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Iraq, UAE, Saudi Arabia All Set for Major Oil Output Surge in 2027

Most oil producers in the Middle East will see their crude oil production surge by double-digit percentages next year, rebounding from this year's shut-ins due to the Iran war and the closed Strait of Hormuz. OPEC's second-largest oil producer, Iraq, which was the first to slash output in the wake of the shipping disruption, is set to see the biggest percentage jump in production in 2027, at 34.1%, BMI, a unit of Fitch Solutions, said in a report carried by Malaysia's outlet New Straits Times. The United Arab Emirates (UAE) – now unconstrained…

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Ceasefire Uncertainty Remains the Biggest Driver for Oil Markets

Iran is reviewing the latest U.S. ceasefire proposal, raising hopes of a truce extension and tempering oil prices as traders weigh the risk of renewed Middle East disruptions. Ukraine’s Refinery War Gives Russian Crude an Export Passport - Ukraine is inadvertently pushing increasing amounts of Russian crude into the export markets as Kyiv’s intensified drone strikes on Russia’s downstream assets free up more oil. - Russia’s seaborne exports in 2026 to date have averaged 3.46 million b/d, the highest pace of loadings since…

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IEA: Global Oil Stocks on Track for Historical Lows Ahead of Summer Peak

The International Energy Agency (IEA) has warned that global oil markets could enter a "red zone" in July and August as rapidly depleting crude inventories coincide with the onset of peak summer fuel demand. The Northern Hemisphere is also entering its highest seasonal period for fuel consumption, with the situation compounded by severe global heatwaves that are straining power grids. According to the energy watchdog, global oil inventories fell by over 250 million barrels between March and May, with on-land commercial and strategic stockpiles…

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China Solar Makers Launch Space Energy Development Alliance

China’s solar manufacturing industry on Tuesday launched a so-called Space Energy Development Alliance as the Chinese solar sector looks to conquering new frontiers amid oversupply at home. At this year’s SNEC PV+ conference in Shanghai, one of the biggest solar industry gatherings in the world, Chinese manufacturers launched the platform, but were stingy on details about projects or missions in the race to harness solar power in space. GCL Technology Holdings Ltd, Trina Solar Co, and Shi Zhengrong, founder of Suntech Power Holdings…

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Venezuela Oil Exports Hit 7-Year High

Venezuela’s oil exports inched up from April to hit a fresh seven-year high in May as shipments to the United States and India continued to rise. Venezuela exported an estimated 1.25 million barrels per day (bpd) of oil in May, up by 0.7% compared to April’s 1.23 million bpd exports and a massive 61% jump compared to May 2025, according to ship-tracking and vessel-loading data reviewed by Reuters. Venezuela has been steadily increasing its oil exports since the U.S. took control over its oil sales following the capture of Nicolas Maduro…

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Goldman Sachs Sees Strong Refining Profits Through 2026 Amid Fuel Supply Crunch

Tighter petroleum product supply resulting from the Strait of Hormuz crisis will keep refining margins significantly higher throughout 2026, Goldman Sachs has forecast, with diesel margins especially elevated, Reuters reported. The war in the Middle East has pushed refiners’ margins two to three times higher than the average for the period from 2013 to 2019, the investment bank’s commodity analysts said in a note this week. Diesel margins specifically are seen at between $19 and $26 per barrel higher than they were before March. “We…

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Guyana Emerges as an Oil Winner in the Iran War

In just seven years, Guyana has become one of the fastest-growing oil exporters and global economies and an oil-producing powerhouse with nearly 1 million barrels per day of production capacity. And the war in Iran is only turning up the heat even more. Since ExxonMobil launched production from the offshore Stabroek block in 2019, Guyana’s economy has quadrupled. Oil revenues and royalties have boosted income for the state coffers and gross domestic product (GDP) linked with oil-related activities. Now Guyana, which was one of the poorest…

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The Next Stranded Asset Crisis Could Hit Utilities

