Russia’s oil revenue slumped to a six-month low in August, reflecting lower export prices and compounding pressure on the Kremlin’s ability to finance its war in Ukraine.
The UK government is reportedly poised to approve the Jackdaw development in the North Sea, a move welcomed by Aberdeen energy leaders who are urging officials to follow with approval of Rosebank and broader reforms aimed at restoring offshore investment.
Iran said it targeted three oil tankers using an unauthorized route through the Strait of Hormuz, as well as a number of U.S.-linked ships, in retaliation for American attacks on Iranian tankers over the weekend.
Major OPEC+ nations stuck with their plan to keep oil production quotas unchanged, while the Iran war continues to shutter vast swathes of output in the Middle East.
China’s oil consumption fell 9% year over year in the second quarter as expensive crude accelerated the use of electric cars, trucks, rail and industrial equipment.
BP PLC has signed an agreement with Shell PLC to sell part of its ownership in the Tupinambá exploration block in Brazil’s offshore Santos Basin and five leases containing the Conifer exploration prospect on the United States side of the Gulf of America.
Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Abu Dhabi National Oil Co. appears to be continuing to load liquefied natural gas onto tankers in the Persian Gulf, according to satellite images, despite ongoing disruptions to energy flows through the Strait of Hormuz and a recent escalation of hostilities in the waterway.
Guyana’s oil production has climbed above 900,000 bpd and is on track to approach 1.7 MMbpd by the end of the decade as the country continues to expand offshore development and exploration, Natural Resources Minister Vickram Bharrat said.
Venezuelan bonds have jumped since the Trump administration moved to take control of a huge swath of the country’s oil reserves, as investors factor in the prospect of higher crude production ahead of a debt restructuring that could top $200 billion.