India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years of limiting its activities because of U.S. sanctions. Speaking during ONGC’s June-quarter earnings call cited by Reuters, Finance Director Anupam Agarwal…

While most media are focusing on the financial windfall due to the geopolitical turmoil (Iran war), Saudi Aramco's second-quarter 2026 results hide risks facing the Kingdom. The world’s largest oil producer’s adjusted net income has reached $33.4 billion, taking first-half adjusted earnings to $67.2 billion. Its Q2 reported net income stands at $32.7 billion, an impressive one-third higher than a year earlier. The pure financials are extraordinary results, again without any doubt reinforcing Aramco's position as the most profitable…

In 2020, BP unveiled a “major, necessary step in support of our purpose to reimagine energy for people and our planet.” The new strategy – “performing while transforming” – would see the firm “significantly scale-up our low carbon energy business” as part of a commitment “to become a net zero company by 2050 or sooner and help the world get to net zero.” Even the design of the annual report aimed to reflect this, oozing cuddly vibes with doodles of wind farms and a scribbled “#bpnetzero”…

Oil markets are awaiting a decision from Iran’s supreme leader after Iranian and Omani negotiators reportedly completed a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. Two regional officials briefed on the talks told the Associated Press on Wednesday that the draft had been finalized, hours after President Donald Trump said an announcement could come Wednesday or Thursday. The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled…

Oil markets are awaiting a decision from Iran’s supreme leader after Iranian and Omani negotiators reportedly completed a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. Two regional officials briefed on the talks told the Associated Press on Wednesday that the draft had been finalized, hours after President Donald Trump said an announcement could come Wednesday or Thursday. The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled…

Just a day after details emerged of India’s plans to expand strategic crude oil storage, new reports claim New Delhi is considering a new funding mechanism that would shift part of the cost of a far larger, $42-billion strategic fuel reserve program onto gas consumers. According to Business Standard, the government is considering levies on both liquefied petroleum gas (LPG) and natural gas consumption that would raise about $1.5 billion annually to finance new storage infrastructure. The proposal includes a levy of 1.29 rupees ($0.0136) per…

Just a day after details emerged of India’s plans to expand strategic crude oil storage, new reports claim New Delhi is considering a new funding mechanism that would shift part of the cost of a far larger, $42-billion strategic fuel reserve program onto gas consumers. According to Business Standard, the government is considering levies on both liquefied petroleum gas (LPG) and natural gas consumption that would raise about $1.5 billion annually to finance new storage infrastructure. The proposal includes a levy of 1.29 rupees ($0.0136) per…

Just a day after details emerged of India’s plans to expand strategic crude oil storage, new reports claim New Delhi is considering a new funding mechanism that would shift part of the cost of a far larger, $42-billion strategic fuel reserve program onto gas consumers. According to Business Standard, the government is considering levies on both liquefied petroleum gas (LPG) and natural gas consumption that would raise about $1.5 billion annually to finance new storage infrastructure. The proposal includes a levy of 1.29 rupees ($0.0136) per…

Crude oil inventories in the United States saw an increase of 2.5 million barrels during the week ending July 31, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 407 million barrels, according to government data, which are now 6% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had risen by 2.69 million barrels in the…

Several Indian refiners have recently bought crude from Oman and West Africa via tenders, trade sources told Reuters on Wednesday, as term supplies from the Middle East remain choked by the shipping constraints at the Strait of Hormuz and Bab el-Mandeb. State-controlled Mangalore Refinery and Petrochemicals Limited (MRPL) has acquired about 1 million barrels of crude oil from ‌Oman via a tender, at a premium of some $3 per barrel to Dated Brent, from Mitsui & Co Energy Trading Singapore, according to Reuters’ sources. In addition,…

