Taiwanese President Tsai Ing-wen supports the creation of a strategic oil reserve in Eswatini, strengthening diplomatic relations between the two nations. This initiative aims to secure the country's energy supply, while underlining the importance of the friendship between Taiwan and Eswatini despite diplomatic pressure from Beijing.

Oil prices hit a nine-month high due to production cuts by Saudi Arabia and Russia, creating tensions in the market. Analysts at Rystad forecast a deficit of 2.7 million barrels per day in the final quarter of the year, raising concerns about future supply despite sustained demand.

Shell announces the sale of its retail electricity and gas distribution business in the UK and Germany to Octopus Energy. This decision is part of Shell's strategy to refocus on energy, and forms part of the previously announced sale of its European retail business.

Oil prices continue to climb on expectations that Saudi Arabia and Russia will extend their production cuts for October.

While Ecuador halts oil production in the Amazon, Brazil under the Lula government invests massively in oil exploration near the mouth of the Amazon. The "FZA-M-59" exploration project is being criticized for its lack of environmental consistency, despite its climate commitments.

Ecuador's Minister of Energy, Fernando Santos, highlights the complexity of dismantling the Yasuni oilfield in the year since the vote to halt production. This decision, while welcomed by environmentalists, creates economic concerns, as "block 43" makes a significant contribution to the state budget.

Weekly US crude oil reserves fell significantly last week, exceeding analysts' expectations, while gasoline inventories rose. Oil production is at its highest level since the pandemic, but demand has weakened, impacting oil prices.

Bulgaria is considering a premature ban on Russian oil imports before the expiry of the EU derogation, motivated by considerations of diversification and energy security.

Oil companies are facing criticism for their investments in fossil fuels despite commitments to the energy transition.

China's crude oil imports from Saudi Arabia and Russia rose in August after falling back in July, but Chinese refineries are still awaiting further announcements on import quotas. The upturn in Saudi export volumes takes place against a backdrop of OPEC+ production cuts.

Discussions in Ankara between Iraqi and Turkish oil ministers to resolve obstacles to the resumption of Iraqi oil exports via the Turkish port of Ceyhan, following an arbitration ruling concerning oil exports from Iraqi Kurdistan without Baghdad's agreement.

Asian refiners are facing challenges from declining Kuwaiti oil exports, prompting China to diversify its supply sources.

The approach of Hurricane Hilary is raising concerns about refinery operations on the West Coast of the United States, leading to higher prices for refined products due to potential disruptions.

China's oil imports from Russia remain stable despite price cuts and growing domestic demand. Shipments from Saudi Arabia declined due to price increases and production cuts.

Recent heat waves have disrupted refinery operations in Southern Europe, leading to a drop in supplies. Factors such as reduced inventories, unplanned outages and the loss of Russian raw materials helped to boost refining margins.

Norwegian oil group DNO restarts production at a key field in Iraqi Kurdistan after shutdown due to regional tensions. Discover the evolution of oil exports, the legal stakes and the complex relations between Baghdad, Kurdistan and neighboring Turkey.

Maurel & Prom strengthens its presence in the Gabonese oil industry with the acquisition of Assala Energy for $730 million, extending its operational reach in the region.

South Korea's release of Iran's blocked assets held in local banks is unlikely to lead to a resumption of Iranian oil trade for the time being, said government officials as well as banking and refining industry sources in Seoul and Tehran.

Kazakhstan's oil expansion clashes with OPEC+ commitments, while tensions in the Black Sea raise concerns about export security. Differences of opinion among analysts concern quota compliance and the risks associated with the country's dependence on the Caspian Pipeline Consortium (CPC).

Equinor Canada is planning an exploration drilling program for its Bay du Nord project, supported by the Hercules platform, while the Terra Nova project is preparing to resume production with major upgrades.

Global oil demand is at an all-time high, with annual growth forecast at 2.2 million barrels per day in 2023, bringing the total to 102.2 mb/d, while oil market tensions arising from OPEC+ production cuts to support prices could tighten the market further in the autumn, driving prices higher.

OPEC oil production is declining due to drastic cuts by Saudi Arabia to support prices, while global demand is expected to increase in 2023 and 2024.

The anticipated rise in oil prices, fuelled by Saudi production cuts, is prompting non-OPEC producers to increase their output, supporting global supply growth, while forecasts from the US Energy Information Administration reveal a record increase in US oil production.

The spread between high and low sulfur fuel oils has reached an all-time low, reflecting the unprecedented challenges facing the oil market.