Global energy producer Chevron announced plans to eliminate nearly 200 jobs from a plant in Northern California as it moves its headquarters to Texas.
On July 1, the company filed a Worker Adjustment and Retraining (WARN) notice, stating that it plans to cut 180 jobs at its San Ramon, CA, plant as of Sept. 1, 2026, according to the California Employment Development Department.
Chevron expects to relocate the workers to Houston, TX, as it continues to transition its corporate headquarters out of California, the San Francisco Chronicle reported. The energy producer is offering relocation assistance to the impacted employees, who hold jobs in areas such as commercial operations, corporate communications, legal affairs, and information technology, according to the news source.
Chevron anticipates relocating more employees in 2027.
The oil and gas producer initially announced plans to move its corporate headquarters from San Ramon, CA, to Texas in 2024, as part of a larger restructuring to streamline operations and cut costs, according to the San Francisco Chronicle. In 2025, Chevron cut nearly 800 jobs from its San Ramon, CA, and Bakersfield, CA, facilities.
Other oil and gas producers have also transitioned their workforce recently, in part due to the instability brought about by the US-Iran conflict and market shifts and consolidation before that.
Oilfield services company Baker Hughes in Houston began laying off employees earlier this month, with a plan to eliminate a total of 174 jobs, according to the Texas Workforce Commission.
Last year also brought a raft of headcount reductions in the oil and gas industry, due to declining oil prices and consolidation.
BP reduced its global staff by 5% in 2025, as part of an effort to shift more resources away from renewable energy and back to oil and gas, Reuters reported. BP also announced on Wednesday that it is considering selling most of its BP Ventures team as part of that goal, according to a company news release.
Exxon Mobil reportedly told Reuters last year that it planned to lay off 2,000 employees worldwide as part of a restructuring plan. Additionally, ConocoPhillips announced headcount reductions in its Canadian workforce by late 2025, according to the news source.
A recent report from global trade credit insurance provider Atradius notes that oil and gas are key energy sources and feedstocks with limited alternatives and adds that that is part of why the Strait closure is hitting the chemical sector especially hard.
In a Q&A with Powder & Bulk Solids, a senior underwriter for Atradius pointed out that the longer the US-Iran conflict continues, risks of higher energy and feedstock prices for an extended period of time may spur “weaker recovery momentum” in H2 2026.
https://www.powderbulksolids.com/oil-gas/chevron-to-relocate-nearly-200-workers
U.S. oil and gasoline stocks fell last week, the Energy Information Administration (EIA) said on Wednesday, as refiners stepped up their crude processing and gasoline demand remained sturdy during summer driving season.
Crude inventories fell by 1.7 million barrels to 409.7 million barrels in the week to July 10, the EIA said. That was smaller than the 2.6 million-barrel draw forecast by analysts polled by media.
Total crude inventories, including commercial stocks and those in the government's emergency reserve, have fallen by nearly 129 million barrels since the start of the U.S.-Israeli war on Iran to 726.17 million barrels, the lowest level since 1984.
Meanwhile, crude stocks at the Cushing, Oklahoma, delivery hub rose by 430,000 barrels in the week to 20 million barrels, the level considered to be the minimum operational requirement for the flagship storage hub, the EIA said.
Total inventories of oil and petroleum products built for the first time in nearly four months, as higher prices for U.S. crude oil and fuel have cut into export demand, UBS analyst Giovanni Staunovo said.
U.S. exports climbed by 459,000 barrels per day to 3.7 million bpd, EIA data showed, but remained well below the peak 5.9 million bpd seen in May.
Refinery crude runs rose by 99,000 bpd, the EIA said, while refinery utilization rates rose by 0.4% in the week to 96.2%.
"Ongoing strength in refining activity amid peak summer driving demand has encouraged a draw to crude inventories, although its magnitude has been stymied by ongoing SPR releases and a slowing pace of crude exports," said Matt Smith, director of Commodity Research at Kpler.
U.S. gasoline stocks fell by 1.5 million barrels in the week to 210.5 million barrels, the EIA said, compared with analysts' expectations in a poll for a 760,000-barrel draw.
Product supplied of finished motor gasoline, a proxy for demand, eased by 1,000 bpd to 8.84 million bpd in the week.
