Iran opens oil export terminal outside strategic strait

Iran has opened its first oil export terminal that does not require tankers to pass through the Strait of Hormuz, a chokepoint patrolled by warships of its arch foe the US, President Hassan Rouhani announced

US crude stocks register surprise rise

US crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures

US oil mergers surge as energy, share prices recover from pandemic

US oil and gas mergers surged last quarter with the most $1 billion plus combinations since 2014, as rising energy and share prices led to larger oilpatch deals

Iran says U.S. to lift oil sanctions, Germany cautious on matter

Iran said the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal

China’s Saudi oil imports plunge 21%

China’s imports from Saudi Arabia fell 21 percent in May from a year earlier but retained their top ranking among suppliers for a ninth month in a row, customs data showed

OPEC told to expect limited U.S. oil output growth, for now

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, giving it more power to manage the market in the short term

Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half

In a monthly report, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchanged for a second consecutive month

Oil prices rebound after knock from U.S. driving season data

Oil prices rose a day after slipping on data indicating weak U.S. driving season fuel demand as investors eyed upcoming U.S. economic data

EIA cuts 2021 world oil demand growth forecast

The US Energy Information Administration cut its 2021 world oil demand growth forecast by 10,000 barrels per day to 5.41 million bpd

Oil steady after sharp rise on improved demand picture

Oil prices were little changed after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline