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UAE to accelerate oil pipeline project to help bypass Hormuz
The United Arab Emirates will accelerate construction of a new oil pipeline to double its export capacity through Fujairah by 2027, the government's Abu Dhabi Media Office said on Friday, vastly expanding its ability to bypass the Strait of Hormuz.
The World Is Burning Through Its Oil Safety Net
Global oil inventories have fallen at a record pace during the Iran war, and oil executives and analysts predict a reckoning within weeks if the Strait of Hormuz remains shut.
Oil Prices Higher Amid Limited Flows Through Strait of Hormuz
Oil prices were higher in early Asian trade, boosted by strong demand.
Oil Edges Higher Ahead of Trump-Xi Summit
Oil prices inched higher in early Asian trade, ahead of the two-day summit between Washington and Beijing.
Oil edges up ahead of Trump-Xi meeting in Beijing
Oil prices edged up on Thursday as investors awaited a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later in the day as traders focused on the Iran war.
The world lost nearly 1 billion barrels in oil supply over the past 75 days. Why investors aren't worrying enough.
Global oil prices have climbed by nearly 50% since the the end of February, but the rise pales in comparison to an estimated loss of nearly 1 billion barrels since the start of the Iran war 75 days ago.
US upstream oil and gas dealmaking hit two-year high in Q1 2026
Dealmaking in the U.S. upstream oil and gas sector jumped to $38 billion in the first quarter of this year, marking the highest quarterly total in two years, analytics firm Enverus said on Wednesday.
U.S. Crude Oil Inventories Post Third Straight Weekly Drop
U.S. crude oil inventories fell by 4.3 million barrels in the week ended May 8 and were about 0.3% below the five-year average for the time of year, the EIA said. Analysts expected a drop of 2.3 million barrels.
OPEC sees slower demand growth this year as production falls more than 30% on Hormuz closure
Oil production among OPEC members has fallen more than 30%, or 9.7 million bpd, since the Iran war started in late February. OPEC also lowered its demand growth forecast for 2026 to around 1.2 million barrels per day, down from about 1.4 million bpd previously.
OPEC lowers 2026 global oil demand growth forecast
OPEC on Wednesday lowered its forecast for world oil demand growth in 2026, a copy of its monthly oil report showed, joining other forecasters such as the International Energy Agency that have reduced their expectations due to the Iran war.
Oil Demand to Contract Further as Hormuz Shock Deepens, Recovery Will Take Months
The energy watchdog now expects global oil demand to contract by 420,000 barrels a day this year, from its an 80,000-barrel-a-day decline projected previously.
Oil Slips on Likely Technical Correction
Oil prices fell in early Asian trade, on a possible technical correction after settling higher on Tuesday.
