Saudi crude exports have been falling since the US- Iran war began, but the latest slide is no longer just a story of disrupted trade routes. Cargoes scheduled to sail from Saudi Arabia in May are now assessed at roughly 3.9 million b/d (historic lows), while almost every major Saudi buyer – China, Japan, South Korea, India and Taiwan – is cutting nominations for the months ahead. China, still Saudi Aramco’s largest customer, is expected to take only about 600,000 b/d of Saudi crude in June, roughly half April’s volume.…

Brazilian President Luiz Inácio Lula da Silva has explicitly linked oil exploration and rare-earth mining to Brazil's national sovereignty, declaring that the country’s subsoil resources must be used to drive domestic industrialization rather than enrich foreign nations. Speaking at Petrobras’(NYSE:PBR) giant refinery, Refinaria de Paulínia (Replan), in São Paulo, Lula emphasized that Brazil must actively extract its natural resources in a bid to secure its geopolitical and economic future.  Defying foreign…

The oil market still looks surprisingly calm for a system that has spent nearly three months absorbing the largest supply disruption in modern history. That should probably make people nervous. Because underneath the headline inventory numbers, the market has gone from adding barrels to burning through them. And lately, it has been using emergency reserves to help keep the machinery running. The inventory picture still looks comfortable if you zoom out far enough. According to Oilprice.com's analysis of weekly API data, U.S. commercial crude inventories…

For years, green hydrogen has been touted as a kind of silver bullet for decarbonization. Hydrogen can be combusted at high temperatures, making it a potential solution for cleaning up some of the dirtiest industrial sectors on earth, with the ability to replace thermal coal in steelmaking and heavy fuel oil in industrial shipping. But instead of releasing greenhouse gases when burned, hydrogen leaves behind nothing but water vapor. Green hydrogen has therefore been a subject of major buzz in the public and private sectors alike for its ability…

Britain is tightening another screw on its oil and gas sector, this time by closing a tax structure that officials say allowed multinational energy firms to sharply reduce taxes on profits generated from UK operations. Finance Minister Rachel Reeves said Thursday the government will end a practice allowing losses from foreign branches to offset taxable UK profits, a move she said was being used by some oil and gas companies to pay "little or no corporation tax" on British energy trading income. "Today we're putting an end to that practice," Reeves…

U.S. shale oil producers are boosting output in response to the energy crunch caused by the war in the Middle East. Exports are running at all-time highs. The media are celebrating the country’s energy dominance. But there are limits to what the U.S. energy industry can do and how long it can keep doing it. Drillers across the shale patch have been adding rigs again in what is an obvious sign of changing sentiment in an industry that has focused on caution and capital discipline for years now. But with the U.S.-Iran war driving benchmarks…

Britain is tightening another screw on its oil and gas sector, this time by closing a tax structure that officials say allowed multinational energy firms to sharply reduce taxes on profits generated from UK operations. Finance Minister Rachel Reeves said Thursday the government will end a practice allowing losses from foreign branches to offset taxable UK profits, a move she said was being used by some oil and gas companies to pay "little or no corporation tax" on British energy trading income. "Today we're putting an end to that practice," Reeves…

Norway’s oil industry is entering a new phase where infrastructure utilization, subsea tie-backs, and recovery rates could matter more than giant new discoveries. Equinor and Aker BP on Thursday released a new cooperation announcement aimed at deepening collaboration across parts of the Norwegian continental shelf (NCS). At first glance, the agreement looks highly technical. But the two companies said the cooperation is designed to accelerate developments, improve resource recovery, and unlock more value from existing offshore infrastructure.…

The oil market is heading into what Fatih Birol calls the "red zone" this summer. Speaking Thursday at Chatham House in London, Birol warned that rapidly falling inventories, missing Middle Eastern exports, and rising summer demand could push global oil markets into dangerous territory by July or August. "This may be difficult and we may be entering the red zone in July-August if we don't see some improvements," Birol said. And unlike some earlier warnings that felt a bit theoretical, the inventory data increasingly suggest he may actually have…

The oil market is heading into what Fatih Birol calls the "red zone" this summer. Speaking Thursday at Chatham House in London, Birol warned that rapidly falling inventories, missing Middle Eastern exports, and rising summer demand could push global oil markets into dangerous territory by July or August. "This may be difficult and we may be entering the red zone in July-August if we don't see some improvements," Birol said. And unlike some earlier warnings that felt a bit theoretical, the inventory data increasingly suggest he may actually have…