U.S. gasoline futures edged higher to trade at $3.25 a gallon after the data but largely gave up their gains after.
Brent, U.S. crude futures and U.S. ultra-low-sulfur diesel futures largely did not react to the data.
"Gasoline demand was just okay for this time of year. We keep seeing sub 9 million barrels so that took away from any of the report's bullishness," said John Kilduff, a partner at Again Capital.
Distillate stockpiles, which include diesel and heating oil, rose by 4.6 million barrels in the week to 108.2 million barrels, versus expectations for an 84,000-barrel rise, the EIA data showed.
Net U.S. crude imports fell last week by 399,000 bpd, EIA said.
Photo: EPA
Shares of the Russian Gazprom July 16 fell to its lowest level in the history of trading on the Moscow Exchange, falling to 83.98 rubles per share. This is below the low recorded during the 2008 global financial crisis, when the company's shares were trading at 84 rubles.
Later, the price partially recovered its losses to around 85.5 rubles, but remained well in the red.
At the same time, the Moscow Exchange Index fell 3.4% to 2,040 points, its lowest level since October 2022. Most liquid Russian stocks fell 2–8%.
According to analysts, the main reasons for the drop in Gazprom's stock price were the protracted negotiations over the "Power of Siberia 2" gas pipeline and China's hardline stance, as China remains, in effect, the only major buyer of Russian pipeline gas.
China accounts for more than 50% of Gazprom’s exports, while there is virtually no potential to increase supplies to other markets. According to The Wall Street Journal, Beijing has effectively suspended negotiations on "Power of Siberia 2", demanding that Moscow significantly lower the price of gas – to approximately $50 per thousand cubic meters, which corresponds to the price within Russia.
Since the beginning of 2026, Gazprom’s market capitalization has fallen by approximately 1 trillion rubles, and compared to its 2021 peak, the company’s shares have lost nearly 80% of their value. The company’s market capitalization currently stands at about 2 trillion rubles (approximately $25.6 billion).
Following Russia’s full-scale invasion of Ukraine, Gazprom lost most of its European market. According to experts’ estimates, the company’s exports fell by nearly two-thirds: from about 200 billion cubic meters per year to levels last seen in the mid-1980s.
China and Turkey remain among the major buyers of Russian pipeline gas. In Europe, Hungary, Slovakia, and Greece continue to purchase gas from Gazprom, but these supplies may cease in 2027 due to EU gas embargo.
Igor Volobuev, former vice president of Gazprombank considers, indicating that Russia has strategically lost its status as a "gas superpower."
According to him, the country is shifting from being one of the key players in the global gas market to an isolated supplier of raw materials with limited export capabilities, which will have long-term negative consequences for the Russian economy.
https://biz.liga.net/en/energy/news/china-sent-gazproms-stock-plummeting-to-a-historic-low
Russian energy firms seek additional fuel supplies after repeated Ukrainian strikes disrupt domestic refining capacity
New Delhi: Russia has approached Indian refiners for additional gasoline supplies as repeated Ukrainian attacks on its refineries continue to disrupt fuel production, marking an unusual shift in the energy trade relationship between the two countries.
India, currently the largest buyer of Russian seaborne crude oil, is now being asked to supply refined fuel back to Russia as the country grapples with one of its worst gasoline shortages in recent years. According to reports, Russian energy giants including Rosneft, Gazprom Neft and Lukoil have reached out to both private and state run Indian refiners to explore possible fuel purchases.
The move comes after a significant portion of Russia’s refining capacity was damaged by drone strikes, with nearly 40 percent of affected facilities expected to remain offline for at least two months if there are no further attacks. One shipment of Indian gasoline has already been dispatched to Russia, and additional cargoes could follow if supply arrangements are finalised.
However, Indian state owned refiners have reportedly informed Russian companies that they currently do not have surplus gasoline available for export. Any future supplies, if agreed upon, are expected to be routed through international traders rather than through direct government to government transactions.
Officials have indicated that fuel shipments could be carried out through ship to ship transfers in international waters before reaching Russian ports. Reports also suggest that Russia may seek diesel imports from India if further attacks lead to additional refinery disruptions, although domestic diesel supplies remain sufficient for now.
