring as the world is losing as much as 20 million barrels of oil per day from Middle East producers due to Iran's effective closure of the shipping chokepoint of the Strait of Hormuz.

Mar 24 - Oil execs warn of long-term damage from Iran war as US downplays crisis
Some of the world's top oil executives and energy ministers in Houston on Monday expressed growing concern over the long-term effects of the U.S.-Israel war with Iran on the global economy, while the U.S. Energy Secretary Chris Wright downplayed the crisis. The war has caused one of the biggest disruptions to energy supplies in history after Iran effectively closed the key Strait of Hormuz shipping route and as attacks in the Middle East inflict long-term damage on production infrastructure in several countries. 

Mar 24 - Iranian oil is offered to India at premium to Brent, sources say
Traders have offered Iranian oil to Indian refiners at a premium to ICE Brent after Washington temporary removed sanctions to ease the energy crisis caused by the U.S.-Israeli war on Iran, three industry sources said. India, the world's third-biggest oil importer and consumer, has not received a cargo from Tehran since May 2019 after it came under U.S. pressure not to buy Iranian crude.

Mar 24 - REUTERS TECHNICAL ANALYSIS Q2 OUTLOOK 2026 - WANG TAO

Brent crude and WTI may rise toward their 2022 highs, while palm oil to climb toward its 2024 high.  Spot gold would keep reversing its long-term uptrend. LME copper to fall toward $10,935. Aluminium remains bullish. Soybeans are likely to retreat. Corn and wheat are riding steady uptrend. Coffee and cocoa may bounce further. The U.S. dollar index targets 103-104 range. To read the full report, click here

Mar 23 - An energy crisis is gripping the world. And in the next few hours, it could get worse.
US President Donald Trump has given Tehran until Monday evening (23:44 GMT, to be precise) to allow shipping to resume through the Strait of Hormuz or face “obliteration” of Iran’s power plants. Tehran has pledged to retaliate by hitting power and desalination plants around the region. This week’s showdown comes after three weeks of air strikes by the US and Israel on Iran and retaliation by Tehran in the Gulf and elsewhere which has brought little clarity on the future of Iran and chaos on energy markets, gas pumps and supermarket shelves around the world.  
“Operation Epic Fury” is also making the US president epically furious, including against the news media, which he alleged is engaging in “treason” for reporting on the war effort. 
We are on the ground in all the key locations of this war, bringing you live coverage, witness testimony and deep analysis and expertise of a conflict that shows no signs of abating. 

Mar 23 - Refiners in India, elsewhere in Asia look to buy Iranian oil after US waives sanctions
Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move after Washington temporarily removed sanctions to alleviate an energy crunch caused by the U.S.-Israeli war on Iran, traders said on Saturday. Three Indian refining sources said they will buy Iranian oil and are awaiting government directions and clarity from Washington on details such as payment terms.

Mar 23 - Trump's Iran war oil shield is cracking: Bousso
U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile. Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure, blocking the Strait of Hormuz and cutting off roughly a fifth of global oil and gas flows.

Mar 20 - Prices for oil, fuel cargoes smash record highs as Iran war chokes Middle East supply
Surging oil prices in physical markets - the trading place for oil on ships, rail cars or in storage tanks - have outpaced the already dizzying increases in benchmark futures markets, as refiners and traders across Asia and Europe are snapping up whatever barrels they can secure to plug the enormous supply gap caused by the U.S.-Israeli war on Iran.

Mar 20 - US pump prices jump 30% since Middle East war began, headed toward $4 a gallon
U.S. gasoline pump prices have jumped more than 30% this month, moving toward $4 a gallon despite efforts by President Donald Trump to curb price increases and contain supply disruptions stemming from the Middle East war. U.S. national average retail gasoline prices have climbed about 90 cents a gallon, or more than 30%, since the U.S. and Israel attacked Iran at the end of February.

Mar 19 - Asia's Russian fuel imports poised to hit all-time high due to Middle East disruption
Asia is expected to import a record volume of fuel oil from Russia in March after the U.S. eased sanctions, shipping data showed as of Thursday, ahead of expected tighter supplies from next month caused by the U.S.-Israeli war on Iran. The influx will help to alleviate some concerns about supply tightness arising from a shortage of Middle Eastern fuel oil after the war halted fuel shipments through the Strait of Hormuz and refiners in the region halted operations. 

Mar 19 - US oil exports seen rising as WTI discount to Brent hits widest in 11 years
The discount for U.S. crude futures versus Brent on Wednesday hit the widest in 11 years, as attacks on Middle Eastern oil infrastructure drove the global benchmark higher while rising supply in the U.S. set the stage for a jump in oil exports. The U.S-Israeli war on Iran has thrown global oil markets into turmoil, driving crude and fuel prices to multi-year highs as a key trade route has mostly closed and some energy output in the Middle East is shut.

Mar 18 - Iraq resumes Kirkuk crude exports via Ceyhan after Baghdad-KRG deal, sources say
Crude exports from Iraq's Kirkuk fields to Turkey's Ceyhan port has resumed via pipeline, North Oil Company sources said, after Baghdad and the Kurdistan Regional Government (KRG) agreed on Tuesday to restart flows. The KRG confirmed the agreement, saying in a statement the two sides would form a joint committee to prepare for resuming oil exports, with revenue to be returned to the federal treasury. 

Mar 18 - Assessing energy security in Europe, US and China as Iran crisis drags on: Maguire
As the U.S.-Israeli war against Iran heads towards its fourth week, pressure is mounting on major economies dependent on fossil fuels to keep their power sectors, transport fleets, and homes and businesses running. Global prices of natural gas, fuels, fertilizers, industrial acids and other products have all surged since the closure of the Strait of Hormuz on March 2, leading to a sharp drawdown in local inventories and lengthy resupply delays.

