https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Wed, 02 Sep 2026 15:21:21 -0500 https://oilprice.com/Energy/Energy-General/US-Diesel-Prices-Close-In-on-April-War-Peak.html oilprice-article-45390 A diesel-price shock may be approaching Western economies. That's because the industrial fuel sits at the epicenter of freight, agriculture, construction, and heavy industry; soaring prices ripple quickly through supply chains, raising transportation and construction costs, reigniting food inflation, weakening consumer sentiment, and intensifying margin pressure on small and medium-sized businesses. The latest AAA data show that the nationwide average retail price reached $5.69 per gallon. That leaves diesel just below its April… Wed, 02 Sep 2026 14:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/Chevron-Bets-7-Billion-on-Venezuela-Oil-Expansion.html oilprice-news-45388 Chevron will invest more than $7 billion in Venezuela over the next five years and more than double its oil production in the country to about 600,000 barrels per day, Reuters reported Wednesday. The investment follows new agreements with Venezuela that give Chevron improved fiscal, commercial and legal terms and additional acreage in the Orinoco Belt. Chevron said its three Venezuelan joint ventures will invest the money through 2031, with total production costs remaining below $20 per barrel. Chevron currently produces about 290,000 bpd in Venezuela,… Wed, 02 Sep 2026 13:31:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Michael Kern https://oilprice.com/Energy/Energy-General/Budget-Airline-Warns-Jet-Fuel-Shock-Could-Wipe-Out-Rivals.html oilprice-article-45386 Ryanair has warned that the price of jet fuel could soar next summer, threatening some of its European competitors with collapse.  The budget airline said it has taken emergency measures to protect itself from the higher jet fuel prices caused by the Iran war, trimming its passenger targets from 216m to 214m for this year.  The Dublin-based firm said it has secured fixed-price contracts for 80 per cent of its fuel needs for the coming year, but opted to cut some flights to reduce the amount of fuel it has to buy at market rates. … Wed, 02 Sep 2026 13:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/OPEC-Set-to-Hold-Oil-Output-Steady-as-Iran-War-Disrupts-Supply.html oilprice-news-45390 OPEC+ is likely to leave its oil production policy unchanged for October when seven of its core members meet on Sunday, Reuters reported Wednesday, citing three sources close to the matter. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are due to meet online at 11:00 GMT Sunday. The seven producers have spent much of 2026 raising their monthly production quotas, with the September increase completing the phased rollback of 1.65 million barrels per day of supply cuts first agreed in 2023. Much of that additional supply has failed… Wed, 02 Sep 2026 12:19:52 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Charles Kennedy https://oilprice.com/Energy/Energy-General/The-Suspicious-Timing-Behind-Trumps-Biggest-Oil-Deal-In-History.html oilprice-article-45388 President Donald Trump made a potentially market-moving announcement last Friday evening. He said the United States had reached what he called “THE BIGGEST OIL DEAL IN WORLD HISTORY,” giving the U.S. majority control over more than 65 billion barrels of Venezuela’s proven oil reserves. Trump further claimed that the agreement would greatly increase U.S. oil supplies and substantially lower gasoline prices.  Let me be clear at the onset that I have seen no evidence that Trump, members of his family, administration… Wed, 02 Sep 2026 12:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Robert Rapier https://oilprice.com/Latest-Energy-News/World-News/Hormuz-Traffic-Craters-to-Four-Ships-as-Iran-US-Strikes-Escalate.html oilprice-news-45387 Two sailors have died from Monday’s attack on a Saudi oil tanker in the Strait of Hormuz, with Riyadh now formally accusing Iran of targeting the Bahri-owned Sidr as Tehran launches a new wave of missile and drone strikes against U.S. bases across the region. Bahri confirmed Wednesday that the two Filipino crew members were killed in the attack. Saudi Arabia’s Foreign Ministry condemned Iran for targeting the tanker and reiterated its rejection of attacks threatening “the security and safety of maritime navigation and global energy… Wed, 02 Sep 2026 11:30:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Charles Kennedy https://oilprice.com/Energy/Energy-General/US-Envoy-Courts-Central-Asia-on-Sidelines-of-SCO-Summit.html oilprice-article-45385 Two high-level US Trump administration emissaries crashed the Shanghai Cooperation Organization summit in the Kyrgyz capital Bishkek, holding talks with top Central Asian leaders and disrupting any appearance of unity among the gathering’s attendees.  