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Saudi Oil Crisis Is About to Hit Europe

Saudi Arabia’s oil supply crisis is rapidly becoming Europe’s problem. The September 10 attacks on Saudi Arabia’s East-West Pipeline struck the system at multiple locations and damaged at least one pumping station, forcing Riyadh to shut down the Kingdom’s critical alternative to the Strait of Hormuz. The 1,200-kilometer Petroline can carry around 7 million barrels per day from Saudi Arabia’s eastern producing regions to Yanbu on the Red Sea. Since the war effectively closed Hormuz, it has become one of the most important…

OilPrice.com•Tom Kool1h ago

Continental Strikes Venezuela Oil Deal with PDVSA

Continental Resources signed a memorandum of understanding with Venezuela's state oil company PDVSA on Wednesday to operate and develop the Ayacucho 2 Block in the Orinoco Belt, the company announced, with an estimated 30 billion barrels of resource in place across roughly 126,000 acres in Anzoátegui state. The two sides intend to advance a long-term Contrato de Participación Productiva agreement in the coming weeks; once it's signed, Continental will operate the block with a 100% working interest. The deal is one in a flurry…

OilPrice.com•Charles Kennedy1h ago

Export Constraints Curb Kazakhstan’s Ability to Offset the Global Oil Shortage

Kazakhstan, which has major oil reserves, is not in a position to help offset a looming energy crisis by expanding production, industry analysts say. With the Strait of Hormuz blocked, Russia sanctioned and Saudi Arabia’s East-West pipeline knocked out of action by Iranian drones, experts are predicting a spike in energy prices. The Saudi pipeline alone was responsible for supplying up to 4 percent, or 4 million tons per day, of global oil needs, mostly to Asian markets. Kazakhstan cannot be counted on to make up for some of the…

OilPrice.com•OilPrice.com1h ago

Leaked EU Draft Would Scrap Hydrogen Mandates for EU-Wide Target

A leaked European Commission impact assessment working document for the upcoming Renewable Energy Directive, RED IV, signals a potentially significant shift in renewable fuels policy after 2030. The draft's "preferred pacage" would replace binding national renewable hydrogen mandates with a more flexible EU-wide target, while giving greater room to crop-based biofuels and favoring advanced biofuels made from European feedstocks. The direction suggests that energy security, cost and national flexibility are gaining weight alongside emissions reduction,…

OilPrice.com•OilPrice.com2h ago

Energy Shock Puts Bank of England Under Pressure to Raise Rates

The Bank of England is facing mounting pressure to raise interest rates on Thursday amid a global bond market rout fuelled by concerns over runaway government borrowing and sticky inflation. Investors told Threadneedle Street it was “essential” to rein in prices before the energy shock triggered by the Iran war spreads through the economy and that failing to do so would risk the Bank “losing credibility”. Government bonds across the developed world have been swept up in a historic sell-off, as oil prices surged to multi-month…

OilPrice.com•OilPrice.com3h ago

Russia Extends Diesel Export Ban Through October

Russia will extend its ban on diesel exports for all fuel producers to October 31, Vedomosti reported Tuesday, citing delayed refinery maintenance and the need to rebuild fuel reserves before winter. The ban, expanded in July from traders and small refineries to cover all producers, had been due to expire September 30. Diesel on the St. Petersburg commodity exchange traded at 70,546 rubles a ton in early September, and retail prices reached 88.44 rubles a liter on September 7, up 18.4% since the start of the year. Russia's Energy Ministry said…

OilPrice.com•Charles Kennedy4h ago

U.S. Oil Inventories Edge Lower as Fuel Demand Softens

Crude oil inventories in the United States saw a decrease of 600,000 barrels during the week ending September 11, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 423.4 million barrels, according to government data, which are now 1% above with the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had gained 7.14 million barrels in…

OilPrice.com•Julianne Geiger5h ago

TTF Gas Hits $92.95 as Gulf Tensions Weigh on Energy Markets

Europe’s benchmark natural gas prices held above the 80-euro mark early on Wednesday, staying close to 2022 highs, as low gas volumes in storage sites fuel concerns about winter supplies amid continued disruption and widening conflict in the Middle East. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, rose by 0.3% to $$92.95 (80.545 euros) per megawatt-hour (MWh) as of 9:15 a.m. in Amsterdam on Wednesday. Prices have held above the 80-euro per MWh threshold this week, after soaring…

OilPrice.com•Michael Kern5h ago

Sweeping Russia-Iran Sanctions Bill Advances Toward House Vote

The US House Rules Committee has advanced legislation imposing tougher sanctions on Russia and Iran, clearing a key procedural hurdle for a possible House vote later this week but exposing deep Democratic concerns over the measure's expansion of presidential tariff authority. The committee voted 7-3 late on September 14 to advance a rule setting up debate on the legislation. Debate on the rule is expected to begin around noon local time on September 15. If the rule is approved, the House is expected to consider final passage of the sanctions package…

OilPrice.com•RFE/RL staff5h ago

Germany Weighs Market Incentives to Boost Record Low Gas Storage Level

Germany is considering expanding a key market incentive to encourage traders to raise gas storage levels ahead of the winter, a government source told Reuters on Wednesday as German gas sites are barely half full at present. Europe’s biggest economy has the world’s fourth-largest natural gas storage capacity, but this capacity has been only 56% full as of the middle of September, according to data by Gas Infrastructure Europe. That’s a historically low level, the lowest in at least a decade and a half, as soaring natural gas prices…

