The premiums for U.S. West Texas Intermediate crude have soared in the spot market to a record high of between $30 and $40 per barrel above key regional benchmarks as Asia and Europe scramble for supply amid the de facto closure of the Strait of Hormuz.
South Korea is sending a senior government official to Oman, Kazakhstan, and Saudi Arabia in a bid to secure crude oil supply that does not need to pass through the Strait of Hormuz,
A statement posted on OPEC’s website on Sunday revealed that Saudi Arabia, Russia, Iraq, the UAE (United Arab Emirates), Kuwait, Kazakhstan, Algeria, and Oman have decided to boost production by more than 200,000 barrels per day next month.
Traffic through the Strait of Hormuz has climbed to its highest levels since the early days of the war, as more countries secure apparent safe-passage agreements with Iran.
India is set to import the most oil from Venezuela in almost six years, helping the world’s third-largest crude importer replace Middle East grades disrupted by the Iran war.
Lion Energy has contracted the SCD-20 rig from Silver City Drilling to drill the Bula Karang-1 exploration well in Indonesia’s East Seram production sharing contract, marking a key step toward spudding the prospect.
U.S. shale drillers are expected to follow President Donald Trump’s call for higher oil production — but not just because he said so.
The Texas Railroad Commission marked its 135th anniversary this week, highlighting its longstanding role regulating oil and gas development across the state.
Arcius has taken a final investment decision (FID) to develop the Harmattan gas field in Egypt’s El Burg offshore concession, committing up to $500 million to the project.
Valaris has secured a multi-year contract extension with Petrobras for its DS-4 drillship offshore Brazil, adding approximately $447 million to its backlog and reinforcing long-term demand in the deepwater market.