Original reporting on global oil and gas markets: WTI and Brent crude price moves, OPEC+ policy, rig counts, pipeline approvals, LNG offtake deals, upstream M&A, refining margins, offshore developments, and the regulatory landscape from Alberta to the North Sea. Edited by Oil Authority, refreshed throughout the trading day.
EIA June STEO downgrades 2026 world oil demand by 1.3 million bpd, yet a 3.9 million bpd supply deficit persists as Hormuz keeps 11.3 million bpd offline.
Diamondback raised Permian guidance to 520,000 bpd and added three drilling rigs, as Dallas Fed's Logan warns shale growth covers under 3% of the Hormuz gap.
Trans Mountain nears full 890,000 bpd capacity in June as 268,000 bpd flows to Asia daily, with WCS at an implied $72 per barrel against WTI.
CNRL and Suncor oil sands prices sit well above AER's $56 per barrel 2026 WCS forecast as the Hormuz blockade removes Gulf heavy crude from markets.
OPEC+ raised July production quotas by 188,000 bpd on June 7, its fourth hike since the Hormuz closure, even as actual group output is down 9.6 million bpd.
OPEC+ raised July production quotas by 188,000 bpd on June 7, its fourth hike since the Hormuz closure, even as actual group output is down 9.6 million bpd.
OPEC+ approved a fourth straight quota hike Sunday, but cumulative increases since April cover just 8% of the 9.6 million bpd lost to the Hormuz crisis.
Brent fell to $92.20 per barrel and WTI dropped to $88.88 Tuesday as Iran and Israel agreed to halt attacks, erasing $34 of the $59 peak Hormuz risk premium.
OPEC+ approved a fourth 188,000 bpd July hike as Rystad Energy says physical impact is near zero. Drone strikes cut Russia June exports by 800,000 bpd.
WTI crude settled at $90.54 per barrel Friday as Chinese imports fell to a 10-year low and US commercial stocks dropped 8 million barrels in a week.
Baker Hughes counts 563 active US rigs on June 6, as Diamondback and ConocoPhillips add Permian capacity amid the ongoing Iran supply shock.
Saudi Aramco pays $21.89 billion on June 9 while Q1 FCF was $18.6 billion. Brent settled $14 below Saudi Arabia's $108 per barrel fiscal breakeven.
OPEC+ meets Sunday with 4.8 million b/d in compliance debt. ExxonMobil and Chevron at Kazakhstan's Tengiz drive 322,000 b/d of overproduction.
Brent crude settled at $94.66 per barrel Friday as US-Iran MOU talks advance, completing a 19% fall from April's $117.29 peak amid China demand slump.
Baker Hughes counted 431 active US oil rigs for June 5, up 23 rigs in five weeks, as the Permian Basin holds at 242, down 16% from a year ago.
WTI crude fell 2.7% to $90.54 Friday as Chinese imports hit decade lows and Iran talks stalled. US oil rigs rose to 431. WCS held a narrow $9.85 discount.
FERC's April 24 final rule cut the oil pipeline rate index 133 basis points to PPI-FG minus 0.55 percent, removing $7.1B from sector revenue through 2031.
US oil rigs rose to 431 this week and gas rigs fell to 124, as ExxonMobil anchors 34 Permian rigs with WTI settling at $90.20 per barrel on Friday.
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