Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Energy Flat Alongside Oil Futures -- Energy Roundup
Shares of energy companies were more or less flat, mirroring moves in U.S. oil futures. Gulf producers are increasingly looking to expand overseas storage to ensure crude continues to flow, as the Iran war poses risks to energy infrastructure and…
U.S. Oil Industry Reports Blowout Profit as Trump Brags About It
The U.S. oil industry has made more than $130 billion in profit during the Iran war—while normal Americans continue to pay exorbitant prices at the gas pump. The New York Times reported that the country's 50 largest oil and gas companies…
Hold the rate. The Fed can't pump oil.
At its recent meeting, the Federal Reserve decided to maintain its interest rate target, forgoing a hike that would have been the second in six weeks. The target federal funds rate remained between 3.75 percent and 4 percent, with two members of…
Imperial Says a 'Lot of Work' Needed in Canada Oil Negotiations
Imperial Oil Ltd. 's chief executive said there was still a lot that needs to be worked through ahead of a Nov. 15 deadline for Canada's major oil sands producers to reach a production and carbon capture agreement with the federal and provincial…
American Oil Giants See Profits Soar as Wars Crimp Energy Supplies
America's two biggest oil companies banked huge third-quarter profits, benefiting from the disruption in energy markets after drones took out major oil refineries in Russia and the Middle East. The fuel-making divisions at and turned in their…
Imperial Oil 3Q Profit Climbs on Higher Bitumen Prices, Positive Market Conditions
The energy company, majority-owned by ExxonMobil, on Friday posted net income of 2.45 billion Canadian dollars ($1.75 billion), or C$5.11 a share, up from C$539 million, or C$1.07 a share, in the comparable quarter a year ago, when it logged…
BP reports soaring profits in 'obscene' sector haul amid oil price crisis
BP has revealed profits nearly quadrupled in the third quarter as it became the latest oil giant criticised for raking in “obscene” profits on soaring crude prices caused by the Iran war. The FTSE 100 firm said underlying replacement…
ANZ Raises Oil Price Forecast as Market Tightens on Iran War
Oil-market balances are now more fragile than at the start of the Middle East conflict, and any flareup after the US midterm elections will push prices higher, according to ANZ Group Holdings Ltd. The bank now expects Brent to end the year at $105…
AI Selloff Deepens, Oil Jumps and Crypto Falls -- Update
Nasdaq futures fell more than 2.5% and S&P 500 futures were down 1.1%. The moves were enough to spook an already nervous market. South Korea's semiconductor-heavy Kospi closed 3.5% lower, while Japan's Nikkei 225 dropped 2.1%. Shanghai-listed…
BP reports soaring profits in 'obscene' sector haul amid oil price crisis
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. BP has revealed profits nearly quadrupled in the third…
US Awards Last of Trump's Massive Strategic Oil Reserve Drawdown
The Trump administration awarded contracts for nearly 41 million barrels from the nation's emergency oil reserve, completing a massive oil exchange aimed at curbing soaring energy prices after the war with Iran. Trafigura Trading LLC and ExxonMobil…
Pemex Posts $573 Million Loss Even as Oil Prices Have Surged
Mexico's state oil company posted a third-quarter loss as it continues to struggle to make its refineries more efficient and increase production, even as crude prices have surged. Petroleos Mexicanos reported a loss of 10.8 billion pesos ($573…
Public sector an 'afterthought' to North Sea oil jobs, says Unison leader
The leader of the UK's biggest trade union has called for the same political focus to be given to NHS, education and care sector workers as there has been on those employed in North Sea oil and gas. Andrea Egan, the general secretary of Unison…
Oil prices increase as attacks on shipping ramp up - TT
A fuel tanker delivers fuel at a gas station in Miami. (Eva Marie Uzcategui/Bloomberg) Brent crude remains near the high end of its range since the war with Iran began. The British military said Oct. 30 that a tanker caught fire after a small boat…
BP profits jump as Middle East conflict drives up oil refining margins
BP has posted a jump in its quarterly profits as the war in the Middle East drove up oil and gas prices and led to “significantly higher” trading. The energy company said on Friday that third-quarter underlying…
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