Oil Industry News
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Oil prices rise sharply, with no relief in sight - TT
An Energy Transfer crude oil tank battery outside of Garden City, Texas. (Eli Hartman/Bloomberg) Uncertainty about when the war with Iran will allow the energy industry to return to normal means oil prices are unlikely to ease any time soon.
The Secret Terms of Trump's Venezuelan Oil Deal
Corporate Firewall: The oil deal is designed to prevent future U.S. presidents and Venezuelan leaders from changing or dismantling the enterprise. Hidden Investors: Some of the Trump administration's partners could remain anonymous, hidden behind a…
Oil prices climb as traders assess Middle East developments
Oil prices climbed on Wednesday as escalating supply risks in the Middle East keep investors on edge. Attacks on tanker near the Hormuz Strait and on Saudi Arabian facilities by Iran-backed Houthis have Anadolu | Anadolu | Getty Images Oil prices…
Goldman Sachs Says War Spurs Sevenfold Jump in Oil Freight Rates
Global shipping costs for oil have surged about sevenfold over the past year because of the war in the Middle East and they are likely to remain elevated, according to Goldman Sachs Group Inc. The average rate for hauling crude has surged above $20…
IEA ready to go if further oil stocks release needed, chief says
The International Energy Agency is ready to coordinate more emergency oil releases by member countries if needed, its boss said on Tuesday, while it spurs the release of diesel under existing plans to help cool surging prices. SCROLL TO CONTINUE…
Here's why Rubio is visiting a small Indian city home to world's largest oil-refining complex
U.S. Secretary of State Marco Rubio is in India, and on Wednesday he is heading to an unlikely destination: a small coastal city in western India that has the world's largest oil-refining complex. The city of Jamnagar in India's Gujarat state is…
Texas oil and gas industry reports job losses over the month, gains over the year
(The Center Square) – The Texas oil and natural gas industry again reported job losses in the upstream sector in September as it has in previous months. Over the year, it reported gains. Upstream oil and natural gas employment decreased…
Higher Oil Prices Are Like To Stay
Last months the Trump administration was loudly claiming that Iran had lost control of the Strait of Hormuz. Some ‘experts' even claimed that the flow of oil was back at a pre-war level. Both of those claims were not true but short term…
U.S. authorizes sales of sanctioned oil tankers - TT
Energy Secretary Chris Wright. (Andrei Pungovschi/Bloomberg) The Trump administration is authorizing sales of sanctioned oil tankers to investors who will refurbish them and transport non-sanctioned crude, Chris Wright said. Wright said converting…
Indonesia Haze Threatens Tiny Bugs That Power Palm Oil Output
The smog blanketing parts of Southeast Asia is threatening an army of tiny-but-crucial workers in the region's palm industry — beetles that pollinate the trees and help keep the world supplied with the most-consumed vegetable oil. Dense…
Oil Rises Amid Attacks on Vessels in Strait of Hormuz
0043 GMT — Oil rises in early Asian trade amid attacks on vessels in the Strait of Hormuz, a key waterway for oil transportation. Iran's Islamic Revolutionary Guard Corps said that “two non-compliant” oil tankers struck mines…
US Eyes India's Reliance to Refine Venezuelan Oil
The US is looking to persuade India's Reliance Industries Ltd. to refine more Venezuelan crude as Washington seeks to bring additional supplies to a market rattled by the Iran conflict. The possibility will be discussed with Reliance when US…
Tanker Attacks Send WTI Oil Futures To April Highs
Frenetic oil prices charged upward again Tuesday morning as Iranian attacks on tankers in the Strait of Hormuz and Houthi attacks on Saudi Arabian infrastructure picked up. Prices reversed almost as quickly on reports of progress in U.S.-Iran…
FTSE down but off lows as oil price drops amid Iran war peace talks hope
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 FTSE 100 closed down on Tuesday, but well above…
US stocks rise after companies deliver strong profits and oil prices retreat
NEW YORK — The U.S. stock market is rising Tuesday following strong profit reports from Equifax, Hasbro and other companies, while oil prices eased back after nearing their highest levels since the war with Iran began. The S&P 500 added…
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