oilandenergy

Elevated oil prices are widening the cost advantage of China's coal-based chemicals industry and driving sharply higher profits at Baofeng Energy.

New Zealand has approved a 10-year petroleum mining permit for the Puka field as it seeks additional domestic natural gas supplies and new oil production.

Oil prices fell as sharply weaker 2026 demand forecasts and a huge U.S. inventory build outweighed persistent geopolitical risks around the Strait of Hormuz.

UAE oil output hit a record 4.1 million bpd in June, IEA data show, as the country exited OPEC and skirted the Hormuz blockade.

China's electric vehicles displaced an estimated 34 million tonnes of oil in the first half of 2026, equivalent to roughly 1.35 million barrels per day.

The IEA expects global oil demand to fall for the first time since 2020, citing the Iran war and Strait of Hormuz disruptions.

The IEA warns that the global economy could begin suffering significant damage within weeks unless shipping through the Strait of Hormuz resumes, as renewed Middle East hostilities tighten energy markets.

Geopolitical turmoil in the Strait of Hormuz is driving a historic surge in clean energy, as solar and storage become tools for energy security.

Ukraine's increasingly sophisticated drone campaign is targeting critical refinery equipment and repeatedly striking the same facilities, causing fuel shortages and mounting pressure on Russia's oil sector.

Speaking at a Bloomberg Energy event in Houston on Friday, Wright said the U.S. military is now helping move roughly 7 million barrels per day (bpd) of oil out of the Persian Gulf.