TotalEnergies has shut down operations in the Middle East for approximately 15% of its total production, the company has said in a statement outlining its exposure to the US-Iran war.
Petronas has confirmed its first hydrocarbons discovery at the Barokah-1 exploration well offshore East Java in Indonesia, the company announced on Thursday.
OPEC’s crude oil production climbed last month as group leader Saudi Arabia bolstered production amid rising regional tensions, a Bloomberg survey showed.
Crude oil futures traded higher on Monday morning after the US attacked military assets on Kharg Island over the weekend.
The Trump administration started the process of a mammoth drawdown of the U.S. emergency oil reserve, issuing a request to exchange 86 MMbbl of crude oil.
California’s Natural Resources Agency has ordered Houston-based oil driller Sable Offshore Corp. to remove a pipeline crossing a state park days after the US government instructed the company to begin pumping crude through the conduit.
The Trump administration has ordered the restart of offshore oil production at California’s Santa Ynez Unit and the associated Santa Ynez Pipeline System, directing operator Sable Offshore Corp. to restore operations in an effort to strengthen domestic crude supply on the U.S. West Coast.
The U.S. Energy Department reiterated Sunday that a planned 172-million-barrel release of oil from the country’s Strategic Petroleum Reserve would be structured as an exchange.
Oil prices are poised to extend their recent gains as global markets open Monday, amid the third week of the U.S.-Israel conflict against Iran, which has put key oil infrastructure at risk and kept the Strait of Hormuz closed, creating the largest disruption to global oil supplies in decades.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to channel gains from the current surge in global oil prices into investments in Nigeria’s gas infrastructure.