Oil Market’s Glut Narrative Just Blew Up
Less than a month ago, analysts were warning of a looming glut of crude oil as tanker traffic via the Strait of Hormuz began to recover amid a U.S.-Iran ceasefire.
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Big Oil’s War-Related Profits Anger Governments
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.
US Crude Oil Inventories Build As Hormuz Shipping Headache Drags On
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).
China to Resell First US LNG Cargo in a Year Instead of Importing It
Chinese buyers that received the first U.S. LNG cargo in over a year plan to resell it on another market to profit from higher prices elsewhere and avoid paying a 25% tariff, sources familiar with the plans told Bloomberg on…
Eni CEO: Big Oil Bets on Southeast Asia and Latin America
Global oil and gas majors are steering fresh capital towards Southeast Asia and Latin America as persistent shipping disruptions in the Strait of Hormuz reshape supply strategies, according to Eni chief executive Claudio Descalzi.
Indonesia Receives First Russian Crude Shipment Under April Supply Deal
Indonesia has taken delivery of its first cargo of Russian crude oil under a supply arrangement agreed with Moscow in April, marking a notable shift in the country's import sourcing strategy.