The Trump administration on Monday proposed looser rules for oil and gas drilling operations on federal lands, including a dramatic cut to clean-up costs for abandoned wells. The moves are aligned with President Donald Trump's goal to reduce regulations for businesses and make it easier to invest in production of domestic fossil fuels. "These targeted updates cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest level since June 1983, according to data from the Department of Energy, as supplies continued to tighten in the fallout of the U.S.-Iran war. Inventories in the government's emergency stash fell by 9.05 million barrels, the third steepest draw on record. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility to help push down fuel [Read more]

The United States authorized Iranian oil sales on Monday, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz. The general license, announced by the Treasury Department, allows the sale of crude oil and petrochemical and petroleum products of Iranian origin through August 21. The license says Iranian oil can be imported into the U.S. when necessary to complete its [Read more]

Goldman Sachs said accelerating electric vehicle adoption following a Hormuz-related oil supply shock could trim global oil demand by up to 0.32 million barrels per day by late 2027. Global EV car sales penetration increased 3.4 percentage points, the bank said in a note, to reach 26.1% last month — its second-highest level ever. Here are the key details: * Goldman estimates a global oil demand hit of about 0.13 million bpd by December 2027 under its "Temporary Acceleration" scenario, [Read more]

Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday due to concerns over passage through the waterway. Separately, two supertankers, which can carry a maximum of 4 million barrels of crude, sailed into the Gulf through the strait on Monday with one of the vessels showing the Iraqi port of Basra as its destination, according to separate [Read more]

Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region. Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia's crude oil exports and output extends back to 2002, the earliest period for which data is available. The country's crude oil [Read more]

Asia's imports of crude oil are on track to return to pre-Iran conflict levels, but flows of refined products are still constrained and fuel prices reflect the supply stresses. The world's top energy-consuming region is expected to import about 22.18 million barrels per day (bpd) of crude in June, up from 20.35 million bpd in May, according to data compiled by commodity analysts Kpler. The June arrivals are still below the average of 26.76 million bpd in the three months leading up to the [Read more]

Talks between Iran and the U.S. have concluded successfully in Switzerland, Pakistani Prime Minister Shehbaz Sharif said on Monday. "The discussions were held in a positive and constructive atmosphere and yielded encouraging progress, including agreement on a roadmap toward a final deal within 60 days, the establishment of a high-level committee to provide political oversight, and the commencement of further technical talks," he said in a post on X. (Reporting by Sakshi Dayal; Editing by [Read more]