Oil Industry News

U.S. Races to Sell Venezuelan Oil, Transforming Ties With Former Foe

The United States government is brokering the sale of millions of barrels of Venezuelan oil, which have been trapped in the country since the Trump administration started a partial blockade against tankers carrying crude from Venezuela, according…

Will the U.S. Inherit Venezuela's Oil Curse?

It was the 1970s, and Venezuela was awash in oil money. A lavish metro system was being dug out of the soil in Caracas, fit with air conditioning. Skyscrapers were rising in the capital and other cities as foreign companies sought to muscle their…

U.S. Refiners to Profit as Trump Asserts Control Over Venezuelan Oil

Some of the biggest early winners in the Trump administration's efforts to assert more control over Venezuela's energy industry are not the companies that produce oil but the ones that transform it into gasoline, diesel and other products. U.S.

US completes first sale of Venezuelan oil

The official also said additional sales are expected in the coming days and weeks. Semafor first reported the deal, including that revenue from it is being held in bank accounts, including one in Qatar, that are controlled by the U.S. government.

Imperial Oil Ltd. stock rises Wednesday, outperforms market

Shares of Imperial Oil Ltd. IMO rose 3.11% to C$137.43 Wednesday, in what proved to be an all-around favorable trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.14% to 32,916.47. Imperial Oil Ltd. closed 2.6%…

U.S. Makes First Venezuelan Oil Sale, Valued at $500 Million

The Trump Administration secured its first sale of Venezuelan oil since its aggressive military operation in the South American country that led to the capture of the nation's president, Nicolás Maduro. The sale, confirmed to TIME by a Trump…

Iran Protests: Why Oil Prices Fell After Trump's Signal

Oil markets unwind risk premiums as Trump's de-escalation signal calms fears of Iran strikes. (Photo by CARLOS BARRIA / POOL / AFP) (Photo by CARLOS BARRIA/POOL/AFP via Getty Images) Brent crude slipped about 1–2% within hours of President…

U.S. Crude Oil Stockpiles Post Weekly Increase

Big Oil Won't Keep Beating the Crude Market

John D. Rockefeller, the godfather of the modern oil industry, called his tactic of purposely crashing oil prices and sending the stocks of his rivals into a tailspin “a good sweating.” Soon after, he'd conveniently buy shares…

Oil Slips After Trump Appears to Tilt Away From Military Action in Iran

2347 GMT — Oil slips in the early Asian session after President Trump appears to tilt away from military action in Iran. Trump said on Wednesday that Iran had stopped killing anti-regime protesters and wouldn't execute those it accused of…

Venezuela Oil Output to Jump 50% Over Next Decade, Enverus Says

Venezuela's return to growth in the global oil market following the US capture of long-time leader Nicolas Maduro is forecast to boost crude output by roughly 50% over the coming decade, according to industry consultant Enverus. Production is…

Asian Shares Set for Weaker Open, Crude Oil Falls: Markets Wrap

Asia's benchmark share index is set to slip from a record high after declines on Wall Street, where investors rotated out of richly valued technology stocks. Equity-index futures for Japan, Hong Kong and mainland China all fell after the tech-heavy…

BP flags up to US$5bil in energy transition impairments, weak oil trading

LONDON: BP expects to book $4 billion to $5 billion in impairments in the fourth quarter, mainly related ‌to its energy transition businesses, it said on Wednesday, while flagging ⁠weak oil trading. The company is rerouting spending…

US stocks dip again as oil and gold prices rise

Getting your Trinity Audio player ready... NEW YORK (AP) — Wall Street is drifting lower again on Wednesday following mixed profit reports from several big banks. The S&P 500 slipped 0.3% and was on track for a second straight drop after…

Trump administration rakes in $500 million in first Venezuelan oil sale

An administration official told the Washington Examiner that additional sales of the thick crude will be held in the coming days and weeks. “President Trump brokered a historic energy deal with Venezuela, immediately following the arrest of…