Earlier this month, Indian authorities stated that domestic companies were not directly exporting fuel to Russia but acknowledged that traders could be supplying Indian origin fuel through commercial arrangements.
Meanwhile, Nayara Energy, one of India’s major private refiners, has denied selling fuel directly to Russian companies. The company said its priority remains meeting domestic demand across India through its extensive retail network and bulk supply channels.
https://goemkarponn.com/russia-turns-to-india-for-gasoline-as-refinery-damage-deepens-fuel-crisis/
ISLAMABAD: PetroChina International has secured Pakistan’s latest spot liquefied natural gas (LNG) contract after submitting the lowest bid to supply a 140,000-cubic-metre LNG cargo at US$20.6999 per million British thermal units (MMBtu).
The cargo is scheduled for delivery on July 21–22 and marks Pakistan’s sixth spot LNG procurement through competitive bidding since late February. It is also the highest-priced spot LNG cargo purchased during this period, reflecting continued volatility in global LNG markets driven by regional geopolitical tensions.
According to official sources, Pakistan LNG Limited (PLL) received two bids in response to its tender issued on July 14 for the procurement of a single LNG cargo.
PetroChina International emerged as the lowest bidder with an offer of US$20.6999 per MMBtu, while BP Singapore submitted the second-lowest bid at US$21.3737 per MMBtu.
Following technical and commercial evaluations, both bids were declared responsive. PetroChina was subsequently awarded the contract after offering the most competitive financial bid.
The latest procurement underscores Pakistan’s continued reliance on spot market purchases to meet domestic gas demand despite elevated international LNG prices and ongoing uncertainty in global energy markets.
Story by Khalid Mustafa
US Strategic Petroleum Reserve Hits Lowest Level Since 1983
BY MUFLIH HIDAYATON JULY 14, 2026
The Shrinking Safety Net: Understanding America's Oil Reserve Crisis at a Four-Decade Low
Energy security frameworks are only as strong as the physical buffers underpinning them. For decades, the United States built its strategic energy posture around a simple premise: maintain enough crude oil in reserve to absorb a major supply disruption without triggering economic crisis. That buffer is now at its most threadbare point since the early 1980s, raising urgent questions about resilience, replenishment, and the real cost of deploying emergency stockpiles as an active policy instrument rather than a last resort.
The US Strategic Petroleum Reserve lowest level since 1983 is not just a headline statistic. It is a structural signal about how American energy security has been reshaped by consecutive crises, political decisions, and the growing tension between short-term market intervention and long-term strategic preparedness. Furthermore, understanding this development requires context around crude oil market dynamics that have been shifting significantly in recent years.
https://discoveryalert.com.au/strategic-petroleum-reserve-lowest-level-energy-security-2026/
By Tsvetana Paraskova - Jul 16, 2026, 6:00 PM CDT
The oil market may soon run out of the supply and demand cushions that have kept prices from soaring to record highs during the huge loss of flows through the Strait of Hormuz.
The window provided by the U.S.-Iran memorandum of understanding, during which Middle Eastern producers rushed the crude amassed in the Gulf in the previous four months out of the region, abruptly shut down with the renewed hostilities and all-but-dead ceasefire.
Inventories of crude and fuels in key markets, including the United States, are running dangerously low with no buffers left, while most of the oil from the world’s biggest-ever coordinated stocks release has already reached refiners.
Last but not least, China may soon end its absence from crude purchases and the decade-low crude oil import volumes from the past weeks, removing the single biggest demand buffer that capped oil price gains in March-June.
The Return of China?
China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East. Beijing could afford to dramatically reduce its crude buying, slashing import volumes last month by an estimated 4.4 million barrels per day (bpd) compared to the 2025 average.
Chinese imports of crude oil plunged by 41.3% in June from a year earlier, to just 29.27 million tons, or 7.12 million bpd, according to official Chinese customs data released on Tuesday.
The June volumes hit a decade low as they were at their lowest level since October 2016, according to the data series.
China’s huge stockpiles amassed before the Iran war began, and its ability to curtail imports during the first four months of the conflict has kept oil prices from spiking to record highs despite the loss of more than 10 million bpd of daily flows through Hormuz.
