Hurricane Isaias strengthened into a major Category 3 hurricane Friday morning, with sustained winds reaching 120 mph as the storm approached the northern Gulf Coast, threatening life-threatening storm surge and...

Shell has agreed to acquire a 30% stake in Equinor’s Bay du Nord offshore oil project in Canada, bringing a new partner into the estimated C$14 billion development as it...

Nearly two-thirds of U.S. Gulf of Mexico oil production has been shut down as Hurricane Isaias strengthens ahead of an expected landfall along the northern Gulf Coast, prompting widespread evacuations...

Middle East crude exports recently climbed to their highest levels since the start of the Iran war as more Gulf producers resume transit through the Strait of Hormuz – despite the continued threat of Iranian attacks. Yet oil prices remain stubbornly elevated, suggesting logistical problems are proving as disruptive as outright supply losses.

In 2023, the International Energy Agency predicted that by 2028 the world’s oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract investment for new wells and refineries. No forecast anticipated that the Strait of Hormuz, the main […]

The post Oil and gas industry expected surplus – but war brought shortage appeared first on Asia Times.