France’s Total SA has dropped plans for South Pars 11 (SP11), a gas development project to supply gas within Iran following US President Donald Trump’s May 8 announcement that the US will withdraw from the Joint Comprehensive Plan of Action (JCPOA) and reinstate sanctions.   Source: News

Impacted by the US decision to pull out of the Iran nuclear deal, the global oil market is switching its focus from the fundamentals to geopolitics, the International Energy Agency said in its latest Monthly Oil Market Report. Source: News

Chevron Australia has called for industry collaboration in the development of Australia’s offshore oil and gas resources to maximize their potential and ensure economic efficiency of future projects. Source: News

Algeria’s state-owned Sonatrach has signed an agreement with ExxonMobil Corp. to buy subsidiary Esso Italiana SRL’s 198,000-b/d Augusta refinery in Sicily to process Algerian-produced crude oil to further help reduce Algeria’s high costs for and reliance on imported petroleum products.   Source: News

The Norwegian Petroleum Directorate said Wintershall Nova AS and its partners submitted a plan for development and operation for the North Sea Nova oil field, previously called Skarfjell. Plans call for production from the subsea development starting in September 2021. Source: News

Light, sweet crude oil for June delivery settled above $71/bbl on the New York market May 15 while Brent crude oil for July delivery settled at nearly $78.50/bbl on the London market. Source: News