China's National Energy Administration told PetroChina, Sinopec, CNOOC and other producers to expand capacity, raise investment and speed up development of domestic oil and gas supply bases. The push follows eight months of disruption to Iranian supply, OilPrice.com reports.
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The U.S. Strategic Petroleum Reserve fell to about 282.6 million barrels in the week ending Oct. 23, its lowest level since October 1982, Energy Department data show. Inventories have dropped about 132.8 million barrels since the conflict involving Iran began in late February, after a U.S. pledge to release up to 172 million barrels.
EQT agreed to buy Range Resources in an all-stock deal that the companies say creates America's largest natural gas producer, with a combined enterprise value of more than $50 billion. They describe it as the country's only vertically integrated natural gas producer, with the largest gas marketing platform.
Crude prices fell as Saudi, Turkish and Pakistani officials traveled to Tehran to discuss ending Middle East hostilities, with Brent near $114.85 and WTI around $100.87, down from above $117 and $103 late last week. Continued Houthi attacks on Saudi energy sites and Iranian strikes on tankers in the Strait of Hormuz are still supporting prices.
Asian stocks mostly rose Tuesday after an AI-led rally on Wall Street, while oil prices extended their losses, the AP reports. South Korea's Kospi closed 3.1% higher as chipmakers SK Hynix and Samsung gained ahead of earnings.
