Oil & Upstream

Crude oil, OPEC+, US shale and upstream energy market news and analysis for commodity traders.

China Slashed Oil Imports 40% in June as 1.4 Billion-Barrel Stockpile Cushioned Hormuz Disruption

Strait of Hormuz 7 Aug

Petrobras earnings beat forecasts by 3% on Iran war price gains

Petrobras 7 Aug

Petrobras Squeezes Record Output From Buzios as 2027 Pipeline Tests Brazil's Supply Ambitions

Petrobras 7 Aug

Oil Slides From $100 Peak But Consumer Prices Show Little Relief

BP Takes Sole Control of Calypso Deepwater Gas Field as Woodside Exits Trinidad

Libya and NOC Push Toward 2 Million Bpd as Essar Discovery Declared Commercial

BP Hands Over Gelsenkirchen Refinery to Klesch as $1B OpEx Cuts Bite

U.S. Gasoline Prices Near Calendar Record as Tight Stocks Outlast the Crude Pullback

United States 7 Aug

Brent Prices $82 With No Physical Brent Crude Scheduled to Load in August

China's Crude Imports Begin Recovery After Hormuz-Driven June Slump

Strait of Hormuz 7 Aug

Aramco's 33% Profit Jump Draws Trump's Fire as Brent Recovers to $82

WTI Slides Back Toward June Lows as Hormuz Recovery Drains the Geopolitical Premium

Ratio Returns for Pharos With Counter-Bid Above Serica's Agreed £146m

ONGC's Doubled Profit Rests on a Shrinking Production Base

Venezuela Crude Output Up 17.6% as Hormuz Squeeze Draws Buyers to Atlantic Basin

Strait of Hormuz 7 Aug

Inpex Raises Full-Year Profit Guidance 45% Above Prior Midpoint on Ichthys Stability and Yen Weakness — JKM Supply Risk Minimal, Buy 1605 JP on Dips

COP Buyback Cadence Signals $22.7B Floor Bid Under Stock as Q2 Share Price Slid 8%

DNO Takes Hostile Run at Kurdistan Partner Genel Amid Capricorn Battle

Saudi Arabia 7 Aug

China Cuts Qatar LNG Imports Sharply and Seeks Non-Hormuz Supply Deals as Brent Holds at $83

Macquarie Forecasts U.S. Crude Build as WTI Slides Below $78

Service Sector Backlogs Rise 78% in the Middle East as UAE Offshore Output Stays Offline

UK Fuel Theft Jumps 48% as Affordability Stress Builds Downside Pressure on Oil Markets

United Kingdom 7 Aug

Aramco Weighs New Sidi Kerir Price Track for Asia as Chinese Buyers Pull Back

Saudi Aramco 7 Aug

ONGC Quarterly Profit Doubles as Hormuz Supply Shock Reshapes Indian Oil Economics

Strait of Hormuz 7 Aug

Iraq Plans to Triple Kirkuk-Ceyhan Flows as Hormuz Bypass Race Intensifies

Strait of Hormuz 6 Aug

Oil Extends Decline as Trump Suspends Iran Strikes, OPEC+ Loosens Quotas

BP's $32 Billion Bumerangue Discovery Forces Hard Choices on Brazil Farm-Down

Shell's Merlin Find Revives Namibia Orange Basin as TotalEnergies Targets 2030 First Oil

J.P. Morgan Cuts Brent to $78 Year-End as Post-Hormuz Demand Weakness Overwhelms Supply Recovery

UAE Near-Record Output and Venezuelan Supply Lift Add to Deepening Gulf Surplus

BP North Sea Sale Faces Bearish Basin Economics After Governance Overhaul

BP Raises Dividend as War-Driven Crude Lifts Q2 Profits, but Output Falls

Energy open interest drops $37 billion as three supply corridors stay blocked

Refining margins triple while crude slides — a mismatch oil traders may regret

EIR Holds $100 Brent Through 2027 as Inventory Builds and Chinese Demand Weakness Pull the Other Way

NSTA Grants Greater Buchan Area Six-Month FDP Extension to February 2027

United Kingdom 6 Aug

Phillips 66 Exits Two Refineries in H1 2026, Midstream Absorbs the Earnings Weight

Argentina's Malvinas Consensus Meets a South Atlantic Region Reshaped by Rising Crude

Argentina 6 Aug

Americas Oil Output Surge Cushions but Does Not Replace Middle East Losses

US Oil Liquids Output Climbs as Hormuz Recovery Leaves Global Supply Still Far Below Pre-War Levels

Strait of Hormuz 6 Aug

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