Oil prices fall after Trump says he will make final determination on Iran deal
Friday, May 29,2026,15:38
Oil prices fell Friday after President Donald Trump said he is meeting in the White House Situation Room to make a final determination about a deal with Iran. .. read more..
Oil Prices Suffer Biggest Weekly Collapse in Two Months
Friday, May 29,2026,15:30
Brent crude is heading for its biggest weekly drop in two months as markets bet on a 60-day ceasefire extension and partial reopening of the Strait of Hormuz. ICE Brent is set to post its largest weekly loss in two months, dropping by almost 10%, as media reports present a 60-day extension of the current ceasefire and a temporary Hormuz navigation deal as close to being a done deal. Whether US President Trump and Iran’s Supreme Leader Khamenei agree to the deal or not, Brent at $92 per barrel suddenly feels much more comfortable for oil importers.… .. read more..
Philippines Receives First Iranian Crude Cargo Since Hormuz Blockade
Friday, May 29,2026,15:30
The Philippines has received its first cargo of Iranian crude, Reuters reported on Friday, citing tanker-tracking data from Kpler and Vortexa. A Suezmax vessel capable of carrying up to 1 million barrels of crude that departed from Iran's Kharg Island in late March made a ship-to-ship transfer offshore Singapore onto another tanker, which delivered the oil to the Bataan refinery in the Philippines in the middle of May, according to the data. The delivery was the first Iranian cargo to the Philippines, which is one of the Asian countries worst hit… .. read more..
Polish LNG terminal appoints commercial and operational advisor
Friday, May 29,2026,15:22
Lithuania's operator KN Energies secures contract linked to first phase of Gdansk LNG .. read more..
India's Central Bank Warns Oil Shock Threatens Growth
Friday, May 29,2026,14:30
India's economy remains resilient to the external shocks, but the oil price surge amid the global supply disruption poses near-term downside risks to economic growth and upside risks to inflation, the Reserve Bank of India (RBI) said in its Annual Report for 2025-26 published on Friday. "Against the backdrop of a moderate global growth, the outlook for the Indian economy in 2026-27 remains positive, supported by strong macroeconomic fundamentals, although a prolonged West Asia conflict may pose downside risk," economists at India's central bank… .. read more..
Supermajor Warns Oil Prices Could Hit $160 Within Weeks
Friday, May 29,2026,14:00
Just about two months ago, JPMorgan did the math on "How Long Before The World Hits Crude Oil Operational Minimum." The punchline was that while the market can hold hundreds of millions of barrels, it would still become fragile once working stocks fell too low. Like blood pressure in the human body, the issue is circulation. Then, approximately 4 weeks later, the bank followed up this analysis with some more math, explaining "Why Hormuz Will Reopen By September... One Way Or Another." The bank calculated that of the 8.4 billion barrels in global… .. read more..
Japan Crude Imports Fell 66% in April
Friday, May 29,2026,13:30
Amid the supply disruption in the Middle East, Japan’s crude oil imports crashed by 66% in April from the same month last year, official Japanese data showed on Friday. Japan imported 4.07 million kilolitres, or about 850,000 barrels per day (bpd), of crude oil last month, down by 65.7% from the April 2025 levels, the monthly petroleum statistics of the Ministry of Economy, Trade and Industry (METI) showed. Crude imports from the Middle East region, which delivered more than 90% of Japan’s total crude imports before the war, plunged… .. read more..
Oil Prices Set to Slump 19% in May as Market Bets on U.S.-Iran Deal
Friday, May 29,2026,12:30
Early on Friday, oil prices were on track to plunge by 19% in May as traders and speculators bet on an extended ceasefire and an eventual U.S.-Iran deal despite the biggest physical supply disruption in history. Brent Crude prices were poised to drop by 19% in May by the end of the trade day on Friday, which would be the steepest monthly decline in prices since 2020. Early on Friday, Brent Crude front-month futures traded flat at $93.84 per barrel, while the U.S. benchmark, WTI Crude, was down by 0.12% at $88.94 a barrel. The slump in prices in… .. read more..