Mar 17 - ADNOC oil loading still halted at UAE's Fujairah, other loadings resume, sources say
Abu Dhabi state oil giant ADNOC has suspended crude loading operations at the United Arab Emirates port of Fujairah, a source familiar with the situation told Reuters on Monday, after a drone attack triggered fires at the key export terminal. Two of the three single point moorings, where tankers connect to load, were operational, one source said. 

Mar 17 - Middle East oil becomes most expensive in the world as war cuts supply
Middle East crude benchmarks soared to all-time highs, becoming the most expensive oil in the world, even as trade slumps due to the U.S. and Israeli war on Iran, with some traders arguing that the benchmarks have lost relevance due to supply disruption. The surge in the benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, is pushing up costs for Asian refiners, forcing them to seek alternatives or reduce output further in coming months.

Mar 16 - Trump demands others help secure Strait of Hormuz, Japan and Australia say no plans to send ships
U.S. President Donald Trump's demands for a coalition to help reopen the Strait of Hormuz appeared to fall on deaf ears as allies Japan and Australia said they were not planning to send navy vessels to the Middle East to escort ships through the vital waterway. With the U.S.-Israeli war on Iran creating turmoil across the Middle East and shaking up global energy markets in its third week, Trump on Sunday insisted that nations relying heavily on oil from the Gulf have a responsibility to protect the strait through which 20% of the world's energy transits. 

Mar 16 - Iran holds the key to reopening global energy markets
When Saudi Aramco told its oil buyers in a letter this week that it had no clear idea which port it would use for April exports, it laid bare a new reality: Iran, not the United States, holds the key to reopening the global energy market. The letter, sent to Saudi oil buyers around the world, said they might receive oil from the Red Sea, but they might still get it from the Gulf.

Mar 13 - Trump administration considers loosening US shipping rules to combat fuel price spike
The Trump administration is considering waiving the century-old Jones Act for a limited period to ensure energy and agricultural shipments can move freely between U.S. ports, press secretary Karoline Leavitt said on Thursday, in a bid to combat Iran-related supply disruptions. "In the interest of national defense, the White House is considering waiving the Jones Act for a limited period of time to ensure vital energy products and agricultural necessities are flowing freely to U.S. ports," Leavitt said in a statement. 

Mar 13 - US issues 30-day sanctions waiver for purchase of Russian oil at sea
The United States issued a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products currently stranded at sea, in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war. Oil prices eased on Friday morning in Asia after the U.S. waiver announcement.

Mar 12 - IEA announces record oil stockpile release over Iran war supply disruptions
The International Energy Agency on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles to combat a spike in global crude prices since the start of the U.S.-Israeli war with Iran, with the U.S. contributing the bulk of the supply. The IEA said all 32 member countries backed the move, the sixth coordinated stockpile release since the agency's creation in the 1970s. 

Mar 12 - Six vessels attacked in Gulf, Strait of Hormuz as war puts merchant ships on front lines
Explosive-laden Iranian boats appear to have attacked two fuel tankers in Iraqi waters, setting them ablaze and killing one crew member on Wednesday, after projectiles struck four vessels in Gulf waters, said port, maritime security and risk firms. The latest attacks on ships linked to the U.S. and Europe mark an escalation in the conflict between Iran and U.S.-Israeli forces, raising the number of ships struck in the region since fighting began to at least 16.

Mar 11 - IEA proposes largest ever oil release from strategic reserves, WSJ says
The International Energy Agency has proposed the largest release of oil reserves in its history to restrain soaring crude prices amid the U.S.-Israel war with Iran, the Wall Street Journal said on Tuesday, citing officials familiar with the matter. The release would exceed the 182 million barrels of oil that IEA member nations put on the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, the newspaper said. 

Mar 11 - US Navy tells shipping industry Hormuz escorts not possible for now
The U.S. Navy has refused near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since the start of the war on Iran, saying the risk of attacks is too high for now, according to sources familiar with the matter. The Navy's assessments spell continued disruption to Middle East oil exports and reflect a divergence from President Donald Trump’s statements that the U.S. is prepared to provide naval escorts whenever needed to restart regular shipments along the key waterway. 

Mar 10 - Iran says oil blockade will continue until attacks end, Trump threatens to escalate strikes
Iran's Revolutionary Guards said they would not allow "one litre of oil" to be shipped from the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it blocked exports from the vital energy-producing region. The heightened rhetoric did little to quell a sharp retreat in crude prices and a rally in global shares, which came after Trump expressed confidence in a swift end to hostilities even after Iran appointed Mojtaba Khamenei as its new supreme leader in a signal of defiance. 

Mar 10 - Trump, Putin talk of war and peace as US weighs easing Russian oil sanctions
U.S. President Donald Trump and Russian counterpart Vladimir Putin discussed on Monday the war in Iran and prospects for peace in Ukraine, just hours after the Kremlin chief warned that a global energy crisis threatened the world economy. The U.S. and Israeli attack on Iran triggered the biggest spike in oil prices since the turmoil following Russia's 2022 invasion of Ukraine, as Gulf producers reduce output after the closure of the Strait of Hormuz. 

Mar 09 - Oil prices hit highest since 2022 at more than $119 a barrel on Iran war

- Oil prices surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies ​and fears of prolonged shipping disruption gripped the market due to the expanding U.S.-Israeli war with Iran.
Brent crude futures were up $8.77, or 9.46%, ‌at $101.46 per barrel at 1339 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $7.92, or 8.71%, at $98.82.

In a whiplash session, Brent had earlier hit a high of $119.50 a barrel, indicating its biggest-ever absolute price jump in a single day, and WTI reached $119.48 a barrel.
Brent has surged as much as 66% and WTI 77% since their last close before U.S. ​and Israel launched attacks on February 28.
Monday's prices compare with all-time highs of around $147 a barrel for the contracts in 2008, according to ​LSEG data going back to the 1980s.

