Economics

EIA: U.S. crude inventories decline for tenth week to over 40-yr low

The total stocks, including those from the strategic petroleum reserve, have fallen by 96.25 million barrels since the start of the Iran war, as countries around the globe have called on U.S. oil and products to fill supply gaps.

OPEC sticks to robust oil demand outlook, sees no peak on horizon

The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry, such as the International Energy Agency.

Indonesia on track to launch B50 biodiesel program on July 1

Indonesia revived its plan to raise the biodiesel ratio to 50% from the current 40% in March, in a response to the oil supply disruptions that followed the U.S. and Israel attacks on Iran.

IEA sees significant 2027 oil surplus after Hormuz recovery

The Iran war is estimated to have blocked more than 14 MMbpd of Middle East oil output.

Opinion: Is the Iran war just an energy shock—or a turning point?

At least 1 billion barrels of crude oil and refined products have been lost from Middle East producers such as Iraq, Kuwait, the United Arab Emirates and Iran itself. As much as 20% of global liquefied natural gas supply is also trapped in the narrow waterway between Iran and Oman.

U.S. refiners can still absorb more Venezuelan oil, Energy Secretary Wright says

Venezuela is sending about half of its total exports of 1.25 MMbpd to the U.S., with the remaining volumes going mainly to India and Europe.

Britain says full import ban on Russian diesel, jet fuel will happen by 2027

The government said existing sanctions were not being lifted, but new sanctions were being phased in.

IMO definition of Brazil corn ethanol carbon footprint a landmark step

In May, the IMO defined the default value of Brazilian corn ethanol's carbon footprint at 20.8 grams of carbon dioxide-equivalent (CO2e) per megajoule, specifically referring to biofuel produced from the country's intermediate or second-corn crop.

Indonesia raises price of widely used fuel by 32%, adds to cost-of-living concerns

Opinion: Hormuz reopening could be OPEC’s undoing

The Iran war and the closure of the vital waterway – through which nearly a fifth of the world’s oil and gas flowed before the conflict – have sharply diminished output from the Organization of the Petroleum Exporting Countries and moved the industry’s center of gravity away from the Middle East.