Kazakhstan postpones maintenance at second largest oilfield
Friday, May 29,2026,12:21
Decision to delay Kashagan turnaround coincides with another drop in production at Kazakhstan's largest oilfield Tengiz .. read more..
Notification on blending isobutanol with diesel this year: Road secretary V U...
Friday, May 29,2026,11:41
Speaking at the CII Summit on Friday, road transport and highways secretary V Umashankar said since diesel consumption is almost two times that of petrol consumption, the impact of diesel blending will be far greater on our energy security than even petrol blending. The event saw the launch of a CII Knight Frank Report which said cumulative investments of nearly $360 billion in infrastructure development in the country over the last decade has slashed India’s logistics cost to 10-10.7% of GDP in FY 2026, from 13–14% of GDP a decade ago, translating into estimated annual savings of $123–133 billion for the economy. .. read more..
Ceasefire Talks Trigger Massive Selloff in Crude Futures
Friday, May 29,2026,11:30
July WTI crude oil suffered its largest weekly decline in months as traders aggressively removed geopolitical risk premium from the market on growing hopes that diplomacy between Washington and Tehran could eventually succeed. Through Thursday, May 28, July WTI crude oil traded between a high of $94.70 and a low of $87.11 before settling at $88.60, down $8.40, or 8.66%, for the week. The selloff was notable because it occurred while many of the bullish supply factors that drove crude sharply higher earlier this year remained in place. Traffic through… .. read more..
Bolivia’s Austerity Shock Triggers Nationwide Revolt
Friday, May 29,2026,11:30
Politics, Geopolitics & Conflict Austerity measures in Bolivia have gone too far, too fast, putting the president’s political longevity in question. Bolivian President Rodrigo Paz, who came into office six months ago, backed by Washington and promising market-oriented reforms during a severe economic crisis, is now facing nationwide unrest after scrapping fuel subsidies, pursuing austerity measures, and attempting land reforms that triggered fears of consolidation by larger agricultural interests. What began as protests from small farmers… .. read more..
Two Risky Small Cap Energy Stocks to Buy and Hold
Friday, May 29,2026,11:30
Energy is usually seen as quite a conservative sector for investors. Constant demand for the product and relatively high dividend payouts create investments that, while not immune from risk, are often seen as a safe play, as somewhere to hide in troubled times. That, though, is an oversimplification. While there will always be a growing demand for energy as long as we continue to automate and electrify our lives, energy demand is still sensitive to economic conditions. In addition, the ways in which we generate power are constantly changing. The… .. read more..
Trump’s Iran Ceasefire Plan Faces Resistance From Israel Hawks
Friday, May 29,2026,11:30
Trump is now openly using normalization with Israel as leverage in Iran negotiations, putting the 2020 Abraham Accords back in the spotlight. But today, the region doesn’t look the same as it did six years ago. And Gulf leaders no longer view Washington, or Israel, in the same light. The UAE has doubled down on security coordination with Israel, including reported joint defense cooperation during the war itself. Saudi Arabia is moving further away from Israel and instead deepening security coordination with Turkey, Pakistan, and Egypt. … .. read more..
Norway Lobbies to Persuade EU to Drop Arctic Drilling Ban
Friday, May 29,2026,11:30
Norway, Western Europe's top oil and gas producer, has intensified lobbying at the European Union to persuade the bloc to remove or tweak its moratorium on Arctic oil and gas drilling. Norway, which is not a member of the EU but is the biggest gas supplier to European markets, has sent nearly a dozen of its ministers to Brussels so far this year to discuss energy and trade and the state of the Arctic drilling. The Iran war and the biggest oil and gas supply disruption in history have added to Norway's arguments that Europe needs reliable supply… .. read more..
