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The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The U.S. has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the U.S. lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history. The war is estimated to have blocked more than 14 [Read more]

China did draw on its massive crude oil stockpile in May, but not by nearly as much as may have been implied by the collapse in its imports to the lowest in eight years. For the first time in 14 months China's refiners processed more crude in May than was available to them from both imports and domestic production. Refiners processed 12.66 million barrels per day (bpd) in May, the lowest since August 2022, according to data released on Wednesday by the National Bureau of [Read more]

Oil prices edged higher in early trade on Wednesday, clawing back some of the previous session's losses, as investors assessed whether the Iran war will truly end and the Strait of Hormuz reopen. Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while U.S. West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6%, as of 0038 GMT. Both benchmarks fell about 5% for a second straight session on Tuesday to three-month lows on hopes a U.S.-Iran deal would allow oil [Read more]

Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jun. 16 4th Class Power Engineer with 3-5 Years Experience Roska DBO Grande Prairie Jun. 16 Office/Payroll Administrator Highvale Energy Limited Calgary Jun. [Read more]

A $300 billion private fund designed to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with direct knowledge of the deal told Reuters. The fund is designed to give both sides an economic incentive to conclude a final deal, said the source, who spoke on condition of anonymity because the plan has not yet been announced as Washington and Tehran prepare to sign on Friday. U.S. and Iranian officials [Read more]