Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Chinese state oil giant CNOOC sees potential for US-China energy cooperation
Chinese state-owned oil and gas major CNOOC (0883) sees potential for energy cooperation between China and the United States, a senior executive said on Thursday, adding that the company would consider investments alongside US partners in the…
Oil Edges Higher on Fading Hopes for Strait of Hormuz's Reopening
2335 GMT — Oil edges higher on fading hopes for the reopening of the Strait of Hormuz. The Trump administration has told mediators it has no interest in returning to the terms of a preliminary deal it reached with Iran, which later fell…
Oil Prices Slip on Venezuela Supply, Iran Tensions
Oil prices edged lower on Friday as traders assessed reports that the United States is nearing an agreement to gain long-term access to Venezuela's crude reserves, while uncertainty over the Strait of Hormuz continued to influence the market. Brent…
US nears deal to secure stake in Venezuelan oil fields, insiders say
US President Donald Trump's administration is working on a deal to lock in long-term access to some of Venezuela's crude reserves, Reuters sources have said. The agreement, which insiders said could be signed and made public soon, is expected to…
U.S. looks to Canada for oil, aluminum and pickup trucks - TT
Ford's Oakville Assembly Complex in Ontario will make F-150 Super Duty trucks. (CHCH News via YouTube) President Donald Trump says the U.S. does not need Canada, but the countries remain deeply linked through energy, materials and manufacturing…
US close to reaching a 'massive' deal for Venezuela's oil: report
The U.S. is reportedly close to cementing a “massive” deal for access to Venezuelan oil fields. 'Calling this deal huge would be an understatement,' a U.S. official familiar with negotiations told Axios. 'It is massive.' The deal…
Soap Is Shale's Latest Breakthrough to Boost US Oil Production
Forget AI-assisted drilling, U-shaped wells and round-the-clock fracking. One of the hottest technologies to squeeze more oil from US shale fields is better soap. Companies have long used detergent-like additives, called surfactants, to coax oil…
El Niño to Crimp Indonesian Palm Oil Output, Producer Group Says
Indonesia's palm oil production may shrink by up to 3 million tons next year due to the severe El Niño weather forecast for the coming months, according to an industry estimate, adding to upward pressure on prices. The decline is smaller…
Hormuz oil flows rising as Middle East producers ramp up - TT
Ships anchored in the Strait of Hormuz off the coast of Bandar Abbas, Iran. (Ali Saeedi/Getty Images) Crude shipments through the Strait of Hormuz rose to about 6 million to 8 million barrels a day as Gulf producers increased exports despite…
Hormuz Oil Flows Rising as Gulf Giants' Ramp Up Accelerates
(Bloomberg) -- The flow of crude through the Strait of Hormuz is creeping higher as producers across the Middle East boost exports in the face of Iran's lingering threat to shipping. The increase is keeping global crude oil prices in check. About 6…
Oil prices steady on Iran-Oman talks over Hormuz - TT
Nasdaq signage at the Nasdaq MarketSite in New York. (Michael Nagle/Bloomberg) Oil prices are steady as talks between Iran and Oman on increasing energy flows in the Strait of Hormuz helped ease prices this week. U.S. futures are mostly higher as…
Trump Close To 'Massive' Deal For Seizing Stake In Venezuela's Vast Oil Fields
Amid ongoing global oil supply disruptions due to the Iran war and Hormuz Strait crisis, and also as Ukraine's war on Russian oil refineries and export terminals heats up, the Trump administration has been scrambling to tap new reliable and…
Pressure on Scottish Government over crisis heating oil scheme
Oil prices soared in March following the outbreak of the US- Israel conflict with Iran and the cost remains around 60% higher than pre-crisis levels. Around 142,000 Scottish households rely on heating oil, with average costs in Scotland rising from…
Alberta predicting 2026 budget surplus thanks to oil prices, Middle East war
Alberta's finances are swinging back into the black after war in the Middle East sent global energy prices surging. The province's latest fiscal update for the 2026 Alberta budget predicts a $2-billion surplus — a huge turnaround from the…
Expert says Iran losing Hormuz leverage as defenses and oil role decline
Though the Islamic Republic has established a “sophisticated panoply” to protect itself against the possibility of regime change, its trump card, the Strait of Hormuz, is losing its strategic value and will continue to do so, Dr.
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