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CIR Research Desk

CIR Research Desk

UAE Quits OPEC: What the Cartel's Biggest Shake-Up in a Decade Means for US Upstream

UAE Quits OPEC: What the Cartel's Biggest Shake-Up in a Decade Means for US Upstream

The UAE's OPEC exit ends 59 years of membership and removes its second-largest producer — with major implications for US upstream operators navigating $100 oil and Hormuz disruption.

Permian Basin Rig Count 2026: Weekly Tracker, Midland vs. Delaware, and Production Implications

Permian Basin Rig Count 2026: Weekly Tracker, Midland vs. Delaware, and Production Implications

The Permian Basin rig count in 2026 sits around 185-195 active rigs, but that number understates basin activity. Here's the full picture: Midland vs. Delaware, operator behavior, and what the count actually signals for production.

Goldman's $120 Call: What Sustained $100 Brent Means for Upstream Capital

Goldman's $120 Call: What Sustained $100 Brent Means for Upstream Capital

Goldman Sachs warns oil could hit $120 if the Iran conflict extends through summer — and the timing lands squarely in semi-annual RBL redetermination season for upstream lenders.

Crude Ignores Iran's Hormuz Offer: What the Non-Move Says About the Market

Crude Ignores Iran's Hormuz Offer: What the Non-Move Says About the Market

Iran put a Hormuz negotiation on the table this morning. Crude oil shrugged. That non-reaction is the story of Tuesday's session. WTI held near $96 and Brent sat above $103 with barely a tick lower as diplomatic signals from Tehran suggested openness to talks about Strait access. Six

Iran Offers Hormuz Deal as Supermajor Earnings Week Begins

Iran Offers Hormuz Deal as Supermajor Earnings Week Begins

Iran offers to end Hormuz chokehold if US lifts naval blockade. Brent reported above $107. ExxonMobil and Chevron report Q1 Thursday. Matador CFO/COO swap filed.

The Floor Holds: WTI $96, Brent $101, Zero Catalyst

The Floor Holds: WTI $96, Brent $101, Zero Catalyst

WTI closed Monday at $96.64, up $2.24 on the day. Brent finished at $101.85, up $2.72, holding above $100 for the entire session. A sweep of 18 major operator and services company SEC filings turned up zero new 8-Ks. No OPEC+ announcement. The wire services came

Weekly Setup: $101 Brent, Mega-Major Earnings Thursday, Devon-Coterra Countdown

Weekly Setup: $101 Brent, Mega-Major Earnings Thursday, Devon-Coterra Countdown

The week opens with WTI at $96 and Brent back above the $100 handle, as two of the biggest market events in months land on this week's calendar. ExxonMobil and Chevron report Q1 2026 results Thursday. The Devon-Coterra shareholder vote fires next Monday, May 4. This is an