Dense heavy crude, which oil refiners around the world favor for its typically low cost, is piling up in the Americas as soaring freight rates have stifled exports and US refiners have been running close to their limits. The glut in North and South America has opened an unusual split in the global oil market, as buyers in Asia and Europe struggle with supply shortages and benchmark prices hold above $100 a barrel. Heavy crude is a denser type of oil that Asian, many US, and some European [Read more]
Headlines
Russia says it may export up to 3.5 million tons of diesel a month by year-end
Russia will be able to recover its diesel exports to between 3 million tons and 3.5 million tons per month by year-end, the country's usual exporting volumes of the fuel, Deputy Prime Minister Alexander Novak said on Monday. Speaking to Rossiya-24 state TV channel, he also said that thanks to the deal agreed on with US President Donald Trump, additional Russian diesel supplies will partially balance global supply and demand. (Reporting by Olesya Astakhova and Maxim Rodionov; writing by [Read more]
What is the diesel deal between Putin and Trump?
US President Donald Trump has stepped up his efforts to lower US diesel prices by lifting sanctions on Russian diesel exports and announcing a ceasefire on energy infrastructure between Russia and Ukraine. Soaring US diesel prices are hurting US truckers and farmers, and are a concern for voters and political parties ahead of November 3 midterm elections. US prices were down 0.5% on Monday following Trump's announcements. HOW MUCH DIFFERENCE WILL RUSSIA'S RELEASE MAKE? Trump said on [Read more]
Trump defends Russia diesel deal as lawmakers from both parties complain
President Donald Trump on Monday defended a diesel oil deal he made with Russia as lawmakers from both parties complained the agreement appears to violate US law barring imports of Russian energy until Moscow ends its aggression against Ukraine. Trump said he is taking steps to bring down high fuel prices, which are jeopardizing Republican chances in the November 3 midterm elections. Prices have shot up since he launched a war against Iran seven months ago but he blames Ukraine's attacks on [Read more]
Middle East LNG industry remains hostage of Iran war: Bousso
While Middle Eastern oil exports have rebounded in recent weeks, Qatar's vast liquefied natural gas export facilities remain hobbled. Until a durable resolution of the US-Israeli war with Iran is reached, Gulf shipments will be heavily curtailed, leaving the global LNG market seriously strained. Qatar is the world's second-largest producer of LNG behind the United States. It accounts for around a fifth of global capacity at nearly 80 million metric tons per year. The Iran war, now in its [Read more]
Saudi Aramco studying new crude export routes, overseas storage expansion
Saudi Aramco CEO Amin Nasser said the company was studying additional crude oil export routes and working to expand its overseas storage capacity, as global energy markets face disruptions stemming from ongoing conflicts in the region. (Reporting by Jana Choukeir and Sarah El Safty, Editing by Louise Heavens) [Read more]
Iran says it will reply to US response on Hormuz proposal once review over
Iran is still reviewing a US response to its proposal regarding the reopening of the Strait of Hormuz and will reply to Washington via intermediaries when the review is over, foreign ministry spokesperson Esmaeil Baghaei said on Monday. Baghaei also told a press conference that Iran continues to exchange messages via intermediaries, without elaborating. Qatar and Pakistan, among others, have acted as mediators in efforts to end the war that began with US and Israeli strikes on Iran on [Read more]
Top oil executives dropped from event schedule after Riyadh attacks
Several top energy executives were dropped from the schedule of the WPC Energy Congress in Riyadh, as Saudi authorities pressed ahead with the event despite deadly attacks on the capital claimed by Yemen's Iran-aligned Houthis. The chief executives of ExxonMobil, TotalEnergies, Shell, Chevron and BP had all been expected at the event, which began on Sunday, but were no longer on the agenda that conference organisers released early Monday. “To everyone who travelled to Riyadh, thank you,” [Read more]
International Petroleum Corporation Announces Results of Normal Course Issuer Bid
TORONTO, Oct. 12, 2026 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 107,393 IPC common shares (ISIN: CA46016U1084) during the period of October 5 to 9, 2026 under IPC’s previously announced normal course issuer bid / share repurchase program (NCIB). IPC’s NCIB, announced on December 3, 2025, is being implemented in accordance with the Market Abuse Regulation (EU) No [Read more]
OPEC cuts 2026 oil demand growth forecast to 400,000 bpd, sees pent-up demand in 2027
OPEC has revised down its oil demand growth forecast for this year to 400,000 barrels per day from 1.4 million bpd at the start of the year, in line with developments throughout the year, Haitham Al Ghais, Secretary General of the organisation said on Monday. However, OPEC expects the deferred demand to materialise in 2027, when it anticipates pent-up demand. (Reporting by Jana Choukeir) [Read more]
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