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An American company is preparing to send a cargo of diesel and gasoline to Cuba in what, if successful, would be the biggest U.S. shipment of fuel to the island nation since the start of the U.S. embargo, Bloomberg reported. Florida-based Vanguard Energy is already exporting gasoline and diesel to Cuba—exclusively working with private buyers. This time, the company is preparing a shipment of 100,000 barrels of gasoline and 150,000 barrels of diesel fuel for the energy-starved island that has been blockaded by the U.S. for several months now…

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Disconnected Oil Futures Market Could See Price Spike within Weeks

For more than three months, oil market participants have hoped that the Middle East conflict would be resolved any day now, while about 13 million barrels per day (bpd) have been wiped off global supply due to the closed Strait of Hormuz. The oil futures market has been mostly guided by sentiment and traders’ hopes of an imminent peace deal – as U.S. President Donald Trump has been touting for weeks – with oil prices increasingly disconnected from the reality on the ground, or more precisely, in storage tanks. Disconnected The…

US Crude Oil, Gasoline Inventories Keep Sinking, but Prices Don’t Care

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.119 million barrels in the week ending June 5. Analysts had expected a 3.4 million draw. In the week prior, US crude oil inventories fell by 6.75 million barrels. Despite inventories dropping by a hard-to-stomach 44 million barrels over the last 8 weeks according to API data, US crude inventories are still up almost 7 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) are also falling…

Kuwait Offers First Crude Cargoes to Asia since Iran War Started

Kuwait, one of OPEC’s top producers and one of the exporters most affected by the near-closure of the Strait of Hormuz, is offering its crude to Asian buyers for the first time since the Iran war choked off transit through the critical chokepoint. At least 4 million barrels of Kuwaiti crude loaded on two supertankers capable of carrying 2 million barrels each are being directly offered by the national oil company Kuwait Petroleum Corporation (KPC) to buyers in China and South Korea, anonymous traders with knowledge of the matter told Bloomberg…

China’s Oil Imports Plummet to Eight-Year Low

Crude oil imports to China in May fell to their lowest since October 2017 because of the price spike resulting from the Persian Gulf tanker traffic disruption. The May total stood at 33 million barrels, or 7.8 million barrels daily, Bloomberg reported, citing Chinese customs data. This compares to an average daily import rate of 11.6 million barrels last year. Refinery run rates are down as well, as are fuel exports, with Beijing careful to make sure there is enough diesel and gasoline for the domestic market. The news will likely push oil prices…

How Fake News Could Send Oil Prices Soaring

Oil has been surging since the beginning of the Iran war, taking barrels off the market—but the market has no way of knowing, in real time, whether the next disruption it reacts to actually happened because energy prices don’t wait for confirmation. They move on the first credible signal, and in a conflict where strikes, explosions, and conflicting reports are constant, a fabricated event doesn’t need to prove it’s real; it just needs to fit the pattern long enough to be priced. That’s the gap Hydaway Digital (TSXV:HIDE,…

Russia Slashes Oil Exports As Fuel Shortages And Drone Attacks Bite

Russia is preparing to sharply reduce crude oil exports this month as mounting refinery disruptions, fuel shortages, and Ukraine’s bombing campaign force Moscow to divert more barrels into the domestic market. Exports from Russia’s western ports of Primorsk, Ust-Luga and Novorossiysk are expected to fall to roughly 1.7 million barrels per day in June from 2.5 million bpd in May, according to Reuters calculations based on preliminary industry and trading data. The decline comes as Russia seeks to increase refinery throughput to address…

Aker BP Gains 2.2 Million Barrels With Tiny Stake Increase

Aker BP will receive an additional 2.2 million barrels of oil equivalent after the partners in the Johan Sverdrup field completed a redetermination process that slightly increased the company’s ownership stake. The adjustment raises Aker BP’s interest in Johan Sverdrup to 31.7163% from 31.5733%, a change of just 0.143 percentage points. The numbers may appear insignificant. The volumes are not. Under the revised ownership structure, Aker BP will receive an additional 2.2 million barrels of oil equivalent over the next two years through…

U.S. Gasoline Inventories Are Falling at a Record Pace

U.S. gasoline inventories aren’t at record lows, but they are falling fast. The distinction is important. The current level of inventories does not point to an immediate shortage. But the speed of the drawdown suggests the fuel market has been burning through its cushion at an unusual rate just as the summer driving season begins. For the week ending May 22, gasoline inventories stood at 211.6 million barrels, according to the Energy Information Administration. That level is below the five-year average and the lowest May reading since…

China Delays 500,000 Bpd Of Refining Capacity As Hormuz Disruptions Deepen

The disruption of Middle Eastern crude supplies through the Strait of Hormuz has forced Chinese refiners to delay or indefinitely postpone 500,000 barrels per day of refining capacity, creating one of the first major downstream impacts of the Iran war outside the Gulf region, Reuters reported on Monday. The delays affect a 300,000-bpd refinery being developed by Huajin Aramco Petrochemical Co. in northeastern China and a planned 200,000-bpd restart at PetroChina’s Dalian refinery. Both projects were expected to contribute to China’s…