Oil drops 20% from 2026 peak on optimism over U.S.-Iran ceasefire talks
Friday, May 29,2026,10:51
Global oil prices have retreated sharply amid hopes that a lasting Middle East ceasefire can unlock the Strait of Hormuz. .. read more..
Saudi Arabia Expected to Slash Oil Prices Again
Friday, May 29,2026,10:30
Saudi Arabia is expected to slash again the official selling prices of the crude it will load for Asia in July amid weakening demand and narrowing spot Middle East crude premiums, a Reuters survey of industry sources showed on Friday. Saudi Arabia, the world’s top crude exporter, is set to cut the official selling price (OSP) for its flagship Arab Light crude loading for Asia in July by $3 to $8 per barrel from June, to a premium of between $7.50 and $12.50 a barrel over the average Oman/Dubai prices, the benchmark for Middle East’s… .. read more..
Lengthy West Africa farm-out deal inches closer to completion
Friday, May 29,2026,10:29
Equatorial Guinea approves sell-down but Chinese endorsement still needed .. read more..
India asks state fuel retailers to build LPG storage for 30 days' demand, off...
Friday, May 29,2026,10:20
India has asked state-run fuel retailers to increase the storage capacity of liquefied petroleum gas to meet 30-days' demand, Sujata Sharma, a joint secretary in the federal oil ministry said on Friday. .. read more..
Oil prices on pace for sharp weekly declines on U.S.-Iran ceasefire deal pros...
Friday, May 29,2026,10:00
Oil prices edged lower on Friday and were on track for weekly declines, as investors weighed reported progress in diplomatic efforts to forge apeace deal between the U.S and Iran. As of 05:20 ET (09:20 GMT), Brent oil futures, the global oil benchmark, eased 1.2% to $92.55 per barrel, while U.S. West Texas Intermediate (WTI) ... .. read more..
The Commodities Feed: Ceasefire optimism weighs on energy markets
Friday, May 29,2026,10:00
Energy – Gradual oil supply recovery in event of a deal The oil market continues to edge lower amid growing optimism that the US and Iran are moving toward a deal. Reports suggest that both sides reached a memorandum of understanding (MoU) that would extend the ceasefire by 60 days and reopen the Strait of ... .. read more..
Bernstein sees long-term oil price around $75/barrel
Friday, May 29,2026,10:00
Bernstein told investors in a note that it sees $75 per barrel as a reasonable long-term oil price assumption for equity valuation, citing a new survey of the 50 largest listed oil and gas companies globally that points to rising marginal costs and a declining reserves outlook. Analyst Neil Beveridge estimated that the global oil ... .. read more..
Crude oil inventories fall less than forecasted, pressuring prices
Friday, May 29,2026,10:00
The Energy Information Administration (EIA) released its latest data on U.S. crude oil inventories, revealing a decrease in stockpiles that was smaller than anticipated. The actual decline in crude oil inventories was reported at 3.327 million barrels. Analysts had forecasted a more substantial drawdown of 3.800 million barrels. This discrepancy between the actual and expected ... .. read more..
Heatwave likely to limit India’s near-term demand growth for transport fuels
Friday, May 29,2026,10:00
The heatwave sweeping India is set to take a toll on near-term demand for transport fuels as citizens look to cut travel and reduce outdoor activity, but higher usage of generators for power generation as well as agriculture during the monsoon season could limit the fall in gasoline and diesel consumption, industry sources and analysts ... .. read more..
Indian Oil Corp buys 5 million barrels of crude from West Africa, Middle East...
Friday, May 29,2026,09:34
Indian Oil Corporation has secured a significant crude oil purchase. The state refiner bought five million barrels from West Africa and the Middle East. This acquisition includes Angolan Kissanje and Nemba crude for its Paradip refinery. Nigerian Usan crude and Abu Dhabi's Murban crude were also purchased for delivery to Vadinar and Chennai refineries. .. read more..
