Iran's Tasnim news agency said on Monday that Tehran's negotiating team is stopping exchanges of messages with the United States through mediators due to attacks on Lebanon, as diplomatic efforts to end the three-month-old Iran war continue. The agency said Iran and the Resistance Front, which includes its Shiite allies in Yemen, Lebanon and Iraq, have set an agenda to completely block the Strait of Hormuz and activate other fronts, including the Bab El Mandeb Strait, in order to "punish" Israel [Read more]
Weatherford to acquire oilfield tech firm NCS Multistage
Oilfield services provider Weatherford International said on Monday it has agreed to acquire energy technology firm NCS Multistage Holdings in a cash-and-stock deal. On a blended basis, Weatherford will pay the equivalent of 0.463 of its shares for each NCS share, with roughly 20% of the consideration in cash. Based on Reuters calculations, the deal values NCS at about $126 million, or $48 per share, representing a premium of about 13% to its last close. * Amid increasingly demanding [Read more]
US says it struck Iranian military sites, Tehran responds with air base attack
The U.S. said it struck Iranian military sites at the weekend and Iran's Revolutionary Guards said on Monday it had targeted a U.S. base in response, the latest exchange of attacks amid negotiations to end the three-month-old war. The U.S. and Iran have sporadically exchanged strikes since their ceasefire took effect in early April as diplomacy aimed at a more durable agreement drags on. A similar exchange occurred last Thursday and was described in near-identical terms by both sides. The [Read more]
Goldman Sachs flags demand weakness as key risk to oil price outlook
Goldman Sachs said late Sunday that weak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices higher. Here are a few details: * April retail sales data from China and Western Europe suggest roughly 2 million barrels per day of downside risk to Goldman Sachs' already conservative April oil demand estimates, potentially reducing its Brent [Read more]
China’s crude oil imports slump, but it’s economics not altruism: Russell
China's seaborne imports of crude oil slumped to the lowest in almost 10 years in May as the impact of the Iran war led to a dramatic reshuffling of operations in the world's biggest oil importer. Seaborne arrivals of crude were 6.36 million barrels per day (bpd) in May, down from 8.10 million bpd in April and the weakest since October 2016, according to data compiled by commodity analysts Kpler. Imports were also nearly half the 11.39 million bpd recorded by Kpler for February, the last [Read more]
Wildfire season returns to Canada’s oil sands
Wildfire season has returned to Canada's oil sands region, with seven active blazes in the area on Sunday raising risks for communities, workers, companies and investors. Canada is the world's fourth-largest oil producer, and the bulk of its production is clustered in northern Alberta's boreal forest. Wildfires, which have always occurred in this environment but are more common now due to climate change, have become a perennial threat to Canadian oil output. So far this year, there have been [Read more]
Three offshore platforms resume production at Iran’s South Pars gas field, IRNA reports
Iran has restored gas production at three offshore platforms in the South Pars gas field that had been forced to halt output after Israeli attacks disrupted processing capacity at some onshore facilities, the chief executive of the Pars Oil and Gas Company told state media on Sunday. Touraj Dehqani said the platforms had not been damaged. He said production from the three platforms was being routed to other processing plants in the region while repairs continue at damaged facilities, including [Read more]
Tiny Guyana poised for big Iran oil gains and growth strains
Guyana was already the world’s fastest growing economy before the U.S.-Israeli war on Iran drove up oil prices. Now, the tiny Caribbean nation of nearly 1 million people will reap an even bigger bonanza as the conflict reshapes global energy markets. The war that caused one of the largest energy disruptions in history highlights the growing importance of countries including Guyana that offer political stability and geographically unrestricted access to their estimated 11 billion barrels of [Read more]
South Bow targets 2027 decision on Canada-US oil pipeline revival
Canada's South Bow will decide whether to proceed with its proposed partial revival of the Keystone XL oil pipeline by mid-2027, the company said on Friday, as it announced it has secured the shipper commitments it was seeking to advance the project. The proposed 550,000-barrel-per-day Alberta-to-Wyoming pipeline, dubbed Prairie Connector, could increase Canada's crude exports to the U.S. by 12%, adding much-needed Canadian pipeline capacity. South Bow, working with U.S. partner Bridger [Read more]
US drillers add oil, natural gas rigs for sixth straight week, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for a sixth straight week, for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by four to 562 in the week to May 29, its highest since May 2025. Despite this week's rig increase, Baker Hughes said the total count was still down one rig from this time last year. Baker Hughes said oil rigs rose by [Read more]
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