OPEC+ agrees to raise oil production as exports from the Strait of Hormuz rebound
OPEC+ announced on Sunday that it has agreed to increase production targets beginning in August, aiming to boost global supplies as oil prices continue to decline due to the gradual reopening of oil exports through the Strait of Hormuz. During an online meeting, oil producers decided to raise production by 188,000 barrels per day starting […]
Ukrainian Drones Hit Oil Terminal in St. Petersburg
Ukrainian Drone Attack Hits Oil Terminal in St. Petersburg According to Russian officials, a Ukrainian drone strike targeted an oil terminal in St. Petersburg on Saturday, coinciding with increased shelling by Ukraine of Russian oil facilities. These frequent long-range attacks have ignited a fuel crisis in Russia and are piling political pressure on the Kremlin […]
Newsom, Walz, and Pritzker call on Congress to dismiss oil lawsuit legislation
Democratic Governors Oppose Climate Liability Bill Prominent Democratic governors, including Tim Walz from Minnesota, Gavin Newsom of California, and J.B. Pritzker from Illinois, are urging Congress to reject a proposed law that would shield oil and gas companies from lawsuits related to climate change. They argue that taxpayers shouldn’t bear the financial burden of pollution’s […]
Major oil companies are on track for their highest profits in years as Trump advocates for reduced gas prices.
Major Oil Companies Anticipate Strong Profits Amid Industry Pressure America’s leading oil firms are set to report their most substantial quarterly profits in several years, as President Trump intensifies calls for the oil sector to reduce gasoline prices ahead of the upcoming midterm elections in November. Exxon Mobil and Chevron are projected to achieve second-quarter […]
Ukraine Attacks Russian Oil Refineries Lead to Fuel Shortages
Fuel Crisis in Russia Amid Ongoing Conflict Lines at gas stations in Russia are becoming longer, and so too are the frustrations of motorists as months of conflict with Ukraine have ignited oil refineries and affected supply chains nationwide. In various regions, fuel rationing has become necessary, leading to hours of waiting for drivers. Social […]
Ukrainians Target Key Russian Oil Refinery Again This Week
Ukrainian Forces Strike Russian Oil Refinery Again KYIV, Ukraine – Ukrainian President Volodymyr Zelenskiy announced that Ukrainian forces have targeted Russia’s Ufa oil refinery for the second time this week. This refinery is one of the largest producers of lubricants in Russia and is situated more than 1,000 kilometers away from Ukraine. The ongoing long-range […]
Iraqi Police Find $14 Million Hidden in Oil Minister’s Walls
Major Anti-Corruption Operation in Iraq Iraqi law enforcement launched a significant anti-corruption operation on Sunday, conducting raids in an upscale neighborhood of Baghdad and arresting multiple prominent figures. A key arrest was Ali Malij al-Bahadry, the Deputy Minister of Petroleum Distribution, who astonishingly had $14 million in cash hidden in the walls of his residence. […]
US oil reserves at 50% of usual, at risk of operational breakdown: startling watchdog alert
Concerns Over U.S. Strategic Petroleum Reserve Levels In recent findings, a government watchdog revealed that the ongoing conflict involving Ukraine and Iran has led to a significant depletion of the Strategic Petroleum Reserve, which is currently at its lowest since the 1980s. The U.S. Government Accountability Office highlighted that not only has nearly 180 million […]
Democrats Attempt to Revive Jimmy Carter’s Oil Tax
Democrats Propose Oil Tax Similar to Carter Era A push is underway from Democratic lawmakers to revive a tax targeting oil producers that harks back to the Carter administration. Senator Sheldon Whitehouse of Rhode Island and Representative Ro Khanna from California have reintroduced the Big Oil Windfall Profits Tax Act, as noted in a recent […]
Stock futures increase with oil prices as traders consider U.S. attacks on Iran over the weekend: Live updates
Stock Futures Rise Amidst Tensions with Iran On June 15, 2026, morning trading at the New York Stock Exchange saw slight increases in stock futures. This small uptick comes in the wake of escalating tensions between the United States and Iran, following recent attacks in the Middle East that pose the risk of prolonged conflict. […]