Next Gas Price Spike May Come Just Before Memorial Day
GasBuddy warned that U.S. gasoline prices could spike again just before Memorial Day, as geopolitical tensions revive after a stalled U.S.-China summit on Iran. The national average sits at $4.47 per gallon, up 45.2 cents from a month ago and $1.33 higher than a year ago. While the average price fell a cent last week, the EIA’s latest short‑term outlook shows a steady upward trend, with prices reaching $4.50 per gallon on May 11. The warning underscores how tight global oil inventories and political risk can quickly translate into higher retail fuel costs.
Can Middle East Oil Producers Meaningfully Bypass the Strait?
Middle East oil producers can partially bypass the Strait of Hormuz using three pipelines—Saudi Arabia's East‑West Petroline, the UAE's Habshan‑Fujairah line, and Iraq's Kirkuk‑Ceyhan route—collectively handling roughly half of the usual Hormuz throughput. The Saudi pipeline can move up to...
Scottish Greens Push for Expanded Tax on Windfall Oil Profits
The Scottish Green Party renewed calls for a tougher windfall tax on oil and gas firms, urging the UK government to channel the revenue into lower household energy bills and a faster renewable transition. The existing Energy Profits Levy, raised...
Why Has Oil Not Gone Higher in Wake of USA-Iran Conflict?
The U.S.–Iran conflict has not driven oil prices higher as analysts expected. A combination of strategic reserve releases, inventory drawdowns, and deferred buying has muted the physical‑to‑futures premium. Experts from Standard Chartered, Wood Mackenzie and the American Enterprise Institute say...
Perenco Restarts Davy Gas Production in UK North Sea
Perenco has restarted gas production at the Davy field in the UK North Sea, delivering roughly 14 million standard cubic feet per day after a five‑year shutdown. The revival involved simplifying the 1970s‑era platform, upgrading equipment and installing a wind turbine...
Vitol Offers Iraqi Oil in Sign of Hormuz Transits
Vitol has begun offering Iraqi Basrah Medium and Heavy crude on a ship‑to‑ship basis off the UAE, suggesting that some cargoes have successfully navigated the Strait of Hormuz after months of blockage. Bloomberg’s ship‑tracking data shows four supertankers, each carrying...
USA Bureau of Land Management Fully Rescinds Public Lands Rule
The U.S. Bureau of Land Management issued a final rule on June 11, 2026, fully rescinding the 2024 Conservation and Landscape Health Rule. The original rule, enacted in May 2024, had tightened restrictions on energy and mineral extraction, timber harvesting,...
Eni Says Its Biodiesel Successfully Tested on Cruise Ship
Eni’s biofuel arm Enilive successfully ran a 2,000‑hour test on MSC Opera using 100% hydrogenated vegetable oil (HVO) without any engine modifications. The trial recorded a 16% drop in NOx and roughly an 80% reduction in lifecycle greenhouse‑gas emissions versus conventional...
North America Adds Rigs Again
North America’s weekly Baker Hughes rig count increased by two rigs to 672 on May 8, 2026, with the United States reporting 548 rigs and Canada 124. The U.S. saw a modest rise in land and oil rigs, while offshore rigs...
India State Refiners Eye Modest Fuel Price Hike
Indian state‑owned refiners are poised to raise retail diesel and gasoline prices by about 5 rupees per litre (≈$0.05) in the coming days. The modest increase is intended to offset an estimated daily loss of 10 billion rupees ($105 million) caused by...
Perenco Raises Oil Production Capacity in Congo-Brazzaville
Perenco announced a 6,000‑barrel‑per‑day uplift at the Tchibouela East field in Congo‑Brazzaville after completing an enhanced‑oil‑recovery and five‑well infill campaign. The company has launched a new five‑well drilling program on the Masseko field to test a fresh geological horizon. In...
Oil Traders Adding Back Supply Risk Premium
Oil prices jumped over 3% on May 10, with Brent climbing to about $104.50 a barrel as traders re‑added a supply‑risk premium following President Donald Trump’s dismissal of Iran’s peace overture. The comment revived concerns over the Strait of Hormuz, a...
