China moves against Hormuz’s oil price shocks with electric taxi power
China moves against Hormuz’s oil price shocks by leaning on a growing electric taxi fleet. Across big cities, you now see more riders picking cabs over their own petrol cars. People took 3.05 billion trips in May, a 6% rise since the Iran war. Fares keep falling even while pump prices climb steadily across the […]
ADNOC in a $1 billion deal to acquire Shell Downstream South Africa network
ADNOC will take over Shell’s downstream network across South Africa. The Abu Dhabi fuel retailer signed the agreement on Tuesday with Shell South Africa Holdings. This now sees the biggest overseas purchase in the company’s history to this point. ADNOC Distribution values the assets at an implied enterprise figure of about $1 billion today. This […]
OPEC+ Oil Output Increase Lifts August Targets As Hormuz Exports Recover
OPEC+ oil output increase decisions advanced on Sunday as the group lifted August production targets again. Seven core producers agreed to add 188,000 barrels each day to global markets from August. This latest move matches similar increases the group approved earlier for both June and July. Falling oil prices today shaped the decision as the […]
QatarEnergy shared new oil discovery at Merlin-1X well in Namibia waters
QatarEnergy shared new oil discovery results from the Merlin-1X well offshore Namibia this week. The well sits inside Petroleum Exploration License 39, a block in the Orange Basin. Engineers found good reservoir quality, light oil, and limited associated gas at the site. These early signs point to the strongest subsurface results recorded under this license […]
Oil prices climb more than 3% as Brent crude futures rebound on Thursday
Oil prices climb more than 3% on Thursday, lifting traders after a steep recent decline. Brent crude futures rose $3.51, or 3.72 percent, to reach $97.80 a barrel today. The more active August contract gained $3.35, climbing 3.63 percent to settle near $95.60. You should note that the July Brent contract is set to expire […]
Oil Surge Shakes Global Markets | Open Interest
Stocks stumble while oil holds near triple digits as traders weigh escalating Middle East risks. Sumitomo Mitsui shuts down Jefferies takeover talk, while a bidding war heats up for Janus Henderson with a $52-a-share offer.