Analysts have sharply raised their 2026 oil price forecasts as hopes fade for a quick normalization of shipping through the Strait of Hormuz, with a new Reuters poll putting Brent crude at an average of $89.05 per barrel this year, up from $85.08 just a month ago. The September survey of 30 economists and analysts also raised the average forecast for West Texas Intermediate (WTI) to $83.90 per barrel from $80.20 in the August poll. Brent forecasts ranged from $77.27 to $97.60, as economists grapple with the guessing game of how sustainable the…

Crude oil inventories in the United States saw an increase of 900,000 barrels during the week ending September 25, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 427.3 million barrels, according to government data, which is now 2% above 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 gained 1.019 million barrels in the…

Securing Energy for Europe (SEFE), the German state-owned gas importer, has been instructed to boost the level of natural gas in storage by the equivalent of 8 terawatt-hours (TWh) by December 15, the company said on Wednesday.   Germany nationalized the former unit of Russia’s Gazprom and renamed it SEFE back in 2022, when the Russian invasion of Ukraine and the resultant EU sanctions on Russia prompted the German government to seize former Russian assets to ensure security of supply amid the then energy crisis. In this year’s…

Securing Energy for Europe (SEFE), the German state-owned gas importer, has been instructed to boost the level of natural gas in storage by the equivalent of 8 terawatt-hours (TWh) by December 15, the company said on Wednesday.   Germany nationalized the former unit of Russia’s Gazprom and renamed it SEFE back in 2022, when the Russian invasion of Ukraine and the resultant EU sanctions on Russia prompted the German government to seize former Russian assets to ensure security of supply amid the then energy crisis. In this year’s…

Iran threatened to attack energy infrastructure across the Middle East if its security isn't guaranteed as it ratcheted up its rhetoric while waiting for the United States to officially respond to a plan Tehran says would reopen the Strait of Hormuz. While air attacks by both sides have subsided recently, ships in the key waterway continue to be targeted by Iran, which claims control over the strait despite US assertions that it remains open. "In a region where we cannot sell oil, no one else will sell oil either; or if our security is not guaranteed,…

The key OPEC+ producers are set to leave their current crude oil output quotas unchanged for November at a meeting this weekend, anonymous sources familiar with the plans told Reuters on Wednesday.  The Gulf producers in OPEC+ have been producing and exporting much lower volumes sin ce the Iran war crippled traffic through the Strait of Hormuz.  In the early September monthly meeting, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to maintain the September 2026 required production quotas for October 2026, after…

The key OPEC+ producers are set to leave their current crude oil output quotas unchanged for November at a meeting this weekend, anonymous sources familiar with the plans told Reuters on Wednesday.  The Gulf producers in OPEC+ have been producing and exporting much lower volumes sin ce the Iran war crippled traffic through the Strait of Hormuz.  In the early September monthly meeting, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to maintain the September 2026 required production quotas for October 2026, after…

Oil prices pulled back on Tuesday, reversing recent gains as investors weighed signs of export recovery by Middle Eastern producers against uncertainty surrounding the fate of the Iran war. Brent crude for November delivery fell 1.5% to trade at $103.72 per barrel at 1.10 pm ET, while WTI crude for October delivery declined 2.2% to change hands at $90.62/bbl. Crude exports from the region climbed to 15.5 million barrels per day in September, good for more than 80% of prewar levels and the highest level since the conflict began seven months ago.…

European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz.  The high prices are creating a headache for governments amid soaring energy bills for households and spiking energy costs for industry.   The surge in natural gas, gasoline, and diesel prices in recent months is clearly fueling inflation. The European Central Bank (ECB) has raised key interest rates twice since June, with potential for further increases (although…

The US government on Monday finalized new lower vehicle fuel economy standards — reversing a push by the Biden administration to build more fuel-efficient vehicles. The move is broadly seen as helping sales of gas-powered cars and trucks at the expense of electric vehicles. The Alliance for Automotive Innovation called the rollback an “appropriate course correction” that aligns fuel economy standards with market realities and legal requirements. (Automotive News) Environmental groups countered that the rollback gives automakers…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.019 million barrels in the week ending September 25. Analysts had expected a 1.9 million barrel draw. In the week prior, US crude oil inventories grew by 1.786 million barrels. Commercial crude oil inventories excluding the SPR have lost 38 million barrels over the last 24 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending September…

