Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route.
Woodside Energy has begun drilling operations at the Trion field in ultra-deepwater Gulf of Mexico waters offshore Mexico, marking a major step forward in the development of one of the country’s most significant offshore projects.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.5 million barrels from the week ending February 20 to the week ending February 27.
Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday.
Attention is now shifting to Kharg Island, following an Axios report that the Trump administration has discussed seizing the strategic export terminal.
The finance ministers of the G7 will discuss the possibility of releasing oil from storage in response to the price rally resulting from the war in the Middle East, media, including the Financial Times and the Australian Financial Review, have reported, citing unnamed sources.
Oil prices fell on Tuesday after hitting a more than three-year high in the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
After slapping 25% “penalty” tariffs on India for buying Russian crude — revoked last month — the U.S. on Thursday issued a 30-day waiver to New Delhi for purchasing crude from Moscow as the Iran war upends global supplies.
Crude oil production from Iraq’s southern fields has dropped by 70% since the start of the U.S. and Israeli war on Iran, with the average daily production at 1.3 million barrels, compared with 4.3 million barrels daily before the war began.
Saudi Aramco jumped the most since April 2023 on Sunday as the Iran war entered its second week, prompting supply disruptions that may send oil prices higher when global markets reopen.