Several Indian refiners have recently bought crude from Oman and West Africa via tenders, trade sources told Reuters on Wednesday, as term supplies from the Middle East remain choked by the shipping constraints at the Strait of Hormuz and Bab el-Mandeb. State-controlled Mangalore Refinery and Petrochemicals Limited (MRPL) has acquired about 1 million barrels of crude oil from ‌Oman via a tender, at a premium of some $3 per barrel to Dated Brent, from Mitsui & Co Energy Trading Singapore, according to Reuters’ sources. In addition,…

Russian overnight drone and ballistic missile strikes killed at least 17 people in Kyiv and the surrounding region, as Ukraine warned of critical air defense shortages and urged allies to hasten deliveries of urgently needed Patriot air defense missiles and other weapons amid intensified Russian attacks. The air raid alert in the region remains in effect, the emergency service said, adding that rescue workers continue operating under heightened danger as the risk of further strikes remains. "Russia has once again brought death and destruction to…

An old Iraq-to-Syria oil pipeline that bypasses the Strait of Hormuz could be up and running within three years, a senior Syrian official has said. The Hormuz crisis that cut off most of Iraq’s crude oil exports has accelerated plans by Iraq and Syria to rebuild a damaged oil pipeline to ship crude oil from the Iraqi fields in Kirkuk to Syria’s Mediterranean coast. The completion of the renovation of the pipeline from Haditha in Iraq to the Syrian port of Baniyas would take “three years at most,” said Youssef Qablawi, CEO…

For the second time this decade, a war has upended global oil markets and sent oil prices and refining margins to multi-year highs, benefitting the world’s biggest oil companies and top refiners. The war in Iran has tightened fuel supply as crude oil has struggled to move through the Strait of Hormuz, triggering reduced refining throughput in Asia and a temporary Chinese ban on exports. The fuel markets tightened even more than the crude market to send refining margins to record highs. And the biggest refiners benefited from the new refining…

China and Turkey spent years strengthening a strategic partnership built on trade, investment and access to European markets. The sudden collapse of a flagship $1 billion Chinese investment now threatens to slow one of Beijing’s most important economic relationships in the region. For years, China and Turkey have maintained a cordial and strategic relationship, with Turkey’s access to the EU Customs Union making it an attractive destination for Chinese investments. Chinese goods produced in Turkey move into the EU without extra customs…

The race for critical metals and minerals has been heating up since President Trump took office, pitting the U.S. against many of its international allies. Yet while the federal government spends billions to build a position in critical minerals and challenge China’s dominance, there have been setbacks—even at home. Earlier this week, the Financial Times reported that a company had made the biggest discovery of tungsten in the United States. Tungsten is a critical metal that is used in applications ranging from electronics to defense…

Lithium has become a hot-button geopolitical issue as the critical mineral has become omnipresent and all-important in the tech and energy sectors. Chances are very good that you have more than one device powered by a lithium-ion battery within arm’s reach at this very moment, and chances are equally as good that that battery was made in China. At present, China has a near-chokehold on global lithium supplies and refining capacity, granting Beijing significant geopolitical leverage. Moreover, as the world continues its trajectory toward a…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.69 million barrels in the week ending July 30, despite analyst expectations for a 2 million barrel draw. In the week prior, US crude oil inventories fell by 3.3 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 58 million barrels over the last sixteen weeks, with US crude inventories down just 7.2 million for the year, according to API data, kept in check by draws from the SPR. For the week ending July…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.69 million barrels in the week ending July 30, despite analyst expectations for a 2 million barrel draw. In the week prior, US crude oil inventories fell by 3.3 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 58 million barrels over the last sixteen weeks, with US crude inventories down just 7.2 million for the year, according to API data, kept in check by draws from the SPR. For the week ending July…

The conventional view of the Hormuz crisis is that China has been caught in an energy trap. It is the world’s largest crude importer, the Gulf remains one of its most important sources of supply, and an estimated 45–50% of Chinese crude imports normally transit the Strait of Hormuz. When traffic through the strait slows, Beijing cannot simply replace all those barrels overnight. That vulnerability is real. But it is also incomplete. China entered this crisis with large strategic and commercial inventories, diversified suppliers and…