Liquefied natural gas prices on the Asian spot market topped $30 per million British thermal units for the first time since December 2022, Bloomberg reported earlier today. The price jump follows a report about a strike on an LNG tanker in the Gulf of Aden, off the Yemeni coast.
Drilling Tools International (DTI) has entered into a definitive agreement to acquire Aberdeen-based Saltire Energy Limited and Foxley Energy Limited for approximately $80 million in cash and 17.4 million shares of DTI common stock, expanding its drilling equipment rental operations across the North Sea, Middle East and Asia-Pacific. The transaction, expected to close in the […]
Major OPEC+ nations agreed to keep oil production quotas unchanged next month, as conflict in the Middle East continues to shutter swaths of the group’s output. A sub-group of seven countries led by Saudi Arabia and Russia will keep targets steady in November, the coalition said in a statement following a monthly video conference […]
Oil prices edged lower on Monday, October 5, as increased exports from the Middle East and an agreement by the Group of Seven countries to release oil and diesel from strategic reserves weighed on the market.Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel. WTI crude lost 95 cents, or 1.03%, to […]
Oil dipped on signs that war-driven market tightness may still persist even as some supply disruptions in the Middle East ease. Global benchmark Brent fell 1% to settle under $105 a barrel, while West Texas Intermediate dipped 0.5% to settle near $102. Saudi Arabia is seeking to return about half the capacity of its key […]
Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the […]
Gulf Marine Services (GMS) has secured a 183-day contract extension for one of its Small-class self-elevating support vessels operating in the Middle East, extending work for a major national oil company. The extension was awarded under an existing agreement and will allow the vessel to continue supporting the operator’s offshore maintenance activities without interruption. The contract […]
U.S. Energy Secretary Chris Wright this week said that the oil exports from the Middle East have rebounded to 15 million barrels per day (bpd) and even topped the pre-war average of 20 million bpd on Sunday.
Vessel-tracking services and commodity analysts are baffled and struggling to reconcile these numbers with their observations of tanker loadings and traffic in the region.
Middle Eastern buyers are seeking LNG cargoes from Canada to diversify supply and hedge against geopolitical disruption affecting key shipping routes, Reuters reported on Friday.
With Middle East tensions starting to flare up again, experts have warned that tolls in the Strait of Hormuz look more of a certainty. Some concern has been raised about the impact this could have on international oil prices.