Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest level since November 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Noel John in Bengaluru) [Read more]
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US Treasury to broaden scope of secondary sanctions on Iran, source says
The U.S. Treasury is expected on Monday to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran as the Trump administration seeks to increase economic pressure on Tehran, a source familiar with the plans told Reuters. The action is aimed at giving a final warning to countries to sever their business ties with Iran in an effort to force an end to the nearly six-month conflict that has bottled up the Strait of Hormuz and Gulf [Read more]
Exxon turns to automated drilling in the Permian in push for higher oil output
In rural west Texas where oil rigs and pump jacks dot the sparse flat landscape, an ExxonMobil contractor sits in a small office on a drilling rig, using controls on a screen to operate robotic machinery and move tall steel pipes weighing roughly 2,000 pounds. This work would usually require human overseers standing on the rig floor, the most common location for accidents on a rig. Exxon, the largest oil producer by volume in the U.S., operates more than 30 drilling rigs in the Permian Basin, [Read more]
The Hormuz crude volume debate masks the real shortage of refined fuels: Russell
The crude oil market is currently engaged in the wrong debate over how much oil is actually moving via the Strait of Hormuz. It should be debating the constrained flows of refined products around Asia. U.S. Energy Secretary Chris Wright has repeatedly claimed that much more crude is getting through the disputed strait than vessel-tracking analysts such as Kpler can see. One of Wright's claims was that about 15 million barrels per day (bpd) exited the Strait of Hormuz on a day last week, [Read more]
IEA’s Birol: not discussing a second release of strategic oil reserves
The International Energy Agency is not discussing a second release of strategic oil reserves at this time, IEA chief Fatih Birol told Reuters on Monday. "Not for the time being," Birol said on the sidelines of an energy conference in Norway when asked whether the agency was discussing a second release of strategic reserves. The IEA is always following the markets "very, very closely", and 80% of strategic reserves remain after a 400 million-barrel release in March, Birol added. On gas, [Read more]
Morgan Stanley raises Brent forecasts on slow Mid-East recovery
Morgan Stanley has raised its Brent crude price forecasts for the coming quarters, saying Middle East supply is recovering more slowly than expected, leaving the oil market in deficit throughout the fourth quarter of 2026 and first quarter of 2027. * "Crude is tightening. Recent weeks have seen one of the sharpest declines in oil-on-water, whilst onshore inventories are declining as well, including in China," Morgan Stanley said in a note on Sunday. * The bank sees a more drawn-out Middle [Read more]
US refiners face historic stress test as global crisis looms: Bousso
U.S. refineries have operated near maximum capacity for the longest sustained period in over a quarter century,scrambling to capture windfall profits created by the Iran war. But history offers a cautionary tale: “Super refining” runs that push plants too hard can cause major failures. This has global implications. U.S. refineries’ ability to sustain today’s elevated operating rates for months, or potentially years, could mean the difference between an exceptionally tight global fuel market and [Read more]
Looming US sanctions on Iran put China oil buying in spotlight
China has for several years been the biggest buyer of Iranian oil, putting its purchases in the spotlight as the U.S. threatens heavy economic sanctions on Tehran. Treasury Secretary Scott Bessent was scheduled to hold a press conference at 1 p.m. EDT (1700 GMT) on Monday. Following are key details on China's oil trade with Iran, which last year averaged 1.4 million barrels per day, according to ship-tracking firm Kpler. HOW MUCH OIL DOES CHINA CURRENTLY BUY FROM IRAN? Less than it [Read more]
UKMTO says tanker struck by unknown projectile off Saudi Arabia’s Yanbu
A tanker was struck by an unknown projectile 63 nautical miles west of Saudi Arabia's port city of Yanbu, leading to a fire on the vessel's main deck, the United Kingdom Maritime Trade Operations said on Monday. The UKMTO said all crew were safe and accounted for with no reported environmental impact. Yanbu is Saudi Arabia's main Red Sea oil port, where millions of barrels a day are loaded, and has become the main route out for Saudi oil skirting the Strait of Hormuz, which has been [Read more]
International Petroleum Corporation Announces Results of Normal Course Issuer Bid
TORONTO, Aug. 24, 2026 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 225,000 IPC common shares (ISIN: CA46016U1084) during the period of August 17 to 21, 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]
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