Energy
Western energy majors are expected to report combined record profits of $200 billion in 2022, driven by volatile oil and gas prices following Russia's Ukraine invasion, with strong earnings projected to continue into 2023.
UAE exits OPEC, threatening cartel stability amid Middle East oil crisis
The UAE withdraws from OPEC and OPEC+ effective Friday to pursue national interests, citing constraints from production quotas amid regional instability and th…
HighU.S. Strikes Iran After Ship Attack; Tehran Retaliates Against Gulf States
The U.S. attacked Iran after an Iranian strike damaged a container ship in the Strait of Hormuz, with Iran retaliating against Bahrain, Qatar, and UAE. The esc…
HighTrump demands oil giants cut gas prices, citing excess profits
Trump publicly criticized Exxon and Chevron for excessive profits during geopolitical tensions, demanding immediate reductions in US fuel prices.
HighTurkey's Transport Oil Dependence Bolsters Domestic Production Economics
Turkey's heavy reliance on imported oil and petroleum-dependent transport sector creates strong domestic demand for local crude production, particularly as ren…
HighOPEC+ Delays January Output Increase to Stabilize Volatile Oil Market
OPEC+ postpones its January oil output increase to stabilize markets facing weak demand and competing non-OPEC supply, likely extending production cuts for thr…
MediumIndia caps April natural gas prices at $7/MMBTU; ONGC, Oil India in focus
India notified domestic natural gas prices for April 2026 at $10.76/MMBTU, with APM-capped prices at $7/MMBTU for ONGC and Oil India fields, up from March's $6…
HighIndia pays highest LNG prices since 2022 as Iran conflict disrupts global supplies
Indian energy companies are paying over $23/mmbtu for LNG cargoes, the highest since 2022, as Iran war disrupts global supplies and damages Qatar's export infr…
HighPakistan cuts RLNG prices 20% on cheaper Qatar cargoes
Pakistan's Oil and Gas Regulatory Authority reduced September RLNG prices by ~20% following arrival of cheaper LNG cargoes from Qatar, potentially lowering ele…
HighIran claims Strait of Hormuz shipping deal with Oman nears completion
Iran claims a shipping agreement with Oman for the Strait of Hormuz is in final stages, though the US and Oman have not confirmed. The temporary route would ad…
HighOil surges past $80 on Iran-Saudi tensions; $120 possible if conflict extends
Oil prices surged 13% to $82/barrel after Iran struck Saudi Aramco's Ras Tanura refinery, disrupting 20% of global supply through the Strait of Hormuz. Analyst…
HighTrump Targets Oil Donors With DOJ Price-Gouging Investigation
Trump directs DOJ to investigate major oil companies for price gouging despite their $100M campaign support. Industry signals no immediate relief for consumers.
HighOil Markets Shrug Off Hormuz Attacks as Supplies Remain Plentiful
Fresh attacks near the Strait of Hormuz have failed to spike oil prices as traders distinguish between geopolitical headlines and actual supply threats, with a…
HighDelhi CNG prices surge Rs 1/kg in third hike within 9 days
CNG prices in Delhi increased by Re 1 per kg effective May 23, marking the third hike in nine days alongside petrol and diesel increases. The government reassu…
HighGas Prices Poised to Drop 20-40 Cents in Great Lakes as Refineries Recover
Gas prices in five Great Lakes states could fall 20-40 cents per gallon within weeks as regional refinery issues ease, though crude oil tensions keep broader c…
HighFuel prices expected to drop next week as OPEC boosts supply
Philippine gasoline and diesel prices are expected to drop next week by P0.40-0.60 and P1.30-1.50 per liter respectively, driven by increased OPEC+ production,…
HighJapanese-linked vessel transits Strait of Hormuz amid regional tensions
A Japanese-linked oil tanker carrying 2 million barrels of petroleum successfully passed through the Strait of Hormuz, marking the first refinery ship transit…
HighIndia Rejects Sanctioned Russian LNG Despite Middle East Energy Concerns
