Oil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued as recent attacks continue to deter shipowners from traversing the Strait of Hormuz. No large tankers have been seen berthed at the kingdom’s top Persian Gulf installations since July 12, according to satellite images from the European Union’s Sentinel-1 orbiter. […]
A consortium of U.S. and Saudi companies is set to build a new refinery in the Persian Gulf despite the current situation in the region. The facility will have a price tag of $5 billion and a capacity of 200,000 barrels of crude oil daily. The consortium, dubbed MERA Oil, includes Texas-based MWG Group, the […]
U.S. Energy Secretary Chris Wright just gave the market a number that helps explain why Brent crude isn’t trading at $150 per barrel.
Several vessels transiting through the Strait of Hormuz have been attacked in recent days, underscoring the “very real” risks that remain for shipowners in the Persian Gulf whether or not a peace accord is signed, Chevron Corp. Chief Executive Officer Mike Wirth said.
Oil prices surged sharply on Wednesday as the Iran conflict continued to disrupt flows through the Persian Gulf, with the global benchmark pulling decisively away from U.S. crude as the Brent-WTI spread widened to roughly $10 per barrel, signaling mounting stress in seaborne supply markets.
Iran has warned that oil and gas infrastructure across the Persian Gulf could become “legitimate targets” following a strike on its giant South Pars gas field, escalating concerns over regional supply disruptions and global energy market volatility.
Two oil tankers were hit in Iraqi waters, the latest in a string of attacks on ships in the Persian Gulf that are raising risks to global energy supply from the deepening Middle East war. The strikes on the vessels off the coast of Iraq prompted the nation’s oil terminals to suspend operations. The latest […]
“By the end of 1859 wells sprouted throughout the oil country,” writes the American Chemical Society (ACS). “In 1860 wells in northwestern Pennsylvania produced several hundred thousand barrels and by 1862 production reached three million barrels. The nation’s oil bonanza had begun, and huge fortunes would soon be made.”