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The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the "red zone" in July-August, the head of the International Energy Agency said on Thursday without elaborating. The world entered the oil supply crisis caused by the Iran war with a surplus of oil, which helped to absorb the shock, but now stocks are now eroding, Fatih Birol said in a speech at Chatham House in London. In March, the [Read more]

Shale producer Devon Energy on Thursday said it has acquired 16,300 net undeveloped acres in the core of the Delaware Basin in New Mexico for about $2.6 billion through a federal lease, strengthening its position in the top U.S. shale basin. The deal comes weeks after Devon closed its $58 billion merger with Coterra Energy, as producers consolidate to cut costs and boost scale. The Delaware Basin, part of the broader Permian Basin spanning West Texas and New Mexico, remains the most [Read more]

HOUSTON, May 21, 2026 (GLOBE NEWSWIRE) -- Devon Energy Corporation (NYSE: DVN) announced the successful acquisition of 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, for approximately $2.6 billion, or approximately $161,500 per net acre, through the Bureau of Land Management (“BLM”) Oil and Gas Lease Sale. This acquisition bolsters the premier Delaware Basin positions in the industry, extends inventory life, and is accretive to net asset [Read more]

China continued to build its massive stockpile of crude oil in April, even though imports dropped to the lowest in nearly four years. China's surplus crude amounted to about 430,000 barrels per day in April as the 20% drop in imports was outweighed by refinery processing sliding to the lowest since August 2022. The ongoing building of inventories by the world's biggest crude importer underlines that China is in quite a different situation to the rest of the world, which is burning through [Read more]

The oil industry has shown remarkable resilience in the face of the largest energy supply shock in modern history, pulling multiple levers to cushion the blow of the Iran war. But barring a breakthrough in peace talks, the global market may be only months away from a breaking point. The world’s biggest and most liquid commodity market has entered a phase of unprecedented uncertainty since the outbreak of the Iran war and the near-hermetic closure of the Strait of Hormuz – previously the conduit [Read more]

Oil prices edged up on Thursday, paring some previous losses as investors monitored peace talks between the U.S. and Iran, while supply tightness and U.S. inventory drawdowns provided some support. Brent crude futures rose 78 cents, or 0.74%, to $105.80 a barrel by 0341 GMT, and U.S. West Texas Intermediate futures were up 84 cents, or 0.85%, at $99.10. Both benchmarks dropped more than 5.6% on Wednesday to an over one-week low after U.S. President Donald Trump said negotiations with Iran [Read more]