The world’s biggest crude exporter is boosting April pricing for crude exports eastwards to the highest levels since just before the Saudis unleashed a brief price and supply war a year ago. SourceContinue Reading

Yemen’s Houthi rebels have stepped up assaults on Saudi Arabia and last week claimed they hit a Saudi Aramco fuel depot in Jeddah with a cruise missile. It wasn’t clear how much damage had been caused. While such assaults rarely result in extensive damage, their frequency has created unease in the Gulf. SourceContinue Reading

Saudi Arabia said a storage tank at Ras Tanura in the country’s Gulf coast was attacked on Sunday by a drone from the sea. The terminal is capable of exporting roughly 6.5 million barrels a day — nearly 7% of oil demand — and as such one of the world’s most protected installations. SourceContinue Reading

Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. SourceContinue Reading

Oil rallied toward $70 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps. SourceContinue Reading

Senator Ted Cruz is delaying William Burns’s confirmation as CIA director to demand that the Biden administration do more to halt the Nord Stream 2 gas pipeline, as Republicans seek to ramp up pressure now that construction has resumed. SourceContinue Reading

Hydrogen is morphing from a niche power source — used in zeppelins, rockets and nuclear weapons — into big business, with the European Union alone committing $500 billion to scale up its infrastructure. SourceContinue Reading

The companies that frac wells and make the equipment necessary to produce oil cut an estimated 12,321 jobs over a three-month stretch ending in February, according to an analysis of labor market data by the industry-funded Energy Workforce and Technology Council. SourceContinue Reading

The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait. SourceContinue Reading

The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68. SourceContinue Reading