News

Daily news and original analysis on the Cyprus and Eastern Mediterranean oil & gas sector.

OilPrice·May 5·1 min read

U.S. Oil Can’t Fill the Middle East Supply Hole

Surging international demand triggered by severe disruptions in Middle Eastern crude flows has driven United States crude exports to unprecedented highs above 5 million barrels per day. While American

UAE’s Shock Exit Leaves OPEC Weakened and the Global Oil Order Rewritten

The United Arab Emirates has officially terminated its membership in the Organization of the Petroleum Exporting Countries effective May 1, reducing the cartel

OilPrice·May 5

API Confirms Very Large Crude and Oil Product Draws

Recent data from the American Petroleum Institute revealed an unexpectedly sharp contraction in US crude inventories, plummeting by 8.1 million barrels over a s

OilPrice·May 5

Venezuela’s Oil Rebound Shows Why the Petrodollar Is a Logistics System

Recent movements of Venezuelan crude do not reflect a structural recovery in the nation's domestic production infrastructure, but rather the reactivation of cri

OilPrice·May 5

Oil Falls as Ceasefire Holds

Global benchmark crude contracts retreated as market participants priced out immediate geopolitical risk premiums following the preservation of an active region

Rigzone·May 5
May 5

Norway Just Switched on Another Gas Lifeline for Europe

May 5

US Senators Push to Reinstate Russian Oil Sanctions

May 5

ConocoPhillips Beats Profit Estimates for Q1

May 5

Valaris’ batch of rig deals lifts total contract backlog to $4.9 billion

May 5

INEOS, Shell to develop Gulf of Mexico oil and gas prospects

May 5

UAE Was in a Unique Position in OPEC+

May 5

Transocean Posts Higher Q1 Revenue

May 5

Gasoline Prices Jump Across All 50 States

May 5

Petrobras, Shell, TotalEnergies, and Petrogal formalize production split for Brazilian oil field duo

May 5

Shell and Kosmos put US Gulf hydrocarbon prospect on their 2027 drilling agenda