Ship Signals Erratic as Hormuz Tensions Escalate
Geolocation data showed roughly 120 vessels near Abu Dhabi reporting impossible 50‑knot speeds and a smaller group of about a dozen ships indicating over 100‑knot speeds near the Oman‑UAE border, likely caused by signal jamming after Iran’s recent missile and...
Equinor Starts Gas Production at Eirin in Norwegian North Sea
Equinor has brought the Eirin field on‑stream in the Norwegian North Sea, adding roughly 27.6 million barrels of oil‑equivalent of recoverable gas. The three‑year, NOK 4.5 billion (~$488 million) tie‑back to the Gina Krog platform extends the platform’s life by seven years to 2036. The...
IEA Head Calls on Canada to Move Faster on Energy
International Energy Agency Executive Director Fatih Birol urged Canada to speed up development and export of its oil and gas resources, warning that the post‑Iran war market offers a limited window of premium pricing. He highlighted a "energy security risk premium"...
Bill Seeks Moratorium on US Oil Exports
Democratic Representative Brad Sherman introduced the Stop Oil Exports to Lower Gas Prices Act, seeking a moratorium on U.S. crude, gasoline and diesel exports while the war with Iran continues. The bill aims to keep domestic supplies abundant, hoping to...
USGS Sees 340+ Tcf of Recoverable Gas in Bossier Formation
The U.S. Geological Survey released a new assessment showing the Bossier Formation along the Gulf Coast holds about 343.5 trillion cubic feet of technically recoverable natural gas. The estimate also includes roughly three million barrels of undiscovered oil and reflects production from...
Brent Oil Price Futures Understating Physical Market Stress
Analysts at BMI, a Fitch Solutions unit, warn that Brent futures are masking acute physical‑market stress. The Dated Brent contract, which reflects prompt‑delivery crude, has surged above $130 per barrel, far outpacing the front‑month futures hovering near $98. A widening...
EU Awards $1.3B in Subsidies for Cleaner Hydrogen Production
The European Commission awarded €1.09 billion (≈$1.28 billion) in grants to nine cleaner hydrogen projects under the third European Hydrogen Bank auction. The selected projects span seven EEA countries and will deliver roughly 1.1 GW of electrolyzer capacity, producing over 1.3 million tonnes of...
Iran War Boosts Russia April Oil Tax Revenue to 6 Month High
Russia’s federal oil tax receipts jumped to 707.1 bn rubles (about $9.5 bn) in April, the highest level since October, as the Urals crude price climbed to $77 per barrel amid the Iran‑related supply shock. The surge was partially offset by record...
Shell, INEOS Plan More Joint Tiebacks in US Gulf
Shell and INEOS have signed an agreement to expand joint tie‑back projects from Shell’s Appomattox production hub in the U.S. Gulf of Mexico. INEOS is acquiring a 21% working interest, adding to its stakes in Appomattox, Rydberg, the Nashville discovery...
Shipowners Stay Cautious on Hormuz Despite Peace Deal Hopes
Shipping firms remain hesitant to resume transits through the Strait of Hormuz despite the Islamic Revolutionary Guard Corps announcing "safe, stable passage" under new, undefined protocols. The announcement follows reports of a U.S.‑proposed peace deal that Tehran is reviewing, but...
Gas Trading Boosts Equinor Profit
Equinor posted adjusted net income of $3.7 billion ($1.48 per share) in Q1 2026, more than twice the prior‑year level, driven by higher production and oil prices. The company highlighted strong gains from optimized piped gas trading in Europe and gas...
Macquarie Strategists Expect Another USA Crude Inventory Draw
Macquarie strategists, led by Walt Chancellor, project a 5.0 million‑barrel draw in U.S. crude inventories for the week ending May 1, following a 6.2 million‑barrel decline the week before. The forecast assumes a modest 0.1 million‑barrel‑per‑day increase in refinery runs, while net imports rise...
