News

A new crude oil pipeline that bypasses the Strait of Hormuz and which the United Arab Emirates began building last year is now 50% complete, the CEO of state oil giant ADNOC, Sultan Al Jaber, said on Wednesday. Iran has largely kept the waterway critical for global oil and gas supplies shut to all ships apart from its own since the U.S.-Israeli strikes in February, sending energy prices and inflation surging, fanning fears of an economic downturn. The Abu Dhabi Media Office publicly revealed [Read more]

U.S. crude and gasoline stockpiles fell last week as demand remained elevated, while distillate inventories were up, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.6 million barrels in the week, the EIA said, while crude oil [Read more]

May 20, 2026 Valleyview, Alberta | Blue Chip MRC & Field Services and Knight Measurement are pleased to announce the formation of Blue Chip Controls, a newly established 50/50 partnership focused on providing Electrical, Instrumentation, Controls, Maintenance, Environmental, Measurement, and Regulatory support services across Western Canada. As part of the partnership, Knight Measurement has transitioned operations under the Blue Chip Controls brand. Blue Chip MRC & Field Services [Read more]

U.S. President Donald Trump is discovering – yet again – just how unforgiving and powerful bond markets can be. A global selloff has swept through sovereign debt markets, as rising inflation has driven yields on long-dated bonds to their highest levels in decades. The 30-year U.S. Treasury yield on Wednesday hit 5.20%, the highest since 2007, and BNP Paribas analysts forecast a "de-anchored rise" toward 5.50% and perhaps even beyond. This debt rout has been accompanied by a dramatic [Read more]

The tanker crew gathered their courage and carefully navigated along a route designated by Iran, hugging the coastline and maneuvering their hulking vessel between island checkpoints through the Strait of Hormuz. The 330-metre-long Agios Fanourios I, laden with Iraqi crude oil and bound for Vietnam, had been bottled up off the coast of Dubai since late April. But on May 10 it set off for the strait after a direct deal with Iran overseen by Iraq’s prime minister. Iran’s orders to the tanker [Read more]

Saudi Arabia's crude oil exports in March fell to 4.974 million barrels per day from 7.276 million bpd in Feb, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]