The oil market is heading into what Fatih Birol calls the "red zone" this summer. Speaking Thursday at Chatham House in London, Birol warned that rapidly falling inventories, missing Middle Eastern exports, and rising summer demand could push global oil markets into dangerous territory by July or August. "This may be difficult and we may be entering the red zone in July-August if we don't see some improvements," Birol said. And unlike some earlier warnings that felt a bit theoretical, the inventory data increasingly suggest he may actually have…

It still seems that oil markets are believing their own theories more than hard-hitting warnings from Arab national oil companies. Even with all signs on red, optimism still shows oil prices as depressed, not really reflecting reality at all. When Sultan Ahmed Al Jaber, Abu Dhabi National Oil Company’s CEO, and more or less one of the most outspoken visionaries in the Gulf, publicly warns that oil flows from the Persian Gulf will remain severely disrupted until at least mid-2027, markets, traders, and financials should pay attention and act.…

Oil prices rose on Thursday as fresh signs of trouble in Iran peace talks as the parties hit a wall over enriched uranium. WTI crude climbed 2.2% to $100.40 while Brent gained 1.8% to $106.90 as reports emerged that Iran's Supreme Leader, Mojtaba Khamenei, has drawn a hard line on one of Washington's key demands: the removal of Iran's stockpile of highly enriched uranium. According to Reuters, Khamenei issued a directive that near-weapons-grade uranium must remain inside Iran, complicating already fragile negotiations aimed at ending the U.S.-Israeli…

Oil prices rose on Thursday as fresh signs of trouble in Iran peace talks as the parties hit a wall over enriched uranium. WTI crude climbed 2.2% to $100.40 while Brent gained 1.8% to $106.90 as reports emerged that Iran's Supreme Leader, Mojtaba Khamenei, has drawn a hard line on one of Washington's key demands: the removal of Iran's stockpile of highly enriched uranium. According to Reuters, Khamenei issued a directive that near-weapons-grade uranium must remain inside Iran, complicating already fragile negotiations aimed at ending the U.S.-Israeli…

IBM and small-cap quantum names, including IonQ, D-Wave Quantum, Rigetti Computing, Infleqtion, and other peers, are surging in New York premarket trading after a Wall Street Journal report said the Trump administration is preparing to award $2 billion in CHIPS Act grants to nine quantum-computing companies. IBM is set to receive half of the $2 billion tranche, or about $1 billion, as the large-cap leader in the race to build quantum computing systems that could revolutionize national security, accelerate scientific discovery, and deliver a range…

Sir Keir Starmer has spelt out a number of policies to address fuel shortages, signalling the government’s fears that the Iran war could hit motorists and households.  During Prime Minister’s Questions, Starmer defended an announcement last year to “phase” new sanctions on Russia, while also trailing a policy to freeze a 5p fuel duty cut beyond September.  The government pledged to introduce a new sanction on oil and gas flows from Russia that passed through third countries, announcing the measure last October. …

China appears to continue sending crude into strategic and commercial reserves despite the plunge in its imports and the world’s biggest-ever supply shock. China likely sent 430,000 barrels per day (bpd) of crude to reserves last month, according to estimates by Reuters columnist Clyde Russell based on official data about imports, refinery throughput, and domestic production. Unlike the United States, China does not report inventories. Analysts are looking at overall supply (domestic production plus imports) and refinery processing rates…

China appears to continue sending crude into strategic and commercial reserves despite the plunge in its imports and the world’s biggest-ever supply shock. China likely sent 430,000 barrels per day (bpd) of crude to reserves last month, according to estimates by Reuters columnist Clyde Russell based on official data about imports, refinery throughput, and domestic production. Unlike the United States, China does not report inventories. Analysts are looking at overall supply (domestic production plus imports) and refinery processing rates…

As the United States continues to explore its vast geothermal potential, researchers are exploring the possibility of using abandoned oil wells to produce clean energy. A growing body of literature is emerging on the topic, with many hopeful scientists worldwide promoting the potential for well conversion for geothermal energy production.  Geothermal energy is produced by drilling into underground heat pockets in the Earth’s surface to access heat. The Earth’s core has a temperature of roughly 5,200°C, while rock and water…

Despite the lowest production and export volumes on record, Saudi Arabia saw the value of its oil exports surge by 37.4% in March to the highest level in three and a half years, data from Saudi Arabia’s General Authority for Statistics showed. The value of the Kingdom’s total merchandise exports rose by 21.5% in March 2026 from a year earlier, with oil exports surging by 37.4% as the soaring oil prices and the re-routing of crude exports to the Red Sea port Yanbu helped the world’s top crude exporter offset most of the traffic…