MARKET STRUCTURE INDICATES INTENSE SUPPLY SHORTAGES
The premium of front-month loading Brent contracts over contracts ⁠for delivery in six months' time surged to an all-time high on Monday of almost $36, according to LSEG data going back to 2004.

That was well ​above its previous summit of around $23 in March 2022 in the early weeks of the Russia-Ukraine war.
This premium indicates a market structure known as backwardation, showing traders ​see intense current supply shortages.
The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.
Also boosting prices is the appointment of Mojtaba Khamenei to succeed his father Ali Khamenei as Iran's supreme leader, signalling that hardliners remain firmly in charge in Tehran a week into its conflict with the U.S. and ​Israel.

The war could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the conflict ends quickly, as suppliers grapple ​with damaged facilities, disrupted logistics and elevated risks to shipping.

U.S. gasoline contracts surged to their highest since 2022 at around $3.22 a gallon at a time when U.S. President Donald ‌Trump has ⁠told U.S. consumers the impact on their cost of living would be limited ahead of mid-term elections in November.
"Alternatives are limited, such as tapping strategic oil reserves, but in comparison to the potential magnitude of the supply disruption if the Strait stays closed longer, they are a drop in the ocean," said UBS analyst Giovanni Staunovo.
U.S. Senate Democratic Leader Chuck Schumer has called on Trump to release strategic petroleum reserves, and a French government source said on Monday that the Group ​of Seven nations would also discuss ​this.

SAUDI ARAMCO STARTS CUTTING PRODUCTION, SOURCES ⁠SAY
Saudi Aramco has begun cutting output at two of its oilfields, sources said. Analysts said last week they expected OPEC heavyweights including the United Arab Emirates to have to cut production soon as they run out of oil storage.

Iraqi oil production ​from its main southern oilfields has fallen by 70%, sources said, with crude storage having reached maximum capacity.

The Kuwait Petroleum ​Corporation also began cutting oil ⁠output on Saturday and declared force majeure on shipments, though it did not say how much production it would shut.

Saudi Aramco, which can divert some flows via the Red Sea port of Yanbu, has offered more than 4 million barrels of Saudi crude in rare tenders to counteract Hormuz being shut.

In gas markets, giant LNG exporter ⁠Qatar had ​already stopped production after attacks on key infrastructure.

A fire broke out in the UAE's Fujairah oil industry ​zone resulting from falling debris, with no injuries reported.

Refinery disruptions add to fuel supply cuts, with Bahrain's BAPCO announcing a force majeure following a recent attack on its refinery complex. Saudi Arabia has ​already shut its biggest oil refinery.

Mar 09 - Iraqi oil production collapses with Strait of Hormuz blocked by conflict, sources say
Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday. "Crude storage has reached maximum capacity and the remaining output after the major cut will be used to supply the country's refineries," said an official with the state-run Basra Oil Company (BOC), which manages production and export operations from the southern fields. 

Mar 09 - US energy chief defends waiver on Russian oil sanctions, blames fear for higher gas prices
Trump administration officials on Sunday defended a decision to temporarily lift some sanctions on Russian oil and predicted that a sharp increase in gasoline prices resulting from the Iran war would last only weeks. Appearing on multiple TV talk shows, Energy Secretary Chris Wright and U.S. Ambassador to the United Nations Mike Waltz said a waiver issued last week to allow Indian purchases of Russian oil would alleviate pressure on the global market. 

Mar 05 - Gulf shipping crisis deepens as tankers stranded for fifth day, US sinks Iranian warship
The U.S.–Iran war widened on Wednesday after a U.S. strike hit an Iranian warship off Sri Lanka, deepening a crisis that has paralysed shipping through the Strait of Hormuz for a fifth day and choked off vital Middle East oil and gas flows. The U.S. submarine strike on the Iranian vessel came as U.S. President Donald Trump pledged to provide insurance and navy escorts to ships exporting oil and gas from the Middle East in a bid to contain soaring energy prices.

Mar 05 - Charting the widening impact of the Iran crisis on energy markets: Maguire
The repercussions of the ongoing U.S.-Iran war are being felt across the world, with U.S. fuel prices, European natural gas costs and Asian tanker freight rates all jumping sharply since strikes began at the weekend. The transmission of market jitters through the shipping, fuel and power sectors illustrates how interconnected global energy markets remain, despite the push for more home-grown energy supplies and greater energy security in recent years. 

Mar 04 - Trump orders oil tanker insurance support, says Navy could escort ships in Gulf
The U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday, adding he had ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf. The move marks one of the administration’s most aggressive steps yet to attempt to contain soaring energy prices amid escalating conflict in the Middle East that has raised risks to shipping through key waterways. 

Mar 04 - Saudi Arabia tries to divert oil to Red Sea amid Iran war, faces reluctant shippers
Saudi Arabia's state oil company Aramco is attempting to reroute some of its crude exports to the Red Sea to avoid the Strait of Hormuz, where the risk of Iranian attacks has slowed shipping to a near halt, sources said on Tuesday. Saudi Arabia and other regional Gulf oil producers, such as the United Arab Emirates, Kuwait and Iraq, have been unable to move oil through the Strait since the U.S. and Israel launched attacks on Iran on Friday. 

Mar 03 - Global oil, gas shipping costs surge as Iran vows to close Strait of Hormuz
Global oil and gas shipping rates soared, with supertanker costs in the Middle East hitting all-time highs, as the U.S.-Iran conflict intensified after Tehran targeted ships passing through the Strait of Hormuz, according to shipping data and industry sources. Shipping through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated to U.S. and Israeli strikes. 

