Industry News

Crude declined after the US approved limited Iranian oil sales and shipping through the Strait of Hormuz continued to recover.

The Treasury Department issued a temporary, 60-day license allowing Iran to sell some of its energy exports through August 21, a sweeping change after years of increasingly punitive economic sanctions.

Libya reached its highest daily crude production since 2013, moving closer to its goal of 1.5 MMbpd by yearend.

The integrated power utility signed time charter agreements under which fellow Japanese companies MOL and NYK will each provide 2 fuel ammonia tankers to support the Blue Point Project in Louisiana, U.S.

Var Energi signed agreements to acquire Pandion Energy's remaining interests offshore Norway, swap stakes with DNO and farm down its operated Goliat and Fenja fields.

Equinor and its partners have agreed on a development concept for Ringvei Vest, an oil and gas project spanning 8 licenses on Norway's side of the North Sea.

Authorities in Russia-occupied Crimea said they were suspending fuel sales at filling stations, limiting supplies to state services amid Ukrainian drone strikes on Russian refineries.

Iran said there had been 'major progress' in all-night discussions with the US, as the warring sides try to reach a peace deal within two months.

Braskem, the heavily indebted Brazilian petrochemical giant seeking an extrajudicial recovery, is continuing its push to increase production even as prices fall in the wake of the peace deal between the U.S. and Iran.

Scatec's Obelisk solar and battery storage project in Egypt can save the country as much as $400 million a year in liquefied natural gas imports, according to CEO Terje Pilskog.

Oil prices rose as delayed US-Iran negotiations and slower tanker traffic through Hormuz renewed supply concerns.

Iran delayed the start of negotiations over a permanent peace deal with the US after fighting intensified in southern Lebanon.

Vitol is supplying diesel to Zambia via exclusive access to a pipeline that lasts through September, in an emergency arrangement the International Monetary Fund has urged authorities to end.

Venture Global executed new agreements to supply about 0.82 million metric tons per annum of U.S. liquefied natural gas for 5 years to Germany's EnBW.

'The project will increase ethane export capacity at Nederland by 240,000 barrels per day, along with 55,000 bpd of additional LPG capacity'.

Expected to begin production 2027, the Jotun FPSO tieback project will develop 86 million barrels of oil equivalent gross proven and probable reserves.

The U.S. Energy Information Administration raised its U.S. crude oil production forecast for 2026 and 2027 in its latest short term energy outlook.

Repsol signed a new deal with Venezuela's Hydrocarbons Ministry and state-owned PdVSA 'to assess the potential development' of a new area southeast of Lake Maracaibo and near the Spanish company's existing portfolio in the South American country.

'The increased focus on energy security and energy affordability has shifted the energy policy landscape across the globe'.

The U.S. and Iran have postponed the start of their negotiations over a permanent peace deal and restricting the Islamic Republic's nuclear program.