Fuel shortages have resurfaced across several Russian regions, with authorities tightening gasoline sales controls after renewed drone attacks on refineries disrupted supplies and pushed gasoline sales lower.
Iraq’s planned crude oil pipeline through Syria is expected to require at least $15 billion in investment and around four years to construct, providing an alternative export route to reduce the country’s reliance on the Strait of Hormuz.
Saudi Aramco is negotiating with Asian refiners to supply Arab Medium and Arab Heavy crude through ship-to-ship transfers off Fujairah, as Gulf producers seek alternative export routes amid ongoing disruptions to the Strait of Hormuz.
ExxonMobil has awarded about $1.1 billion worth of pre-investment contracts for certain upstream equipment for the Rovuma liquefies natural gas (LNG) Phase 1 project, a major natural gas development in the deep waters of the Rovuma Basin offshore northern Mozambique.
The awards cover subsea production systems, large-bore production valves and offshore line pipe, and are intended to support the project's progress toward a final investment decision (FID), according to Reuters.
Eni and Algeria’s Sonatrach have signed a new Memorandum of Intent (MoI) to expand cooperation on decarbonization initiatives and emissions reduction across Algeria’s oil and gas sector, while promoting the adoption of international industry practices, according to a press release by Eni.
Venezuela has awarded a license to BP, XRG, and UCC Holding to develop the second phase of the Loran offshore gas field, as Caracas seeks to attract foreign investment and expand natural gas production.
US President Donald Trump has urged Americans to accept higher gasoline prices as the cost of confronting Iran, as tensions over the Strait of Hormuz continue to disrupt global oil flows and threaten to prolong pressure on energy markets. Speaking at a political rally in Garden City, New York, on August 14, Trump said Americans would have to pay “a little bit more” for gasoline to prevent Iran from obtaining a nuclear weapon.
The UAE said Iran attacked an ADNOC vessel while transiting the Strait of Hormuz, marking the third reported incident involving an ADNOC ship in less than a week. No injuries were reported, while Abu Dhabi called for an end to the attacks and the full reopening of the strategic waterway.
Saudi Arabia’s crude oil exports from the Red Sea are increasingly being conducted without visible vessel-tracking signals as tankers seek to avoid attacks by Yemen’s Iran-aligned Houthis, creating significant uncertainty over the scale of disruptions to the Kingdom’s oil flows.
All recent crude loadings from Saudi Arabia’s Red Sea port of Yanbu have been conducted without continuous Automatic Identification System (AIS) signals.
OPEC expects global oil demand to grow by 0.6 million b/d in 2026 and accelerate to 2.2 million b/d in 2027, while non-DoC liquids production is forecast to increase by 0.6 million b/d in both years.
