Diamondback Energy, one of the biggest pure-play Permian Basin producers in West Texas, said Monday it is immediately boosting oil output in response to the ongoing price rally driven by the Iran war — making it the first major shale operator to openly break from the capital-discipline playbook that has defined the sector since 2022. In a letter to shareholders on Monday, CEO Kaes Van't Hof announced the company averaged 521,000 barrels of oil per day in the first quarter of 2026 — exceeding even the high end of its guidance range of…

A long-delayed push to move more Canadian crude into the United States is back on the table, and this time it has barrels behind it. Oil companies have committed at least 400,000 barrels per day to the project, or about 72% of its initial 550,000 bpd capacity. South Bow Corp. and Bridger Pipeline are targeting roughly 450,000 bpd in long-term contracts, a level that is typically required before construction proceeds. That demand tells you everything about the current bottleneck. Canada is producing about 5.5 million bpd and heading toward 6.1 million…

BP is reportedly eyeing a potential exit from the North Sea as the tax load on energy companies seems unlikely to be eased with the Iran war.  The UK oil giant is considering either ceasing or partially winding down operations in the North Sea, according to Bloomberg, as part of an effort to strip assets and pay debt.  It said it would look to find around £2bn in full divestment, which could hit its control of basins in the North Sea.  The decision is subject to an internal review of its assets and operations. …

Oil Shockwave: Middle East Crisis Sends 2027 Prices Into Orbit  - The deteriorating oil crisis in the Middle East is gradually pushing up oil price expectations not only for this year but also for 2027 ahead, with market participants worried about the viability of Gulf exports even if the current double blockade ends. - Some 11 million b/d of production is currently shut across the Middle East, with most oil producers reaching tank-tops and unable to store more in their systems; these high inventories would take at least 2-3 months to clear.…

Shell and INEOS Energy have agreed to jointly invest in exploration and development opportunities in the U.S. Gulf of Mexico, the UK-based energy unit of chemicals giant INEOS said on Tuesday. INEOS Energy and Shell Offshore Inc, a subsidiary of the UK-based supermajor, are thus boosting their cooperation and will be exploring for opportunities in areas in tieback distance to the Shell-operated Appomattox production hub in the Gulf of Mexico. As a result of the strengthened cooperation, INEOS is buying a 21% working interest in these assets for…

OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades. Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish…

OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz. Iraq’s oil production and exports have been severely crippled due to the hostilities in the Middle East and the de facto closure of the Strait of Hormuz, which is the only way to move Iraqi Basrah crude grades. Iraq was one of the first Gulf producers to slash upstream production and now exports a small part of its crude via a pipeline to the Turkish…

US military forces said they destroyed six Iranian small boats and ‌intercepted Iranian missiles and drones as a new American effort to get commercial shipping traffic flowing through the critical Strait of Hormuz got underway. Iran, meanwhile, launched at least four missiles across the Persian Gulf at the United Arab Emirates on May 4, prompting an angry response and a threat of retaliation from the Gulf nation. The US ally said three of the missiles were shot down. With fears that an already shaky US cease-fire was on the verge of outright…

China’s most effective weapon in the rare earth war wasn’t a missile, a tariff, or a trade embargo. It was a price tag. For more than two decades, Beijing has used a remarkably simple strategy to maintain its stranglehold on the global rare earth supply chain: whenever a Western company would get serious about building an independent processing capability, China would act to crash prices. And the result is generally the same: the investment case falls apart, the funding disappears, and the company folds. China’s monopoly survives…

Pakistan has opened six overland transit routes to move shipments into Iran, aiming to clear more than 3,000 containers stranded at Karachi and Port Qasim as disruptions in the Strait of Hormuz continue to choke maritime flows, according to Pakistan’s Dawn media outlet. The move follows a statutory regulatory order issued last month by Pakistan’s Ministry of Commerce, activating a 2008 bilateral road transport agreement with Iran, allowing third-country cargo to transit through Pakistani ports and overland corridors into Iran. The designated…