Can it be real? Utility stocks offer a super combination of high dividends, steady growth, and potential total returns that exceed the cost of capital? All that with captive customers and the government standing by to make sure it all works out that way. Too good to be true? What about risks? Risk in business has two meanings: the possibility of loss (or what might cause that loss) or the possibility that investments do not earn expected returns (or the cause of that underperformance). Utility planning tends to assume continuance of prevailing…

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BP Starts Production at Trillion-Cubic-Foot Gas Prize In Azerbaijan

BP Plc.(NYSE:BP) has officially launched commercial production of natural gas from the deeper reservoirs of the Azeri-Chirag-Gunashli (ACG) block, Azerbaijan's largest oilfield. Additionally, the British energy giant is looking to expand its regional footprint by preparing to take over as the operator of the massive offshore Babek gas field. Energy market observers will view the dual aim here as significantly deepening Western energy integration in the Caspian Sea, strengthening Azerbaijan's role as a vital alternative gas supplier to Europe. The…

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Top 5 Commodities Impacted By The Iran War

The Middle East conflict has triggered sweeping, multi-commodity supply shocks, profoundly impacting global energy, petrochemicals, agriculture and shipping industries, among others. The disruption of shipping through the Strait of Hormuz--which handles nearly 27% of the global maritime oil trade--has triggered historic shortages and long-term operational strain on Gulf energy infrastructure, with estimates that repairing damaged liquefied natural gas (LNG) facilities in Qatar could take up to five years. Even with ongoing de-escalation efforts,…

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Pakistan Inflation Accelerates to 11.7% on Oil and Gas Import Shock

The surge in international oil and gas prices amid the Iran war hiked Pakistan's inflation to the highest level in two years as energy import costs ballooned. Pakistan's general inflation jumped to 11.7% in May from a year earlier, accelerating from 10.9% annual inflation in April, according to data from the Pakistan Bureau of Statistics published on Monday. The core inflation, which excludes food and energy, jumped by 9% year over year and by 8% month over month in May for urban areas, the statistics data showed. The biggest annual increases in…

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Ukrainian Drones Strike Russian Refinery Deep Behind Front Lines

Ukrainian drones targeted a Russian oil refinery hundreds of kilometers from the Ukrainian border, the latest in a campaign of deep strikes aimed at disrupting Russia’s oil industry. The May 31 overnight attacks on the facility in the central Saratov region -- the second since March -- did not appear to have caused any casualties. But a large fire and thick black smoke were reported at the plant belonging to the state-owned oil company Rosneft. Ukraine’s military said its drones targeted the Saratov refinery, along with several other…

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Norway Strike Could Hit 600 Offshore Workers as Wage Talks Collapse

A potential strike over wages could threaten smooth operations offshore Norway, Western Europe's top oil and gas producer, at a time when the world is scrambling for oil and gas supply amid the Middle East crisis. Almost 8% of oil and gas workers offshore Norway could go on a strike from June 5 if trade union negotiations with industry fail to reach an agreement in a government-brokered mediation process, according to data from the labor unions on Monday. More than 600 workers out of about 8,100 in total offshore Norway could begin a strike later…

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Russia Bans Jet Fuel Exports as Ukrainian Attacks Cripple Refining

Russia is banning exports of jet fuel through November 30, 2026, as it looks to ensure domestic supply amid intensifying Ukrainian drone attacks on the Russian refining infrastructure. Russia on Monday announced it is temporarily banning jet fuel exports until the end of November to keep sufficient domestic aviation fuel supplies. Supplies under intergovernmental agreements are exempted from the ban, the Russian government said today. The ban is not expected to be felt on the tight international jet fuel market as Russia is a small exporter of…

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BP Sells 5% Stake in Australia's Newest $35 Billion LNG Project

BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea's GS Energy. “The dilution reflects BP’s disciplined approach to portfolio management by bringing in a committed partner,” BP said in a statement emailed to Reuters. The Browse LNG project in Australia, proposed by Woodside Energy, entails the Browse to North West Shelf (NWS)…

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Oil Prices Up 3% As Trump Demands Changes To Iran Deal