Mar 03 - China imports the most energy, but is best placed on Iran: Russell
China is the world's largest energy importer and would therefore appear vulnerable to the surge in crude oil and natural gas prices from the conflict between Israel and the United States against Iran. But the opposite is most likely the case, with China's vast stockpile of crude a cushion against price spikes, meaning that any energy-led inflation in the rest of the world will not hit China.

Mar 02 - Oil, gas surge as Iran conflict disrupts Middle Eastern flows (Reuters)

    Summary 16h00 PM

    Oil rises as much as 13%, but less than some analysts expected
    Israel hits Tehran again after strikes killed Khamenei
    Hundreds of ships have dropped anchor in Gulf, data shows
    European gas benchmark rises more than 50% at peak

- Oil and natural gas prices surged on Monday as Israeli and U.S. strikes on Iran and retaliation by Tehran forced shutdowns of oil and gas facilities across the Middle East and disrupted shipping in the crucial Strait of Hormuz.
A sustained rise in oil prices would threaten a global economic recovery, reignite inflation and could push up U.S. retail gasoline prices, a risky outcome for President Donald Trump and his Republican Party ahead of midterm elections this November.

Brent crude futures rose as much as 13% to $82.37 a barrel, their highest since January 2025, before retreating to trade up $6.27, or 8.6%, at $79.14 a barrel at 1403 GMT.
U.S. West Texas Intermediate crude was up $5.05, or 7.5%, at $72.07, having risen more than 12% to $75.33, its highest since June.
"The latest move reflects uncertainty around the scale and duration of the current conflict and recognises that Iran’s political future may have major implications for the stability of the Middle East," said James Hosie of Shore Capital.

Saudi Arabia shut its biggest domestic oil refinery after a drone strike, a source said. QatarEnergy halted production of liquefied natural gas and is set to declare force majeure on LNG shipments and the widening conflict also damaged at least four tankers, killed a seafarer and left 150 ships stranded around the Strait of Hormuz.
The big questions now are how long shipping through the Strait will be disrupted and how much oil importers, especially in Asia, have in storage to endure the disruption.
On a typical day, ships carrying oil equal to about one-fifth of global demand sail through the Strait along with tankers hauling diesel, gasoline and other fuels to major Asian markets including China and India. The waterway is also the route for about 20% of the world’s liquefied natural gas.

GAS JUMPS, SUGAR ALSO RALLIES
The Dutch front-month contract at the TTF hub, the benchmark European price, was up more than 50% by 1341 GMT at 48.66 euros per megawatt hour (MWh) on the Intercontinental Exchange.
Asian LNG prices jumped almost 39% on Monday with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units (mmBtu), Platts data showed.

World sugar prices rallied around 2% on Monday on fears the conflict and resulting disruption to energy supplies will prompt Brazilian cane mills to produce more ethanol and less sugar.

OIL PRICES PARE GAINS
Oil pared gains after its steep surge in early Asian trade, a move that analysts attributed to buyers already factoring a risk premium into prices in anticipation of the conflict.
In the view of the International Energy Agency and other analysts, the oil market is well supplied with additions to supply from producers such as the United States, Guyana and OPEC+ expected to outpace global demand this year. Despite the fears of a glut, Brent had risen over 19% this year until Friday's close, while WTI was trading about 17% higher.
"Markets are acknowledging the seriousness of the conflict, but are also signalling that, for now, this is a geopolitical shock, not a systemic crisis," said Priyanka Sachdeva, senior analyst at Phillip Nova.
OPEC+ agreed on Sunday to raise oil output by 206,000 barrels per day in April. Every OPEC+ producer is essentially producing at capacity except for Saudi Arabia, RBC Capital analyst Helima Croft said.

The IEA is in touch with major producers in the Middle East, director Fatih Birol said on Sunday. The energy watchdog coordinates the release of strategic petroleum reserves from developed countries during emergencies.
Globally, visible oil inventories stood at 7.827 million barrels, enough for 74 days of demand, which is near a historical median, Goldman Sachs wrote in a note.

Citi analysts expect Brent to trade between $80 and $90 a barrel this week amid the ongoing conflict. A three- to four-week squeeze on Strait of Hormuz traffic could force Gulf producers to shut output and push Brent above $100, JPMorgan said.
Analysts are also warning retail gasoline prices in the U.S., the world's biggest fuel consumer, may break above $3 a gallon because of the conflict.
U.S. gasoline futures surged by as much as 9.1% to $2.496 a gallon, their highest since July 2024, and were last up 4.9%

Mar 02 - Oil surges, stocks slide, dollar rallies as conflict grips Middle East

- Oil prices surged, the dollar jumped and shares slid on Monday as military conflict in the Middle East looked set to last for weeks, threatening to upend a global economic recovery and perhaps reignite inflation. Brent jumped around 10% to $79.90 a barrel, though it had briefly topped $82.00 at one stage, while U.S. crude climbed 8.2% to $72.64 per barrel. Safe-haven gold rose 2.6% to $5,413 an ounce .

Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon on Monday, as U.S. President Donald Trump signalled the U.S.-Israeli military assault on Iranian targets could continue for weeks.

Meanwhile, Iran's state media said a new wave of missiles was being launched from central parts of Iran towards "enemy locations".
All eyes were on the Strait of Hormuz, through which around a fifth of the world's seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait, wary of attack or maybe unable to get insurance for the voyage.
"At least in the short term, the disruption to global energy supply is substantial, (and) this clearly adds upside risks to the oil price," said Michael Langham, emerging markets economist at Aberdeen Investments.
He added, however, that "a global oil price shock is not the intention of the Trump administration ahead of U.S. mid-term elections in November".
A prolonged spike in oil prices would risk reigniting inflationary pressures globally, while also acting as a tax on business and consumers that could dampen demand.
OPEC+ did agree a modest oil output boost of 206,000 barrels per day for April on Sunday, but a lot of that product still has to get out of the Middle East by tanker.

