World Oil

The International Energy Agency (IEA) has cut its 2026 forecast by 700,000 bpd, now expecting global consumption to decline by 1.1 MMbpd this year as disruptions, higher fuel prices and tighter product markets weigh on demand.

IEA cuts 2026 oil demand outlook as Hormuz reopening nears The IEA has cut its 2026 oil demand forecast by 700,000 bpd, now expecting global consumption to decline by 1.1 MMbpd this year as Middle East disruptions, higher fuel prices and tighter product markets weigh on demand.

🚨 - President Trump said the interim U.S.-Iran agreement could be signed within days, bringing the reopening of the Strait of Hormuz one step closer and reinforcing expectations for increased Gulf oil exports and lower crude prices.

Trump says U.S.-Iran deal could be signed within days President Trump said the interim U.S.-Iran agreement could be signed within days, bringing the reopening of the Strait of Hormuz one step closer and reinforcing expectations for increased Gulf oil exports and lower crude prices.

Kosmos Energy has completed the sale of its interests in the Ceiba Field and Okume Complex offshore Equatorial Guinea to Panoro Energy for approximately $127 million.

Kosmos closes $127 million Equatorial Guinea asset divestment Kosmos Energy has completed the sale of its interests in the Ceiba Field and Okume Complex offshore Equatorial Guinea to Panoro Energy for approximately $127 million, using proceeds to reduce debt and focus capital on higher-return assets.

🎙In a new exclusive episode, Brandon Myers, Head of Research at Novi Labs, shares insights on advanced energy analytics, machine learning forecasting and the U.S. oil inventory landscape.

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Innovative data-driven approaches that are shaping the future of… Brandon Myers, Head of Research at Novi Labs, shares insights on advanced energy analytics, machine learning forecasting and the US oil inventory landscape. Discove…

MOL Group, REPSOL and TPAO have signed a production sharing agreement for Libya's offshore O7 block in the Mediterranean Sea, advancing plans for seismic acquisition and deepwater exploration drilling in the North African country.

MOL joins Repsol, TPAO in Libya offshore exploration project MOL Group, Repsol and TPAO have signed a production sharing agreement for Libya's offshore O7 block in the Mediterranean Sea, advancing plans for seismic acquisition and deepwater exploration drilling in the North African country.

Chevron has acquired a 70% stake and operatorship in Greece's offshore Block 10 concession, expanding its Eastern Med. exploration portfolio and strengthening its partnership with HELLENiQ ENERGY.

Chevron expands offshore Greece position with stake in Ionian Sea Block 10 Chevron has acquired a 70% stake and operatorship in Greece's offshore Block 10 concession, expanding its Eastern Mediterranean exploration portfolio and strengthening its partnership with HELLENiQ ENERGY.

Emerson has added combustible gas detection capabilities to its Rosemount 928 Wireless Gas Monitor, expanding safety coverage in remote and hard-to-wire facilities.

Emerson adds combustible gas detection to wireless gas monitoring platform Emerson has added combustible gas detection capabilities to its Rosemount 928 Wireless Gas Monitor, enabling real-time %LEL monitoring over WirelessHART networks and expanding safety coverage in remote and hard-to-wire oil and gas facilities.

ADNOC Group has hired veteran oil trader Benoit Roulon to lead its trading arm as the company expands its global crude marketing business and targets higher trading volumes alongside growing production capacity.

ADNOC taps industry veteran to lead trading arm expansion ADNOC has hired veteran oil trader Benoit Roulon to lead its trading arm as the company expands its global crude marketing business and targets higher trading volumes alongside growing production capacity.

Aker BP ASA is expanding deployment of AI-powered computer vision technology across its offshore drilling fleet, using DrillDocs' CleanSight system to improve drilling efficiency, identify wellbore instability and reduce NPT.

https://worldoil.com/news/2026/6/16/aker-bp-expands-deployment-of-ai-powered-drilling-surveillance-technology/

Aker BP expands deployment of AI-powered drilling surveillance technology Aker BP is expanding deployment of AI-powered computer vision technology across its offshore drilling fleet, using DrillDocs' CleanSight system to improve drilling efficiency, identify wellbore instability and reduce nonproductive time.

Brent crude fell below $80/bbl for the first time in more than three months as markets priced in increased oil supply following the U.S.-Iran agreement to reopen the Strait of Hormuz.

Brent falls below $80 as U.S.-Iran deal boosts supply outlook Brent crude fell below $80/bbl for the first time in more than three months as markets priced in increased oil supply following the U.S.-Iran agreement to reopen the Strait of Hormuz. Analysts lowered price forecasts as expectations grew for a recovery in Persian Gulf exports.