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.
Nigeria crude output reached 1,530,354 bpd in May 2026, ending a 10-month compliance shortfall below its 1.5 million bpd OPEC quota, per NUPRC.
Goldman Sachs cut its 2027 Brent forecast to $80/bbl on June 11, aligning with EIA's $79 projection, as OPEC projects 970,000 bpd demand growth for 2026.
US petroleum net exports hit a record 5.8 million b/d in April 2026, as Hormuz-displaced buyers sought American crude. A peace deal could end that windfall.
Brent fell to $88.03 per barrel on June 12, below EIA's Q4 2026 forecast three months early, as Trump signaled a US-Iran settlement framework.
Brent crude fell 4.15% to $89.24 Thursday as Trump suspended Iran attack plans, signaling a US-Iran deal by weekend. EIA had forecast $105 for June-July.
Trans Mountain reached full 890,000-bpd capacity for the first time as China's 200,000 bpd demand consumes 22% of Alberta's Pacific export route.
WTI crude settled at $86.45 per barrel Thursday, falling 3.98% as Trump threatened to seize Kharg Island, then cancelled Iran strikes, citing talks.
Shell agreed to acquire ARC Resources for $13.6 billion, tripling its Montney acreage in BC to feed LNG Canada and adding 2 billion boe of reserves.
OPEC cut its 2026 demand growth forecast to 970,000 bpd Wednesday, while Gulf producers run 8.5 million bpd below quota due to Hormuz closure.
US crude stocks fell 7.2 million barrels to 426.5 million, the eighth straight weekly draw and now 5% below the five-year average, EIA reported.
Iran's IRGC closed the Strait of Hormuz to all oil tankers overnight. India summoned a US diplomat after three mariners died in a CENTCOM strike. Brent $93.
Devon Energy set a 500,000 bpd oil target after its $58B Coterra merger, but Goldman Sachs splits Q4 Brent at $90 or $115, creating a $1.1B revenue fork.
Alberta plans a July 1 federal submission for a 1-million-bpd Pacific pipeline, seeking to narrow WCS crude's persistent $16 per barrel discount to WTI.
WTI crude settled at $90.48 per barrel Wednesday, rebounding 2.59% after EIA reported a 7.2-million-barrel draw, the seventh straight weekly decline.
The WCS-WTI discount narrowed to $12.10 per barrel as Hormuz keeps Gulf heavy grades offline and Alberta crude inventories hit their lowest level since 2017.
OPEC+ approved a second straight 188,000 bpd output hike for July, but the Hormuz shutdown has removed 1 billion barrels of Gulf supply since March.
TTF European gas climbed to 49.31 euros per MWh Wednesday, up 37% year over year, as US strikes on Iran lifted the Henry Hub-TTF spread to $13.48 per MMBtu.
Rystad: the Hormuz war has erased 1 billion barrels of crude, 2 billion by year-end. Enverus projects $110 Brent for H2 2026 as US strikes Iran again.
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.
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