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]
Panama Canal not planning to curb ships’ passage for 2026 despite drought threat
The Panama Canal is not planning vessel passage restrictions for the remainder of 2026 even if an El Niño weather pattern begins in the second half of the year as predicted, potentially leading to another drought in the Central American country, the waterway told Reuters. The canal linking the Pacific and Atlantic oceans is currently allowing 38 ships to pass through each day and has seen demand increase in recent months mainly due to the U.S.-Israeli war on Iran, which is affecting the use of [Read more]
LNG Canada to make decision on phase 2 expansion by end of year, Canada Minister says
The proponents behind LNG Canada will make a final investment decision on whether to go ahead with a proposed second phase expansion of the project by the end of this year, Canada's Natural Resources Minister said Thursday. * The Canadian government is working together with British Columbia and the Shell-led LNG Canada to collectively progress the final items needed to support a decision, Minister Tim Hodgson said. * Shell and its project partners on May 1 approved hundreds of millions of [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday. WCS for June delivery in Hardisty, Alberta settled at $15.30 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.85 on Wednesday. * While the discount has narrowed since the start of the month, the differential for heavy Canadian crude remains wider than it was at the beginning of the U.S. war on Iran. * The WCS differential has [Read more]
Mideast conflict puts Argentina’s Vaca Muerta shale in focus, analysts say
Argentina has launched its biggest Vaca Muerta shale bid round in a decade, offering 15 exploration blocks as energy companies and importing nations seek more reliable crude supplies amid heightened Middle East tensions. The auction, run by Neuquen provincial energy company Gas y Petroleo del Neuquen (GyP), comes as concerns over disruption to oil flows through the Strait of Hormuz sharpen interest in supply sources outside the region. * Consultancy Rystad Energy said Vaca Muerta, the [Read more]
Carney says Canada, Alberta will advance a potential crude oil pipeline
Canada and the energy-producing province of Alberta will meet on Friday and advance a potential pipeline to transport at least one million barrels of Alberta oil a day to new markets, Prime Minister Mark Carney said on Thursday. Carney, speaking to reporters, also confirmed an earlier Reuters report which said he would also unveil details of a new deal with Alberta on industrial carbon pricing. (Reporting by David Ljunggren) [Read more]
Iran allowing transit of Chinese vessels in Strait of Hormuz, Fars news reports
Iran has begun allowing some Chinese vessels to transit through the Strait of Hormuz following an understanding over Iranian management protocols for the waterway, the semi-official Fars news agency said on Thursday, citing an informed source. The Fars report came as U.S. President Donald Trump, who is on a state visit to China, agreed with the Chinese leader Xi Jinping that the Strait of Hormuz must be open for the free flow of energy. The source told Fars news the move followed requests [Read more]
Oil market’s deceptive calm will not last: Bousso
The physical oil market is in the eye of the storm - a deceptive calm after the initial scramble to cope with the biggest oil crisis in history. The blow from the Iran war has been cushioned so far by a dramatic pullback in China’s purchases and a surge in U.S. exports. But with the peak demand season looming, this delicate balance may not hold for long. The crude market is surprisingly calm despite the abrupt loss of almost 20 million barrels per day of Middle Eastern oil, or roughly a fifth of [Read more]
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