It is profit season again, and Big Oil is raking it in, both in Europe and in the U.S., as soaring oil and gas prices boost earnings. What they are not boosting, however, is production. Big Oil is signaling it has no plans to rearrange its priorities. Higher oil prices drove the first-quarter adjusted earnings at Exxon above analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan. Chevron also beat analyst expectations with its first-quarter net result, reporting a 4% rise in upstream…

The Abu Dhabi national oil company, ADNOC, is accelerating investment in growth and production after the United Arab Emirates (UAE) left OPEC on May 1. The state oil and gas firm of what was OPEC’s fourth-largest producer before abruptly quitting last week, plans to award as much as $55 billion (200 billion UAE dirhams) on upstream and downstream projects over the next two years. The announcement of accelerated growth and delivery of the strategy came days after the UAE said it would quit OPEC effective May 1 to pursue its national interests.…

The 2026 US-Israeli war against Iran delivered one of the sharpest ironies in modern energy geopolitics: while Iranian infrastructure was taking a pounding, it managed to somewhat absorb the relentless airstrikes to its culture, its way of life, and its main target—the economy. However, the already heavily punished Iranian economy took on fresh sanctions and the might of a US naval blockade. During these sanctions and the blockade, Tehran’s oil revenues rose sharply in the critical early months. The regime that Washington sought to…

Since US President Donald Trump took office last year, Washington and Brussels have clashed over trade, support for Ukraine, and military spending. Now there's a new battleground: the Western Balkans. Uniquely positioned at the intersection of EU and US interests, as well as Russian and Chinese influence, countries in the region have caught the eye of the world's superpowers, kicking off a race to capitalize on their emerging status, vulnerability, and weak economies. Nowhere is that more evident than in recent deals by US investors into energy…

A fragile four-week ceasefire between the United States and Iran appears to be on the brink of collapse following a violent exchange of fire in the Persian Gulf on Monday. The flareup drew in the United Arab Emirates (UAE) and sent global oil prices soaring as threats to the strategic Strait of Hormuz intensified. US Central Command (CENTCOM) reported that American forces fought off an array of Iranian drones, missiles, and small boats while facilitating the passage of two US-flagged vessels. President Donald Trump confirmed via Truth Social that…

A fragile four-week ceasefire between the United States and Iran appears to be on the brink of collapse following a violent exchange of fire in the Persian Gulf on Monday. The flareup drew in the United Arab Emirates (UAE) and sent global oil prices soaring as threats to the strategic Strait of Hormuz intensified. US Central Command (CENTCOM) reported that American forces fought off an array of Iranian drones, missiles, and small boats while facilitating the passage of two US-flagged vessels. President Donald Trump confirmed via Truth Social that…

Ministers are set to warn the British public that flight cancellations will hit summer holiday plans as new research suggested that the UK is more exposed to jet fuel shortages than other European countries.  Heidi Alexander, the transport secretary, is set to tell Brits that there could be flight cancellations this year as she will talk up staycations, according to The Times.  Her warnings will follow a prompt by Sir Keir Starmer that people would have to consider changing “where they go on holiday”.  Trade experts have…

The United Arab Emirates (UAE) has officially withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC), following the country’s landmark decision to exit OPEC and the broader OPEC+ alliance. “While it appreciates the role played by the UAE throughout its membership period and its active contribution to supporting joint Arab action in the petroleum and energy sector, the General Secretariat of OAPEC affirms at the same time its commitment to continuing its efforts to enhance co-operation and integration…

The United Arab Emirates (UAE) has officially withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC), following the country’s landmark decision to exit OPEC and the broader OPEC+ alliance. “While it appreciates the role played by the UAE throughout its membership period and its active contribution to supporting joint Arab action in the petroleum and energy sector, the General Secretariat of OAPEC affirms at the same time its commitment to continuing its efforts to enhance co-operation and integration…

The United Arab Emirates (UAE) has officially withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC), following the country’s landmark decision to exit OPEC and the broader OPEC+ alliance. “While it appreciates the role played by the UAE throughout its membership period and its active contribution to supporting joint Arab action in the petroleum and energy sector, the General Secretariat of OAPEC affirms at the same time its commitment to continuing its efforts to enhance co-operation and integration…