Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Indonesia Eyes Guyana and Suriname Oil Investments for Energy Security
Indonesia's national energy company Pertamina is considering upstream investments in Guyana and Suriname to diversify Indonesia's oil and gas supply and boost energy security, the Indonesian government has said. 'Pertamina has already initiated…
Scrap windfall tax on oil and gas firms early, North Sea industry urges
The North Sea oil and gas industry has called on Labour to scrap the windfall tax on fossil fuel firms three years early, as Britain heads into a winter with energy bills expected to reach their highest level since Russia's invasion of Ukraine.
Trump sold out Venezuelan freedom for oil money America will never see
The agreement gives the U.S. control over some 65 billion barrels of Venezuelan crude — nearly a fifth of Venezuela's massive oil reserves. In exchange, the Venezuelan regime will receive an estimated $200 billion in royalty and tax payments…
Saudi Pipeline Shutdown Threatens South Korea's Oil Supplies
Anchor: A recent drone attack shutting down a key Saudi oil pipeline has compounded global energy shortages triggered by the blocked Strait of Hormuz. This disruption directly threatens South Korea, which relies on Saudi Arabia for one-third of its…
JPMorgan says the US economy can withstand surging oil prices
Surging oil prices have long been anathema to markets and the economy, but the latest shock may not matter as much this time around, JPMorgan Private Bank says. Oil spiked back back above the $100-a-barrel mark last week, an important psychological…
US borrowing costs hit highest level since 2007 as oil jumps
US government borrowing costs climbed to their highest level since 2007 after a jump in oil prices further fuelled concerns about inflation. The effective interest rate on US government bonds over 10 years, known as the 10-year Treasury yield, rose…
Futures Drop As Yields, Oil Prices Keep Rising
Futures are lower - but well off session lows thanks to some well-time oil sell orders just before US traders walked in to work - as bond yields continue to make new highs, with both Nasdaq and Russell lagging the S&P which feels like more…
Oil squeeze tightens as Iran-backed attacks cripple Hormuz escape routes
The U.S. is choking off Iran's oil exports through the Strait of Hormuz. But the routes meant to shield other Gulf producers from that disruption are now coming under pressure themselves. A drone attack last week badly damaged Saudi Arabia's…
US borrowing costs hit highest level since 2007 as oil prices jump
Francisco Velasquez Business reporter, New York US government borrowing costs climbed to their highest level since 2007 after a jump in oil prices further fuelled concerns about inflation. The effective interest rate on US government bonds over 10…
Oil prices edge higher as attacks, pipeline outage deepen Saudi supply concerns
Oil prices edged higher on Tuesday after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West Pipeline offline, raising fears that damage to energy infrastructure and transport routes could take longer to repair. SCROLL TO…
UK Government action could 'unlock' 100-plus oil and gas projects, say bosses
Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. More than 100 new oil and gas projects could…
Gas War: Retailer Introduces Motor Oil Rationing
Reports have claimed that Costco has been forced to raise the price on its Kirkland Signature oil blends and will even be rationing how much customers can purchase within a given timeframe. This has led to subsequent concerns that other major…
Wall Street ends lower as oil spikes and the benchmark Treasury yield breaches 5%
Wall Street extended its selloff on Tuesday, as rising U.S. Treasury yields, mounting debt concerns and soaring crude prices kept buyers on the sidelines. SCROLL TO CONTINUE WITH CONTENT All three major U.S. stock indexes extended Monday's losses…
Oil prices tick up as conflict widens, disruptions grow in Middle East
Oil prices spiked on Tuesday, climbing back toward recent highs as headlines from the Middle East — in particular, Saudi Arabia — intensified growing pressure on the physical market. Futures on Brent crude (BZ=F), the international…
Houthis seize strategic Red Sea islands as analysts warn of impending oil crunch
Yemen's Houthi rebels have seized two strategic islands in the Red Sea, reinforcing the Iran-backed group's ability to control a key shipping route, as concerns mount that the world is facing a new oil supply crisis. The seizure of the islands of…
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