Month: August 2026

President Donald Trump said a shipping agreement for the Strait of Hormuz could be reached within days as U.S., Iranian and Omani officials work toward a temporary arrangement to reopen the critical oil transit route.

Dozens of loaded Iranian oil tankers are idling near the country’s coast as a renewed U.S. naval blockade disrupts crude and petroleum-product exports, pushing Iranian floating storage higher amid weak demand from Chinese refiners.

bp’s decision to market its UK North Sea business is fueling renewed calls for fiscal reform, with INEOS Energy Chairman Brian Gilvary warning that policy uncertainty is driving investment, jobs and production away from the basin.

ADNOC and SLB have deployed an AI-enabled drilling platform across more than 120 onshore and offshore drilling rigs, enabling real-time operational oversight, faster decision-making and reduced drilling downtime.

ExxonMobil Global Projects has selected Sercel’s SIMOPS platform to support pipelay and mooring installation campaigns on the Whiptail development in Guyana’s Stabroek Block, enhancing coordination of offshore operations.

Intermoor has secured a new three-year contract from Petrobras to provide inspection, maintenance and operational readiness services for offshore mooring and subsea infrastructure across Brazil.

Nigeria has approved a $4.5 billion oil-backed financing agreement tied to future crude production, providing new funding for NNPC while supporting government infrastructure spending and strengthening foreign-exchange reserves.

OPEC+ has approved a 188,000-bpd production increase for September, completing its planned output restoration while signaling quotas are likely to remain steady through year-end amid continued Middle East supply uncertainty.

Kosmos Energy reported a 12% increase in second-quarter production as Ghana’s Jubilee field and the Greater Tortue Ahmeyim LNG project drove growth. The company also generated strong free cash flow, reduced debt and advanced its U.S. Gulf portfolio.

Tight global oil inventories and persistent geopolitical risks are expected to keep crude prices supported through August, according to PVM Oil Associates, despite OPEC+’s latest production increase.