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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

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 Watkins15 Sept

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 Geiger15 Sept

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 Kool15 Sept

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 Geiger15 Sept

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 Rapier15 Sept

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 Geiger15 Sept

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 Kern15 Sept

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 staff15 Sept

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 Kern15 Sept

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 Geiger15 Sept

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 Paraskova15 Sept

LNG Demand in China and India Could Surge When Prices Normalize

Depressed LNG demand in recent months in China and India is the result of spiking LNG prices due to the Middle East conflict, and consumption in the key Asian gas import markets is set to rebound once the war ends and prices normalize, industry executives say. The war in Iran and the closure of the Strait of Hormuz have choked LNG supply out of Qatar and the United Arab Emirates (UAE). Persian Gulf producers have managed to find workarounds for oil deliveries, including shuttle-shipping crude out of the Strait and then transferring the cargo…

OilPrice.com•Tsvetana Paraskova15 Sept

Saudi Oil Pipeline Repairs Could Take Weeks After Drone Attack

Last week’s drone attacks on Saudi Arabia’s key East-West oil pipeline have caused damage that could take weeks to repair, potentially significantly cutting the disrupted crude oil flows from the Middle East. Saudi Arabia was forced to temporarily shut down the East-West oil pipeline following drone attacks launched from the territory of Iraq close to the Iranian border on Thursday. The shutdown of the pipeline is a precautionary measure, after the attacks resulted in a number of injuries, the world’s top crude oil exporter…

OilPrice.com•Tsvetana Paraskova15 Sept

Oil Prices Rise on Saudi Pipeline Outage and Rising Red Sea Risks

Oil prices continued to rise early on Tuesday, rallying by 1.7% in Asian trade, as the Iran-backed Houthis in Yemen are expanding their control over the west coast along the Red Sea, while the attacks on a key Saudi onshore oil pipeline triggered concerns about additional disruptions to already severely disrupted oil supply from the Middle East. As of publication, Brent Crude prices were up by 1.67% in Asian trade at $107.45 per barrel. WTI Crude held above the $ 103-a-barrel mark it hit on Monday. The U.S. crude oil benchmark rose by 1.9%…

OilPrice.com•Tsvetana Paraskova15 Sept

Wealthy Investors Flock To Oil & Gas Assets Amid Energy Crisis

The U.S. and global economies have continued to mint high-net-worth individuals at a historic clip, with wealth intelligence firm Altrata noting that the combined wealth of the world’s billionaires jumped 12.8% Y/Y to a record $15.1 trillion in 2025. The ranks of the “Three Comma Club” hit a record 3,795 people as the AI boom turbocharged wealth creation across the globe. Not surprisingly, tech has been a major driver of new wealth, with tech billionaire wealth tripling over the past decade. However, ultra-high-net-worth investors…

OilPrice.com•Alex Kimani15 Sept

$100 Oil Puts Central Banks Back on Inflation Alert

Crude oil prices have extended their earlier gains into this week, with little chance of reversing course as the war in the Middle East expands and desire for a peaceful resolution seems to wane, as global oil stocks continue shrinking. Inflation is creeping up. Recession fears are back. It may just be a matter of time. Diesel prices in the United States have gained some 60% since late February, the Wall Street Journal reported at the end of last week. It was the same week when diesel prices hit an all-time high of $6 per gallon, sparking those…

OilPrice.com•Irina Slav14 Sept

Global Fuel Squeeze Triggers U.S. Refiners Stocks Rally

Energy stocks have rallied this year as oil prices soared amid the Middle East conflict. The U.S. supermajors ExxonMobil and Chevron have seen their stocks gain about 40% each so far in 2026, but U.S. refiner stocks have outperformed the majors because the global fuel market is much tighter than crude oil markets. The share prices of Phillips 66 (PSX:NYSE), Valero Energy (VLO:NYSE), and Marathon Petroleum (MPC:NYSE) have more than doubled this year, as fuel markets are tightening with more than 7 million barrels per day (bpd) of refined product…

OilPrice.com•Tsvetana Paraskova14 Sept

New MIT Process Could Solve Hydrogen's Biggest Supply Chain Problem

Scientists at MIT have discovered a new way to extract high-purity hydrogen from ammonia while using a lot less energy than previous technologies. The breakthrough could provide a critical inroad toward reducing the energy and ecological footprint of the hydrogen sector, which powers a wide range of industrial processes and technologies from fuel cells to computer chip manufacturing. Green hydrogen has often been touted as a silver-bullet solution for decarbonizing hard-to-abate sectors like the shipping industry and steelmaking, as…

OilPrice.com•Geoffrey Styles14 Sept