The U.S. Energy Information Administration just raised its 2027 U.S. crude oil production forecast to a record 14.3 million barrels per day. On paper, that looks like good news for American energy security. In the real market of September 2026, it is only half the story. Oil prices are back above $100 a barrel this […]
Continue Reading
November-loading ESPO from Kozmino is trading at more than $7 per barrel over Brent, with some offers to independent refiners reaching $10, according to traders cited by Bloomberg and OilPrice.com. That is a sharp reversal from the deep discounts China extracted for years. ESPO loads on Russia’s Pacific coast and reaches Chinese ports in less […]
Continue Reading
ENB Pub Note: This article first ran on The Crude Truth Substack, and I agree with Rey Trevino’s viewpoints. I would also add that Bloomberg is reporting this morning that Venezuela is weighing the benefits of remaining in OPEC. Now that it is not selling oil to China at a huge discount, it will be […]
Continue Reading
Iraq is pushing aggressively to more than double its oil production capacity, targeting 8–10 million barrels per day (bpd) within six years—up from roughly 4 million bpd before the recent Iran-related regional conflict disrupted Strait of Hormuz shipping. On August 21, 2026, Prime Minister Ali al-Zaidi announced the goal at the Baghdad Dialog conference and […]
Continue Reading
Saudi Arabia is exporting and producing less oil amid ongoing regional conflicts and shipping disruptions, yet its oil revenues have risen sharply thanks to elevated crude prices. This paradox highlights the resilience of the Kingdom’s energy sector even as capacity constraints, security threats, and infrastructure damage create significant hurdles. In the second quarter of 2026, […]
Continue Reading
Wind and solar are key, but not in existing grid deployments. This article was first run on the Energy News Beat Substack. Global electricity generation is set for a massive expansion. According to OPEC’s World Oil Outlook (matching the chart data for 2025–2050), total generation rises from about 32,017 TWh in 2025 to roughly 59,500 […]
Continue Reading
In a decisive move that underscores its strategic pivot amid ongoing regional tensions and its recent departure from OPEC, the United Arab Emirates is accelerating infrastructure to dramatically expand its oil export capacity, bypassing the Strait of Hormuz. On May 15, 2026, Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan directed […]
Continue Reading
Eleven weeks into the Middle East conflict that has effectively shuttered the Strait of Hormuz and sent energy prices soaring, the correlation between the Bloomberg Dollar Spot Index and Brent crude futures has hit its highest level on record. This marks the strongest daily tandem movement between the greenback and oil in more than two […]
Continue Reading
In a move that signals business-as-usual intent amid extraordinary disruption, OPEC+ delegates have outlined plans to press ahead with a series of oil production quota increases, aiming to fully unwind the final layer of voluntary cuts announced in 2023 by the end of September 2026. According to Bloomberg reporting, key members intend to raise targets […]
Continue Reading
Saudi Arabia has delivered a stark update to OPEC: its crude oil production plunged another 651,000 barrels per day (b/d) in April, hitting just 6.316 million b/d—the lowest level since the 1990 Gulf War. According to a monthly report from OPEC’s secretariat obtained by Bloomberg, the kingdom’s output has now fallen a cumulative 42% since […]
Continue Reading