STOCKS TUMBLE
Stock markets around the world tumbled. Europe's broad STOXX 600 slid 1.7%, opens new tab after Asia Pacific ex Japan shares had fallen 1.8%. , opens new tab U.S. S&P 500 futures were down 1.5%.
Banks were to the fore, given worries about the impact on economic growth, down 3.6% in Europe, opens new tab and energy-sensitive stocks such as airlines skidded, down 5% in Europe. , opens new tab Tech stocks also fell in Europe and Asia as investors dumped the riskier parts of their portfolio.

THE DOLLAR IS BACK
In currency markets, the euro and pound were each down around 1% at $1.1704 and $1.3347 respectively. ,
The dollar was by far the biggest gainer, rallying even on safe havens such as the Swiss franc and Japanese yen. It climbed 0.6% on the Japanese yen and 0.5% on the Swiss franc to 157 yen and 0.7733 francs. ,
"The dollar's correlation to risk is back," said Jordan Rochester, head of fixed income and currency strategy EMEA at Mizuho.
"After nearly a year post Liberation Day of FX correlations being junk and macro frameworks out the window - this new geopolitical crisis has snapped us back to normal."
The dollar's traditional role as a global safe-haven currency had been challenged by erratic U.S. policymaking. The energy moves were also relevant for currency markets given the U.S. is a net energy exporter while both Europe and Japan rely heavily on imports.
In bond markets, 10-year Treasury yields nudged slightly higher to 3.969%. They briefly touched an 11-month low of 3.926% in early trade on a rush to safety, but reversed course with traders seemingly concentrating on the inflationary impact of higher oil prices and how it could make the Federal Reserve less likely to cut rates. .
Bonds had gained a bid on Friday when UK mortgage lender MFS was placed into administration following allegations of financial irregularities. Its collapse stoked wider credit fears, with well-known big banks among its lenders. MFS had borrowed 2 billion pounds ($2.69 billion).
That was also still weighing on banking stocks on Monday.
Investors also have to weather a squall of U.S. economic data this week, including the ISM survey of manufacturing, retail sales and the always vital payrolls report.
Any weakness could shake confidence in the economy after a disappointing fourth quarter, but would also likely narrow the odds on rate cuts from the Federal Reserve.
Markets currently imply a 50% chance of an easing in June and about 58 basis points of cuts this year.

Mar 02 - « All the candidates we thought were dead »: Trump sees himself playing a role on Iran's future leaders

Who will lead the regime in Iran? Most Iranian officials were killed in the Israeli-US strikes that began Saturday. To replace them, in the event of the total fall of the regime and transition to another model, US President Donald Trump sees himself playing a role and has his little idea. Or at least he believed it until he learned the consequences of the strikes that hit many buildings across the country.

« I have three very good choices, » he began by telling The New York Times late Sunday afternoon, without dwelling on the names or profiles of these candidates. « I will not reveal their names for now, let's finish the job first, » he said, according to quotes from the American daily.
But a little later that evening, the tone was not quite the same when he picked up his phone to answer an ABC reporter, Jonathan Karl. « The attack was so effective that it eliminated most of the candidates, » he said. It will not be any of those we thought of, because they are all dead. The second and third choices were also killed. »

Trump wants to replicate Venezuela

Donald Trump’s idea is to replicate a formula that he believes worked in Venezuela, where Maduro’s capture handed the top job to the vice president, Delcy Rodriguez, who was visibly more inclined to serve US interests. « What we did in Venezuela is, I think, the most perfect scenario, » the president told The New York Times.

Mar 02 - Iran conflict disrupts some Middle East oil, fuel assessments from reporting agency Platts
Oil price reporting agency S&P Global Platts is suspending bids and offers for price assessments of Middle East refined products that transit the Strait of Hormuz because of shipping disruptions from the U.S.-Iran conflict, the company said in a note to subscribers sent out and reviewed by Reuters. S&P Global Platts, one of the larger providers of price and transaction information on the oil and fuel markets for the industry, is also reviewing its Middle East crude pricing mechanism, the company said. 

Mar 02 - OPEC+ agrees modest oil output boost even as US war on Iran disrupts shipments
OPEC+ agreed a modest oil output boost of 206,000 barrels per day for April on Sunday just as the U.S.-Israeli war on Iran and Tehran's retaliation disrupted oil flows from key members of the producer group in the Middle East. OPEC+ has a history of raising oil output to cushion disruptions but analysts said the group currently has little spare capacity to add to supply, except for its leader Saudi Arabia and the United Arab Emirates, which will also struggle to export oil until navigation in the Gulf returns to normal. 

Feb 27 - Saudi Arabia may raise April crude prices to Asia, first hike in 5 months
Saudi Arabia may raise April crude prices to Asia for the first time in five months due to higher demand from India, in an effort to replace Russian supplies and soothe supply disruption fears as the threat of a U.S.-Iran military conflict grows, refining sources said. The April official selling price for Arab Light crude may rise by about $1 a barrel, returning to levels last seen in December, four sources said in a Reuters survey, tracking a similar rise in the spot Dubai premium this month. 

Feb 27 - US slows sale of Lukoil assets to pressure Russia in Ukraine peace talks
The United States has slowed the sale of Russian oil giant Lukoil's international assets to pressure Russia in the Ukraine peace talks, according to four sources familiar with the discussions. On Thursday, the U.S. Office of Foreign Assets Control will extend the February 28 deadline to April 1 for deals to be concluded, an OFAC document reviewed by Reuters showed. 

