Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Ukraine Strikes Degrade Russian Oil-Refining Industry, IEA Says
Russia's oil-processing is being degraded as sanctions prevent the refining industry from recovering from more intense and precise Ukrainian drone strikes, according to the International Energy Agency. “It now appears likely that the…
How China's oil majors helped Beijing prepare for an energy crisis
China's state oil companies have been at the forefront of Beijing's increasing prioritisation of energy security over the past decade, making investments that have helped soften the blow from the closure of the Strait of Hormuz. SCROLL TO CONTINUE…
Abu Dhabi's Oil Giant Inks Partnerships With German Energy, Industry Groups as Part of UAE's $46.5 Billion Investment
Abu Dhabi 's national oil-and-gas company said it signed a raft of deals with a potential investment value of 5 billion euros ($5.81 billion) with German energy and industrial groups, part of a major investment by the United Arab Emirates. Adnoc…
Oil Market Has Reached an 'Inflection Point': Energy Aspects
Crude oil prices are poised for further increases and the trending trajectory is higher, as global inventory drawdowns have accelerated and China is back to buying significantly higher crude oil volumes than in the spring, Energy Aspects founder…
Tsakos Energy Navigation: Watch Those Oil Prices (NYSE:TEN)
Tsakos Energy Navigation benefits from sharply rising oil prices, creating a bullish short-term industry outlook. Persistent geopolitical tensions, especially involving Iran, have shifted expectations to higher-for-longer oil prices, impacting…
Saudi Arabia Shuts Key Crude-Oil Pipeline
Saudi Arabia's oil industry was already reeling. The kingdom's crude-oil production fell to its lowest level in more than three decades last month, dropping by 2.3 million barrels a day to 6 million barrels a day in August, the International Energy…
US stocks jump after oil prices ease
NEW YORK — U.S. stocks rebounded Friday and regained much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists' expectations, even if…
Futures Rise With Help From Oracle's Beat and Cooler Oil Prices
US futures rallied after August's consumer price index matched estimates, easing some concern about accelerating inflation. Earlier on Friday, futures had climbed as oil prices retreated and Oracle Corp. 's earnings beat boosted tech sector…
Oil Markets Feel the Pain of a Protracted War
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Grant Smith explores the outlook for the oil market after the IEA warned demand may have to shrink further as war in the…
IEA slashes global oil demand and supply forecast again as Iran war intensifies
News from the City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. The global oil demand outlook has been slashed once again…
Saudi Oil Pipeline That Bypasses Hormuz Shut After Attacks
Saudi Arabia said it closed its East-West oil pipeline, a key alternative route to the Strait of Hormuz, following multiple attacks on Thursday. The conduit was shut as a precautionary measure, the Ministry of Energy said Friday in a post on X. The…
Iran's Houthi allies capture strategic island on vital oil shipping route
Yemen's rampant Houthi forces have captured a strategic island in the Bab al-Mandab strait, expanding their control of the narrow waterway, one of the world's vital shipping routes. The Iran-aligned Houthis took control of the volcanic…
EPA to Loosen Methane Rules, Boosting Pollution From Oil and Gas Wells
The Trump administration is poised to loosen environmental restrictions on oil and gas wells that produce very little energy but release vast amounts of methane, a highly potent greenhouse gas. The Environmental Protection Agency is proposing to…
Markets end marginally lower on cooling oil prices
Benchmark indices Sensex and Nifty ended marginally lower on Friday after registering sharp losses during the day following a drop in crude oil prices and buying in blue-chip HDFC Bank and IT stocks. The 30-share BSE Sensex declined 120.83 points…
Inflation held steady in August as Iran war surges oil prices
Inflation remained unchanged in August as gas prices continued to rise amid the war with Iran, new data from the Bureau of Labor Statistics (BLS) showed Friday. The consumer price index (CPI) increased 0.4 percent last month and 3.4 percent over…
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