Crude oil price climbed in early trading on Wednesday following the news of an Israeli attack against Hamas leaders in Doha, Qatar, along with reports that President Donald Trump had asked the European Union to slap a 100% tariff on China and India to make them stop buying Russian crude.
Iraq’s state oil marketing firm is in discussions with Exxon for potential crude storage sites close to demand markets in Asia, the United States, and Europe, Bloomberg reports, citing a senior Iraqi executive.
Saudi Arabia has once again reduced the price of crude oil it sells to Asia, with the premium for the flagship Arab Light at $2.20 a barrel over the Dubai/Oman benchmark for cargos to be delivered in October.
The volume will increase to 3 million tpy from 2028, with supplies sourced primarily from TotalEnergies’ US LNG portfolio. The deal follows an international tender and aims to meet demand from Korean industries, businesses and households.
The contract includes a carbon steel pipeline and installation of subsea umbilicals, risers and flowlines for the Alum, Bemban and Permai deepwater fields to supply additional gas to the PFLNG DUA facility.
In response, the Organization of the Petroleum Exporting Countries and its partners in the OPEC+ group are ramping up production to reclaim market share lost to the U.S. and other producers. On Sunday, OPEC+ announced plans to increase output by 137,000 barrels per day starting in October.
Phase 1 of the Monkey Island LNG facility includes three LNG trains with a capacity of 5.2 million metric tons per annum (MMtpa) each and a combined production of 15.6 MMtpa. Expansion plans include two additional LNG trains, projected to bring total capacity to 26 MMtpa.
Diversified Energy Company Plc will acquire Canvas Energy in a $550 million deal that significantly expands the company’s producing assets and acreage positions in Oklahoma. Approximately 23 high-quality producing wells are included in the acquisition.
The legislative package Newsom is proposing would see California demand stricter testing for restarting inactive intrastate oil pipelines, according to people familiar with the negotiations, who asked not to be identified discussing private deliberations.
The new licenses are intended to boost Angola’s oil production and maintain output above 1 million bopd beyond 2026. Azevedo stated that the round marks the final phase of a licensing strategy initiated in 2019 to award 50 concessions and counteract declines in oil productivity due to falling yields in mature wells.