Crude Oil Markets Holding Firm
Crude oil markets remain firm as geopolitical tensions around Iran and the Strait of Hormuz embed a risk premium. OPEC+ announced a modest production increase of 206,000 barrels per day for April, while earlier pauses remain in effect. WTI and Brent prices stay above $100 per barrel, supported by inflation fears and supply‑chain concerns, but mixed macro data limit upside. Analysts warn that any escalation at Hormuz or Bab al‑Mandab could push prices higher or trigger a corrective phase.
EDF to Supply Nuclear Power to TotalEnergies Downstream Sites in France
EDF signed a 12‑year agreement to supply nuclear electricity to TotalEnergies’ French refining and chemical sites, providing roughly 400 MW – about 60 percent of their power needs. The deal supports TotalEnergies’ ambition to run its downstream assets on low‑carbon electricity and...
ADNOC, OMV Unveil Executive Leadership for Polyolefins JV
ADNOC and OMV have launched Borouge Group International (BGI), consolidating their polyolefins assets under a new joint venture. NOVA Chemicals CEO Roger Kearns will lead BGI as chief executive, while ADNOC finalizes its acquisition of NOVA Chemicals this month. The...
Iberdrola Sells SP Dataserve to Bluewater
Iberdrola, via its UK arm Scottish Power, agreed to sell SP Dataserve to IMSERV of Bluewater Energy. The metering and data services firm currently supports 36,800 services for about 22,000 non‑domestic customers across Britain. The divestiture is part of Iberdrola’s active...
North America Drops 21 Rigs Week on Week
North America’s weekly rig count fell by 21 units to 729, with the United States slipping one rig to 552 and Canada losing 20 rigs, down to 177. U.S. oil rigs rose two while gas rigs fell two, and Canada’s...
EIA Sees Oil Glut Tightening in Wake of Iran War
The U.S. Energy Information Administration (EIA) trimmed its 2026 global oil‑glut forecast to 1.87 million barrels per day (bpd) in the March short‑term energy outlook, down from 3.05 mbpd projected in February. Quarterly projections show a modest surplus early in the year,...
Iberdrola Reaches Over 11 GW of Installed Capacity in US
Avangrid, Iberdrola’s U.S. arm, now operates over 11 GW of installed generation capacity across nearly 100 projects in 25 states. The company produced 25,058 GWh of electricity in 2025, making the United States its second‑largest market after Spain. On‑shore wind, solar and...
Maha to Acquire Stake in Venezuela's PetroUrdaneta
Swedish investment firm Maha Capital AB announced it will acquire an indirect 24% stake in Venezuela’s PetroUrdaneta, a joint venture operating Maracaibo basin fields. The acquisition follows the U.S. Treasury’s issuance of General License 52, which relaxes sanctions on certain...
The Oil Prices You See Do Not Tell Market's Real Story
Three weeks into the Iran‑Israel war, Brent futures have jumped about 50 % to roughly $110 a barrel, yet physical oil prices are rising even faster as supplies tighten. Spot benchmarks such as Oman ($162) and Murban ($145) are soaring, and...
Fire Hits Oil Production at Major Libyan Field
The National Oil Corp reported a valve leak that sparked a fire on the Sharara‑to‑Zawiya pipeline, cutting roughly half of the field’s 330,000 bpd capacity. Production losses were mitigated by diverting crude to the El Feel and Hamada pipelines, and the...
Oil Surges as Iran War Escalates
Oil prices surged as the Iran‑U.S. conflict entered its third week, pushing Brent crude above $112 per barrel, the highest level since July 2022. The near‑closure of the Strait of Hormuz, which handles about 20% of global oil shipments, and...
Texas Leads Nation in Oil, Gas Jobs
Texas led the nation in oil and gas employment in 2025, with 476,777 workers—about a quarter of all U.S. industry jobs—despite a modest dip from the previous year. When indirect and induced effects are included, the sector supports roughly 2.5 million...
