News

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

OilPrice·Jul 7·1 min read

Big Oil's Windfall Earnings Threaten to Reignite Trump's Price-Gouging Push

The projected surge in Q1 earnings for US supermajors ExxonMobil and Chevron, driven by geopolitical risk premiums, is poised to create a political headache for the Trump administration. While these w

Oil Market Swings From Glut Fears to Hormuz Toll Concerns

The global oil market is experiencing a rapid shift in sentiment as a surge in crude exports from the Persian Gulf alleviates recent supply scarcity fears, repl

OilPrice·Jul 7

Drone Strike Shuts Russia's Largest Refinery as Fuel Shortages Worsen

A successful Ukrainian drone strike has incapacitated Russia's massive Omsk refinery, severely disrupting the country's domestic fuel supply chain at a highly v

OilPrice·Jul 7

Super El Niño Could Push Colombia Into an Energy Crisis

The projected arrival of a 'Super El Niño' in 2026 poses a severe threat to Colombia's power grid, which relies heavily on hydroelectric generation. This loomin

OilPrice·Jul 7

Saudi Arabia Eyes Major Red Sea Pipeline Expansion to Bypass Hormuz

Saudi Arabia is actively exploring a massive 2 million barrels per day expansion of its East-West crude pipeline, a strategic move designed to significantly red

OilPrice·Jul 7
Jul 7

BP Exits Bay du Nord Project offshore Canada

Jul 7

North America Finally Snaps Rig Count Addition Streak

Jul 7

Well-Safe bags new North Sea decom job: Archer, NMC Energy supporting P&A ops for 260+ wells

Jul 7

Shell Expects Gas Trading Results to Exceed Q1

Jul 7

Invictus Energy awards contracts for Musuma-1 site preparation

Jul 7

German Stockpiling Agency Says It's Refilling Strategic Reserve

Jul 7

Encore for Ventura Offshore rig as Eni and Petronas extend Southeast Asian drilling gig

Jul 7

August bid date openning path to 80 million acres in third Gulf of America oil & gas lease sale

Jul 7

LNG Made Up 45 Percent of EU Gas Imports in 2025

Jul 7

Oil Market is Attempting a System Reboot