OPEC+ Approves Another Oil Output Hike for July

OPEC+ this Sunday decided to add another 188,000 barrels of crude to its collective production next month despite the ongoing disruption in the Middle East resulting from the U.S. and Israeli war against Iran. The group has approved a series of output hikes totaling close to 600,000 barrels daily since April, but this has remained largely on paper as a lot of big producers in the Middle East cannot restore production to pre-war levels due to the continued blockage in the Strait of Hormuz. The latest 188,000 barrels in daily output would add to…

Post-War Oil Trade Could Look Nothing Like It Did Before Hormuz

Persian Gulf oil exporters are scrambling to reroute their crude from ports to pipelines to keep the world running and keep their oil money flowing and fueling their economies. Sanction waivers abound. Venezuela’s oil output has shot up to 1.25 million barrels daily. The world of energy after the end of the war in the Middle East will be a very different one from what we’ve become accustomed to over the last five years. When the United States and Israel first fired on Iran, the overwhelming assumption was that first, Iran would never…

SPR Borrowers Owe Uncle Sam 40 Million Extra Barrels

The US Strategic Petroleum Reserve has taken a beating during the Iran war, but Energy Secretary Chris Wright says the government's emergency oil stash is headed for a surprisingly lucrative refill. Companies that borrowed crude from the SPR during the conflict will return those barrels with premiums attached, leaving the reserve about 40 million barrels larger than it would have been otherwise once the war ends, Wright said Friday. For an oil market accustomed to hearing about SPR drawdowns, emergency releases, and politically motivated sales,…

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UK Conservatives Blast Labour North Sea Ban as 'Utter Madness'

The current UK government's policy of not allowing new drilling in the UK North Sea is “utter madness” as billions of barrels of untapped oil could benefit the UK industry and reduce Britain’s reliance on imports, Kemi Badenoch, the leader of the opposition Conservative Party, has said. The ruling Labour government of Sir Keir Starmer has recently moved to permanently ban new oil and gas licenses in the UK section of the North Sea, drawing criticism from the UK offshore industry associations and from the Tories. The Conservatives’…

Malaysia's Oil Production Fell 5.5% in Q1

Malaysia's crude and condensate production dropped by 5.5% from a year earlier to 43 million barrels in the first quarter of 2026, due to a slump in crude output, the Department of Statistics Malaysia (DOSM) said on Friday. Crude oil production dipped by 9.4% to 28.1 million barrels in the first quarter, down from 31.5 million barrels for the same period of 2025, the data showed. Condensate output increased by 3% to 14.9 million barrels, up from 14.4 million barrels in the first quarter of 2025. Malaysia's natural gas output fell by 2.1%, according…

Iran's Oil Exports Collapse to Six-Year Low as Blockade Tightens

Iran's oil exports fell to their lowest level in at least six years in May as the U.S. naval blockade continued to choke off crude shipments and leave tens of millions of barrels stranded at sea. According to shipping data from Vortexa, Iran exported just 209,000 barrels per day (bpd) of crude oil and condensate in May, down from 1.34 million bpd in April and nearly 1.9 million bpd in March. Kpler had estimated May exports slightly higher at 260,000 bpd, but still the lowest level since the height of the Trump administration's "maximum pressure"…

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Dangote Breaks Ground on 700,000-Bpd Second Crude Processing Unit

Africa's biggest refinery is getting bigger. Nigeria's Dangote refinery has started work on a second crude processing unit that will add another 700,000 barrels per day (bpd) of capacity, putting the complex on track to rival the world's largest refining site and giving billionaire owner Aliko Dangote a much larger role in global fuel markets. According to Dangote Petroleum Refinery CEO David Bird, construction is already underway at the Lekki site outside Lagos. The new refinery is expected to be online by the end of 2028 and would lift total…

South Korea Boosts Jet Fuel Exports to Nine-Month High

South Korea’s refiners have increased processing rates and jet fuel exports as crude imports into the Asian country recover and wide open arbitrage encourages shipments to the U.S. West Coast, analysts have told Reuters. South Korea likely shipped the highest volumes of jet fuel in May since August last year, according to data Reuters has compiled from trade sources and energy flow tracking firms including Vortexa and Kpler. Last month, South Korea exported between 8.67 million barrels to 9.46 million barrels of jet fuel, a major rebound…

India’s Nayara Completes Maintenance at 400,000-Bpd Refinery

India’s Nayara Energy, which processes Russian oil, has completed a planned turnaround of its 400,000-barrels-per-day refinery at Vadinar, the Indian refiner said on Thursday. Nayara Energy, in which Rosneft holds 49% and which has been processing only Russian oil for months after the EU sanctions on the company, could boost fuel supply to the Indian market in the coming weeks. The refiner has pivoted to supply the domestic market to avoid the EU sanctions from the summer of 2025 on Nayara Energy because of the Russian ownership. Apart from…

A Barrel Trapped Behind Hormuz Isn't Spare Capacity

At the start of 2026, oil traders were preparing for a glut. Supply growth was expected to outpace demand growth. OPEC+ was gradually returning barrels to the market. U.S. production remained near record highs. Economic growth was slowing, while electrification and efficiency gains were expected to temper consumption growth. The consensus view was simple: the world was heading into a period of excess supply. Six months later, that narrative never came true. Not because the world suddenly ran out of oil. In fact, many major producers are pumping…

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