BP to Sell German Refinery to Klesch
BP announced the sale of its Gelsenkirchen refinery and related assets in Germany to the Klesch Group, relinquishing about 12 million metric tons of annual crude capacity and 265,000 bbl/d of distillation capability. The deal adds roughly $1 billion to BP’s structural cost‑reduction...
Oil Settles Higher on Gulf Escalation
Crude prices rose on Wednesday as Iranian strikes hit the South Pars gas field and Asaluyeh processing facilities, shifting market concerns from shipping‑lane disruptions to direct infrastructure risk. Brent closed above $107 a barrel, while WTI settled at $96.32, widening the...
Pakistan Oil Tanker Transits Hormuz
A Pakistan‑flagged Aframax tanker, the Karachi, successfully navigated the Strait of Hormuz on Sunday, becoming one of the few vessels to do so since U.S. and Israeli strikes on Iran halted traffic. The ship departed Fujairah on Feb. 25, was spotted...
EIA Ups WTI Price Forecast by $20 in Wake of Iran Conflict
The U.S. Energy Information Administration (EIA) raised its short‑term outlook for West Texas Intermediate (WTI) crude, projecting an average price of $73.61 per barrel in 2026—$20 above its February forecast. The revision reflects heightened risk premiums after the February 28 onset...
TotalEnergies Plays Down War Impact on Operations
TotalEnergies announced a suspension of production in Qatar, Iraq and the offshore UAE, representing roughly 15% of its total output. The company emphasized that onshore UAE output of about 210,000 barrels per day remains unchanged and that its Satorp refinery...
USA Oil, Gas Hiring Remains Disciplined
U.S. oil and gas hiring remains disciplined, with firms prioritizing margin protection over headcount expansion, according to Birmingham Group CEO Brian Binke. Companies focus on optimization, maintenance and targeted buildouts, adding talent only where it directly improves efficiency or reduces...
Eni Signs Up for 15-Year Biomethane Supply From France
Eni’s renewable arm Plenitude and Seya Group’s Methagora have signed a 15‑year agreement for the supply of 50 GWh of biomethane per year from French production. Methagora, which converts existing biogas sites into certified biomethane, has already delivered 35 GWh and plans...
Repsol Focuses on US for Short-Term Upstream Growth
Repsol announced a €10 billion investment plan for 2026‑28, allocating roughly 34% of its upstream budget to the United States. The U.S. focus includes the Pikka Phase I project in Alaska, the Leon‑Castile offshore Louisiana assets, and unconventional plays in the Marcellus...
USA Crude Oil Stocks Rise Week on Week
The U.S. Energy Information Administration reported that commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.5 million barrels to 439.3 million barrels in the week ending Feb 27, still about 3% below the five‑year average. Total petroleum stocks rose 2.9 million...
Santos Greenlights Cooper Basin Infrastructure Upgrade
Santos Ltd and Beach Energy have approved the AUD 357 million Moomba Central Optimization (MCO) project, replacing seven aging gas‑run compressors with a single electric unit in South Australia’s Cooper Basin. The upgrade, slated for completion by 2029, aims to debottleneck the...
Resource Estimates for Chevron's Aphrodite Raised
Chevron’s Aphrodite consortium announced a 4% uplift in contingent gas resources to 3.67 trillion cubic feet, with low and high estimates now at 2.73 Tcf and 4.59 Tcf respectively. The revision stems from new core‑sample data and the Cyprus government’s approval of the...
Libya Restarts Gasoline Production at Sarir
Libya’s National Oil Corp announced that the Sarir refinery has resumed gasoline production after a three‑year shutdown, restoring its 10,000 bpd gasoline capacity. The restart follows a major overhaul of the crude distillation unit completed in January and includes the activation...
Crude Volatile as Hormuz Risks Increase
Oil markets remain volatile as the fifth day of the US‑Iran conflict curtails traffic through the Strait of Hormuz, a chokepoint for roughly 20% of global oil. West Texas Intermediate steadied just under $75 a barrel while Brent hovered around...
