Oil price news
Iran adds 10 trillion ft3 of gas to its reserves
A new discovery in the Pazan gas field in southern Iran has been made with 10 trillion ft3 of natural gas, Oil Minister Mohsen Paknejad said on Monday according to his ministry's news outlet Shana.
EIA adjusts forecast for US oil production as producers set a record in July 2025
The US Energy Information Administration (EIA) forecasts in its October Short-Term Energy Outlook (STEO) that US crude oil production will average 13.5 million bpd in both 2025 and 2026, both slightly higher than the agency’s September forecast.
IEA forecasts rapid rise in global oil supply
The OPEC+ group, comprising eight countries, has agreed to augment its production.
EIA expects less oil demand and lower oil and gasoline prices in an uncertain market
The US Energy Information Administration (EIA) expects recent developments in global trade policy and oil production to contribute to lower global demand growth for petroleum products through 2026.
Rystad Energy: OPEC+ may raise output if US supply disruptions deepen
Markets respond to US ‘Liberation Day’ and recent OPEC+ meeting.
Pitting Corrosion vs. Crevice Corrosion in Stainless Steel: Key Distinctions and Prevention
Corrosion in oil and gas tubing systems costs over $1 billion annually (source: NACE). Common types like pitting and crevice corrosion can be mitigated with proactive identification and appropriate solutions, preventing costly damage to fluid systems.
EIA: short-term energy outlook
The US Energy Information Administration has released its short-term energy outlook for October.
US crude oil stocks fall more than expected, reversing previous small rise
US crude oil inventories fell by more than expected in late September, dropping by 4.34 million bbl, reported the American Petroleum Institute (API).
Aramco raises US$3 billion in debt sale as Saudi Arabia drops US$100/bbl oil price
Saudi Arabia is preparing to increase its oil output to regain its market share, with abandoning its required oil price part of the plan.
Reuters: FTC set to greenlight Chevron's US$53 billion buy of oil rival Hess, sources say
Reuters has reported that the US Federal Trade Commission is expected to greenlight US oil producer Chevron's purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's challenge to the US$53 billion deal as its final hurdle.