May 14, 2026 China’s Gasoline Consumption Could Plunge 5.5% in 2026 as Oil Prices Surge China’s gasoline demand has dropped since the Iran war upended the global oil markets and is on track to decline more than previously expected this year, due to the higher […] Oil Price
May 13, 2026 Chinese Oil Tanker Tests Safe Passage Through Strait of Hormuz A Chinese tanker is attempting to cross the Strait of Hormuz, Bloomberg reported today, citing ship-tracking data showing the VLCC moving south along the eastern side of the chokepoint. The moment is […] Oil Price
May 13, 2026 Europe’s Gas Industry Seeks Relief From Storage Mandates European Union gas industry lobby groups are urging Brussels to relax gas storage refill targets amid the supply crunch prompted by the war in the Middle East. The EU has […] Oil Price
May 13, 2026 Japan’s Refinery Utilization Hits 73% as Strategic Oil Stocks Flow In Japan’s refinery utilization rates are rebounding in May as releases from petroleum reserves and increased supply of non-Middle East crude are easing the crude supply crunch seen in March and […] Oil Price
May 13, 2026 BP Buys 40% Stake in Uzbek Oil and Gas Blocks BP has bought 40% in the production sharing agreement regulating oil and gas exploration and production rights for six blocks in Uzbekistan, setting foot in the Central Asian country as […] Oil Price
May 13, 2026 IEA Revises 2026 Forecast: Oil Deficit Widens as Iran War Cuts Production Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus. According to the May 2026 […] Oil Price
May 13, 2026 India’s PM Orders 50% Slash in Motorcade Size to Save Fuel India’s Prime Minister Narendra Modi has directed a 50% reduction in the size of his official motorcade in a bid to conserve fuel amid mounting economic pressures from the ongoing global energy […] Oil Price
May 12, 2026 Oil Prices Rise as U.S.-Iran Peace Hopes Fade Crude oil prices ticked higher today as hopes for a peace deal between the United States and Iran faded further, after President Trump called Iran’s response to a U.S. peace […] Oil Price
May 12, 2026 China’s Teapot Refiners Slash Output as Hormuz Crisis Crushes Margins Shafaq News Some independent refiners in China are reducing their production rates as margins shrink and demand weakens amid the continued paralysis of tanker traffic in the Strait of Hormuz. Citing unnamed […] Oil Price
May 12, 2026 Brazil’s Oil Exports to China Double as Iran War Upends Crude Flows Brazil more than doubled the volume of its oil exports to China, with export values also nearly doubling, in the first quarter of 2026 from a year earlier, as the […] Oil Price
May 12, 2026 Qatar Asks Vessels at Key LNG Port To Go Dark for Safety Qatar has requested LNG vessels near its Ras Laffan LNG port to switch off their transponders as part of safety measures at the key export port of the world’s second-largest […] Oil Price
May 12, 2026 Oil prices near $105 threshold on failing US-Iran diplomatic efforts Shafaq News Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have […] Oil Price
May 11, 2026 Morgan Stanley: Oil Buffers Could Run Out Before Hormuz Reopens Most of the market buffers that have stopped oil futures prices from rallying to record highs could vanish before the reopening of the Strait of Hormuz, which puts the market […] Oil Price
May 11, 2026 China’s Car Sales Slump as Gasoline Demand Craters Car sales in China fell by 21.5% in April, driven by lower demand for gasoline-powered vehicles amid higher fuel prices. EV demand failed to offset the drop in internal combustion […] Oil Price
May 11, 2026 Modi Urges Indians to Conserve Fuel as Oil Shock Spreads India’s Prime Minister called on the nation to work from home, travel less, and conserve fuel to help the government save foreign exchange. “In the current situation, we must place […] Oil Price
May 11, 2026 Oil Tankers Go Dark to Exit the Strait of Hormuz Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched […] Oil Price
May 8, 2026 $7 Billion in Oil Bets Under Investigation The Commodity Futures Trading Commission has launched an investigation into short oil bets worth a total $7 billion, made in March and April right before statements by President Donald Trump […] Oil Price
May 8, 2026 A Golden Opportunity for Canada’s Oil and Gas Industry Canada has a “golden opportunity” to become a major global oil player as the war in the Middle East limits sources of crude and natural gas, the head of the […] Oil Price
May 8, 2026 First Oil Tanker Reaches South Korea Through Hormuz Since War Began An oil tanker that had passed through the Strait of Hormuz in mid-April arrived on Friday at a port in South Korea, shipping the first crude cargo to the country via Hormuz […] Oil Price
May 8, 2026 First Mexican Fuel Oil Cargo in 9 Months Arrives in Asia Shafaq News The first fuel oil cargo from Mexico has just arrived in Asia, in a first such shipment in nine months, as high Asian prices draw supplies from other regions amid […] Oil Price
May 8, 2026 Iraq Denies U.S. Claim Deputy Minister Helped Iran’s Oil Sales Iraq’s Oil Ministry has denied that its deputy minister was involved in opaque sales of Iraqi oil mixed with Iranian crude for Iran’s benefit, as the U.S. alleged on Thursday […] Oil Price
May 7, 2026 EU Imports of Yamal Gas Hit Record Ahead of Ban on Russian LNG The EU boosted its imports of Russian LNG from the Yamal LNG project to a record high in the first four months of 2026, just before the bloc started implementing […] Oil Price
May 7, 2026 Australia Orders LNG Exporters to Reserve 20% of Gas for Domestic Market Australia’s government has mandated energy companies in the country to set aside 20% of their natural gas output for the domestic market to avoid supply shortages along the east coast. […] Oil Price
May 7, 2026 Oil Crunch Prompts Plastics Crisis in Asia Asia is facing plastics shortages because of the oil and gas supply crunch caused by the war in the Middle East, with medical supplies, packaging, and consumer products most vulnerable […] Oil Price
May 7, 2026 Oil Prices Waver as Market Weighs Chances of U.S.-Iran Deal Front-month Brent Crude futures dropped to below $100 per barrel again in morning trade in Europe on Thursday, reversing earlier gains, as the market hopes the U.S. and Iran could […] Oil Price
May 6, 2026 Australia Plans $7 Billion Fuel Stockpile Australia’s government plans to spend A$10 billion, or $7 billion, on building its fuel stock to avoid future supply squeezes. The plans involve stocking up enough to cover at least […] Oil Price
May 6, 2026 Oil Prices Fall Below $100 After Trump Pauses Hormuz Escort Plan Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz […] Oil Price
May 6, 2026 Saudi Arabia Cuts June Oil Prices by Less Than Expected as Hormuz Risks Persist Saudi Arabia has reduced the official selling price of its flagship crude loading for Asia in June from the May record high, but the price cut was less than expected. […] Oil Price
May 6, 2026 Average U.S. Gasoline Price Tops $4.50 to Near Four-Year High The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the […] Oil Price
May 5, 2026 Iraq Offers Huge Discounts for Crude Shipments via Hormuz OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of […] Oil Price
