Asia's crude oil imports climbed to the highest in July since the Iran war started, but were still 15% below pre-conflict levels. The top-energy consuming continent saw imports of 22.82 million barrels per day in July, according to data compiled by commodity analysts Kpler. This was down about 4 million bpd from the average of 26.89 million bpd in the three months prior to the U.S. and Israeli attacks on Iran on February 28. Imports of refined fuels also showed some recovery in July, [Read more]
Headlines
International Petroleum Corporation Announces Second Quarter 2026 Financial and Operational Results and Releases Sustainability Report
TORONTO, Aug. 04, 2026 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2026. IPC also released its annual Sustainability Report detailing IPC’s sustainability approach and initiatives. William Lundin, IPC's President and Chief Executive Officer, comments: "We were very pleased [Read more]
Venezuela’s oil exports fell slightly in July, cargoes to US rose
Venezuela's oil exports fell slightly to 1.16 million barrels per day in July from 1.2 million bpd the previous month as the country drained fewer inventories, but exports to the U.S. jumped to some 786,000 bpd, the highest since early 2019, shipping data showed on Monday. The OPEC country's exports have recovered rapidly this year from historically low figures caused by U.S. sanctions and a naval blockade imposed by the Trump administration to oust President Nicolas Maduro. A key oil supply [Read more]
Williams to buy Momentum for $5.5 billion, misses quarterly estimates
Pipeline company Williams said on Monday it would buy Momentum Midstream, as it bets on growing demand from LNG export facilities, power generation and industrial users along the U.S. Gulf Coast. The deal, which includes about $3.5 billion in cash and assumed debt and roughly $2 billion in Williams stock, will expand Williams' footprint in the Haynesville shale basin, a key supplier of natural gas to Gulf Coast LNG terminals. U.S. pipeline companies are benefiting from booming oil and gas [Read more]
Letter to Stockholders Issued by Diamondback Energy, Inc.
MIDLAND, Texas, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter. Macro Update The disruption of oil flows through the Strait of [Read more]
Diamondback Energy, Inc. Announces Second Quarter 2026 Financial and Operating Results
MIDLAND, Texas, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2026. SECOND QUARTER 2026 HIGHLIGHTS Average oil production of 525 MBO/d Production of 1,018 MBOE/d, surpassing the 1.0 million barrels of oil equivalent per day milestone Net cash provided by operating activities of $3.6 billion; Operating Cash Flow Before [Read more]
Iran war ushers in oil refining golden era. It won’t last: Bousso
Bumper oil refining profits triggered by the Iran war are turbocharging Big Oil's earnings, breathing new life into a business many investors had largely written off. The sector looks poised to produce unusually strong returns for several years, but long-term structural changes in oil consumption mean refining’s star will likely fade quickly. Despite occupying a critical position in the global energy supply chain, refining has long been the least glamorous corner of the oil business. Western [Read more]
US LNG exports stall in July despite higher LNG prices
American LNG producers were unable to take advantage of a rally in global gas prices in July as maintenance and seasonally lower production kept export volumes largely unchanged from the previous month. U.S. exports of liquefied natural gas slipped to 10.48 million metric tons (MT) in July from 10.6 MT in June, according to preliminary data from financial firm LSEG. Exporters traditionally use summer months for maintenance, since warmer weather makes it less efficient to supercool natural [Read more]
Trump demands lower gas prices from oil companies, chides Chevron CEO
U.S. President Donald Trump again called on oil companies to lower gasoline prices for American consumers on Monday, chiding Chevron Chief Executive Mike Wirth for not crediting his administration's efforts to help the oil industry. Trump admonished Wirth for failing to credit his administration - in a television interview - with helping oil companies, including creating a market in Venezuela. "The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and [Read more]
War-fueled oil rally set to lift shale profits to highest since 2022
U.S. shale producers are expected to report their strongest quarterly profits since 2022 after the Iran war sent crude prices soaring, with analysts expecting much of the windfall to be returned to shareholders rather than spent on expanding production. ConocoPhillips, Occidental Petroleum, EOG Resources, Diamondback Energy and Devon Energy are among the producers expected to post sharply stronger second-quarter earnings after benchmark oil prices climbed for much of the quarter, boosting [Read more]
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