China is the world’s top crude importer, but it was also the importer best prepared to weather a global supply crisis. In the year before the Iran war started, China is estimated to have amassed between 1.2 billion and 1.3 billion barrels of oil in commercial and strategic reserves. These could be even higher as the inventories are a closely guarded secret, as are China’s imminent plans about stockpiling or drawing down reserves.
China may soon return to buying more oil as it has already started to tap reserves and wouldn’t want to see the stockpile it had amassed run through too fast, too deep, analysts say.
China is estimated to have tapped its huge reserves in May, with drawdowns extended into June. China last month drew 41 million barrels from inventories, according to estimates in the International Energy Agency’s (IEA) latest monthly report.
Despite the drawdowns, China is not in any rush yet to buy more oil, as it still holds substantial stocks, Goldman Sachs said in a note carried by the Wall Street Journal.
But the tipping point could come soon, and China could accelerate buying for July and August, according to analysts at Goldman, also because the Gulf producers have slashed their official selling prices for this month and next.
Since the beginning of the Middle East crisis in February, China has become the swing demand buyer on the global oil market.
The world’s top crude oil importer, through very low import volumes in the past months, prevented a major spike in oil prices. This low-Chinese-demand cushion may be exhausted soon.
Crashing Inventories
The end of the Chinese demand buffer could coincide with the still-disputed status of the Strait of Hormuz, not allowing oil cargo evacuations at the rate seen in the three weeks after the MoU was signed.
The re-escalation and the fresh, abrupt halt to Hormuz tanker traffic would delay the expected recovery of oil flows from the Middle East, further tightening the global oil and fuel markets.
The trend of the dramatic slowing of ships transiting the Strait of Hormuz is set to continue, while the reinstated U.S. blockade on Iranian oil exports and the lack of buffers in the oil market are laying the foundations of higher oil prices if the current situation does not improve soon, Amrita Sen, founder and director of market intelligence at consultancy Energy Aspects, told CNBC this week.
The world has drawn down about 600-700 million barrels of oil stocks since the crisis began, Sen noted.
“If we are still in this situation by the end of this month or early next month, I don't think we've seen the worst, and I think the worst is actually going to come later on, maybe later in Q3 or early Q4,” the expert told CNBC.
In comments to the Financial Times, Sen said that “Now we have close to nothing” left of the excess inventories, not counting the strategic stocks held by governments, with which the world faced the start of the war.
“Market complacency around Hormuz flows is being severely tested,” Sen said.
https://oilprice.com/Energy/Crude-Oil/China-Could-Be-About-to-Remove-Oils-Biggest-Safety-Net.html
Hanwha Ocean (042660) has commenced construction of a large-scale 390MW offshore wind farm off the coast of Shinan in South Jeolla Province. The company aims to transform into a total solutions provider covering the entire offshore wind process—from project development and construction to offshore installation—by deploying its next-generation Wind Turbine Installation Vessel (WTIV), currently being built at a cost of 800 billion won (approximately $541.2 million).
Hanwha Ocean announced on July 16 that it held a groundbreaking ceremony for the "Shinan-Ui Offshore Wind Power Project" in Shinan County, South Jeolla Province, marking the start of full-scale construction. The project involves building a 390MW offshore wind farm in waters near Uido-ri, Docho-myeon, Shinan County, with completion targeted for 2029.
The groundbreaking ceremony was attended by a large contingent of government and local officials, including Kim Sung-hwan, Minister of Climate, Energy and Environment; Min Hyung-bae, Mayor of the integrated Gwangju-Jeonnam Special City; Kim Tae-sung, Governor of Shinan County; and Lee Jae-gak, Governor of Jindo County, along with representatives from South Korea's Financial Services Commission, financial institutions, and shareholders. Hanwha Ocean President Chung In-sub and Korea Midland Power President Lee Young-jo were also present, pledging their commitment to the project's successful execution.
In this project, Hanwha Ocean serves as the developer overseeing the entire business development process—including project origination, permitting, and investment attraction—while also acting as the lead EPC contractor responsible for engineering, procurement, and construction. Hyundai Engineering & Construction is participating as an EPC partner, and Korea Midland Power will take charge of operating the wind farm for 25 years after completion, ensuring stable power supply.
https://finance.biggo.com/news/3f0e14b1-6eec-4509-a623-06db46814b08
Investing.com -- U.S.-listed shares of gold mining companies dropped in morning hours trading on Thursday, gold prices retreated, pressured by a surge in oil prices that reignited inflation concerns and clouded the outlook for U.S. interest rates.
