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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 Slav1h 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 Paraskova6h 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 Kimani7h 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 Slav8h 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 Geiger9h 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 Zaremba9h 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.com10h 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 Geiger12h ago

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.com12h ago

The New ‘Mecca Alliance’ Warns Iran Over Houthi Attacks on Saudi Arabia

Despite the official Iranian view reiterated last week that it “does not control the Houthis [in Yemen]”, it was senior Islamic Revolutionary Guard Corps (IRGC) commanders in Tehran who ordered the 8 September attacks on Saudi Arabia, while several IRGC officers and men on the ground in Yemen co-ordinated the strikes, a senior source in the European Union’s (EU) energy security complex exclusively told OilPrice.com. “The IRGC’s been funding, arming, and training the Houthis for years, and frequently advises it in live,…

OilPrice.com•Simon Watkins12h ago

US Energy Secretary: Saudi Pipeline Could Be Back in Service Within Days

Saudi Arabia’s East-West oil pipeline could be back in service within days, U.S. Energy Secretary Chris Wright said Tuesday, offering the first relatively concrete timeline for restoring a route that had been moving 4 million to 5 million barrels per day around the largely closed Strait of Hormuz. The 1,200-kilometer pipeline was shut after an attack last week damaged the system. Wright said Saudi officials were still assessing the damage, but expected repairs to be measured in days rather than weeks. The East-West line has been carrying…

OilPrice.com•Julianne Geiger13h ago

Saudi Oil Crisis Deepens as Aramco Suspends Yanbu Loadings

Saudi Arabia suspends Yanbu oil loadings after halting its East-West pipeline, sending Brent back to $108. Asia’s Oil Crunch Sends Regional Benchmarks to Record Highs - Asia’s oil industry is facing a double whammy of supply shortages and better-than-expected demand, with crude differentials across the region gradually climbing towards record highs. - Futures prices on China’s Shanghai Futures Exchange rose to $138 per barrel on Tuesday, the highest reading on record, as Chinese refiners scramble to put their hands on available…

OilPrice.com•Tom Kool13h ago

Libya Threatens Force Majeure as Oil Guards Shut Fields

Libya’s National Oil Corporation is threatening to declare force majeure after members of the security force assigned to protect the country’s oil infrastructure shut a pipeline valve and halted production at two fields. Production has stopped completely at the Hamada and Tahara oilfields and at a pumping station after members of the Petroleum Facilities Guard closed a valve on the main Hamada-Zawiya crude pipeline, NOC said Tuesday. The shutdown could spread. The Petroleum Facilities Guard said it would impose partial production cuts…

OilPrice.com•Julianne Geiger14h ago

U.S. Diesel Prices on Track for Record Year

Diesel prices in the U.S. just climbed above the previous weekly record set in 2022, and the 2026 annual-average record is now within striking distance. Gasoline prices, while still elevated, are unlikely at this point to set a new annual record. The latest EIA data sharpen that divergence. For September 7, on-highway diesel jumped 36.8 cents to $5.967 per gallon nationally, surpassing the previous nominal weekly high of $5.810 set in June 2022. Regular gasoline rose 8.6 cents to $4.157, still well below its $5.006 weekly peak in June 2022. That…

OilPrice.com•Robert Rapier14h ago

Saudi Aramco Cancels European Crude Cargoes as Key Pipeline Stays Shut

Saudi Aramco has canceled or delayed crude deliveries to European refiners after the shutdown of the kingdom’s East-West pipeline cut into one of its remaining routes around the Strait of Hormuz. At least three European refiners have had late-September cargoes canceled or pushed as far out as November, according to market sources cited by Argus. Two more expect notices covering September supplies. The 7-million-bpd East-West pipeline has been offline since a September 10 attack. The pipeline carries crude from eastern Saudi oil fields to…

OilPrice.com•Julianne Geiger15h ago

Can The Power Grid Handle AI And Wildfires At The Same Time?

Federal regulators handed utilities a deadline this summer that has nothing to do with a storm or a heat wave. On July 16, the Federal Energy Regulatory Commission ordered the North American Electric Reliability Corporation to write mandatory reliability standards for a new class of grid customer: the AI data center. NERC has until Dec. 31 to figure out how to fold gigawatt-scale computing campuses into a system built to move electricity, not babysit it. Gartner expects power shortages to operationally constrain 40 percent of existing AI…

OilPrice.com•Michael Kern15h ago

Russia and Ukraine Exchange Strikes Despite Trump’s Claim of a Truce

Russia and Ukraine exchanged strikes overnight, hitting a gas station and an oil refinery, according to local authorities and monitoring Telegram channels. The attacks on September 14-15 came just hours after US President Donald Trump said Moscow and Kyiv had agreed not to target each other's energy facilities. Separately, Lithuanian authorities said a NATO fighter jet shot down a drone that entered the country's airspace early on September 15. In the Ukrainian capital, a petrol station and warehouse facilities were hit early on September 15, and…

OilPrice.com•RFE/RL staff16h ago

China’s Yuan Crude Oil Futures Jump to Record High

The yuan-denominated crude oil futures trading in China hit this week their highest level since the contract was launched in 2018 as escalating threats to Middle East’s oil supply and increased purchases by Chinese refiners push prices higher. Launched in March 2018, the INE crude oil futures contract (SC) is a physical-settlement contract priced and traded in Chinese yuan on the Shanghai International Energy Exchange. The crude futures soared to as much as 929.4 yuan, or $138.50 per barrel, on the exchange, according to data compiled by…

OilPrice.com•Michael Kern17h ago

Drone Strikes Cripple Half of Russia's Top Diesel Refineries

Three of Russia's six largest diesel-producing refineries are now either shut or operating at roughly one-quarter capacity after Ukrainian drone attacks damaged plants that together form the backbone of the country's fuel system. The six refineries—Omsk, Kirishi, Taneco, Volgograd, NORSI and Perm—account for roughly half of Russia's diesel production, according to Reuters calculations based on market data. Kirishi is completely offline. Volgograd and NORSI are running at about 25% of nameplate capacity. Taneco was struck Sunday. The…

OilPrice.com•Julianne Geiger18h ago

UK Oil and Gas Group Says Earlier Tax Shift Could Raise £14.9 Billion

A new fiscal regime in the UK from 2027 could deliver an additional £14.9 billion, or $20 billion, to Britain’s revenues, the leading offshore industry group said in its annual Economic Report, calling on the Burnham government to bring forward the tax change planned for 2030. Offshore Energies UK (OEUK) wants the Oil and Gas Revenue Levy, a price-triggered mechanism planned to replace the current Energy Profits Levy from 2030, to be introduced from January 2027. The UK tax regime has changed several times since 2022 by both Conservative…

OilPrice.com•Tsvetana Paraskova21h ago