(Reuters) – The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC’s authority. Gulf producers, desperate for revenue to replenish state coffers depleted …
OPEC is Likely Loser in Gulf’s Post-War Race for Market Share: Bousso Read More »
(Reuters) – Global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war, the U.S. Energy Information Administration said on Tuesday. Global benchmark Brent crude oil prices will average around $74 a barrel in the spot market during the third quarter of this …
Global Oil Output to Return to Pre-Iran War Level by Year’s End, US EIA Says Read More »
(Reuters) – The United States is revoking a general license that authorized the sale of Iranian oil, a U.S. official said on Tuesday, warning that Iran’s actions in the Strait of Hormuz were “wholly unacceptable” and would be met with consequences after attacks on tankers in the strategic waterway. Oil prices rose more than 3% …
US Revoking License That Authorized Iranian Oil Sales, Official Says Read More »
July 7 (Reuters) – U.S. oil and gas major Exxon Mobil (XOM.N) signaled on Tuesday that changes in oil prices would boost its second-quarter upstream earnings by $3.5 billion to $3.9 billion. Benchmark Brent crude prices averaged at $93.58 a barrel during the April-June quarter, up 4.8% from the prior quarter. The U.S.-Iran war injected …
Exxon Mobil Signals Higher Second-Quarter Earnings Read More »
By Steven Scheer Israeli Foreign Minister Eli Cohen attends a conference at the European Parliament in Brussels, Belgium November 8, 2023. REUTERS/Yves Herman/File Photo JERUSALEM, July 7 (Reuters) – Gulf countries’ dependence on oil shipments through the Strait of Hormuz could be significantly reduced by a pipeline linking the Gulf to Europe via Israel, Israel’s …
Israel’s Energy Minister Touts Oil Pipeline to Bypass Hormuz Read More »
By David Shepardson WASHINGTON, July 7 (Reuters) – Fuel costs for U.S. airlines jumped 85% in May to nearly $6.7 billion as the Middle East conflict drove up prices, the U.S. Transportation Department said on Monday. Airlines spent $3.62 billion on fuel in May 2025, compared with $6.66 billion in the same month this year. …
US Airlines Fuel Bills Rose by $3 Billion in May Read More »
By Laila Kearney PJM capacity prices up more than 1,000% in the last two years Industrial electricity prices grow faster than residential, business costs New regulations to manage data center power use could hit factories Industrial manufacturers look for ways to cut costs NEW YORK, July 7 (Reuters) – For years, electricity costs for the …
By Dave Sherwood and Ayose Naranjo HAVANA, July 6 (Reuters) – Cuba began to slowly restore power on Monday after the country’s national electric grid collapsed earlier in the day, the latest blow to an island already suffering from severe energy, fuel and medicine shortages. Grid operator UNE said it was providing electricity to some …
Cuba Begins to Restore Power to Havana Following Nationwide Blackout Read More »
In the last week alone, Sinokor has sent at least 20 supertankers into the Gulf, enough to carry 40 million barrels of crude By Weilun Soon, Alex Longley and Anthony Di Paola Just a few weeks into the war, one of the Persian Gulf’s top oil producers quietly began sneaking its crude out of the …
The Tanker Tycoon Making Millions on Hormuz Shuttle Runs Read More »
Summary UAE output topped 3.8 million bpd weeks after OPEC exit, sources say Record production vindicates Abu Dhabi’s push for quota freedom UAE outpaced Gulf peers in restoring pre-Iran war oil supply (Reuters) – The United Arab Emirates raised its crude output to near record highs above 3.8 million barrels per day in June …
UAE Crude Output Nears Record Following OPEC Exit, Sources Say Read More »