China’s Export Prices Jump as Oil Shock Hits Factory Costs
Friday, May 29,2026,09:11
China’s export prices saw their biggest gain in three years in April as the oil price surge filtered through the goods manufactured in the world’s biggest exporter of goods. Chinese export prices jumped by 5% in April from a year earlier, the largest increase since April 2023, data by China’s General Administration of Customs showed. The increase, largely due to the oil price shock impacting manufacturing inputs and prices, comes after years of low export prices out of China. For years, Beijing has relied on cheaper goods to maintain… .. read more..
BP's winning streak broken with chairman's red card
Friday, May 29,2026,09:01
Return of some stability to the supermajor after a period of upheaval is interrupted by another high profile departure .. read more..
Indian power firms snap up gas to meet rising night-time cooling demand
Friday, May 29,2026,08:41
India's power companies have significantly boosted natural gas purchases from a domestic exchange, quadrupling them to combat soaring summer electricity demand. Blistering heatwaves have driven peak power needs to record highs, forcing reliance on gas-fired plants. Despite price hikes and supply challenges, this fuel is crucial for meeting demand, though shortages persist. .. read more..
Canada’s Trans Mountain Pipeline Moves Toward Another Capacity Increase
Friday, May 29,2026,08:00
Trans Mountain Corp. will hold another open season for the expanded pipeline that takes crude from Alberta to the western Canadian coast, Bloomberg has reported, seeking takers for 72,000 barrels daily in additional capacity. The company operating the pipeline will boost its capacity by another 90,000 barrels daily soon by using drag reduction agents, its chief executive Mark Maki said, as quoted by the publication. The first open season for the pipeline is taking place right now. It launched in early April, and Maki said it would boost the portion… .. read more..
Equinor dishes out contracts for field development
Friday, May 29,2026,07:29
Baker Hughes extends two oilfield services contracts while DeepOcean secures subsea work for multiple fields including Johan Castberg .. read more..
Chinese contractor installs key Aramco offshore facility
Friday, May 29,2026,07:24
Offshore facility is part of Aramco’s contract release purchase order (CRPO) 149, which was awarded to COOEC in 2024 .. read more..
U.S. Extends Deadline for Sale of Lukoil’s Global Assets Again
Friday, May 29,2026,07:02
The U.S. federal government has extended the deadline for talks between Lukoil and potential buyers of its foreign business by another month, until June 27, suggesting the forced divestment process is turning out to be more complicated than maybe hoped for. This is the sixth extension of the deadline, after the Trump administration imposed individual sanctions on Lukoil last October, forcing the company to start looking for a buyer for its international business, which is worth an estimated $22 billion. The terms of the deal are that the Russian… .. read more..
Mitsui Eyes Global LNG Deals to Power the AI Data Center Boom
Friday, May 29,2026,05:53
Japanese commodities major Mitsui is looking for investment opportunities in liquefied natural gas to secure the long-term supply of electricity for the booming data center industry. The company will be looking for either equity stake acquisitions or offtake agreements, the chief executive of Mitsui said as quoted by Bloomberg. “Without securing energy, it is impossible to implement solutions,” Kenichi Hori told the publication in the context of plans to establish a business entity entirely focused on supplying electricity to the tech… .. read more..
Oslo-listed drillers flying high as investor appetite returns
Friday, May 29,2026,05:04
Norwegian market is getting behind eclectic group of offshore drillers .. read more..
ExxonMobil settles coastal lawsuits with US state
Friday, May 29,2026,05:03
Louisiana’s Jeff Landry says US supermajor agreed to help plug orphaned wells .. read more..
Chinese state giant starts full production at heavy oil field
Friday, May 29,2026,05:02
Hong Kong-listed company says Kenli 10-2 field producing more than 20,500 barrels per day of oil .. read more..
This week's leading oil and gas appointments
Friday, May 29,2026,05:02
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Medco Energi advancing latest Indonesia gas development
Friday, May 29,2026,00:00
Gas sales agreement signed and key tender launched for Sakakemang .. read more..
