Oil & Upstream

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

Hormuz Oil Disruption Keeps Brent Near $88 as Bond Hedging Calculus Shifts

Goldman Sachs Says Gulf Oil Exports Recover to Two-Thirds of Pre-War Volumes

Venezuela Considers OPEC Exit, Raising Prospect of 32% Capacity Loss Across Three Members

Venezuela OPEC Exit Rumor Surfaces as Energy Funds Post 88% Gains and Positioning Hits Two-Year Highs

Aramco Ships 4 Million Barrels to PetroChina via Sohar Transfers as Yanbu Loadings Fall Short

Saudi Aramco 29 Aug

Goolsbee Flags Tariff and Oil Price Risks to US Inflation Path

United States 29 Aug

China Keeps Iranian Trade Open as U.S. Sanctions Push Sends Oil Lower

ICE Brent crude front-month slips back after airstrike surge as Wall Street steadies

Hormuz Traffic Falls to Seven Vessels as Kuwait and Qatar Drive Oil Flow Recovery

Strait of Hormuz 29 Aug

OEUK Presses UK's New Energy Secretary on Levy Reform as North Sea Capital Moves Abroad

United Kingdom 28 Aug

Opinion: Chinese Refiners Are Collecting the Margin Europe Cannot Reach

Oil Traders Are Selling the Diplomacy While Hormuz Flows Stay Suppressed

Strait of Hormuz 28 Aug

Money Managers Cut Brent Longs for Second Week Running as Prices Climb Past $89

Fed September Hike Odds Anchored at 81% With ICE Brent Crude Holding Above $89

BritEnergy Takes $50 Million Permian Stake as Third UK Driller Heads Overseas

United Kingdom 28 Aug

CNOOC Posts Record $12.7 Billion First-Half Profit on Production Surge

Brent Drops 5.3% on the Week as Iran Standoff Hardens and Gulf Supply Recovers

Trump Conditions Saudi Nuclear Deal on Abraham Accords as Riyadh Holds Firm

Saudi Arabia 28 Aug

Scottish supply chain awards land as North Sea basin confidence in domestic transition falls sharply

Norway's Three Biggest Operators Form Alliance to Deliver New North Sea Fields

Russia Claims Record Half of India's Crude Supply as Delhi Courts US LPG

Kazakhstan Offers No Timeline on Resuming Oil Flows to Germany via Druzhba

Druzhba Pipeline 27 Aug

Enbridge Pays $600 Million for Salt Creek Midstream's Permian Crude Gathering Assets

OPEC's Third Straight 2026 Demand Downgrade Reaches 780,000 Bpd as IEA Calls for First Annual Decline Since 2020

Tanzania Maps Path to 3,000-Tonne Uranium Output as Rosatom Leads Nyota Development

Oil's Calm at $89 Masks Unresolved Supply Risk as Shipping Normalization Lags

SPR Drawdowns Mask Flat U.S. Crude Inventories as Gasoline Tightens

US Strategic Petroleum Reserve 27 Aug

Nigeria Exceeds OPEC Quota for Third Straight Month as Upstream Supply Chain Strains Mount

ONGC Videsh Moves to Take Over Venezuelan Fields as PDVSA Cedes Ground

Venezuela 27 Aug

Refined Products Hold Premium as Iran Sanctions Drive ICE Brent Below $88

Global Refinery Runs at Multi-Year Lows as Diesel Supply Shrinks Before Winter

Nigeria's NUPRC Pitches $50 Billion Offshore Incentive Package Amid Volatile Production Record

Brent Retreats to JPM Fair Value as War Premium Unwinds, SPR Hits 43-Year Low

Fluence Energy Sold at a Loss as Oil Major Exits Storage Bet

Brent Near $87 as Demand Erosion Absorbs Supply Shock US Production Cannot Yet Fix

UAE accelerates Fujairah pipeline as North American liquids buildout hits eight completions

SPR at 43-Year Low Puts a Floor Under the Diplomatic Trade

US Strategic Petroleum Reserve 26 Aug

North Asian Refiners Lock In US Crude at Double-Digit Premiums as Hormuz Stalemate Holds

Strait of Hormuz 26 Aug

Washington Threatens Chinese Banks With Dollar Lockout Over Iran Oil Payments

Brent Rebounds 12% From Ceasefire Lows as Iran's Supply Restoration Lags Market Expectations

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