Spain’s Repsol has brought the Pikka oil field on Alaska’s North Slope into production at 80,000 barrels per day and plans to invest $1.5 billion over the next three to four years to expand development. The company and Shell have also secured new federal leases covering 241,000 acres in the National Petroleum Reserve–Alaska and are targeting exploratory drilling as early as next winter. The activity marks Alaska’s biggest oil and gas revival in a decade, reinforcing expectations for additional U.S. domestic crude output over the medium term even if it does not immediately alter near-term supply and demand.

China’s refined oil product exports excluding Hong Kong and Macau rose 40% in May from April but plunged 69% from a year earlier, customs data showed. The drop comes as export restrictions tied to the Iran war were imposed to safeguard domestic supply, according to Reuters. Gasoline exports were 32,838 metric tons and diesel exports excluding Hong Kong and Macau were 216,196 tons, both still at low levels. Australia received 79,000 tons of jet fuel and 20,255 tons of diesel under agreed volumes.

About 80 million barrels of crude are sitting at the Persian Gulf’s gateway, waiting to exit through the Strait of Hormuz. Roughly 40 very large crude carriers are standing by inside the Gulf, while 21 more are sailing toward Asia and some are nearing the strait. Abu Dhabi National Oil Co. has told customers to resume loading. A full reopening could quickly release the backlog into global markets, potentially easing tight supply and damping oil-price swings.

Speculation about a potential SpaceX-Tesla combination has intensified after SpaceX shares jumped 37% in their first week, lifting the company’s valuation to $2.44 trillion. At that level, an all-stock purchase of Tesla would require SpaceX to issue 38% more shares, down from 46% when SpaceX was valued at about $1.75 trillion. The piece notes Tesla’s GAAP net earnings totaled $3.4 billion over the past four quarters, compared with $15 billion in 2023, even as its market cap remains around $1.5 trillion and is tied to AI and robotics narratives that are not yet generating sales. It adds that no official merger progress or concrete transaction steps are cited.

Seven global oil supermajors are set to slash low-carbon investment to $8.3 billion in 2025 from $24 billion in 2024, the lowest level since 2019, while spending on oil and gas projects increases. Equinor has dropped its renewable-capacity target and approved a NOK 40 billion investment to expand output at Norway’s Troll gas field. BP is accelerating upstream growth, targeting more than one million barrels of oil equivalent per day from its U.S. portfolio by 2030. The UAE plans to lift crude capacity beyond 5 million barrels per day and has announced cumulative investment commitments exceeding $200 billion by 2030.

Indian equities rose for a second consecutive week, with the BSE Sensex up 1.68% and the Nifty 50 gaining 1.65%. Easing geopolitical tensions in West Asia helped push crude oil prices lower, while the rupee strengthened 78 paise to 94.33, supporting sentiment. Defence, consumer durables and realty led gains, while IT fell 1.3% after Accenture issued a weaker-than-expected revenue outlook.

India sharply diversified its liquefied petroleum gas (LPG) import sources during the West Asia conflict, with the United States’ share rising from 8% in February to nearly one-third by April 2026, while Iran returned to the supply mix. The shift coincided with a 46% rise in the Saudi Aramco Contract Price between February and June, alongside higher retail cylinder prices in Delhi and a steep increase in commercial-cylinder costs. Oil marketing companies absorbed much of the price shock as procurement costs rose faster than retail prices, pushing cumulative losses borne during March–May to nearly ₹22,000 crore, according to Crisil.

Sundar Pichai says a key habit behind his rise to Google and Alphabet CEO has been deliberately putting himself in rooms where he doesn’t feel like the smartest person. He described repeatedly seeking that discomfort as a way to accelerate learning and personal growth. Pichai tied the idea to his own career path, from product management roles to leading one of the world’s most valuable companies.