U.S. Crude Exports Surge To All-Time Highs Amid SPR Releases
Friday, May 29,2026,00:00
Oil prices have pulled back sharply from recent highs, suggesting that the market was optimistically pricing in at least a partial reopening of the Strait of Hormuz and an eventual normalization, following positive statements from the US. According to commodity analysts at Standard Chartered, these statements were met with heavy algo-selling despite contradictory messaging from the U.S. and Iran, with Washington maintaining its aggressive rhetoric, tightening balances and accumulating lost barrels. Brent crude for July delivery fell 0.6% to trade… .. read more..
Subsea contractors to jointly pursue Australia projects
Thursday, May 28,2026,23:59
Reach Subsea and Beacon Offshore will collaborate Down Under .. read more..
Adnoc opens bidding for $5 billion-plus offshore megaproject
Thursday, May 28,2026,23:59
Abu Dhabi state giant recently outlined plans to award 200 billion dirhams ($55 billion) worth of projects from 2026 to 2028, speeding up its spending drive .. read more..
Operator launches tender for historic FPSO upgrade
Thursday, May 28,2026,23:58
Finder Energy seeking contractors for modification and life extension works on Petrojarl I .. read more..
Duo to develop Malaysia LNG import project
Thursday, May 28,2026,23:58
LNG Alliance and Green Oscasaba team up for 1.2 million tpa scheme .. read more..
U.S. Turns Cold War Plutonium Into Nuclear Fuel
Thursday, May 28,2026,23:00
The federal U.S. government has turned to plutonium from the Cold War era as an alternative to uranium in nuclear power generation, as supply of the default nuclear fuel runs short of demand. Washington has already selected five companies to supply the fuel to, as nuclear returns to the energy spotlight. The Energy Department said this month it would discuss the use of plutonium as nuclear fuel with five nuclear energy companies seeking to build new generation capacity in the country. The reason that the DoE is considering plutonium is the tight… .. read more..
Exxon warns oil inventories will hit dangerously low levels in weeks, forcing...
Thursday, May 28,2026,22:25
The price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows, Exxon executive Neil Chapman said. .. read more..
Cheniere awards $4.69 billion EPC contract for latest expansion project
Thursday, May 28,2026,22:02
Bechtel tapped to add three liquefaction trains at Sabine Pass .. read more..
Summer Heatwaves May Deepen the Global LNG Crunch
Thursday, May 28,2026,22:00
The global gas market, which has been reeling from the sudden loss of 20% of daily LNG supply, is poised to tighten even further in the coming months as higher-than-expected summer temperatures and the El Niño weather pattern are expected to raise gas demand in Asia. Asian and European gas prices could rally even higher if the Strait of Hormuz remains inaccessible to most LNG tankers this summer, while Asia struggles to meet cooling demand and Europe looks to refill gas storage sites that have depleted to multi-year lows at the end… .. read more..
Chevron chief slams potential windfall taxes on oil profits amid Middle East ...
Thursday, May 28,2026,21:45
Mike Wirth: New levies ‘would discourage investment at a time when the market signal should be encouraging investment’ .. read more..
Ukraine cuts tariffs in bid to incentivize gas storage filling: regulator
Thursday, May 28,2026,21:00
Ukraine’s energy regulator has cut tariffs for gas storage services in a bid to create “favorable conditions” for building stocks to necessary levels ahead of next winter. In a statement May 26, the National Commission for the Regulation of Energy and Utilities of Ukraine (NERC) said it had adopted a number of decisions related to ... .. read more..
Egypt marks record year for gas discoveries amid domestic shortage
Thursday, May 28,2026,21:00
Egypt’s recent Eni-linked gas finds have lifted hopes of an upstream revival, but analysts say import pressure is unlikely to ease soon. Egypt has made a string of major gas discoveries over the past two months — capped by its biggest find in the Western Desert in 15 years — as the Iran war drives ... .. read more..