Industry News

Markets expect Middle East oil flows to recover, though analysts warn supply risks remain.

A growing stream of stranded oil is making its way out of the Strait of Hormuz while empty Iranian vessels rush in, as the U.S.-Iran interim peace deal sparks one of the biggest days of activity since the conflict began.

Zululand Energy Terminal, being developed as South Africa's first receiving terminal for liquefied natural gas, announced a preliminary agreement for ExxonMobil to supply LNG to the facility.

The owner of the Santa Ynez Unit in California launched a marketing process for a senior secured term loan with a principal amount of up to $1 billion.

The majority state-owned energy major plans 6-8 tieback projects offshore Norway each year.

Russia's capital faced a record air attack overnight, with drones reaching the Moscow Oil Refinery, disrupting airport operations and forcing closure of several major roads in and around the city.

The South African state-owned utility continues to register improvements in electricity supply reliability as winter demand escalates, reporting nearly 400 consecutive days without power interruptions from mid-May.

President Donald Trump signed an interim deal to end the war with Iran and reopen the Strait of Hormuz, speeding up the timeline for the agreement to go into effect despite blowback from Republicans who said it amounted to a victory for Tehran.

Oil edged higher, but prices remain under pressure as a US-Iran peace deal could restore major supplies to the market.

There are already signs of shipping activity, with Iran moving its own oil tankers and other vessels changing course to head toward the Persian Gulf even before Washington and Tehran sign an interim agreement to end their hostilities later this week.

Clean Energy Fuels won contracts to design and install liquefied natural gas fuel systems for 2 power projects in Puerto Rico by PR Energy Partners and an unnamed international healthcare manufacturer.

TotalEnergies's oil trading profits doubled to about $1 billion in the first quarter as the energy giant went on a crude buying spree in the run-up to the Iran war, its CEO said.

'The proceeds will be used to finance network investments in Iberdrola's core markets, as well as to refinance selected renewable energy projects'.

Type One Energy named Bernard Looney, who resigned as BP chief executive in 2023 as he admitted failing to sufficiently disclose personal relationships with colleagues, to its board of directors.

The platform 'will help strengthen energy connectivity between the United States and the Indo-Pacific region, including expanded access to U.S. LNG and related energy exports'.

Iran would be allowed to start oil exports immediately under an interim deal with the U.S. and gain access to a $300 billion economic development program following negotiations for a permanent peace meant to address Tehran's nuclear activities.

Oil fell for a fourth straight session as a US-Iran deal to reopen the Strait of Hormuz improved expectations for increased crude supply.

The question for the market, now that a deal has been reached to reopen Hormuz, is whether Chinese demand for fuels like gasoline will normalize, or whether the rapid transport electrification has permanently dented consumption.

At the Group of Seven Summit, held in France, Europeans have raised a series of questions about what exactly was agreed to before committing to demining missions and patrols.

The Norwegian Union of Energy Workers is staging strikes against offshore well services companies after refusing proposals that the union sees as years behind collective bargaining agreements in other parts of the oil and gas industry.