OilPrice.com•Tsvetana Paraskova6h ago

Hormuz Shipping Traffic Remains Stuck in Single Digits

Tanker traffic in the Strait of Hormuz remains a fraction of pre-war levels, with four vessels traversing the waterway on Tuesday, down from seven the previous day, Reuters has reported, citing ship-tracking data. The data does not include tankers that have turned off their geolocation devices, the publication noted. Meanwhile, Windward reported just one tanker entering the Strait of Hormuz on September 15th—an oil product carrier. Per the data cited by Reuters, two tankers entered the chokepoint on Tuesday, and two exited. None of the four…

OilPrice.com•Irina Slav12h ago

China Could Curb Fuel Exports as Diesel and Gasoline Stocks Sink

China’s diesel fuel and gasoline inventories are declining, which may eventually lead to the imposition of export curbs, Bloomberg has reported, citing recent fuel inventory data. Gasoline inventories at state-owned energy majors were down by 2.9% last week to their lowest level since 2022, according to Chinese commodity market research firm JLC International. Diesel inventories are sitting at the lowest in 15 months, booking a 2.4% dip last week, the publication noted. “With the domestic market tightening, we see an increasing risk…

OilPrice.com•Irina Slav14h ago

Saudi Pipeline Outage Hits an Oil Market Running Out of Buffers

The war in Iran that had to be over and won by the United States in about six weeks is now in its seventh month and the oil markets are starting to crack. Gone are most of the cushions the market had in the early weeks and months of the Middle East conflict. The oversupply from early this year has disappeared as oil on water was drawn down quickly when the Strait of Hormuz was closed to tanker traffic in March. Record stock releases led by the International Energy Agency (IEA) depleted strategic inventories in developed economies, including in…

OilPrice.com•Tsvetana Paraskova19h ago

Chinese Solar Panels Drop to 12 Cents a Watt, Rooftop Installs Surge Worldwide

Chinese-made photovoltaic panels cost 12 cents a watt in 2026, down from $5-$6 at the turn of the millennium, and that price collapse is now powering rooftop solar installations from Pakistani cement plants to Philippine homes and Australian suburbs, according to the Financial Times. A Pakistani cement giant has cut its power costs by up to 40% with solar at its production sites, and rooftop solar capacity in the Philippines has nearly doubled in a year. At the same time, Africa is on pace to install record gigawatts, and Australia has installed…

OilPrice.com•Alex Kimani20h ago

Hormuz Risk Opens $40-Plus Price Gap Between Crude Grades

Back in late June, after the United States and Iran agreed to cease hostilities in the Persian Gulf for 60 days, oil prices took a dive. Two months later, Brent is trading at over $107 per barrel, and WTI is moving closer to $103, as a deep chasm opens up between the price for oil stuck in the Gulf and oil that can be moved with no threat of a drone or missile attack. Iraq, OPEC’s number-two producer, has suffered some of the most severe disruptions in its oil industry because of the war between the U.S. and Israel, and Iran. The country…

OilPrice.com•Irina Slav21h ago

U.S. Oil Inventories Jump as Cushing Stocks Keep Falling

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by a very large 7.14 million barrels in the week ending September 11. In the week prior, US crude oil inventories fell by 300,000 barrels. Commercial crude oil inventories excluding the SPR have lost just over 41 million barrels over the last 22 weeks, with US crude inventories up nearly 10 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 11, another 400,000 barrels left the SPR to…

OilPrice.com•Julianne Geiger22h ago

Sam Altman Is Selling Utilities the Cure for a Cyberattack His Own AI Helped Cau

The artificial intelligence boom is driving a new wave of autonomous cyberattacks, posing a major and growing threat to critical infrastructure, including the energy grid. Ninety percent of state government chief intelligence officers recently reported that cyberattacks on critical services – including threats to water and wastewater systems, hospitals, transportation, and energy and communication networks – is a matter of great concern, according to a new report from the National Association of State Chief Information Officers and…

OilPrice.com•Haley Zaremba22h ago

Texas Pumped Over a Quarter of All U.S. Natural Gas in 2025

U.S. gross natural gas withdrawals reached 47.7 trillion cubic feet in 2025, with a small group of states accounting for most of the total. Much of this output comes from prolific shale formations such as the Permian, Marcellus, Haynesville, and Eagle Ford. This map, via Visual Capitalist's Niccolo Conte, shows 2025 gross natural gas withdrawals by state and producing area using data from the U.S. Energy Information Administration, with the latest available 2024 figures used for five states. Gross withdrawals measure total well-stream production…

OilPrice.com•OilPrice.com23h ago

ADNOC Scoops Up Iraqi Crude at $25 Per Barrel Discount

ADNOC is buying tens of millions of barrels of deeply discounted Iraqi crude, processing much of it at home and freeing more of its own barrels for export through a route that avoids the Strait of Hormuz. The UAE producer agreed to buy 32 million barrels of Iraqi crude for August at discounts of $24.90 to $27 per barrel and another 40 million barrels for September, according to sources cited by Reuters. September purchases included 10 million barrels discounted by $18 and another 30 million barrels discounted by $25. Actual liftings have been smaller…

OilPrice.com•Julianne Geiger15 Sept

BRICS Summit Takes Aim at U.S. Influence Over the Global Economy

Like the Shanghai Cooperation Organization, BRICS, the global grouping of emerging markets and developing countries, is intent on diminishing Western influence over the world economy. And just like the SCO summit earlier in September, the latest conclave of BRICS leaders fell short of presenting a united front against the West, the United States in particular. Both the SCO and BRICS include China, India, Iran and Russia as permanent members. Among the four, India, the host nation for this edition of the BRICS annual summit, has acted as a brake…

OilPrice.com•OilPrice.com15 Sept