State of the Oil & Gas Industry

Updated on June 8, 2026

This State of the National Oil & Gas Industry report aims to provide a comprehensive analysis of transportation and logistics for the oil & gas industry, shedding light on its key drivers, trends, and emerging technologies. By examining the current landscape and forecasting future developments, we seek to equip executives, industry managers, and stakeholders with valuable insights to navigate the ever-evolving logistics landscape.

Highlights for the oil & gas report include:

• Prices have fallen sharply since April, with Brent crude dropping nearly 20% and diesel following suit, giving consumers short-term relief amid ongoing supply disruptions from the Iran conflict.
• Inventories are the only reason prices haven't surged higher — unusually high stock levels at the start of the war, strategic reserve releases, and heavy volumes of oil in transit have all acted as a buffer against the roughly 12-13 million barrel/day supply loss.
• Those buffers are nearly exhausted. Chevron CEO Mike Wirth warned that "the ability for the market to absorb this imbalance is drastically diminished today," with more direct upward price pressure expected in June and July.
• ExxonMobil's Neil Chapman was even more blunt, saying the market is "approaching unheard of inventory levels — really, really low levels," and that once that floor is hit, prices will shoot up until demand destruction brings the market back into balance.
• Research firm HFI Research sees no easy escape, arguing the market is "past the point of no return" and that even if the Strait of Hormuz reopens soon, logistical constraints mean disrupted production can't restart until August at the earliest.

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