HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced that Energy Forge One LLC, a wholly owned subsidiary, has signed an agreement with Microsoft Corp. (NASDAQ: MSFT) to develop a co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. Chevron and Engine No. 1 have been collaborating on the development, known as Project Kilby (“Kilby”). Kilby is expected to deliver [Read more]
Headlines
Goldman Sachs says EV surge may cut oil demand by late 2027
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]
Oil tanker traffic picks up through Hormuz
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]
Chevron signs power supply deal with Microsoft for Texas data center
Chevron said on Monday it has signed an agreement with Microsoft to develop a co-located facility that would provide natural-gas fired power to the technology giant's data center in West Texas. Technology companies, including Microsoft, are rushing to secure electricity supply for their rapidly expanding data centers that would supportAI services such as ChatGPT and Copilot. Chevron said the co-located facility, known as project Kilby, would provide dedicated electricity to Microsoft's [Read more]
Saudi Arabia’s April crude exports extend fall to lowest on record, JODI data shows
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 has plenty of crude oil, but refined fuels remain tight: Russell
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]
Iran war triggers global race to build oil reserves: Bousso
Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a fifth of global oil and liquefied natural gas supplies for over three months – reshuffling energy markets and boosting Brent crude to nearly $120 a barrel – it could have been far worse. One [Read more]
Talks between Iran and US concluded successfully, Pakistan PM says
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]
Qatar brings LNG tankers into Hormuz despite shipping slowdown
Four liquefied natural gas tankers controlled by Qatar were heading into the Strait of Hormuz on Monday, despite a fall in ship traffic after Iran announced that it had again closed the waterway over the weekend, shipping data showed. The tankers - Wadi Al Sail, Mekaines, Al Sadd and Mesaimeer - were entering the strait via the Iranian route for the first time since the U.S.-Israeli war with Iran started, shiptracking data from analytics firm Kpler showed. QatarEnergy, whose LNG exports [Read more]
Shipping slows after Iran says it has again shut the Strait of Hormuz
The number of ships that passed through the Strait of Hormuz fell sharply on Sunday after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal, shipping data showed. Five vessels passed the strait on Sunday, from 26 ships spotted a day earlier, data from analytics firm Kpler showed. These included three Very Large Crude Carriers carrying 2 million barrels of Saudi crude and fuel oil each, one of which was heading to Japan. The data may [Read more]
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