North America Drops 11 Rigs WoW
North America’s weekly rig count slipped 11 units to 764, with the United States reporting 550 rigs and Canada 214. The U.S. saw a net loss of one rig, driven by a two‑rig decline in oil rigs while gas rigs...
Analysts Warn of Largest Oil Supply Disruption in History
Analysts at S&P Global warn that the U.S.-Israel conflict with Iran could cause the largest oil‑supply disruption ever if tanker traffic through the Strait of Hormuz collapses. Recent data show only five tankers transited on March 1 versus the usual 60,...
Hopes for Suez Canal Revival Dashed
Shippers including Maersk, Hapag‑Lloyd and CMA CGM have halted Suez Canal transits as the United States and Israel intensify conflict with Iran, fearing renewed Houthi attacks in the Red Sea. Egypt estimates a $9 billion loss in transit fees, with canal revenues...
Petronas Posts Lower Annual Profit
Malaysia's national oil company Petronas reported a 2025 profit after tax of MYR 45.4 billion ($11.6 bn), down from MYR 55.1 billion in 2024. The decline reflects lower sales volumes, Brent prices under $70 per barrel, and the divestment of its 74% stake in Engen...
Israel Pauses Leviathan Gas Production
Israel’s Energy and Infrastructure Minister ordered a security‑driven suspension of production at the offshore Leviathan gas field, prompting Chevron to declare force majeure. The pause halts the field’s 12 billion cubic metres per year output, which supplies Israel, Egypt and Jordan,...
Oil Market Is Nervous for the Coming Weekend
SEB analysts warned that the oil market is jittery ahead of the weekend, with Brent crude hovering around $71 per barrel after trading in a $69.16‑$72.61 range. The report outlined four price scenarios, ranging from $55 to $150 per barrel,...
Oil Producers Negotiate Ending Windfall Tax with UK Government
The UK Treasury is weighing an early repeal of the Energy Profits Levy, a windfall tax that now sits at a 78% headline rate on North Sea oil and gas. Ministers have been meeting industry groups to assess the impact...
Aramco Starts Gas Production at Jafurah
Saudi Aramco has begun gas production at Jafurah, the Middle East’s largest unconventional gas field, marking the first step toward a 2 billion cubic feet per day (Bcfpd) sales capacity by 2030. The field holds an estimated 229 trillion cubic feet of...
BP Goes Big on Shale Oil Drilling
BP is reviving its U.S. shale operations through BPX Energy, targeting an 8% production rise to 500,000 barrels per day this year and 650,000 barrels per day by 2030, which would represent roughly 20% of the company’s total output. The...
North Sea Oil Signals Weakness
North Sea crude spreads fell to a two‑month low after Vitol and TotalEnergies halted a heavy buying spree, pushing the WTI Midland spread to just $1.70 above Brent. Derivative indicators turned bearish as weekly Brent CFDs entered contango and the...
EIA Sees USA Energy Demand Under 2025 Levels for Next 2 Years
The U.S. Energy Information Administration’s February 10 Short‑Term Energy Outlook projects total U.S. energy consumption to stay below 2025 levels in both 2026 (96.00 qBtu) and 2027 (96.15 qBtu), marginally under the 96.19 qBtu recorded in 2025. While overall demand flattens, liquid‑fuel use...
How Full Is the USA Strategic Petroleum Reserve?
The U.S. Strategic Petroleum Reserve sits at 415.4 million barrels, roughly 58.2% of its 714 million‑barrel authorized capacity, according to the EIA’s February 13 report. This marks a 5.1% rise over the same week last year and a 15.6% increase from 2024, reflecting...
North America Adds Rigs Week on Week
North America’s weekly rig count rose by two to 775, driven by a two‑rig increase in Canada while the U.S. total held steady at 551. The U.S. rig mix includes 409 oil rigs, 133 gas rigs and nine miscellaneous units,...
