The Most Important Oil Project Of The Year Is Set To Go Live.Iran’s Jask oil terminal is now fully set to start loading vast quantities of crude to any major buyer in the world via the Gulf of Oman, with the first shipment of 100,000 metric tons of oil set to dock, load, and sail again within days.

Crude oil prices rose today after the Energy Information Administration reported an inventory draw of 4.1 million barrels for the week to July 23.

Oil prices have been ticking upwards after OPEC+ reached an agreement on Sunday that will see the group start adding 400,000 bpd production each month from August. Goldman Sachs says the agreement is modestly bullish and has forecast that Brent will hit $80 per barrel this summer. Piper Sandler says that whereas the backdrop of tighter monetary policy, the trajectory of the economic recovery, and the sustainability of inflation are likely to create some volatility curveballs, they will not be enough to derail the secular bull market.

The global refining industry has not recovered yet from the impact of the pandemic, but it is already facing longer-term challenges with the energy transition.

Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output.

The world’s third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices.

Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.

Iraq wants another U.S. company to replace Exxon as a shareholder in the West Qurna 1 field, one of the country's largest after the supermajor leaves the country.

It is not in Iraq's best interest to adopt renewable energy at the expense of fossil fuels, energy and oil expert Hamza al-Jawaheri told local Shafaq News Agency in an interviewon Monday.

Argentina’s Oil Industry Is Finally Bouncing Back

High oil prices and China’s crackdown on the use of oil import quotas could result in the lowest crude oil import growth at the world’s top oil importer since 2001, analysts tell Reuters.

The In-fa typhoon, which caused devastating flooding in parts of China this week—claiming at least 33 lives—is expected to make landfall this weekend in a key area hosting some of the largest Chinese refineries and oil storage tanks.