Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Trump's Arctic Refuge Auction to Test Oil Industry's Appetite
President Donald Trump vowed to reopen Alaska's Arctic National Wildlife Refuge to oil drilling as he seeks to make tapping the state's vast natural resources a key part of his energy agenda. Now comes the test of the oil industry's appetite to…
Energy Up as Oil Slides -- Energy Roundup
Shares of energy companies rose despite a sharp drop in oil futures. U.S.-traded crude-oil contracts fell 3.1% to $93.04 a barrel, falling by the largest increment in more than a week after President Trump reportedly revealed the red line that Iran…
Imperial Oil Ltd. stock falls Friday, underperforms market
Shares of Imperial Oil Ltd. IMO shed 3.75% to C$169.62 Friday, in what proved to be an all-around poor trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE falling 2.28% to 34,413.45. Imperial Oil Ltd. closed 11.5% below…
Tourmaline Oil Corp. stock falls Friday, underperforms market
Shares of Tourmaline Oil Corp. TOU slid 2.58% to C$63.73 Friday, in what proved to be an all-around rough trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE falling 2.28% to 34,413.45. Tourmaline Oil Corp. closed 9.7%…
Oil Prices End The Week Lower On U.S.-Iran Diplomatic Moves
Oil prices were in retreat on Friday after having risen for three straight sessions earlier in the week, as diplomatic overtures to bridge differences between the U.S. and Iran continue. The global proxy oil futures benchmark Brent was trading at…
Oil Prices Continue to Slide - TT
Cargo and service vessels are anchored in the Strait of Hormuz off Bandar Abbas, Iran, on June 1. (Amirhosein Khorgooi/ISNA via AP) HONG KONG — World shares were mostly lower and South Korea's benchmark dropped more than 5% on June 5 after…
Why is the US not drilling more oil as gas prices soar
The United States is producing more oil than any country in the world. Yet Americans are still paying sharply higher prices at the pump—and experts told Newsweek that more domestic drilling is unlikely to deliver quick relief. The national…
Venezuela Revises Oil Contract Terms to Entice Wary Investors
Venezuela has revised a proposed contract for energy companies to work in the nation's oil fields after drillers complained the initial draft gave too much leverage to Caracas and was out of sync with US license rules.
Oil Drilling Rises in Longest US Streak Since 2022 on Price Bump
US oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher. The number of rigs drilling across US oil fields rose by two this week to 431, according to data released…
Trump tries to boost oil and gas drilling in remote Alaska
On Friday, the Interior Department's Bureau of Land Management was set to hold an oil and gas lease sale bid opening for tracts of land in the Coastal Plain of the wildlife refuge, also known as the 1002 area. The area stretches across 1.56 million…
Iran's threats against this Red Sea chokepoint are a big vulnerability for the oil market
Iran's Revolutionary Guard threatened this week to close the Bab el-Mandeb Strait, the trade chokepoint at the southern end of the Red Sea. The Bab el-Mandeb has acted as crucial relief valve for the oil market as exports have plunged through the…
Botswana Says US-Disabled Oil Tanker Was Flying False Flag
Botswana said an oil tanker disabled by the US in the Persian Gulf was falsely registered under its flag, highlighting a common tactic that often uses African nations to obscure the identity of ships. US Central Command took action against the…
Trump's Alaska Oil and Gas Lease Auction Draws Just Two Bidders
Only two bidders participated in the Trump administration's auction for drilling leases in Alaska's Arctic National Wildlife Refuge as big oil companies sat out the sale. The Alaska Industrial Development and Export Authority, a state agency, and…
India to expand oil ties with Venezuela
Venezuela is seeking India's participation in its oil sector, as it looks for reliable markets for its oil and foreign investment to rebuild its energy industry. The offer comes as India, the world's largest oil importer, is diversifying its energy…
Oil execs warn Trump that gas prices could spike due to dwindling supplies: report
Several oil industry executives have reportedly privately warned the White House that the ongoing closure of the Strait of Hormuz is straining global oil inventories and could lead to gas price spikes in the coming weeks. For more than three…
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