Feb 26 - OPEC+ to consider 137,000 bpd oil output increase for April, sources say
OPEC+ is likely to consider raising its oil output by 137,000 barrels per day for April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand and a price boost from tensions between the U.S. and OPEC member Iran. The resumption of output increases after a three-month pause would allow OPEC leader Saudi Arabia and members such as the UAE to regain market share at a time when other OPEC+ members, such as Russia and Iran, contend with Western sanctions while Kazakhstan recovers from a series of oil production setbacks. 

Feb 26 - Saudi Arabia boosts oil output, exports for US attack on Iran contingency, sources say
Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday. The Saudi government media office did not immediately respond to a request for comment on the plan.

Feb 25 - EU to propose permanent ban on Russian oil after Hungary election, document shows
The European Commission will submit a legal proposal to permanently ban Russian oil imports on April 15, three days after Hungary's parliamentary election, according to EU officials and a document seen by Reuters. Two EU officials told Reuters the timing was designed to prevent the oil ban becoming a major factor in Hungary's election campaign. 

Feb 25 - Venezuela readies larger oil cargoes for export, targets India
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data. The use of larger vessels, which can carry up to 2 million barrels of oil each, is expected to cut transportation costs for traders and buyers, alleviate a shortage of smaller tankers and accelerate the pace of deliveries starting next month, which could drain the millions of barrels stored in Venezuela more rapidly.

Feb 25 - AI-fuelled optimism meets policy risks for European clean energy stocks
Investors in European clean-energy producers are bracing for fresh turbulence as a months-long rally, fuelled by hopes of AI-driven power demand, collides with a resurgence of policy risk. The sector had surged on bets that data-centre expansion would finally revive electricity use after years of stagnation, echoing trends in the U.S., where renewables have shifted from a subsidies-led market to one driven by firm demand.

Feb 24 - Chevron, Iraq agree to exclusive talks over West Qurna 2 oilfield
Chevron has entered into exclusive talks with Iraq over the giant West Qurna 2 oilfield, moving closer to acquiring the field from sanctioned Russian oil firm Lukoil. The talks, which Chevron said will include the exchange of confidential data, could expand the U.S. oil major's footprint in Iraq after the country decided to nationalise the West Qurna 2 field.

Feb 24 - Watch out for oil's disappearing disinflationary drag: McGeever
Oil prices have been a consistent disinflationary force for the U.S. and global economies since mid-2024. That may be about to change. Fueled by signs of a solid upturn in economic activity at the start of the year and bubbling U.S.-Iran tensions that could spark military conflict, Brent and West Texas Intermediate crude oil futures are the highest in nearly seven months.

Feb 23 - Trump tariff reversal could cut costs for US energy firms but will likely leave broader flows unchanged
The U.S. Supreme Court's Friday decision to strike down trade tariffs imposed by President Donald Trump last year may ease costs for some oil producers and drillers, but experts and analysts told Reuters that broader energy flows would likely remain unchanged for now. The court's ruling could reduce the cost of building LNG plants and other large-scale energy infrastructure that rely on modules and other parts manufactured in foreign countries hit by tariffs. Venture Global, for example, builds its LNG plants piecemeal in Italy before importing the components into the U.S. for final assembly.

Feb 23 - Saudi Aramco sells first Jafurah condensate cargoes to US firms, India, sources say
State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said. The Jafurah project, estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensate, is central to Aramco's ambitions to boost its gas output to become a major global natural gas player and to expand its offerings of light crude grades.

Feb 20 - Venezuela's refineries boost processing to 35% of capacity, sources say
Venezuela's refining network is operating at about 35% of its installed capacity of 1.29 million barrels per day, workers at the facilities said on Thursday, above the 20% to 25% of last year but still a low volume to secure enough fuel to meet rising domestic demand. The South American country's refineries, operated by state energy company PDVSA, are frequently hit by power outages and malfunctions that limit fuel supply to vehicles, power plants and homes. 

Feb 20 - Oil companies jostle for projects to boost Venezuelan output quickly; a real grind awaits
Among the first steps companies foresee would be to execute projects like the one planned by China Concord Resources Corp, which brought the Alula rig to Venezuela last year. The firm aims to increase a combination of light and heavy oil production from two fields to 60,000 bpd by the end of this year from 16,000 bpd in December through a $1 billion program that would require refurbishing as many as 875 inactive wells before new wells can be drilled. 

Feb 19 - US refiners Phillips 66, Citgo seek to buy crude directly from Venezuela, sources say
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts. Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington. 

Feb 19 - Libya brings in Western traders in blow to Russian fuel flows
Global oil firms and traders including Vitol, Trafigura and TotalEnergies have won tenders to supply Libya with gasoline and diesel as the country grants large Western players wider access and reduces imports of Russian fuel, three trading sources told Reuters. Libya is in the process of overhauling its oil sector 15 years after the fall of leader Muammar Gaddafi and years of civil wars. 

Feb 18 - Guyana's oil growth potential rises as Venezuela tensions set to ease
The tiny oil-producing nation of Guyana, already one of the world's fastest-growing economies, has a window of opportunity for more expansion amid ongoing U.S. activity in neighboring Venezuela, geopolitical and oil experts said ahead of the Guyana Energy Conference. That growth potential has taken center stage at the four-day event that kicked off on Tuesday in Georgetown, where executives and government officials gathered to discuss efforts to further train the local oil and gas workforce, increase investment opportunities and build a downstream sector.

Feb 18 - Asia gobbles up crude oil, but geopolitics is shifting supplier mix: Russell
Asia's imports of crude oil are on track to hit a record high in February as the recent strong run continues, but the mix of suppliers is starting to shift in response to geopolitical dynamics. The world's top-importing region is expected to see seaborne arrivals of 28.51 million barrels per day in February, the highest total on a daily basis in records compiled by commodity analysts Kpler.

