Oil Price

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.603 million barrels in the week ending July 17. In the week prior, US crude oil inventories fell by 564,000 barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 57 million barrels over the la...

The artificial intelligence boom has created an era of unprecedented uncertainty in the global economy. Large language models are evolving as quickly as they are being integrated, creating a major headache for anyone trying to project their future impact or even their current energy footprint. But while we don’t know exactly how much energy will be needed to power the tech secto...

Norway's crude oil production beat official forecasts in June as offshore fields returned from seasonal maintenance, delivering a stronger-than-expected increase in supply at a time when global markets remain focused on disruptions to Middle Eastern exports. According to preliminary figures released Tuesday by the Norwegian Offshore Directorate (SODIR), Norway's crude oil produc...

Following a drone attack on the Caspian Pipeline Consortium (CPC) terminal along the Black Sea Coast, Kazakhstan has newly confirmed a halt to crude transfers there. "Kazakhstan is set to stop piping crude to a port on Russia’s Black Sea coast after a spate of attacks on tankers that's jeopardizing the landlocked Asian country’s ability to produce oil," Bloomberg reports Tuesday...

India's biggest state refiners are no longer willing to gamble on the Strait of Hormuz. Indian Oil Corp. and Mangalore Refinery & Petrochemicals have suspended crude loadings from Iraq after a string of attacks on commercial tankers turned the world's most important oil chokepoint into an increasingly expensive and dangerous place to do business. According to Bloomberg, Indian O...