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Chevron Warns of Physical Oil Shortages, Citing Middle East Supply Risks
Chevron CEO Mike Wirth warned Tuesday that physical crude oil shortages are beginning to emerge. These supply constraints could impact Asian economies before...
OPEC+ Boosts June Output by 188,000 Barrels, Asserting Control After UAE Exit
OPEC+ agreed to increase oil production by 188,000 barrels per day (bpd) for June. This decision marks the first coordinated adjustment since the United Arab...
Chevron Warns of Physical Oil Shortages, Citing Strait of Hormuz Closure
Chevron CEO Mike Wirth warned on May 5 that the global oil market faces imminent physical supply shortages. The ongoing closure of the Strait of Hormuz drives...
Diamondback Energy Raises 2026 Output Over 520,000 Barrels, Pivoting to Growth
Diamondback Energy raised its full-year 2026 production guidance to more than 520,000 barrels of oil per day. This revision represents a 3% increase from the...
Diamondback Energy Boosts Dividend and Production Targets on Strong Q1 Results
Diamondback Energy reported strong first-quarter 2026 financial and operating results after market close on May 4, 2026. The company increased its base...
UAE Defends OPEC Exit, Demanding Open Strait Following Iranian Drone Attack
The United Arab Emirates defended its May 5 decision to exit OPEC and the broader OPEC+ alliance. Sultan Ahmed Al Jaber, UAE Industry Minister and ADNOC CEO,...
Petronas Gas to Build First Floating LNG Terminal, Securing Domestic Supply
Petronas Gas Berhad (PGB) received approval from Malaysia's Ministry of Economy to develop the country's third liquefied natural gas (LNG) regasification...
Chevron targets massive Iraqi oilfields, replacing Russian firms to expand reserves
Chevron is negotiating to acquire production stakes in the West Qurna 2 and Nasiriyah oilfields in Iraq. The US supermajor intends to replace Russian...
OPEC+ boosts oil output by 188,000 barrels, reversing voluntary cuts
Seven OPEC+ nations, including Saudi Arabia and Russia, will increase oil production by 188,000 barrels per day starting June 2026. Members finalized this...
ADNOC Tanker Targeted by Iranian Drones, Disrupting Global Oil Trade
The UAE government announced Monday that two Iranian drones targeted an Abu Dhabi National Oil Company (ADNOC) tanker. The attack occurred while the vessel...
OPEC+ Hikes June Output After UAE Exit, Seeking Market Stability
Seven OPEC+ members, including Saudi Arabia and Russia, will increase their collective production quota in June. This move adds 188,000 barrels per day to the...
OPEC+ Raises June Oil Output, First Decision After UAE Exit
OPEC+ and its allies agreed to increase oil production by 188,000 barrels per day (bpd) for June. A core group of seven producers, including Saudi Arabia and...
CENTCOM launches Project Freedom in Strait of Hormuz, lowering oil prices
U.S. Central Command (CENTCOM) launched Project Freedom to ensure freedom of navigation through the Strait of Hormuz. The mission involves destroyers,...
OPEC+ Raises Oil Production, Signaling Stability After UAE Exit
Seven OPEC+ nations, including Saudi Arabia and Russia, will increase oil production by 188,000 barrels per day effective in June. The group announced the...
OPEC+ members hike oil production, stabilizing market after surprise UAE exit
Saudi Arabia, Russia, and five other OPEC+ nations will increase collective oil production by 188,000 barrels per day. This output hike begins in June...
Marathon Petroleum offloads final Gulf oil shipment, risking California fuel price spikes
Marathon Petroleum is offloading 2 million barrels of crude at the Port of Long Beach. This vessel represents the final oil tanker to depart the Persian Gulf...
UAE Quits OPEC, Boosting Output to 5 Million Barrels Daily
The United Arab Emirates officially exited OPEC on May 2, with the departure taking effect May 1, 2026. This move allows the nation to maximize oil asset value...
UAE Exits OPEC After 60 Years, Citing Saudi Production Conflict
The United Arab Emirates officially withdrew from OPEC on Friday. This move ends the nation's nearly 60-year membership in the oil cartel. The departure marks...
UAE Exits OPEC, Ending 60-Year Alliance to Boost National Production
The United Arab Emirates officially withdrew from OPEC and the OPEC+ alliance on May 1, 2026. This move ended a membership spanning nearly six decades...
UAE exits OPEC May 1, challenging Saudi control over global oil prices
OPEC ministers are meeting in Vienna today following the United Arab Emirates' announcement to leave the cartel and OPEC+ alliance on May 1. The UAE is...