Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Oil industry sees war windfall but girds for political blowback
US oil giants are set to report blowout profits Friday at a time when lofty gasoline prices are stressing consumers and exacerbating President Donald Trump's worries about upcoming midterm elections. The second-quarter reports from ExxonMobil and…
Oil industry sees war windfall but girds for political blowback
The second-quarter reports from ExxonMobil and Chevron reflect the overwhelmingly positive impacts to the industry's bottom line from the US-Iran war, which has led to an unprecedented supply shock due to the virtual closure of the Strait of…
The Oil Price Peak Is Still In The Future
STRAIT OF HORMUZ, IRAN - MAY 16: An Iranian flag flutters in the wind as ships remain anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Negotiations between the U.S. and Iran over opening this critical waterway have largely…
Big Oil Is Reaping Rewards From the Chaos in Energy Markets
America's largest oil companies reported a blockbuster quarter after the Iran war caused a historic dislocation in global markets that sent energy prices soaring. At, profits more than doubled from a year earlier to their highest level since 2022…
Major oil companies reap massive profits as U.S. and Iran fighting drives energy prices higher
The money that oil companies accrued between the beginning of April and the end of June could receive extra scrutiny this year. Gasoline, diesel and jet fuel prices climbed sharply during that period, increasing costs for drivers and airline…
U.A.E. Changes How It Prices Its Crude Oil Grades
Abu Dhabi National Oil Company said it will change how it prices its crude oil grades sold to customers worldwide, replacing a system that locks in prices months ahead with one that better reflects the market closer to delivery. The United Arab…
BP puts North Sea oil and gas business up for sale
BP has put its North Sea oil and gas business up for sale, as it looks to end six decades of production from the region. The oil major announced on Friday morning that it had launched a formal process to market its North Sea business for a…
UAE to Overhaul How It Prices All Crude Oil After Wild Swings
Abu Dhabi National Oil Co., the UAE's state oil company, said it would change how it prices its crude oil grades, months after wild swings in the benchmark it has been using to underpin its sales. From Nov. 1, all Adnoc onshore and offshore crudes…
Pemex Swings to $1 Billion Profit Buoyed by Higher Oil Prices
Petroleos Mexicanos swung to a profit in the second quarter, a rare positive signal for the struggling state oil company as it seeks to attract private partners, boost flagging output and slash its massive debt load. Pemex posted an 18 billion peso…
Oil climbs as traders assess shipping flows; big monthly gain in sight
By Siddharth Cavale and Anushree Mukherjee NEW YORK, July 31 (Reuters) - Oil prices rose on Friday and were on track for a big monthly gain as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to…
Oil prices tick up as Strait of Hormuz remains closed - TT
Oil prices resumed climbing as tensions between the U.S. and Iran kept the Strait of Hormuz, a key waterway for oil transport, largely closed. World share benchmarks advanced, with South Korea's Kospi index jumping near 18%. On July 30, Wall…
A heat pump could soon be cheaper than replacing your oil boiler - an expert explains
If you heat your home with oil, you already know the routine. You watch the price per litre, you time your order, and you hope you're filling the tank when the market's kind, rather than when it's spiking. Around 1.7 million homes in England and…
BP puts its North Sea oil and gas business up for sale
BP has put it's UK North Sea business up for sale as it looks to end over 60 years of production in the region. The company's chief executive Meg O'Neill said she believed the North Sea business would be “better positioned as part of another…
Oil companies are expected to reap big profits because of US-Iran conflict
Analysts are expecting major oil companies to report raking in large spring profits while fighting between Iran and the U.S. impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages. The conflict, now…
Imperial Oil: Q2 Earnings Snapshot
CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Imperial Oil Ltd. (IMO) on Friday reported net income of $1.58 billion in its second quarter. The Calgary, Alberta-based company said it had net income of $3.27 per share. The oil and…
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