Saudi Arabia's deepest price cut in decades meets a June production rebound, a shaky Hormuz reopening, and a Chinese market in no hurry to buy
The current market structure makes $2.50/gal gasoline impossible without either a collapse in refining margins or government coercion
The energy market is racing into a glut narrative before finishing the concluding paragraphs of the oil shortage story
Renewables may have been the main driver of global energy supply growth last year, but oil, gas and coal also rose, with hydrocarbons still accounting for 86% of global energy
Panic over running out of oil has already been replaced with pre-crisis fears of a glut, leaving market forecasting broken and OPEC facing a conundrum
While cynics will use Iraq’s clumsy exit messaging as a sign of deeper troubles in the group, one should remember the oil producer is a founding father
The week that ended on 28 June 2026 will be remembered as one of the most consequential in the energy calendar since the Strait of Hormuz closed in late February
The producer’s energy wealth extends beyond mere export revenues, with the key challenge being how this wealth is managed
The trajectory towards peak oil use may, for the first time, have been fundamentally altered by the Mideast crisis
DNV experts will be present at the 25th WPC Energy Congress, taking place in Riyadh from 11–15 October 2026, at booth #5450 B in Hall 5, engaging with industry leaders and sharing insights on the region’s energy transition. Ahead of the conference, DNV’s Jan Zschommler, market area manager Middle East & Africa, energy systems, shares some insights on the current energy landscape with Petroleum Economist
The case for the group’s long-term oil demand growth and investment in hydrocarbons remains strong, but the Middle East conflict has created new forms of doubt
Asian refiners have reduced their dependence on Middle Eastern crude, with African and Atlantic Basin barrels emerging with renewed gusto
Hydrocarbons, economic influence and strategic geography increasingly define Iraqi-Iranian relations, with implications for regional stability and global energy security
The crude importer’s strategic diversification, its eye for a cheaper barrel and its strength in flexibility has seen Venezuela emerge as a major supplier as it looks beyond the Middle East
The alliance has the battle scars from a decade of oil shocks, a pandemic, a war in Ukraine and now conflict between the US-Israel and Iran as another blow, but a flurry of deals at SPIEF underscore the enduring power of the relationship