Feb 17 - China's Russian oil imports to hit new record in February as India cuts back
China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data. Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows.

Feb 17 - Hungary asks Croatia for help after Russian oil flows via Ukraine halted
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv. Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was responsible for the halt in flows to Eastern Europe since January 27. 

Feb 17 - China's Russian oil imports to hit new record in February as India cuts back
China's Russian oil imports are set to climb for a third straight month to a new record high in February as independent refiners snapped up deeply discounted cargoes after India slashed purchases, according to traders and ship-tracking data. Russian crude shipments are estimated to amount to 2.07 million barrels per day for February deliveries into China, surpassing January's estimated rate of 1.7 million bpd, an early assessment by Vortexa Analytics shows. 

Feb 17 - Hungary asks Croatia for help after Russian oil flows via Ukraine halted
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv. Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was responsible for the halt in flows to Eastern Europe since January 27. 

Feb 16 - US eases sanctions to give oil majors broad scope to operate in Venezuela
The U.S. eased sanctions on Venezuela's energy sector on Friday, issuing two general licenses that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments. The move was the most significant relaxation of sanctions on Venezuela since U.S. forces captured and removed President Nicolas Maduro last month. 

Feb 16 - OPEC+ leans towards resumption in oil output increases from April, sources say
OPEC+ is leaning towards a resumption in oil output increases from April, three OPEC+ sources said, as the group prepares for peak summer demand and price strength is bolstered by tensions over U.S.-Iran relations. The resumption would allow OPEC leader Saudi Arabia and fellow members, such as the UAE, to regain market share at a time other OPEC+ members, such as Russia and Iran, contend with Western sanctions and Kazakh output is restrained by a series of setbacks.

Feb 13 - Oil market tightens as geopolitics squeezes supply, Vitol CEO says
The global oil market is getting tighter despite earlier predictions of a glut, as U.S. pressure limits outlets for Russian and Iranian oil, boosting demand for oil from other sources, Vitol CEO Russell Hardy said on Thursday. Russia and Iran, two major oil exporters, have become more reliant on China as other buyers have fallen away amid constraints imposed by sanctions. India, under pressure from U.S. President Donald Trump, has agreed to halt Russian oil purchases. 

Feb 13 - Saudi-backed Midad signs term sheet with Lukoil for sanctioned assets, pending approvals
Saudi-backed Midad Energy has signed a term sheet to acquire Russia’s sanctioned Lukoil assets in a high-stakes contest against rivals including private equity giant Carlyle Group, with the deal contingent on U.S. regulatory approval, according to three people familiar with the matter. The move highlights continued efforts by the Russian energy giant to offload overseas holdings constrained by Western sanctions and underscores growing Middle Eastern interest in acquiring discounted global oil and refining assets, even as transactions remain subject to strict regulatory scrutiny and geopolitical risk.

Feb 12 - US pushes for Venezuela investment, energy secretary warns about legitimacy of Chinese deals
U.S. Secretary of Energy Chris Wright pushed on Wednesday for expanded U.S. investments in Venezuela as part of the highest-level U.S. visit focused on energy policy in nearly three decades, while warning about the legitimacy of Chinese businesses in the OPEC country. Wright said the U.S. is prepared to help boost oil, gas and power output in the country, following talks with interim President and Oil Minister Delcy Rodriguez at the Miraflores presidential palace in Caracas.

Feb 12 - OPEC data indicate small Q2 surplus ahead of key OPEC+ decision on resuming oil output hikes
OPEC on Wednesday forecast world oil demand from the OPEC+ group will drop by 400,000 barrels per day in the second quarter, and published data indicating a small surplus in that quarter ahead of a key decision on whether to resume output increases. World demand for OPEC+ crude will average 42.20 million bpd in the second quarter, OPEC said in its monthly oil market report on its website, down from 42.60 million bpd in the first quarter. Both forecasts were unchanged from last month's report.

Feb 12 - Libya awards new oil, gas blocks to Chevron, Eni, others in first licensing round since 2007
Libya on Wednesday awarded oil and gas exploration blocks to foreign oil companies, including Chevron, Eni, QatarEnergy and Repsol, in its first licensing round in nearly two decades as it seeks to revitalise the sector despite ongoing political division. The National Oil Corporation (NOC) announced the winners of its first bid round since 2007, allocating key acreage across the onshore Sirte and Murzuq basins and offshore blocks in the Sirte basin of the gas-rich Mediterranean.

Feb 11 - US issues license facilitating oil, gas exploration and production in Venezuela
The U.S. Treasury Department on Tuesday issued a general license to facilitate the exploration and production of oil and gas in Venezuela, a long-awaited step that could help increase output in the country. Washington has relaxed sanctions on Venezuela's energy industry since U.S. forces captured President Nicolas Maduro in early January. It previously granted several general licenses to facilitate oil exports, storage, imports and sales from Venezuela.

Feb 11 - Citgo struggles with long-term direction as sale process remains frozen, sources say 
U.S. refiner Citgo Petroleum is struggling to make key decisions about investments and finances as the sale of its Venezuela-owned parent to an affiliate of Elliott Investment Management remains frozen months after a U.S. judge signed off on the process, two sources with knowledge of the matter told Reuters. A Delaware court late last year approved a $5.9 billion bid from Elliott's affiliate Amber Energy for Citgo parent PDV Holding and ordered the sale after two years of auctions as part of complex proceedings to compensate creditors for defaults and expropriations in Venezuela. 

