oil sector

Ukraine's defence ministry says its forces hit six strategic oil refineries deep inside Russia over a single week, some up to 1,600 km from the front line. Kyiv describes the facilities as key fuel suppliers for Russia's defence industry and occupation forces, framing the campaign as retaliation for Russian strikes on Ukrainian energy infrastructure.

Donald Trump has called on Ukrainian President Volodymyr Zelenskyy to scale back attacks on Russian oil refineries. The request, which touches on Ukraine's most effective long-range strikes against Russia's energy sector, has drawn attention as Washington pushes for negotiations while Kyiv weighs the military and economic value of targeting Russian oil infrastructure.

The European Union is set to delay its methane emissions rules following pressure from member governments, according to Reuters. The deferral would push back compliance deadlines in the bloc's methane regulation, a key part of EU climate policy targeting the oil and gas sector. The move highlights growing resistance among national governments to the cost and pace of green regulations.

Le Grand Continent reports that Russia's oil production is expected to drop to 494 million tonnes in 2026, down 3.4 percent from last year and the lowest level since 2009. The decline points to mounting pressure on Russia's energy sector, a key source of state revenue, with commentators weighing the economic and market consequences.

Dow Jones futures fell as oil prices and Treasury yields rose following comments by President Trump on Iran that stoked supply and inflation worries. Traders weighed the geopolitical risk against strong corporate news, with Nvidia announcing a major share buyback that lifted sentiment in parts of the tech sector. Investors are watching for further escalation and its impact on energy prices.

The European Union may postpone its methane emissions rules by a year, according to a report from Rigzone. The regulation, part of the bloc's push to cut methane leaks from the energy sector, would affect oil and gas producers exporting to Europe. The possible delay is drawing attention from energy firms and climate advocates awaiting clarity on compliance timelines.

The Wall Street Journal reports that American pressure, including tariffs and trade threats, is pushing Canada to accelerate development of its vast energy resources. The piece examines how Ottawa and industry are responding by seeking new pipelines, export routes and customers beyond the United States. Analysts see the moment as a potential turning point for Canada's oil, gas and critical minerals sectors, reducing reliance on the U.S. market.

Around 8% of workers in Norway's oil industry are threatening to go on strike starting June 5, a move that could disrupt production on the Norwegian continental shelf, a major supplier of oil and gas to Europe. The threat comes amid ongoing wage negotiations in the offshore petroleum sector, with unions and employers working to avoid industrial action during the summer season.

Oil-field service companies are preparing to report quarterly results that are expected to show how the war has affected their business. Investors and analysts will be watching the earnings season in the energy sector for signs of how conflict-driven costs, supply disruptions and shifting demand for drilling and oilfield services have filtered through to the bottom line of major providers.

Oman is drafting a national law to regulate and develop its space economy, according to Oman Observer. The legislation would establish a legal framework for space activities as the country works to diversify its economy beyond oil and position itself in the growing regional space sector. Details of the draft's provisions and timeline have not yet been published.

BP workers locked out of their jobs are picketing outside the company's refinery in Indiana amid a dispute over a new labor contract. The standoff between the oil major and its unionized workforce has halted normal operations for the affected employees, who are demanding better terms. The action adds to scrutiny of labor relations in the US energy sector.

A Westwood rigs round-up reports that the market for harsh-environment semisubmersible drilling rigs is close to being fully contracted. The report suggests demand for rigs capable of operating in tough North Sea-style conditions is outstripping available supply, leaving operators with few open units to charter as energy companies press ahead with offshore drilling plans.