Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The 'trillion pound' oil fund the government believes Britain could have built
After a half-century wait, the United Kingdom now has an oil fund. Chancellor John Healey announced the creation of an Energy Wealth Fund at the Jackdaw gas approval announcement on Wednesday, with £2bn of funding diverted from the existing…
Seed Oils In Sunscreen: How Companies Can Address Consumer Concerns
Yannick Rigg is Director at Vizor, advancing material science to protect humanity through expertise and innovation in sun protection. Seed oils have become one of the most polarizing ingredients in the health conversation. Once discussed mainly in…
Two Killed in Attack on Aramco Oil Field in Saudi Eastern Region
Three people were killed in two attacks on an Aramco oil field and an airport in Saudi Arabia's Eastern Province, the latest deadly strikes on the kingdom as its conflict with the Iran-backed Houthis drags on. A drone strike on Aramco 's Shaybah…
The secret terms of Trump's Venezuelan oil deal
In late August, President Donald Trump announced what he called the “biggest oil deal in world history.” Since then, the full text of the accord — which grants the U.S. sweeping access to Venezuela's oil reserves — has…
Indian Oil to Trim Term Deals With Gulf Producers For Next Year
Indian Oil Corp. plans to reduce the amount of crude purchased under term contracts with Middle Eastern producers next year, according to a person familiar with the matter, as attacks in the Persian Gulf continue to threaten supply routes. India's…
Ecuador resumes oil sales to Peru under deals worth $1.65 billion
Oct. 21 (UPI) -- Ecuador's state-owned oil company, Petroecuador, will resume crude sales to Peru's Petroperú after four years under two contracts that cover 16.2 million barrels, with estimated revenue of $1.65 billion, the Ecuadorian…
The oil market's 2027 relief hopes are fading fast
Traders are betting that oil prices will remain elevated for longer than they anticipated just weeks ago, threatening to prolong the inflationary pressures that businesses and consumers have weathered for months. Why it matters: Oil inventories…
Oil prices jump on elevated risk in Strait of Hormuz - TT
A truck drives past a fuel price board at a gas station on Oct. 20 in San Francisco. (Jeff Chiu/AP) Oil prices have soared due to the Iran war and fuel costs have followed with the risks of transiting the Strait of Hormuz. Brent's price has been…
Oil Prices Rise as Hormuz Shipping Risks Persist
Oil prices rose Wednesday, rebounding from the previous session's losses as traders weighed renewed threats to shipping through the Strait of Hormuz and attacks targeting Saudi Arabia against a recovery in Middle East oil exports. December Brent…
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…
Marco Rubio's unusual India stop puts billionaire's vast oil empire in the spotlight
Secretary of State Marco Rubio is visiting an unexpected location during his trip to India, heading on Wednesday to a small coastal city in the western state of Gujarat that houses the world's largest oil-refining hub. The city, Jamnagar, hosts 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…
Indian Markets Fall: Banking, Financial Stocks, Crude Oil Prices Weigh on Sentiment
Indian equity markets witnessed a second consecutive day of losses, with the Sensex and Nifty declining due to a significant sell-off in banking and financial stocks, elevated crude oil prices, and persistent foreign institutional investor selling.
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…
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…
Receive a Daily briefing on Oil Industry News
Get Started