US Crude Oil Inventories Continue to Build While Gasoline Draws Down
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 5.6 million barrels in the week ending February 27, after adding 11.4 million barrels…
Sanctioned Russian LNG Tanker Explodes in Mediterranean — A First of Its Kind?
A Russian-flagged liquefied natural gas (LNG) tanker under U.S. and UK sanctions caught fire in the Mediterranean early Tuesday following a reported explosion, with the fate of its crew initially…
Canada’s Heavy Crude Tightens as Hormuz Risk Ripples Through Global Markets
Canadian heavy crude rallied Tuesday as geopolitical risk in the Middle East began reshuffling global barrels in real time. Heavy Western Canadian Select strengthened in Alberta to a discount of…
Oil Prices Leap Higher as Iraq Shuts Down Production At Giant Oil Fields
Iraq has begun curtailing oil production at key southern fields, including Rumaila, while West Qurna 2 is also shutting in roughly 460,000 barrels per day, according to Iraqi oil officials.…
African Energy Chamber signs oil and gas cooperation deal with Venezuela
The African Energy Chamber (AEC) has signed a memorandum of understanding with Venezuela’s Ministry of People’s Power for Hydrocarbons and state oil company Petróleos de Venezuela, S.A. (PDVSA), establishing a…
Hormuz Freeze Sends Brent-Dubai Spread to Multi-Year High
Brent’s premium to the Middle East’s Dubai benchmark has blown out to its widest level since 2022, confirmation that the global oil market is squarely trading on disruption. As of…
India’s Industrial Gas Supply Slashed After Qatar Suspends Output
India’s gas marketing companies have informed industrial customers they would receive lower gas supply, industry sources told Reuters, after Qatar announced on Monday it would halt LNG production due to…
Asian Refiners Mull Slashing Crude Processing as Iran War Threatens Supply
Asian refiners, particularly state-held majors heavily dependent on Middle East oil supply, are considering slashing crude run rates by up to 30% amid the war in Iran that is holding…
