Record Oil Draw From US Emergency Reserve Drives Total Volumes to Two-Year Low 

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    HOUSTON (Reuters) – A record 9.9 million barrels of oil were shipped out ​from the U.S. Strategic Petroleum Reserve last week, data from ‌the Department of Energy showed on Monday, pushing the total volumes in the U.S. government’s emergency stash to about 374 ​million barrels, its lowest since July 2024. The Trump ​administration …

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Venezuela Oil Officials Set to Make Rare Appearance at Houston Area Energy Conference 

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Venezuela’s Oil Minister Paula Henao reacts at Miraflores Palace in Caracas, Venezuela, March 13, 2026. REUTERS/Gaby Oraa Summary Venezuela’s new oil minister, Paula Henao, to meet US oil firms US plans $100 billion investment to revive Venezuela’s oil sector after Maduro’s ouster US officials stress Venezuela’s key role in Western Hemisphere ​energy security HOUSTON (Reuters) …

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Opaque Oil Deals Around Hormuz Test the Petrodollar: Bousso

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The U.S. dollar-dominated global oil trading system is being tested by the Iran war and the closure of the Strait of Hormuz, as governments in major consuming nations turn to increasingly opaque deals with Tehran and Gulf producers to secure supplies. Since the outbreak of the war on February 28, roughly a fifth of global …

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Phillips 66 to Expand Gas Processing in Permian Basin and Gulf Coast

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May 18 (Reuters) – Refiner Phillips 66  said on Monday it would move ahead with the ​Zeus Gas Plant in the Permian Basin and a ‌third Coastal Bend Fractionator in Texas, expanding its network to capture growing volumes of gas and natural gas liquids from the top U.S. shale field. Shares ​of the company were …

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IEA Chief Warns Commercial Oil Inventories are Depleting Rapidly, Only Weeks Left

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  Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves ​had added 2.5 million barrels of oil per day to the market, but ​said these reserves “are not endless”. The onset of the spring planting and summer ⁠travel seasons in the northern hemisphere …

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Alaska LNG Secures Supply Deal with ConocoPhillips for Pipeline Project

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May 18 (Reuters) – Glenfarne’s Alaska LNG said on Monday it ​had signed a long-term natural ‌gas supply deal with ConocoPhillips  and that it now had agreements for enough ​volumes to support a ​final investment decision for Phase One ⁠of its project and ​meet Alaska’s in-state natural gas needs. The ​company said the 30-year agreement would …

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Oil Touches Two-Week High After Drone Attack on UAE Nuclear Power Plant

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Summary UAE reports drone attack on Barakah nuclear power plant Saudi Arabia intercepts three drones from Iraqi airspace Trump expected to discuss military options on Tuesday US allows lapse of sanctions waiver on Russian seaborne oil (Reuters) – Oil prices extended gains on Monday, driven by increasingly bleak prospects ‌for peace in the Middle East …

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UAE Says OPEC, OPEC+ Exit Was Sovereign Strategic Decision, Not a Political Move

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UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move DUBAI, May 16 (Reuters) – The United Arab Emirates’ decision to withdraw from OPEC and ​OPEC+ was a sovereign and strategic ‌choice based on a comprehensive assessment of its production policy and future capabilities, the UAE ​energy minister, Suhail Al Mazrouei, said on …

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Trump Says Iran War is Worth the Economic Pain. These Rural Voters Agree.

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By Brad Brooks Summary Rural Colorado Trump supporters accept higher gas prices for Iran policy goals Many cite willingness to sacrifice economically to prevent Iranian nuclear threat Some express doubts about quick relief, but prefer Trump over Democrats Trump’s economic approval rating has declined sharply WIGGINS, Colorado, May 16 (Reuters) – Perched behind the cash …

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