The lack of progress in US-Iran talks and their continuous postponement (now to Wednesday) are keeping the oil market on tenterhooks, with Trump’s Tuesday comments about ‘not wanting to extend the truce further’ sending another wave of anxiety across market watchers.
Trump’s two-week ceasefire deadline runs out Wednesday evening, with a potential upward spike towards $100 per barrel firmly on the cards for ICE Brent.
US Finalises Third SPR Release Since Iran War Start. The US Department of Energy announced it had loaned 26.03 mln barrels of crude from the Strategic Petroleum Reserve to domestic refiners, including ExxonMobil, Marathon, and BP, taking the total volume of oil borrowed to 80 mln barrels.
Russia to Halt Kazakhstan’s Pipeline Flows. Russia is set to halt all pipeline exports from Kazakhstan to Germany via the Druzhba pipeline from May 1, halting some 50,000 b/d of supplies, marking yet another escalation in the ongoing struggle over blocked Russian pipeline flows to Europe.
Algeria Launches New Exploration Drive. Algeria’s upstream regulator Alnaft has launched a new oil licensing round for the North African producer, the 2nd auction of five planned up to 2028, that seeks to surpass the limited success of the 2025 round, where only one block received more than one bid.
Trump Extends Russian Crude Waiver. The Trump administration renewed a waiver allowing third countries to buy Russian crude and refined products currently at sea for another month, through May 16, with the US Treasury citing the need to ‘ensure oil is available to those who need it.
China Drops Transportation Fuels Caps. China’s economic planner NDRC slashed domestic retail gasoline and diesel price caps this week, marking its first price cut since the US-Iran conflict began as Beijing brought runaway prices under control by banning product exports and forcing higher runs.
Shell Continues to Face Environmentalists in Court. UK-based energy major Shell (LON:SHEL) is facing a new court case in the Netherlands after climate activist Friends of the Earth demanded it halt investments in new oil and gas projects and return to its pre-2025 emission targets.
Drone Strikes Force Russia to Cut Production. According to Reuters, Russia was compelled to curb its crude oil production this month by some 300-400,000 b/d after Ukraine’s repeated drone strikes on key loading ports and seasonal refinery maintenance put pressure on the country’s storage.
Trump Rejects Energy Chief’s Gas Price Timeline. US President Donald Trump dismissed Energy Secretary Chris Wright’s view that gasoline prices may not fall below $3 per gallon until early 2027, insisting that he’s ‘totally wrong’ about it and that prices will drop ‘as soon as the Iran war ends’.
Overland Shipments Expand as Gulf Exports Stall. Iraq has reopened the Rabia border crossing with Syria for the first time in over a decade as state oil marketer SOMO seeks to export some 650,000 metric tonnes of fuel oil during the closure of the Hormuz Strait via overland routes in Syria.
Beijing Softens Policy on Product Export Ban. Even though refined product exports from China fell to 320,000 tonnes in the first half of April, an almost 85% drop year-over-year, the country’s refiners still export transportation fuels to Southeast Asia and Australia, despite Beijing’s alleged export ban.
Kuwait Declares Force Majeure on Oil Exports. Kuwait’s national oil firm KPC has declared force majeure on its sales of crude oil and petroleum products, citing the lack of available ships for loading and damage from Iranian drone attacks on its refineries, having loaded only 3 tankers in April so far.
Seoul Launches Naphtha Subsidies. South Korea has pledged to subsidise the cost of the country’s naphtha imports, allocating $458 million to cover contracts signed over April-June 2026 to ease rising feedstock costs for the country’s petrochemical industries, 70% reliant on external inflows.
Norway Output Beats Forecasts in March. Norway’s combined oil and gas production jumped by almost 4% year-over-year to 4.35 million boe/d last month, beating the country’s Offshore Directorate’s own forecasts by 2.8% as upstream firms in the North Sea maximised crude output.
US Seizes Iranian Oil Tanker. The US Central Command reported the boarding and seizure of a VLCC in the Indian Ocean, claiming the 2003-built Tifani was carrying Iranian oil in defiance of US sanctions and that it was stateless (the ship’s commercial manager is listed at a WeWork office in Mumbai).
Oilprice.com