India declined Russia's offer of sanctioned LNG cargoes despite Middle East-driven energy concerns, prioritizing compliance over supply needs. The decision lea…
HighBP Charts Major India Expansion via RIL, ONGC Partnerships
BP plans major expansion in India's oil and gas sector through partnerships with RIL and ONGC, leveraging government reforms to boost exploration and productio…
HighNayara Energy Cuts Fuel Prices as Global Oil Softens, PSUs Hold Firm
Private fuel retailer Nayara Energy cuts petrol by Rs 5/litre and diesel by Rs 3/litre following easing West Asia tensions and falling global crude prices, whi…
HighFirst Fully Loaded LNG Tanker Crosses Strait Since War Began
A Japanese LNG tanker has become the first fully loaded vessel to cross the Strait of Hormuz since the outbreak of war, signaling a potential easing of critica…
HighOil holds near $75 as U.S. crude inventories hit 18-month low
US crude stockpiles fell to their lowest level since January 2020, with oil prices remaining near $75/barrel despite minor slips. The inventory drawdown sugges…
HighDangote Refinery Imported 40.4M Barrels in Two Months as Crude Costs Fell 24%
Dangote Refinery imported 40.4 million barrels of crude oil in May-June 2026 for $4.48bn, with landed costs falling 24% from $124.80 to $95.25 per barrel as gl…
HighUAE's OPEC Exit Rattles Asian Markets; Oil Holds Above $110
Asian markets traded cautiously after UAE announced its exit from OPEC, with Brent crude hovering above $110/barrel. Mixed regional performance reflected geopo…
HighOil futures settle at $103.41 as IEA releases reserves, OPEC+ prepares to convene
Crude oil futures closed at $103.41/barrel as the IEA coordinated a strategic petroleum reserve release while OPEC+ prepared to meet, signaling efforts to mana…
HighNayara Energy cuts fuel prices as global crude retreats; state OMCs hold steady
Nayara Energy reduced petrol by Rs 5/litre and diesel by Rs 3/litre following declining international crude prices, marking the first retail fuel cut in over t…
HighOil stocks in focus as RIL, Essar lead CBM bids; fire hits HPCL refinery
India's oil majors pursue CBM exploration opportunities while HPCL faces a major fire at its new Rajasthan refinery just before PM inauguration, creating uncer…
HighUAE's Surprise OPEC Exit Ends 59-Year Membership, Reshapes Oil Markets
The UAE ended its 59-year OPEC membership in May 2026, citing production quota constraints and geopolitical tensions with Iran. The exit marks the cartel's mos…
HighOil prices slip as surprise U.S. crude build signals demand weakness
Oil prices fell Wednesday after U.S. crude stockpiles unexpectedly rose by 1 million barrels due to refinery shutdowns from severe winter weather in southern s…
HighDangote's $23bn refinery IPO could nearly double Africa's richest man's fortune
Aliko Dangote's Nigerian oil refinery lists publicly in Africa's largest-ever IPO, potentially adding $23bn to his $35bn fortune. The offering targets retail i…
HighOil prices surge past $130 as Saudi pipeline disruptions tighten global supply
Physical oil cargoes exceed $130/barrel following Saudi pipeline disruptions from Iranian attacks, approaching April's record prices as supply constraints tigh…
HighQatar warns Gulf energy exports could halt amid Iran conflict, oil may spike to $150
Qatar's Energy Minister warns that escalating Iran conflict could force all Gulf energy producers to halt exports, potentially driving oil prices to $150/barre…
HighFirst LNG tanker crosses Strait of Hormuz since conflict began
The Idemitsu Maru, a fully loaded LNG tanker, successfully crossed the Strait of Hormuz, marking the first major energy shipment to exit the Gulf since early M…
HighNZ awards first offshore oil permit since lifting exploration ban
New Zealand granted its first offshore petroleum exploration permit to EnZed Energy following the coalition Government's repeal of the offshore drilling ban, a…
HighSaudi Arabia's Hormuz gambit: Infrastructure pain, market gain
