01 Jun As Reported Energy Price, news updates & commentary 01/06/26: Oil price manipulation continues
(Oilandgaspress) Oil prices jumped more than 2 per cent as negotiations between the United States and Iran continued over a potential ceasefire extension and the reopening of the Strait of Hormuz. Whatever happened to the economic principle of prices being determined by supply and demand?. Now we are all at the mercy of Mr Trump and his Unorthodox negotiating skills. World economy loses! The latest edition of our flagship World Energy Investment report highlights how the current energy crisis is changing risk perceptions and bolstering moves towards greater diversification
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $90.38 | Up |
| Crude Oil (Brent) | US$/bbl | $93.87 | Up |
| Bonny Light 22/05/26 CBN | US$/bbl | $111.54 | — |
| Dubai | US$/bbl | $102.55 | — |
| Natural Gas | US$/MMBtu | $3.39 | Up |
| Murban | US$/bbl | $90.05 | Down |
| OPEC basket 29/05/26 OPEC | US$/bbl | $102.79 | Down |
| At press time June 01, 2026 |
The nomination committee of Equinor ASA recommends that the company’s corporate assembly elects Jarle Roth as new chair of the board of directors of Equinor ASA.
Furthermore, the nomination committee recommends re-election of Anne Drinkwater as deputy chair, in addition to Finn Bjørn Ruyter, Haakon Bruun-Hanssen, Mikael Karlsson, Fernanda Lopes Larsen and Dawn Summers as members of the board of directors of Equinor ASA. Jon Erik Reinhardsen, who has been the chair of the board since 2017, would like to resign from the board of directors.
Jarle Roth has been a member of the board since 1 December 2025. Related News
Ukrainian forces hit the Saratov oil refinery, along with several other Russian oil industry facilities, overnight on May 31, the General Staff confirmed.
At about 3 a.m. local time, Saratov Oblast Governor Roman Busargin warned of a possible drone attack on the region and said air defense systems could be activated. Later, Busargin said that the strike had damaged a civilian infrastructure facility, but did not disclose the type or location.
No one was injured in the attack, according to Busargin.
The attack appeared to unfold in several waves overnight. Russia’s Defense Ministry said air defenses intercepted 216 Ukrainian drones over 10 Russian regions, including Saratov Oblast, as well as over occupied Crimea and the Sea of Azov. Related News
SBM Offshore announces that it has been awarded contracts by Petróleo Brasileiro S.A. (Petrobras) for two FPSO projects located in the Sergipe-Alagoas basin, located in the northeastern part of Brazil. Under these contracts, SBM Offshore will design, build and operate FPSOs SEAP-I and SEAP-II. The consortia led by Petrobras will own the FPSOs and SBM Offshore will operate them for an initial period of 6.5 years under separate operations and maintenance contracts.
The design of both FPSOs is based on SBM Offshore’s leading Fast4Ward® program that incorporates the Company’s 11th and 12th new build, multi-purpose floater hulls.
The SEAP-II FPSO (P-87) will be designed to produce 120,000 barrels of oil per day, will have associated gas treatment capacity of 425 million standard cubic feet per day and water injection capacity of 120,000 barrels per day. Delivery of the FPSO is expected in 2030. The FPSO will operate in the Sergipe-Alagoas basin offshore Brazil, approximately 80 kilometers off the coast and spread moored in approximately 2,500 meters water depth.
The SEAP-I FPSO (P-81) will be designed to produce 120,000 barrels of oil per day with associated gas treatment of 355 million standard cubic feet per day and water injection capacity of 200,000 barrels per day. Delivery of the FPSO is expected in 2031.The FPSO will operate in the Sergipe-Alagoas basin offshore Brazil, approximately 100 kilometers off the coast and spread moored in approximately 2,500 meters water depth.
The FPSOs will be connected to an export pipeline for direct gas delivery to shore. Related News
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