• Navin Mahajan to retire after nearly 30 years with the company • Uriel "Ose” Oseguera named Treasurer of Chevron HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced the election of Uriel "Ose" Oseguera as Treasurer, effective November 1, 2026. Oseguera succeeds Navin Mahajan, who will retire from Chevron after nearly 30 years of service. As Treasurer, Oseguera will lead Chevron's treasury organization, including capital markets, corporate finance, insurance, credit [Read more]
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US Gulf of Mexico oil and gas lease sale attracts $82.7 million in high bids
The latest Trump administration sale of oil and gas drilling rights in the Gulf of Mexico attracted nearly $82.7 million in high bids on Wednesday, generating more money than a sale in March, but far less than one held in December. The Trump administration offered more than 80 million acres (32.4 million hectares) in the Gulf of Mexico to drillers as part of an effort to boost domestic energy production with regular offshore lease sales. The sale is the second since the U.S.-Israeli war with [Read more]
US crude stocks see largest weekly rise in 3.5 years, EIA says
U.S. crude stocks excluding barrels in the Strategic Petroleum Reserve posted a surprise build and made their largest weekly gain since January 2023 last week as exports slumped, the Energy Information Administration said on Wednesday. Crude inventories rose by 17.4 million barrels to 424.4 million barrels in the week ended August 7, their highest level since June 5, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel draw. Crude stocks at the [Read more]
Trump says US has ‘total control’ over Strait of Hormuz
U.S. President Donald Trump on Wednesday said the United States in is control of the Strait of Hormuz. "The U.S.A. has total control over the Strait of Hormuz. I THINK WE WILL KEEP IT! Our Naval Blockade is being called, by everyone, “A WALL OF STEEL,” and there is nothing Iran can do about it," he wrote on his Truth Social platform. (Reporting by David Ljunggren and Ryan Patrick Jones; Editing by Caitlin Webber) [Read more]
OPEC further lowers 2026 global oil demand growth forecast
(Changes sourcing to report on OPEC's website in paragraph 3) LONDON, Aug 12 - OPEC on Wednesday lowered its forecast for world oil demand growth in 2026 to 580,000 barrels per day, a copy of its monthly report showed, marking the fourth straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the International Energy Agency, which expects demand to decline in 2026. The Organization of the [Read more]
US to offer 81 million acres in Gulf of Mexico oil and gas lease sale
The Trump administration on Wednesday will offer more than 81 million acres (32.8 million hectares) in the Gulf of Mexico to oil and gas drillers as part of an effort to boost domestic energy production with regular offshore lease sales. The sale is the second since the U.S.-Israeli war with Iran disrupted global crude flows and sent oil prices to four-year highs. It is the third of 30 mandated by U.S. President Donald Trump's tax cut and spending law passed in 2025. The Interior [Read more]
IEA slashes 2026 supply forecast as Hormuz reopening remains elusive
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said in its monthly oil market report on Wednesday, as renewed hostilities in the Middle East are set to plunge the world deeper into an oil-market deficit. The U.S.-Iran ceasefire broke down last month around a month after the parties signed a memorandum of understanding to end the war. Since then, tanker attacks in the Strait of Hormuz have resumed and the conflict spread as [Read more]
Oil rises as doubts over US-Iran deal heighten supply concerns
Oil prices rose on Wednesday as doubts about a U.S.-Iran peace deal and attacks on two ships fuelled concerns about disruptions to Middle East supplies, although industry data showed swelling inventories of U.S. crude. Brent futures were up 75 cents, or 0.84%, to $89.66 a barrel by 0553 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 72 cents, or 0.87%, to $83.92. Both contracts had risen more than $1 earlier in the session. That followed Tuesday's rises of more than $1 for the [Read more]
Hormuz shipping traffic falls to one-week low amid hostilities
The tally of vessels tracked in the Strait of Hormuz fell to a one-week low of eight on Tuesday, shipping data showed, as owners avoided the key waterway amid continued hostilities in the Middle East. The United States and Yemen's Iran-aligned Houthis reported separate attacks as prospects appeared to dim for an end to the Iran war, with Tehran saying the strait would stay closed unless Washington accepted its conditions. Tuesday's tally of eight vessels fell below a 10-day average of [Read more]
Cavvy Energy Releases Q2 2026 Financial and Operating Results, Provides Operational Update, and Increases 2026 Guidance
Record Sulphur Revenues Contribute to a NOI Increase of 87% Year Over Year, $39 Million of Debt Repayment, and Improved Financial Guidance Not For Distribution to United States News Wire Services or Dissemination in United States CALGARY, Alberta, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Cavvy Energy Ltd. (“Cavvy” or the “Company”) (TSX:CVVY) is pleased to announce its second quarter 2026 financial and operating results. The Company produced 21,497 boe/d of hydrocarbons, 984 mt/d of sulphur, and [Read more]