Crude oil

U.S. oil exports surge, draining domestic crude inventories toward rock bottom

Cushing is among the largest oil storage hubs in the world. Oil levels in its tanks have fallen rapidly since the war began and Iran effectively closed tanker traffic through the Strait of Hormuz.

Indian companies willing to deepen presence in Venezuela

New Delhi was the second-largest importer of Venezuelan oil in May, with purchases of 427,000 bpd.

Kuwait can restore 70% of oil output in 6–8 weeks of Hormuz reopening, KPC executive says

Kuwait's timeline for its production recovery is shorter than some forecasts for a full reopening of transits through the Strait of Hormuz.

South America's stealthy ascent to key crude oil swing supplier

Led by Brazil, Guyana and Venezuela, the region has delivered the largest increase in oil exports of any producing bloc so far this year, reshaping global trade patterns and reinforcing the Atlantic basin's role in global supply.

ADNOC resumes naphtha exports via alternative Oman route

China seen tapping deeper into oil stockpiles as imports hit decade-low

China allows output cuts by some money-losing independent refiners

Some refiners in the eastern province of Shandong, popularly called teapots, were told recently that they can cut output to no lower than 80% of last year's monthly average.

IEA forecasts chance of critically low stockpiles before peak summer demand

Fuel demand typically peaks in the Northern Hemisphere summer when people drive and fly on holiday.

Petrovietnam says supertanker with Iraqi oil arrives at refinery port

China's crude oil imports slump, but it's economics not altruism

The collapse in China's imports is being framed in media and market commentary as helping Asia adjust to the loss of at least 10 MMbpd of crude from the effective closure of the Strait of Hormuz.