Leading participants in the SCO summit, including top officials from China, Russia and Iran, sought to strengthen what amounts to an anti-US coalition dedicated to diminishing Washington’s global economic influence. Iranian President Masoud Pezeshkian, for example, pushed a plan to… Wed, 02 Sep 2026 11:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/UN-Warns-Global-Warming-Will-Top-15C-Within-Years.html oilprice-news-45386 The rise in global temperature is on track to soon exceed 1.5 degrees Celsius, likely within the next few years, a new UN Environment Programme (UNEP) report showed on Wednesday. In the best-case scenario, peak temperature rise will reach 1.8 C, the Limiting Overshoot report found. “While the international community has made progress on climate change, global action to cut greenhouse gas emissions has not been fast enough to avoid global warming crossing 1.5°C above pre-industrial levels in the next few years” the UN said in the… Wed, 02 Sep 2026 10:30:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Michael Kern https://oilprice.com/Energy/Crude-Oil/US-Oil-Stocks-Drop-as-Fuel-Demand-Weakens.html oilprice-article-45387 Crude oil inventories in the United States saw a decrease of 4.5 million barrels during the week ending August 28, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.5 million barrels, according to government data, which are now 1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 2.6 million barrels in… Wed, 02 Sep 2026 09:38:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Julianne Geiger https://oilprice.com/Latest-Energy-News/World-News/Ryanair-Warns-Some-Airlines-Could-Struggle-with-Jet-Fuel-Price-Spike.html oilprice-news-45385 Ryanair, the biggest low-fare airline in Europe, on Wednesday lowered its winter traffic target to reduce exposure to high unhedged oil prices, and warned the some of its less well-hedged competitors could struggle to survive this winter amid high fuel costs. Since the Iran war slashed deliveries of crude oil and petroleum products from the Middle East, rising jet fuel prices have eaten into the profitability of all airlines globally. Ryanair is one of the most hedged airlines, with about 80% of fuel costs hedged at $67 per barrel. However, the… Wed, 02 Sep 2026 09:30:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Michael Kern https://oilprice.com/Energy/Gas-Prices/Ukraines-Refinery-Strikes-Force-Russia-to-Process-Oil-Abroad.html oilprice-article-45384 As Ukraine targets Russia's refineries and fuel shortages worsen across the country, Moscow is now turning abroad to process its oil. Kyiv has knocked out dozens of oil refineries across Russia with drone strikes in recent months to disrupt Moscow's ability to finance and sustain its four-year full-scale war in Ukraine. Russia has already halted exports to curb its fuel crisis and introduced rationing measures. Now, Moscow has struck a deal with a small private refinery in Kazakhstan to use its facility. But experts say the move is unlikely to… Wed, 02 Sep 2026 09:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/India-Boosts-Far-East-Russian-Oil-Imports-as-War-Upends-Trade-Routes.html oilprice-news-45384 India raised its purchases of Russia’s Far East crude blend ESPO in the first seven months of the year as China backed out of the spot market in the first months of the Iran war and deliveries to India from the Middle East slumped with the closure of the Strait of Hormuz. Total exports of the ESPO grade from Russia’s Far Eastern port of Kozmino rose by 6% in January-July from a year earlier, Russian daily Kommersant reported on Wednesday, citing a report by Argus. China remained the key buyer of ESPO crude, but its share of the shipments… Wed, 02 Sep 2026 08:30:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Kazakhstan-to-Double-Oil-Refining-Capacity-by-2040.html oilprice-news-45383 Kazakhstan plans to more than double its crude oil refining capacity by 2040 from current levels by expanding existing capacities and building a major new refinery, the country's Energy Ministry said on Wednesday, citing the government's 2025-2040 plan to boost fuel output. Kazakhstan, a major crude oil producer and member of the OPEC+ pact, currently has 18 million tons of annual oil refining capacity. It plans to boost this to 29 million tons per year by 2040 through expansion of operating refineries. Another 10 million tons per year would come… Wed, 02 Sep 2026 07:30:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Qatar-and-UAE-Turn-to-Rare-LNG-Ship-Transfers-as-Hormuz-Crisis-Drags-On.html oilprice-news-45382 Three LNG carriers loaded from Qatar and the United Arab Emirates in the Persian Gulf have transferred their cargoes onto other vessels outside the Strait of Hormuz in the past month, a move that’s highly unusual for LNG cargoes but one that could raise the crippled LNG shipments from the region. LNG traffic at the Strait of Hormuz nevertheless remains at a standstill, even though oil flows are estimated to have rebounded in recent weeks. However, unlike crude oil, it’s much more difficult to shuttle-ship LNG through Hormuz and… Wed, 02 Sep 2026 06:00:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Diesel-Cracks-Hit-Record-Highs-as-Global-Fuel-Squeeze-Deepens.html oilprice-news-45381 The re-escalation in the Middle East and the Russian ban on diesel exports amid incessant Ukrainian drone attacks on refineries have pushed middle distillate cracks to record highs this week. The renewed exchange of strikes in and around the Strait of Hormuz has erased hopes of a swift recovery of oil product flows from the Middle East, leaving the diesel markets tight, ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a note early on Wednesday. The market tightness is most evident in the diesel market, where the ICE… Wed, 02 Sep 2026 04:45:00 -0500 Wed, 02 Sep 2026 15:21:21 -0500 Tsvetana Paraskova