This week’s strikes on Kuwait and the Friday morning attack on Oman have dented hopes for a de-escalation between the US and Iran following the much-publicised Israel-Lebanon ceasefire. Whilst Oman’s main port is reportedly up and running again, capping ICE Brent around the $95 per barrel mark, most global crude benchmarks will post weekly gains of 2-3%.
Against this background, announcements of the Trump administration are increasingly discounted as tactical price-signalling rather than meaningful diplomatic progress.
Drone Disrupts Key Middle Eastern Export Terminal. Oman’s authorities suspended operations at the Middle Eastern country’s main crude export terminal in Mina al Fahal after an explosion was reported next to its single-buoy mooring berths, disrupting the flows of the 900,000 b/d Oman benchmark.
India Shields Refiners from Surging Fuel Costs. The Indian government has agreed to provide a one-time financial boost of $1 billion to domestic refiners and aviation retailers as compensation for keeping jet fuel prices at affordable prices for both domestic and international flights.
Russia Admits to Spring Upstream Pain. Russia’s Deputy Prime Minister Alexander Novak acknowledged that the country’s oil producers have been underperforming their 9.64 million b/d OPEC+ production target, blaming the lower crude output on ‘unscheduled maintenance” across refineries.
Delfin Signs Off on 1st US Floating LNG Terminal. Privately held US LNG developer Delfin Midstream has announced a final investment decision on the first-ever floating LNG terminal in the States, aiming to operate some 13.2 mtpa of export capacity about 45 miles off the coast of Cameron Parish.
Venezuela Pitches Long-Term India Alliance. Visiting India this week, Venezuela’s interim president Delcy Rodriguez announced that Indian refiners are seeking a long-term crude supply agreement with the Latin American nation’s state oil firm PDVSA, boosting imports to 300,000 b/d in April-May.
Iranian Crude Oil Loses Value on Slackening Demand. Iranian oil prices dipped into discounts for the first time in three months as Chinese teapots are lowering refinery run rates on negative margins, sending differentials of Iranian Light cargoes to -$1 per barrel below ICE Brent futures.
BP’s New CEO Springs to Action. Simultaneously to the ouster of former BP chair Albert Manifold, the UK oil major BP (NYSE:BP) is reportedly in advanced talks to sell its UK North Sea assets to Ithaca Energy (LON:TTH) in a deal worth $2.7 billion, the first major divestment deal under new CEO Meg O’Neill.
Refiners Sue EPA Over Biofuel Mandates. The AFPM trade group, representing US refiners, stated that it had filed a lawsuit challenging the US Environmental Protection Agency’s biofuel blending mandates, arguing they sharply increase compliance costs and trigger unnecessary fuel price hikes.
Indonesia Centralizes Control over Commodities. Indonesia finally issued regulation to bring exports of strategic commodities (such as ferroalloys, coal or palm oil derivatives) under government control, creating a new state company whose main task would be to facilitate exports out of the country.
Uganda Goes for Oil Antics, Weeks Before First Oil. Sowing market confusion, Uganda’s long-standing president Yoseri Museweni replaced the country’s energy minister Ruth Nankabiwa weeks before the commissioning of the Central African nation’s inaugural field, the 190,000 b/d Tilenga project.
Iraq Wants Kurdish Oil Back in the Market. The Iraqi government has ordered the resumption of operations by all upstream companies present in the country’s semi-autonomous Kurdistan region, despite ongoing drone attacks, seeking to return to pre-conflict production levels of some 430,000 b/d.
Nigeria Lures Upstream Investors Again. Nigeria’s upstream oil regulator NUPRC said the African country would start its 2026 licensing round in Q3 after President Tinubu’s approval, lowering entry barriers to attract investors, having secured $5.3 billion of new upstream capital with its 2025 auction.
Sweltering Heat Lifts Henry Hub to 16-Week High. US natural gas futures jumped above $3.3 per MMBtu this week, the highest since February, as meteorologists forecast temperatures to be higher-than-average through June 19, just as Lower-48 dry gas output fell to 108.5 BCf/d so far in June.
Mozambique Tightens Control over Mining Sector. Mozambique’s President Daniel Chapo has signed a new law requiring 15% state ownership in all mining ventures and local ore processing plants, impacting current graphite and ruby mining, whilst also prohibiting the exports of untapped unprocessed minerals.
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