The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 9.1 million barrels in the week ending May 15. In the week prior, US crude oil inventories fell by 2.188 million barrels. Analysts had expected a 3.4 million-barrel draw for t…

The United States has become the oil and gas supplier of last resort for many importers amid the Middle East crisis. The reason it could become the supplier of last resort was shale, so the question naturally arises whether the U.S. shale revolution could be repeated in other par…

Venezuela is making a fresh pitch to foreign oil companies: this time, if things go sideways, you may not have to fight it out in Caracas. Oil Minister Paula Henao said Tuesday that Venezuela’s new hydrocarbons framework will allow contract disputes to be resolved outside the cou…

Oil prices steadied near $110 as Trump delayed planned action against Iran and Washington extended waivers for buyers of Russian crude. Historic SPR Drawdowns Propel US Crude to Global Markets - Record US SPR volumes are pushing out record volumes of US crude to the export market…

The U.S. Energy Information Administration published its May Short-Term Energy Outlook, reflecting a continued disruption to Middle Eastern oil flows.

Crude oil price movements. The Brent crude oil spot price has risen sharply following the onset of military action in the Middle East. Brent settled at $94 per barrel (b) on March 9, up about 50% from the beginning of the year and the highest since September 2023. Crude oil price…