Industry News

Oil prices fell sharply as rising Strait of Hormuz traffic and increasing Persian Gulf exports fueled oversupply concerns.

In its latest short term energy outlook, the U.S. Energy Information Administration projected that U.S. total energy consumption will decrease in 2026 then rise in 2027.

Traffic continued to flow in both directions through the vital thoroughfare on Friday.

The number of employees in the oil and gas extraction industry increased slightly from April to May, data on the U.S. Bureau of Labor Statistics website showed.

The United States Department of Energy announced a conditional loan commitment of $17.5 billion to help 5 nuclear power projects procure long-lead items to deploy Westinghouse's advanced reactor.

Var Energi and its partners made a final investment decision to proceed with the Gjoa Subsea Projects on Norway's side of the North Sea, targeting about 76 million barrels of oil equivalent gross proven and probable reserves.

Why is the oil price going lower on Friday?

'The first agreement provides for assessing opportunities to increase gas supply volumes and jointly use regasification terminals and gas transmission infrastructure across the Baltic region, Central and Eastern Europe'.

The Offshore Norge oil and gas association and the union Styrke agreed pay increases and other changes in the Supply Base Agreement, averting a planned strike by about 875 workers.

Kazakhstan's giant Karachaganak oil and gas field cut crude production by more than a quarter after a drone attack forced the shutdown of a processing plant in Russia that handles its gas.

Crude rallied as new shipping disruptions overshadowed expectations of increasing global oil supplies and weaker demand.

Nearly three dozen conservatives - including Trump's longtime allies - are pushing the House to overturn biofuel-blending quotas imposed by his administration.

Vitol and International Resources Holding finalized a 20-year agreement for Vitol to supply 1 million metric tons per annum of liquefied natural gas to the trading arm of the metals and minerals mining company.

Preliminary calculations for the gas and condensate discovery indicate recoverable resources of 21-107 million barrels of oil equivalent.

'Today we have the opportunity to create one of the most important gateways to the global LNG market in Central and Eastern Europe'.

Expected to produce up to 1.5 billion cubic feet a day of gas, the project represents 'the largest gas cap development of its kind globally', BP said.

Dangote Petroleum Refinery and Petrochemicals' plan to raise as much as $2 billion in Africa's biggest IPO has sparked an investor frenzy across Nigeria, drawing interest from some of the country's wealthiest people to first-time investors.

Qatar has joined other Persian Gulf nations in reviving crude oil sales, with regional producers cranking up activity as peace talks between the US and Iran progress.

Despite historically low US crude inventories, traders focused on improving Middle East supply flows and growing signs of potential oversupply.

Shippers can transit the Strait of Hormuz via Iranian or Omani and US-coordinated waters, according to the International Maritime Organization, part of a broader plan to evacuate stranded vessels.