Crude Oil – Page 6 – Oil & Gas 360

Exclusive-Trump EPA to shift at least half of waived biofuel obligations to big refiners, sources say

February 26, 2026

(Investing) – ORLANDO, Florida- The Trump administration has settled on a plan that would require big oil refineries to make up for at least half of the biofuel blending volumes obligations waived in recent years under the Small Refinery Exemption program, according to three sources familiar with the discussions. The decision could be unwelcome news for larger oil refiners that have

bp ramps up shale drilling, targets 650,000 boed output by 2030

February 26, 2026

(World Oil) – bp Plc is aggressively expanding shale drilling, bucking the conservative approach of many rivals, as the UK oil giant seeks to reverse years of anemic output. The company’s BPX Energy unit plans to increase production from shale fields by 8% this year, BPX Chief Executive Officer Kyle Koontz said during an interview in Houston. Shale output equivalent to 500,000 bpd would make

Oil steady as Iran signals openness to U.S. talks- oil and gas 360

Oil steady as Iran signals openness to U.S. talks: Oil & Gas 360

February 25, 2026

(By Oil & Gas 360) – Oil prices eased after Iran signaled it is prepared to take steps toward reaching an agreement with the United States, injecting cautious optimism into markets that have been pricing in elevated geopolitical risk. Iranian officials described a “good outlook” for negotiations as a diplomatic team headed to Geneva, raising the possibility of renewed engagement that

Trump to allow private Cuban companies to buy fuel but block the regime

February 25, 2026

(Oil Price) – The Trump administration plans to allow energy companies to sell fuel to private Cuban businesses while maintaining a strict blockade on the Cuban government. The policy shift aims to alleviate a worsening humanitarian and energy crisis on the island by distinguishing between the Cuban people and the regime. The U.S. Department of the Treasury and U.S. Department of Commerce are

OPEC+ to consider 137,000 bpd oil output increase for April, sources say

February 25, 2026

(Investing) – MOSCOW/LONDON – OPEC+ is likely to consider raising its oil output by 137,000 barrels per day for April, three sources with knowledge of OPEC+ thinking said as the group prepares for peak summer demand and a price boost from tensions between the U.S. and OPEC member Iran. The resumption of output increases after a three-month pause would allow OPEC

Saudi Arabia boosts oil output, exports for US attack on Iran contingency, sources say

February 25, 2026

(BOE Report) – Saudi Arabia is increasing its oil production and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, two sources familiar with the plan said on Wednesday. The Saudi government media office did not immediately respond to a request for comment on the plan. U.S. President Donald

Oil turns negative as large US crude stock build outshines supply concerns

February 25, 2026

(Investing) – HOUSTON – Oil prices slipped into negative territory on Wednesday as a much larger-than-expected U.S. crude stock build outweighed the threat to oil supply from potential military conflict between the U.S. and Iran. Brent futures were down 12 cents at $70.65 a barrel at 11:16 a.m. ET (1607 GMT), while WTI futures were down 26 cents at $65.37. U.S. crude inventories rose

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count had no change, is at 551

February 25, 2026

This week’s Baker Hughes Rig Count shows that the U.S. had no change last week, resulting in a total count of 551 rigs. Canada had an increase of 2 over last week, resulting in a total Canadian count of 224 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Permian region experienced an increase this week. Meanwhile,

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 16.0 million barrels

February 25, 2026

Weekly Crude Oil Storage as of February 20, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 16.0 million barrels from the previous week. At 435.8 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

Shipping costs surge, oil sands eye consolidation, Venezuela rebuilds- oil and gas 360

Shipping costs surge, oil sands eye consolidation, Venezuela rebuilds: Oil & Gas 360

February 24, 2026

(By Oil & Gas 360) – Global energy markets are absorbing pressure from geopolitics, corporate consolidation, and infrastructure repositioning. Tanker rates tied to Middle East crude exports have climbed to six-year highs as rising U.S.-Iran tensions elevate war-risk premiums and tighten vessel availability. Freight costs on key routes have surged as traders move cargoes forward amid uncertainty, underscoring how quickly

Shale giant Diamondback says global oil glut fears are fading

February 24, 2026

(World Oil) – Fears of a global oil glut that had been expected to crater crude prices are fading amid resilient energy demand, according to Permian basin driller Diamondback Energy Inc. As recently as mid-December, the prevailing outlook among respected oil watchers was that a huge surfeit was in the making that would send crude prices tumbling. Everyone from the International Energy Agency to prominent

Kuwait readies $7 billion oil pipeline deal with global investors

February 24, 2026

(Oil Price) – State-held Kuwait Petroleum Corporation (KPC) is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its crude oil pipeline network in a deal that could be valued at about $7 billion, sources with knowledge of the plan told Reuters. The Kuwaiti national oil company has

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