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The announcement from Egypt’s petroleum and mineral resources minister Karim Badawi that the country has paid all its outstanding debts to foreign oil firms is as welcome to international oil companies and their governments as it is to the country itself. Egypt has become one of the West’s prime targets in the hunt for replacement […]

The U.S.-Iran deal has raised hopes that the oil supply disruption in the Middle East could be nearing its end, but the biggest international tanker operators aren’t rushing to return to the Strait of Hormuz. Oil tanker owners and operators are cautiously optimistic, but they will wait until they see a “material” agreement and safety

Morgan Stanley and Goldman Sachs cut their forecast for oil prices towards the end of the year and 2027 following developments in the peace negotiations between the United States and Iran earlier this week. Morgan Stanley now sees Brent crude averaging $80 per barrel in the last quarter of 2026, and $90 per barrel in

ConocoPhillips is set to sign a deal with Syria’s state gas company this week for the development of local fields, the Financial Times reported, citing unnamed sources as saying the deal could be signed as early as this week. Per the report, Conoco will partner with a company named Novaterra Energy that describes itself as

Chinese refiners reduced their run rates to the lowest in four years as crude imports dropped to an eight-year low, Bloomberg reported today, citing official statistics data. The average run rate for Chinese refineries in May stood at 66.3%, with total volumes processed over the month down by 9.1% on the year to 53.72 million

In March, Microsoft, Google, Amazon, Meta, OpenAI, Oracle, and Elon Musk’s xAI joined President Trump at the White House. Together, they signed a document that will reshape how AI’s biggest companies operate for years to come. They committed, in writing, to pay for every megawatt of new electricity their AI projects will require and to

What happened today is best described, despite much more dramatic categorizations coming out of Tehran and Washington, is a 60-day ceasefire extension, now reportedly signed by both parties, that reopens the Strait of Hormuz, while the original alleged reason for going to war, the nuclear weapons issue, stays open on the negotiating table. Both sides

In the immediate aftermath of the U.S. and Israeli strikes on Iran that prompted the latter to shut down the Strait of Hormuz, most reports dealt with numbers—numbers showing the amount of oil supply lost due to the closure. Those numbers varied by source, but were all above 10 million barrels daily. Now, traders are

Patrick De Haan, a petroleum analyst at GasBuddy, wrote on X that the national average price of gasoline has finally slipped below the politically sensitive $4-a-gallon level for the first time in many months. Per De Haan: The nation’s average price of gasoline has fallen 9.3 cents over the last week and stands at $3.99 per gallon, according

Venezuela’s oil production and exports are set to increase in the coming months as the United States further eases the rules of operating in the world’s biggest crude resource holder after taking control over the industry following the capture of Nicolas Maduro. The rise of Venezuela’s oil supply is good news for South America’s oil