Oil prices pushed higher Monday, with Brent crude topping $94 per barrel and WTI climbing above $90, after President Donald Trump sent a proposed Iran peace agreement back for revisions, raising fresh questions about how quickly the Strait of Hormuz can be fully reopened to global energy shipments. Brent crude was trading at $94.23 per barrel while WTI stood at $90.87 at 6:06 a.m. ET on Monday, trading as investors digested news reports. According to multiple reports, Trump requested stronger language on Iran’s nuclear commitments and more…

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Indian Refiners Freeze Domestic Jet Fuel Prices

Indian refiners have frozen the price of jet fuel for domestic flights after airlines asked for a respite from fuel price hikes, Bloomberg has reported, adding that in April, jet fuel prices jumped by 8.6% in response to tighter supply. In an additional concession to airlines, Indian fuel makers also reduced the price of jet fuel for international flights, the report also said, citing unnamed spokespeople from state-owned refiners. Indian Oil Corp., Bharat Petroleum Corp, and Hindustan Petroleum Corp. have hiked fuel prices four times in the past…

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Goldman Sachs Sees Oil Demand Destruction Offsetting Supply Shock Risks

Demand destruction resulting from higher prices will somewhat soften the blow from physically tighter oil markets, Goldman Sachs commodity analysts said in a note. “We see significant upside price risks from potentially more persistent Mideast supply losses but also meaningful price downside from weaker demand,” the team said, as quoted by Bloomberg. “Actual end-use oil demand may have fallen more in response to higher prices than expected.” The investment bank’s analysts estimate that the extent of demand destruction…

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Oil Prices Rise as Israel Expands Lebanon Offensive

Oil prices climbed in early Asian trading on Monday as Israeli troops moved further into Lebanon over the weekend, adding fuel to fears that the broader Middle East conflict is moving toward escalation rather than a peace deal. At the time of writing, West Texas Intermediate crude was up 2.88% at $89.88 per barrel, while Brent crude had risen 2.43% to trade at $93.33 per barrel. The latest escalation in the regional conflict came after Israeli troops crossed the Litani River, having declared all areas south of the Zahrani River a combat zone.…

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Spent Nuclear Fuel Could Be America's Answer to Russia's Uranium Grip

Nuclear fuel is becoming a geopolitical battleground as the world increasingly turns to nuclear energy to contend with skyrocketing energy demand projections. The combination of an oil-based energy crisis emanating out of the Strait of Hormuz, the enormous and ballooning energy needs of artificial intelligence, and the urgent imperative of decarbonization is garnering a renewed interest in nuclear energy as a carbon-free, efficient, and round-the-clock power source. Moreover, nuclear energy can be produced pretty much anywhere, making it a strategic…

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Iraq, UAE, Saudi Arabia All Set for Major Oil Output Surge in 2027

Ceasefire Uncertainty Remains the Biggest Driver for Oil Markets

IEA: Global Oil Stocks on Track for Historical Lows Ahead of Summer Peak

China Solar Makers Launch Space Energy Development Alliance

Venezuela Oil Exports Hit 7-Year High

Goldman Sachs Sees Strong Refining Profits Through 2026 Amid Fuel Supply Crunch

Guyana Emerges as an Oil Winner in the Iran War

The Next Stranded Asset Crisis Could Hit Utilities

BP Starts Production at Trillion-Cubic-Foot Gas Prize In Azerbaijan

Top 5 Commodities Impacted By The Iran War

Pakistan Inflation Accelerates to 11.7% on Oil and Gas Import Shock

Ukrainian Drones Strike Russian Refinery Deep Behind Front Lines

Norway Strike Could Hit 600 Offshore Workers as Wage Talks Collapse

Russia Bans Jet Fuel Exports as Ukrainian Attacks Cripple Refining

BP Sells 5% Stake in Australia's Newest $35 Billion LNG Project

Oil Prices Up 3% As Trump Demands Changes To Iran Deal

Indian Refiners Freeze Domestic Jet Fuel Prices

Goldman Sachs Sees Oil Demand Destruction Offsetting Supply Shock Risks

Oil Prices Rise as Israel Expands Lebanon Offensive

Spent Nuclear Fuel Could Be America's Answer to Russia's Uranium Grip