Uniper to Supply Gujarat with 0.5 MMtpa of LNG for 10 Years
Uniper SE has signed a ten‑year agreement to supply Gujarat State Petroleum Corp with 0.5 million metric tons per annum of LNG, with deliveries beginning in January 2028. The contract covers roughly one‑third of Gujarat’s gas demand, serving 2.3 million households and 20 000...
UK Plans to Cut Carbon Costs for Refineries After Closures
The UK government is preparing to incorporate oil refining into its Carbon Border Adjustment Mechanism (CBAM) to shield the remaining domestic refineries from escalating carbon costs. A call for evidence will feed into the Future of Fuels strategy, slated for...
YPF Chief Readies War Chest for Shale Push
YPF SA is committing to keep its $3.5 billion upstream capital spending unchanged, even if oil prices slip to $55 per barrel, to sustain its shale push in the Vaca Muerta basin. CEO Horacio Marin said the company has raised a $1 billion war...
Surging Oil Tanker Rates Tipped to Go Even Higher
Oil supertanker charter rates have surged, with VLCC earnings on the Middle East‑to‑China lane reaching $151,208 per day, the highest since 2020. The spike is driven by heightened geopolitical risk from a potential US‑Iran conflict and a tightening supply of available...
USA Crude Oil Stocks Drop 9MM Barrels WoW
U.S. commercial crude inventories fell 9 million barrels in the week to Feb 13, leaving stocks at 419.8 million barrels—about five percent below the five‑year average. Total petroleum stocks also dropped 18.9 million barrels week‑on‑week, though they remain 62.9 million barrels above a year ago....
BOEM Proposes 3rd GOA Lease Sale
The U.S. Interior Department’s Bureau of Ocean Energy Management (BOEM) announced a proposed notice for Lease Sale Big Beautiful Gulf 3 (BBG3), slated for August 12, 2026. The sale would put roughly 15,066 offshore blocks covering 80.4 million acres on the market, with a...
Brazos Starts Up New Gas Processing Plant in Midland Basin
Brazos Midstream commissioned its largest cryogenic plant, Sundance II, adding 300 MMcfd of processing capacity in the Midland Basin and joining the 200 MMcfd Sundance I that began operations in 2024. The company also broke ground on Cassidy I, another 300 MMcfd cryogenic facility in Glasscock...
USA Says VEN Oil Output Can Climb 30-40 Pct This Year
The Trump administration has issued new licenses permitting several Western oil companies to operate in Venezuela, potentially boosting the country's output by 30‑40 percent—roughly 300,000 to 400,000 barrels per day—this year. Energy Secretary Chris Wright said the increase would represent...
EIA Lowers USA Gasoline Price Forecasts
The U.S. Energy Information Administration trimmed its gasoline price outlook, now projecting an average of $2.91 per gallon in 2026 and $2.93 in 2027, down slightly from the January forecast of $2.92 and $2.95. The agency’s short‑term energy outlook still...
Martin Midstream Partners' Annual Loss Deepens
Martin Midstream Partners reported a $14.7 million net loss for 2025, widening from a $5.2 million loss in 2024. The loss was driven primarily by $57.8 million in interest expense and higher SG&A costs, while adjusted EBITDA fell to $99 million for the year....
Kimmeridge-Mubadala JV to Acquire SM Galvan Ranch in Texas
Mubadala and Kimmeridge’s joint venture Caturus will buy SM Energy’s Galvan Ranch for $950 million, adding 250 MMcfed production from 260 wells. Post‑deal, pro‑forma net output rises to about 950 MMcfed. The acquisition gives Caturus over 275,000 net acres across the Gulf Coast...
EIA Still Sees USA Oil Output Falling Next Year
The U.S. Energy Information Administration’s February short‑term energy outlook projects total U.S. crude oil production, including lease condensate, to fall from an average of 13.60 million barrels per day in 2026 to 13.32 million barrels per day in 2027. The decline is...