Saudi Arabia faces direct infrastructure damage from drone strikes but gains leverage through rising oil prices and alternative export routes bypassing the Str…
HighTrump touts $54B Korean Alaska LNG deal; Seoul officials express caution
Trump announced a $54 billion South Korean investment in an Alaska natural gas pipeline, but Seoul officials quickly hedged on the commitment, creating uncerta…
HighUAE Exits OPEC After 60 Years, Signaling Shift in Global Oil Politics
The UAE announced its departure from OPEC after 59 years of membership, marking a significant blow to the oil cartel and potentially affecting global oil price…
HighStrait of Hormuz Crisis Triggers $150 Oil Warning as Global Economy Faces Historic Energy Shock
Iranian strikes on Gulf infrastructure and Strait of Hormuz closure risk pushing oil to $150/barrel, the worst energy shock since 1973, with cascading impacts…
MediumUAE's OPEC Exit May Lower Oil Costs for India, Though Volatility Looms
The UAE formally exits OPEC on May 1, ending 60 years of membership. The move is expected to increase global oil supply flexibility and potentially lower crude…
HighEnergy stocks surge as U.S.-Iran tensions push oil above $90
US-Iran military exchanges pushed Brent crude above $90, prompting investors to buy energy stocks including ExxonMobil, Chevron, and SLB amid concerns over Str…
HighDangote breaks ground on $16B East Africa refinery to boost regional fuel independence
Nigerian billionaire Aliko Dangote and Kenyan President William Ruto begin construction of a $16 billion oil refinery in Lamu aimed at reducing East Africa's f…
HighHormuz traffic plummets as Middle East tensions persist, Saudi exports pivot
Vessel traffic through the Strait of Hormuz has collapsed to a dozen ships per weekend from 35, as US-Iran tensions persist. Saudi Arabia is redirecting crude…
HighUS Natural Gas Glut Fills Global Supply Gap as Mideast Conflict Disrupts Exports
US natural gas exports surge to fill supply shortages created by geopolitical conflict and damaged Middle Eastern facilities, positioning America as critical e…
HighIndia restricts industrial fuel purchases at retail pumps amid supply concerns
India's government has banned industrial, commercial, and institutional users from buying petrol and diesel at retail pumps, forcing them to use bulk purchase…
HighShell knowingly operated polluted Nigeria pipeline despite internal warnings, documents reveal
Internal documents reveal Shell continued operating a major Nigerian pipeline despite knowing it caused widespread pollution, with senior executives warning of…
HighUAE Exits OPEC, Weakening Cartel's Control Over Global Oil Markets
The UAE announced its withdrawal from OPEC effective May 1, ending nearly 60 years of membership. The move reflects producer frustration with production quotas…
HighIran War's Energy Crisis Demands Diplomatic Exit
Foreign Affairs argues the U.S. must pursue diplomacy with Iran to prevent an escalating regional war from triggering a global energy crisis, as attacks on cri…
HighUAE exits OAPEC after leaving OPEC, prioritizing independent oil output
The UAE has exited both OPEC/OPEC+ and OAPEC to prioritize increasing its own oil production, weakening OPEC's control over global supplies and widening its ri…
HighKRA Grapples With Sh5.1B Tax Refund on Rejected Oil Cargo
Kenya's tax authority faces a Sh5.1 billion tax refund dilemma after rejecting an MT Paloma fuel cargo that failed quality standards and was imported outside g…
HighOil Giants Post Record Profits as Geopolitical Tensions Spike Energy Prices
Major oil companies report exceptional profits driven by elevated crude prices stemming from Iran-related geopolitical tensions, while consumers face rising fu…
HighExxon, Chevron profits fall but beat revenue forecasts amid Iran tensions
Exxon Mobil and Chevron reported lower profits in Q1 2026 due to Iran war disruptions, but both exceeded Wall Street revenue expectations for the quarter endin…
High