President Donald Trump said Friday that South Korea’s investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project. Seoul says it agreed to no such thing. “The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social. Enhanced oil recovery (EOR) is used to squeeze more production from aging fields after…

President Donald Trump said Friday that South Korea’s investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project. Seoul says it agreed to no such thing. “The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social. Enhanced oil recovery (EOR) is used to squeeze more production from aging fields after…

President Donald Trump said Friday that South Korea’s investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project. Seoul says it agreed to no such thing. “The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social. Enhanced oil recovery (EOR) is used to squeeze more production from aging fields after…

President Donald Trump said Friday that South Korea’s investment agreement with the United States now includes $8.4 billion for an enhanced oil recovery project. Seoul says it agreed to no such thing. “The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!” Trump wrote on Truth Social. Enhanced oil recovery (EOR) is used to squeeze more production from aging fields after…

Tajikistan announced that it is now receiving oil and petroleum products from Iran, opening a potential new energy source for a country whose fuel supplies have long been dominated by Russia. The deliveries began in late August, Tajikistan's Energy and Water Resources Ministry told the Asia-Plus news agency, following talks between the two countries on expanding cooperation in the oil and gas sector. The ministry has not disclosed the volume of the shipments, their commercial terms, or how the oil and petroleum products were transported to Tajikistan.…

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US falling to 598, up 49 from this same time last year. The number of active oil rigs rose by 1, reaching 456 during the latest reporting period, according to the data. This is 34 above this same time last year. The number of gas rigs fell by 2 to 133, which is 15 more than this time last year. Miscellaneous rigs stayed the same at 9. The latest EIA data showed…

Physical oil markets tighten sharply as Dated Brent surges above $120 despite ICE Brent slipping toward $101. Friday, October 02, 2026 The European diesel stock release, droned tankers in the Strait of Hormuz, and China reinstating its refined product export ban have all played their part in this week’s extremely volatile trading, with ICE Brent edging lower to $101 per barrel. That said, the physical oil market has been moving in the opposite direction, with Europe’s main physical benchmark Dated Brent (which should technically underpin…

The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months. French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel. European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude. President…

The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months. French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel. European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude. President…

The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months. French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel. European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude. President…

The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months. French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel. European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude. President…

The G7 and its partners have agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months, putting government inventories into a fuel market that has been running short of refinery output for months. French President Emmanuel Macron said Friday that the release would be coordinated through the International Energy Agency, with an emphasis on diesel. European countries had discussed releasing 50 million barrels of diesel while IEA members would supply another 50 million barrels of crude. President…

A total of 21 LNG cargoes are estimated to have exited the Strait of Hormuz in September, the highest monthly number since the Iran war began, yet well below pre-war levels, shipping data compiled by Reuters showed on Friday. Shipment analytics firm Kpler has estimated that 21 cargoes managed to squeeze last month through the chokepoint, which handled one fifth of global LNG supply before the war. This week, three Qatari LNG cargoes from Ras Laffan reappeared outside the Strait of Hormuz, according to vessel-tracking data by LSEG and Kpler. In…

November WTI crude oil futures spent the week caught between two opposing trades. Gulf crude flows improved as Saudi Arabia restored export routes and producers found ways around the Strait of Hormuz disruption. That was the supply relief sellers needed. The fuel market would not let them run with it. Diesel, gasoline and jet-fuel flows remain constrained, Russia has restricted diesel exports, and China has pulled refined-product cargoes from the export market. Reports Thursday that the United States is sending a third carrier strike group to the…

Politics, Geopolitics & Conflict U.S. troops have withdrawn from Iraq, but this isn’t Biden’s Iraq. The withdrawal was agreed in 2024 when Biden determined that Iraqi forces could handle the remaining ISIS threat and that Washington could replace the coalition mission with bilateral training, intelligence sharing, and military assistance. Trump inherited that agreement and has now carried it out in a very different security environment, with the U.S. at war with Iran and Iran-aligned militias still operating across Iraq. The U.S.…

Russia came out of its parliamentary election with Putin stronger on paper and the country considerably harder to read. United Russia now controls 349 of the State Duma’s 450 seats, its largest majority ever, and some 50 Ukraine war veterans are entering parliament. There is the anticipated analysis of documented election manipulation, and indeed, the Kremlin was under pressure to think outside the box amid public war fatigue. But Putin is not losing control, and Moscow is not desperate. The election showed how impossible it has become to…

The U.S. last month sent two additional Patriot missile batteries to protect energy infrastructure in Saudi Arabia and Qatar from Iranian strikes in case the war escalates again, U.S. officials and a Persian Gulf regional source told Axios on Friday. The U.S. military sent one Patriot missile battery to Saudi Arabia to protect a key oil-producing facility and another one to Qatar to help protect a natural gas site, according to Axios’ sources. Escalation in the region could flare up again if U.S. President Donald Trump decides to resume strikes…

The U.S. last month sent two additional Patriot missile batteries to protect energy infrastructure in Saudi Arabia and Qatar from Iranian strikes in case the war escalates again, U.S. officials and a Persian Gulf regional source told Axios on Friday. The U.S. military sent one Patriot missile battery to Saudi Arabia to protect a key oil-producing facility and another one to Qatar to help protect a natural gas site, according to Axios’ sources. Escalation in the region could flare up again if U.S. President Donald Trump decides to resume strikes…

The U.S. last month sent two additional Patriot missile batteries to protect energy infrastructure in Saudi Arabia and Qatar from Iranian strikes in case the war escalates again, U.S. officials and a Persian Gulf regional source told Axios on Friday. The U.S. military sent one Patriot missile battery to Saudi Arabia to protect a key oil-producing facility and another one to Qatar to help protect a natural gas site, according to Axios’ sources. Escalation in the region could flare up again if U.S. President Donald Trump decides to resume strikes…

Europe’s energy crisis isn’t over. Gas prices remain punishingly high across the continent as Europeans stare down the barrel of a long winter. In response to back-to-back-to-back energy crises stemming from Europe’s continued reliance on imported liquefied natural gas against the backdrop of ongoing global geopolitical volatility, Europe’s leaders are pushing to diversify the bloc’s energy mix. While this means that Europe is rapidly expanding its renewable energy capacity, it also marks a significant return to the…