The U.S. federal government has come up with an alternative to a diesel fuel export ban that could alleviate the price pain at the pump by boosting the availability of a tax-free sort of diesel. That’s according to unnamed sources quoted by Reuters this week. It is unclear if the idea is a replacement for the ban or will complement it, should a ban be approved. The fuel in question is red-dyed diesel, which is used in agriculture and construction, among other industries. Also called off-road diesel, the fuel is literally dyed red to distinguish…

A global crackdown on the water and energy use of the artificial intelligence sector is picking up speed. This week government officials in California and the European Union both announced new policies to help track and limit the runaway resource use of hyperscalers as the threat of AI’s environmental impact looms ever larger. By the end of this decade, artificial intelligence will consume as much water as 1.3 billion people in sub-Saharan Africa, and triple the energy consumption of Pakistan, Bangladesh, and Nigeria put together –…

Iran threatened to attack energy infrastructure across the Middle East if its security isn't guaranteed as it ratcheted up its rhetoric while waiting for the United States to officially respond to a plan Tehran says would reopen the Strait of Hormuz. While air attacks by both sides have subsided recently, ships in the key waterway continue to be targeted by Iran, which claims control over the strait despite US assertions that it remains open. "In a region where we cannot sell oil, no one else will sell oil either; or if our security is not guaranteed,…

The U.S. Department of Energy will offer another 40 million barrels of crude from the Strategic Petroleum Reserve as gasoline and diesel prices remain elevated nearly seven months into the Iran war. The barrels will be offered through an exchange, marking the final tranche of the 172 million barrels the United States pledged to a coordinated emergency release organized by the International Energy Agency. The SPR ended August with 286.6 million barrels after another 3.1 million barrels left the reserve during the week ending Aug. 28. That left the…

The U.S. Department of Energy will offer another 40 million barrels of crude from the Strategic Petroleum Reserve as gasoline and diesel prices remain elevated nearly seven months into the Iran war. The barrels will be offered through an exchange, marking the final tranche of the 172 million barrels the United States pledged to a coordinated emergency release organized by the International Energy Agency. The SPR ended August with 286.6 million barrels after another 3.1 million barrels left the reserve during the week ending Aug. 28. That left the…

There is much to be said on many issues between the U.S. and China, and it was -- in the many meetings that occurred between American and Chinese officials that took place as the two countries’ leaders said very little during Xi Jinping’s three-day visit to counterpart Donald Trump last week. However, having tapped several U.S. and European Union (EU) sources that were very close to the proceedings, OilPrice.com has put together the key points really thrashed out between the two sets of negotiation teams while Trump and Xi strolled…

Construction on Tajikistan’s massive Rogun Dam project has taken significant steps forward over the last year, seeming to put to rest doubts about the project’s viability that had bubbled up last summer.  In June, World Bank’s Board of Executive Directors approved a $300 million grant for the project – its second round of funding, on top of a $350 million grant approved in December 2024.  WeBuild Group, the Italian infrastructure conglomerate building the dam, announced in August that it began work on the $2.3…

The European Union is considering delaying methane reporting rules for imported oil and gas by as much as a year as tight fuel supplies and rising prices collide with Brussels’ climate agenda. The rules are set to take effect on January 1, 2027. Foreign oil and gas producers supplying the EU would be required to monitor and report methane emissions, with penalties for noncompliance. EU Energy Commissioner Dan Jorgensen said Tuesday that officials are examining whether to postpone the import provisions, not weaken them. Europe is entering…

Oil prices ease as renewed Iran talks and recovering Saudi exports temper supply fears. Europe’s LNG Buying Spree Comes With the Clock Ticking - Europe is finally ramping up imports of liquefied natural gas ahead of the winter heating season, following a disappointing summer when deliveries were 30% below 2025 levels.  - The 30-day moving average of Europe’s LNG imports stood at 267,000 metric tonnes per day, catching up with last year’s trendline, thanks to a recovery in US LNG flows, accounting for 69% of the total. - The…