Feb 10 - Venezuela's Orinoco Belt loosening helps lift oil output to 1 million bpd, sources say
Venezuela's state oil company PDVSA has reversed most output cuts at its own oilfields and joint ventures in the Orinoco Belt, the country's main crude region, boosting total output close to 1 million barrels per day, sources close to operations said. OPEC member Venezuela had to reduce crude output after an oil blockade imposed by Washington in December to pressure Nicolas Maduro, whose capture in early January led to the U.S.-overseen government of interim President Delcy Rodriguez.

Feb 10 - OPEC oil output falls in January on lower supply from Nigeria and Libya, Reuters survey finds
OPEC's oil output fell in January due to lower supply from Nigeria and Libya, a Reuters survey found on Monday, which offset increases in members including Venezuela after the U.S. capture of Nicolas Maduro and the ending of an oil blockade. The Organization of the Petroleum Exporting Countries pumped 28.34 million barrels per day in January, down 60,000 bpd from December's total, the survey showed, with Nigeria posting the largest decline.

Feb 09 - Sweeping EU sanctions plan aims to hit Russian crude exports harder
The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports, going far beyond previous piecemeal EU sanctions in its effort to stunt Moscow's key source of income for its war on Ukraine. Russia exports over a third of its oil in Western tankers - mostly from Greece, Cyprus and Malta - with the help of Western shipping services.

Feb 09 - Namibia won't recognise TotalEnergies, Petrobras deal due to not following procedure
Namibia will not recognise the purchase of offshore stakes in the Luderitz Basin announced last week by TotalEnergies and Petrobras until the oil companies follow the proper route for approval, government officials said on Sunday. Jonas Mbambo, a spokesperson for the presidency, confirmed that until a formal application is submitted and the prescribed statutory process is completed, "no transaction can be recognised or considered valid".

Feb 06 - Russian oil sellers cut prices in China to attract demand as India wavers
Discounts on Russian oil exports to China widened to new records this week as sellers cut prices to lure demand from the world's top crude importer and offset the likely loss of India sales, traders said. Price cuts for China came after U.S. President Donald Trump announced on Monday a trade agreement with Indian Prime Minister Narendra Modi that included halting oil purchases from Russia, but without giving details on how and when.

Feb 06 - India exports first fuel to Europe since ban on Russian crude-derived products
Reliance Industries has partially offloaded a jet fuel cargo in Italy, India's first export to the region since a European Union ban on products derived from Russian oil took effect on January 21, data from ship trackers and trade sources showed. India is one of the top buyers of Russian crude, and market players are closely monitoring its refined oil exports to Europe for signs of trade disruptions that could drive up prices for supply from elsewhere.

Feb 05 - Trump's India pact to make big dent in Russian oil revenue
Russia faces a steep drop in oil income if U.S. President Donald Trump successfully pressures India to stop importing Russian crude, because losing its top purchaser of seaborne exports would force Moscow to slash prices to find other buyers, analysts and traders said. Trump on Monday cut U.S. tariffs on Indian goods in a trade deal he said also included provisions for India to halt oil imports from Russia, the world's second-biggest oil exporter. 

Feb 05 - Traders rush to lock in oil prices amid Iran geopolitical risk, more Venezuelan supply
Investors rushed to lock in oil prices at record levels in January amid concerns around Iranian crude supplies and more Venezuelan barrels heading to the U.S. Gulf Coast. Hedging can help producers reduce risk and protect their production from sharp moves in the market by locking in a price for the oil. It can also give traders opportunities to profit in times of volatility. 

Feb 04 - US soon to issue general license for oil production in Venezuela, sources say
The U.S. government is working to issue as early as this week a general license allowing companies to produce oil and gas in Venezuela, as Washington seeks to encourage expanded output in the OPEC nation since capturing its president, three sources close to the matter told Reuters. The move by the Treasury's Office of Foreign Assets Control would authorize companies to explore and pump for crude oil and natural gas, the sources said. 

Feb 04 - China's Nanshan Group plans 100,000-bpd refinery in Indonesia
China's Shandong Nanshan Group plans to build an oil refinery on Indonesia's Bintan island, where the privately controlled firm operates a large alumina plant, according to three Chinese sources and an Indonesian official. Chinese firms have been looking to set up refineries in Southeast Asia, where fuel demand is growing steadily while China's domestic oil consumption peaks due to rapid electrification of the automotive fleet. 

Feb 03 - Indian refiners need wind-down period for Russian oil halt, sources say
Indian refiners will need a wind-down period to complete Russian oil deals before imports from that country can be halted, and they have so far not been ordered by the government to stop such imports, two refining sources said. U.S. President Donald Trump announced a trade agreement with Indian Prime Minister Narendra Modi on Monday that included a halt to Indian oil purchases from Russia.

Feb 03 - Devon, Coterra will merge to create $58 billion US shale giant
Oklahoma City-based Devon Energy and Houston's Coterra Energy are merging in an all-stock deal to become a large-cap producer with a top position in the Permian Basin as shale operators consolidate to cut costs and boost scale. The deal on Monday to create a company with an enterprise value of $58 billion is the largest in the sector after Diamondback bought Endeavor Energy Resources for $26 billion in 2024. 

Feb 02 - OPEC+ agrees to keep oil output unchanged as Iran tensions boost prices
OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday, even after crude prices hit six-month highs on concern the U.S. could launch a military strike on OPEC member Iran. The meeting of eight OPEC+ members comes as Brent crude closed near $70 a barrel on Friday, close to the six-month high of $71.89 it hit on Thursday, despite speculation that a supply glut in 2026 would push prices down.

Feb 02 - US pitches Venezuelan crude to India as its Russian oil imports slow, sources say
The United States, which threatened to impose tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil, three sources familiar with the matter told Reuters. India pledged to slash Russian crude oil purchases after Washington also hiked tariffs related to that activity, and India is on track to lower its Russian oil imports by several hundred thousand barrels per day in the coming months, according to the sources, who declined to be identified.