XAU/USD fell 1.6% to $3,993.64 per ounce. The precious metal faced pressure from inflation concerns related to ongoing tensions in the Middle East and uncertainty surrounding U.S. interest rates.
The uncertainty surrounding Fed's interest rate stance and Iran-US war outcome has kept pressure on gold. While softer inflation would normally weaken the dollar and support bullion by reducing expectations for higher interest rates, renewed gains in oil have raised doubts about whether the recent disinflation trend can be sustained.
Higher energy prices could fuel inflation, reinforcing expectations that interest rates may remain elevated for longer and reducing the appeal of non-yielding assets such as gold.
Among major mining companies, Newmont declined nearly 2% and Barrick Mining fell 1.2%.
South African gold miners also moved lower. Gold Fields dropped 1.3%, while Harmony Gold and AngloGold Ashanti declined between 1% and 2%.
Canadian mining companies saw similar losses. Agnico Eagle Mines fell 1.5% and Kinross Gold decreased approximately 2%.
https://finance.yahoo.com/markets/commodities/articles/gold-stocks-sink-oil-rally-154059576.html
Acting Secretary-General Moreno calls for the global energy transition to become a driver of sustainable development for mineral-rich developing countries, avoiding a repetition of past extractive models.
In his address to the United Nations High-Level Meeting on Critical Energy Transition Minerals on behalf of the co-chairs of the UN Task Force on Critical Energy Transition Minerals, UNCTAD's Acting Secretary-General Pedro Manuel Moreno stressed that rising demand for minerals such as copper, lithium and cobalt must translate into greater added value, economic diversification and shared prosperity for mineral producing countries and communities.
As investment in clean energy technologies accelerates, he noted that producing countries face growing challenges due to volatile markets, concentrated supply chains and the environmental and social impacts of extraction. Addressing these challenges requires stronger international cooperation and greater support for countries.
The Acting Secretary-General also highlighted progress under the Task Force, including technical work on value addition, traceability, artisanal and small-scale mining, mining legacies and circularity, alongside new global research and the rollout of a Country Support Mechanism to help translate international commitments into action on the ground.
Two knowledge products will be released by the end of 2026: a global assessment of trade policies affecting critical mineral value chains, and a study on circularity approaches in critical mineral value chains.
He concluded that the success of the energy transition will ultimately be measured not only by emissions reductions, but by stronger institutions, healthier ecosystems and improved livelihoods in the countries and communities that supply the minerals underpinning the clean energy economy.
https://unctad.org/news/critical-minerals-must-drive-development-not-repeat-extractive-models
Brandon Craig appointed as BHP's next CEO, replacing Mike Henry from July 1. Photo: Aaron Francis Photography
BHP Group reported record annual iron ore production but warned that copper output will decline in the coming year as ore grades weaken at its major Chilean operations, including Escondida, Bloomberg News reported.
Copper production for the 12 months to June 30 fell 3% year-on-year to nearly 2 million tons, while iron ore output rose 1% to a record 264.7Mt, the company said in an operational update on Thursday. BHP expects copper production to drop as low as 1.65Mt in the new fiscal year, which began July 1, as grades deteriorate across its South American mines.
Copper has become BHP’s biggest earnings driver and sits at the centre of its shift toward commodities tied to electrification and the energy transition.
CEO Brandon Craig, who took over on July 1, said the results reflected stronger realised prices, with copper up around 35% year-on-year.
He now oversees a substantial growth pipeline, including the Jansen potash project in Canada and expansion of the group’s South American copper business, said Bloomberg.
BHP is also working to lift iron ore output in Western Australia, where Port Hedland workers staged a brief strike Thursday. Despite tough negotiations with China Mineral Resources Group, BHP sold iron ore at prices 3% higher over the year. Quarterly output showed iron ore down 3% to 68.1Mt and copper down 5% to 491,900t, said Bloomberg.
https://www.miningmx.com/trending/65917-bhp-warns-copper-output-to-fall-on-lower-grades/
