BP and union leaders resumed labor contract negotiations for workers at the Whiting, Indiana, oil refinery on Monday with no agreement yet, as a lockout entered its third month this week. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S. Midwest, have been locked out since March 19 after months of negotiations failed to produce a new labor contract. "During today's meeting, the USW again requested that BP Whiting refinery lift the lockout, but were still [Read more]
Opaque oil deals around Hormuz test the petrodollar: Bousso
The U.S. dollar-dominated global oil trading system is being tested by the Iran war and the closure of the Strait of Hormuz, as governments in major consuming nations turn to increasingly opaque deals with Tehran and Gulf producers to secure supplies. Since the outbreak of the war on February 28, roughly a fifth of global oil supplies from the Gulf have been disrupted, dealing a tough blow to economies, particularly in Asia, which depends on the Middle East for about 60% of its imports. With the [Read more]
Pakistan hands US revised Iranian proposal for ending war
Peace mediator Pakistan has shared with the United States a revised proposal from Iran to end the war in the Middle East, a Pakistani source told Reuters on Monday, warning that the sides "don't have much time" to narrow their differences. Iranian Foreign Ministry spokesperson Esmaeil Baghaei later confirmed that Tehran's views had been "conveyed to the American side through Pakistan" but gave no details. A fragile ceasefire is in place after six weeks of war that followed U.S.-Israeli [Read more]
Alaska LNG secures supply deal with ConocoPhillips for pipeline project
Glenfarne's Alaska LNG said on Monday it had signed a long-term natural gas supply deal with ConocoPhillips and that it now had agreements for enough volumes to support a final investment decision for Phase One of its project and meet Alaska's in-state natural gas needs. The company said the 30-year agreement would supply natural gas produced on Alaska's North Slope for Phase One of the Alaska LNG project. Phase One includes a 739-mile, 42-inch pipeline to transport natural gas to Alaska [Read more]
IEA chief warns commercial oil inventories are depleting rapidly, only weeks left
Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves "are not endless". The onset of the [Read more]
Oil touches 2-week high after drone attack on UAE nuclear power plant
Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran. Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220GMT, after touching $112 earlier, the highest since May 5. U.S. West Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to [Read more]
Iraq exported 10 million barrels of oil through Strait of Hormuz in April
Iraq exported 10 million barrels of oil via the Strait of Hormuz in April, down from about 93 million barrels monthly before the Iran war, the country's new oil minister, Basim Mohammed, said at a press conference on Saturday. The closure of the Strait of Hormuz due to the Iran war has curtailed oil exports from Saudi Arabia, the UAE, Kuwait and Iraq, sending prices sharply higher. Iraq's crude exports through the Kirkuk–Ceyhan oil pipeline resumed in March, after Baghdad and the Kurdistan [Read more]
UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move
The United Arab Emirates' decision to withdraw from OPEC and OPEC+ was a sovereign and strategic choice based on a comprehensive assessment of its production policy and future capabilities, the UAE energy minister,Suhail Al Mazrouei, said on Saturday in a post on X. Mazrouei added that the move was not politically motivated and did not reflect divisions with partners. The UAE announced late April that it was quitting OPEC on May 1, dealing a blow to the oil producers' group as an [Read more]
US drillers add oil/gas rigs for fourth week in a row, says Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row for the first time since September 2025, 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 three to 551 in the week to May 15, its highest since late March. Despite this week's rig increase, Baker Hughes said the total count was still down 25 rigs, or 4% below this time last year. Baker Hughes said oil rigs [Read more]
US will replenish every barrel of oil it releases from Strategic Petroleum Reserve, Energy Secretary Wright says
The U.S. will replenish every barrel of oil it releases from the Strategic Petroleum Reserve, Energy Secretary Chris Wright said Friday at an event in Sabine Pass, Texas. "We're releasing oil now, and for each barrel we're releasing, we're going to get at least 1.2 barrels of oil back into the reserve. We'll leave it fuller than when we started," he said. * The Trump administration wants to do everything it can to lower gasoline prices, Wright said. * "We understand Americans today are paying [Read more]
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