Australia to Build Up 1B-Liter Fuel Reserve
Australia announced a AUD 10 billion ($7.26 billion) Fuel Security and Resilience package, dedicating AUD 3.2 bn ($2.3 bn) to create a government‑owned reserve of roughly 1 billion liters of diesel and aviation fuel. The initiative, combined with a 10‑day extension of minimum stockholding obligations funded with AUD 34.7 million...
Trump Pauses Project Freedom for 'Short Period'
U.S. President Donald Trump announced on Truth Social that Project Freedom – the naval operation to escort commercial vessels through the Strait of Hormuz – will be paused for a short period at the request of Pakistan and other regional...
Gasoline Prices Jump Across All 50 States
GasBuddy’s latest data shows gasoline prices rose in every state, with the national average reaching $4.42 per gallon—a 38.2‑cent weekly increase and 32.6 cents higher than a month ago. The median price sits at $4.29, while the top 10% of...
Nigeria Partners with Chinese Firms to Revive Refineries
Nigeria’s state oil company NNPC has signed a memorandum of understanding with Chinese firms Sanjiang Chemical and Xinganchen Industrial Park to restart the Port Harcourt and Warri refineries. The two plants together hold a combined crude distillation capacity of about...
OPEC Report Shows Oil Demand Reached Over 105MMBpd in 2025
OPEC’s Annual Statistical Bulletin projects world oil demand to reach 105.15 million barrels per day in 2025, a 1.30 million‑barrel increase from 2024. Global crude production is expected to rise to 74.85 million barrels per day, driven by higher output from OPEC members...
OPEC+ Decides to Boost Output
OPEC+ members Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed on May 3 to raise output by roughly 188,000 barrels per day in June, the first joint move after the United Arab Emirates announced its withdrawal from the group....
EU Issues New $704MM Funding Call for Cross-Border Energy Projects
The European Commission has opened a €600 million (≈ $704 million) funding call for cross‑border energy projects that are already on the second list of Projects of Common Interest (PCIs) and Projects of Mutual Interest (PMIs). The call, part of the Connecting Europe...
Seplat Raises Q1 Dividend on Robust Oil Price Outlook
Seplat Energy PLC lifted its quarterly dividend by 8% QoQ and 96% YoY to $0.09 per share, driven by higher oil prices and strong cash flow. Q1 profit after tax surged 62.7% to $37.9 million, while revenue rose 3.9% to $840.7 million....
DOE Continues ‘Swift Execution' Of 172MM Barrel SPR Exchange
The U.S. Department of Energy announced a new Request for Proposal to exchange up to 92.5 million barrels of crude from the Strategic Petroleum Reserve (SPR). The solicitation follows President Trump’s earlier 172‑million‑barrel release, part of a coordinated 400‑million‑barrel action by...
Kimmeridge, Mubadala Raise JV Production to Over 1Bcfd
Caturus HoldCo LLC, the joint venture of Kimmeridge Energy Management and Mubadala Investment, completed a $950 million purchase of the Galvan Ranch asset in South Texas, boosting its net production to over 1 billion cubic feet per day. The deal adds roughly...
OKEA Back to Black but Dividends Remain On Hold
Norwegian producer OKEA ASA posted a Q1 net income of $36 million, reversing a loss from the previous quarter and outpacing year‑on‑year results thanks to higher sales volumes and oil prices. Production climbed to 34,888 barrels of oil equivalent per day,...
Inventories Acting as Shock Absorber of Global Oil System
J.P. Morgan analysts say global oil inventories are now the primary shock absorber amid war‑driven supply disruptions. The world entered 2026 with 8.4 billion barrels in storage, 6.6 billion on‑shore and 1.8 billion afloat, but only about 0.8 billion barrels are readily usable without...
Ukraine Hits Major Russian Refinery, Pumping Station
Ukrainian long‑range drones struck Lukoil's Permnefteorgsintez refinery and a nearby Transneft pumping station in the Urals, igniting a fire and disabling the refinery's primary processing unit. The facility processes about 260,000 barrels per day, making it one of Russia's largest...
