US commercial crude oil inventories rose last week even as tensions around the Strait of Hormuz continued to unsettle global oil flows, according to figures from the American Petroleum Institute (API).
President Donald Trump revealed on Monday that sales of Venezuela’s oil by his administration have generated more than $13 billion since the capture of former President Nicolás Maduro on January 3, claiming that the revenue has effectively “paid for that…
International oil companies are lining up to explore deepwater acreage offshore Uruguay, betting that the South Atlantic margin could host a substantial new oil province mirroring recent finds off Namibia.
The resumption of the Iran conflict, including the effective closures of the Strait of Hormuz and now the Strait of Bab el-Mandeb has driven up natural gas prices, particularly in Europe and Asia.
Russia's largest Black Sea oil export terminal has effectively gone offline just days after drone attacks shut down the neighboring Caspian Pipeline Consortium terminal, tightening another artery that moves crude onto the global market.
Oil and gas supermajors are on course to post markedly higher second-quarter earnings, and the windfall is drawing political fire on both sides of the Atlantic, according to a report by OilPrice.com.
