Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The oil industry should pay for climate change - and Congress should decide how
For more than 60 years, America's response to global climate change has been like a hot potato passed from the presidency to Congress and the courts. Now, Congress should end the game once and for all. The potato tossing began in 1965 when…
Toxic Flames Next Door: Persistent Gas Flares Undercut Oil Industry Pledges
This story was reported in partnership with The Examination, a nonprofit newsroom specializing in global health reporting. Sign up to get The Examination's investigations in your inbox. Norma Lopez Cadena tries to keep her granddaughters indoors…
In Alaska, Senate Candidates Claim the Oil Industry Creates Local Jobs. It Doesn't.
Read the top story of the day in your inbox. Sign up for the Daily Prospect newsletter here. The U.S. Senate election in Alaska signals another red state on the brink of flipping blue, with polls showing voters narrowly preferring the Democratic…
Ithaca Energy to Buy Offshore Canada Oil Assets From Suncor Energy for Up to $1.1 Billion
agreed to buy a portfolio of offshore oil projects from Canada 's for up to $1.11 billion. The London-listed energy company said Monday it would buy a 48% stake in Terra Nova, a 40% interest in White Rose Existing Lands and 38.6% in White Rose…
Iran's oil minister resigns as country's economic crisis worsens
Iran's oil minister has resigned days after allegations that an intermediary trust selling Iranian oil abroad owed millions of dollars' worth of export receipts to the state. Mohsen Paknejad's departure comes as Iran grapples with a dire economic…
Oil prices rise over concerns about global market - TT
Oil prices have been yo-yoing lately amid uncertainty about how the war with Iran will reshape the global oil industry. Shares of RXO jumped more than 20% before the market open after C.H. Robinson Worldwide said it would buy the company in a…
Global Oil Stores 'Scarily Thin,' Says CEO Of World's Largest Oil Firm
It may take as much as two years to refill global fuel stockpiles drained by factors related to the ongoing wars in the Middle East and Eastern Europe, the chief executive of Saudi Aramco told industry insiders on Monday. 'Until Hormuz fully…
US Supreme Court hears bid by oil companies to avoid climate lawsuit
The US Supreme Court opened its new nine-month term on Monday by hearing a bid by oil companies ExxonMobil and Suncor Energy to thwart a lawsuit by officials in Boulder, Colorado, seeking monetary damages for harms caused by climate change. SCROLL…
Iran's Oil Minister Resigns as Exports Dry Up Under US Pressure
Iran's Oil Minister Mohsen Paknejad resigned citing personal reasons, as the Islamic Republic tries to sustain its oil industry under a tightening US blockade. President Masoud Pezeshkian accepted Paknejad's resignation letter on Sunday after…
Canada's Cenovus to Buy Athabasca Oil for C$12 Per Share
Cenovus Energy Inc. agreed to buy Athabasca Oil Corp. at an enterprise value of C$5.7 billion ($4 billion), the latest in a wave of consolidation as Canada's government seeks to grow energy production. The cash and share takeover would add about…
Amy Coney Barrett calls oil companies' arguments 'slippery' in climate suit
Suncor's lawyer, Kannon Shanmugam, argued on Monday that the law made the Environmental Protection Agency the “primary regulator of stationary sources,” and gave only “secondary authority” to states. Barrett pushed back…
US supreme court to hear big oil's bid to block climate damage lawsuits
The US supreme court begins its new nine-month term hearing arguments Monday in a high-stakes case in which big oil companies are attempting to strike a fatal blow against lawsuits that seek to hold them accountable for the climate crisis. In…
Japan should keep focus on cheap Mideast oil, local refiner says
Japan should continue to rely on the Middle East for the bulk of its crude as that's cost-effective, processor Taiyo Oil said, pushing back against a government drive to diversify triggered by the U.S.-Iran war. National strategy should focus on…
Supreme Court Grapples With Climate Suits Against Oil Companies
The US Supreme Court wrestled with whether to allow lawsuits seeking to hold oil companies accountable for climate change, as the justices opened their new term with a clash carrying big stakes for the environment and energy industry. Hearing…
Global Oil Supply Buffer Running 'Scarily Thin,' Aramco CEO Says
The oil stockpiles that cushion the world from supply shocks have become “scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens, according to the head of Saudi Arabia's state producer. He was speaking…
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