Markets

The US has imposed extensive sanctions on a significant shipping network controlled by Mohammad Hossein Shamkhani, son of a top Iranian political adviser, in what the Treasury Department described as its

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) met on Jul. 28, emphasizing the

Saudi Arabia is expected to increase the Official Selling Price (OSP) for its Arab Light crude to Asia for Sep.-loading cargoes, marking the second consecutive monthly increase.

US crude oil production achieved a new monthly record in May 2025, averaging 13.488 MM b/d, a modest 0.2% increase from Apr. but a substantial 2.2% rise year-over-year, according to new EIA data.

The Trump administration's decision to grant Chevron authority to resume and expand operations in Venezuela (with major production in tar sands) is prompting US refiners to re-evaluate their Latin American crude sourcing strategies.

The global oil market experienced a week of fluctuating prices for the week just passed, as ongoing US trade negotiations, evolving EU sanctions, and shifting supply dynamics dominated headlines.

The global crude oil market is experiencing significant volatility, influenced by rising trade tensions, conflicting demand predictions, and evolving supply landscapes.

California officials are urgently seeking a buyer for Valero’s Benicia refinery before its scheduled Apr. 2026 closure to avert a significant fuel shock and price volatility in the state.

California Governor Gavin Newsom is proposing new legislation to streamline the permitting process for oil wells.

Brazilian crude oil exports to the US face a significant threat from pending 50% US tariffs, which could increase the cost of Brazilian grades by more than $30/bbl.