OPEC+ Delegates Expect Another Symbolic Supply Hike
OPEC+ is poised to add 188,000 barrels per day to its June output target, marking the group’s first production adjustment since the United Arab Emirates announced its departure. The increase will be approved in a video conference led by Saudi...
EU Allows Broader State Aids to Protect Industries From Energy Volatility
The European Commission introduced the Middle East Crisis Temporary State Aid Framework (METSAF) to let member states subsidize up to 70% of extra fuel and fertilizer costs for agriculture, fisheries, and transport firms until year‑end. A simplified option caps individual...
Oil Prices Surge Amid Increasing Geopolitical Concerns
Oil prices surged to near‑wartime levels as geopolitical tensions in the Middle East intensified, with the Strait of Hormuz remaining effectively closed. Analysts from Sky Links Capital and Saxo Bank warned that U.S. military options against Iran could prolong supply...
Iberdrola Posts Higher Adjusted Profit on UK Power Growth
Iberdrola posted an adjusted net profit of €1.87 bn ($2.18 bn) for Q1 2026, up 11.4 % year‑over‑year, propelled by a 72.6 % surge in UK electricity distribution to 14,687 gWh. The Networks segment generated €5.65 bn in revenue, with the UK contribution rising 23.9 % to €715.3 million....
Wright Says Hormuz Can Open Without Clearing All Mines
U.S. Energy Secretary Chris Wright told Bloomberg that ships can resume transiting the Strait of Hormuz without fully clearing the Iranian mines that have blocked the waterway since late February. He said a narrow safe corridor could be established quickly,...
USA Oil, Gas Workforce Shrinks in 7 of Last 10 Years
U.S. oil and gas extraction employment has contracted in seven of the last ten years, falling from a peak of 187,300 workers in January 2016 to 115,500 in January 2026, according to Bureau of Labor Statistics (BLS) Current Employment Statistics data. The...
Iran Linked Oil Tankers Sail West After Boarding by USA
U.S. forces boarded two Iran‑linked oil supertankers, the Tifani and the Phonix (also called Majestic X), near Sri Lanka on April 21‑23. After the interdiction, both vessels began a westward crossing of the Indian Ocean, heading toward potential waypoints such as Cape Town...
Oil Rises as Iran Talks Stall
Oil prices jumped as stalled Iran‑US peace talks left the Strait of Hormuz virtually impassable, tightening global supply. West Texas Intermediate settled at $96.37 a barrel, up 2.1%, while Brent closed at $108.23, up 2.8%. The cease‑fire remains fragile, and...
North America Breaks Rig Loss Streak
North America’s weekly rig count rose by one to 674 on April 24, ending a string of weekly declines. The U.S. added a single rig, bringing its total to 544, while Canada’s count held steady at 130. Gas rigs in the...
Eni Raises Share Buyback Plan to $3.3B
Italian energy giant Eni announced it will increase its share‑buyback program to €3.3 billion (about $3.6 billion), a 90% rise from the original €2.8 billion plan, driven by a stronger cash‑flow outlook. The company lifted its full‑year adjusted cash‑flow‑from‑operations forecast 20% to €13.8 billion...
Most Oil Execs See USA Oil Output Increasing Due to War
An updated Dallas Fed Energy Survey of 115 oil‑and‑gas executives shows most expect U.S. crude output to rise modestly in response to the Iran conflict—0 to 0.25 million barrels per day (mb/d) in 2026 and 0.25 to 0.5 mb/d in 2027. The...
Kernel Loans $45MM From EBRD for Ukraine Solar Project
Kernel Holding SA, a Luxembourg‑registered agribusiness operating in Ukraine, has secured a $45 million loan from the European Bank for Reconstruction and Development (EBRD) to build a 106‑megawatt solar farm with battery storage in southern Ukraine. The plant is expected to...
Iberdrola Completes Mexico Exit
Iberdrola completed the sale of its Mexican portfolio, including 2.6 GW of capacity, to fellow Spanish firm Cox for $4 billion. The divestiture comprises 1,368 MW of combined‑cycle/co‑generation and 1,232 MW of solar and wind assets, plus 12 GW of renewable projects in development. Cox...