Oil Industry News
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BP profits more than double as oil and gas prices soar in Iran war
BP's quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East. The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than…
United Arab Emirates to quit oil cartel Opec
The United Arab Emirates (UAE) has said it is quitting the Opec and Opec+ groups of major oil producing nations after nearly 60 years. The UAE said the decision reflected its 'long-term strategic and economic vision and evolving energy profile'.
BP slammed over 'astronomical' profits amid oil price spike caused by Iran war
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 come under fire after revealing profits more than…
What is the windfall tax on oil and gas companies and how much do they pay?
Rising oil prices have put the spotlight back on the amount of money energy firms are making since prices surged at the beginning of the Iran war. Energy firms operating in the UK are subject to a windfall tax that was introduced in 2022 to help…
UAE to quit Opec in blow to oil exporters' cartel
The United Arab Emirates has quit the Opec oil cartel in a heavy blow to the group and its de facto leader, Saudi Arabia, amid the global energy shock caused by the Iran war. The stunning loss of the UAE, a longstanding Opec member, could create…
Phillips 66 completes sale of Lindsey Oil Refinery
Pritti MistryEast Yorkshire and Lincolnshire Phillips 66 has completed the purchase of Lindsey Oil Refinery. Almost 200 workers were made redundant at the North Lincolnshire site after previous owner Prax Group went into administration in June…
U.S. backs Venezuela oil revival, but investment gap looms
April 27 (UPI) -- The U.S. chargé d'affaires in Caracas urged Venezuela's private sector to seize what he described as a 'historic opportunity' in the oil industry, as Washington pushes to revive the country's energy sector. In a post on X…
BP Buoyed by Oil Market Volatility
The U.K. energy giant on Tuesday reported a sharp rise in first-quarter profit, describing the performance of its oil-trading unit as “exceptional.”…
Scott Bessent Says Iran's 'Creaking' Oil Industry Is Starting To Shut Down Production Due To US Blockade:
On Monday, Treasury Secretary Scott Bessent warned that Iran's oil industry is under severe strain from expanding U.S. sanctions, suggesting production could deteriorate further and potentially lead to domestic fuel shortages. In a post on X…
BP slammed over 'astronomical' profits amid oil price spike caused by Iran war
BP has come under fire after revealing profits more than doubled in the first three months of the year thanks to the soaring cost of crude caused by the Iran war. The FTSE 100 firm revealed its preferred profit measure – underlying…
UAE to leave OPEC in days amid global oil crisis
The United Arab Emirates has announced plans to leave the world's leading oil exporters group, the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, on May 1. The abrupt decision by the Gulf state - which had been a member of OPEC…
California oil fight tests state's right to push back against Washington during war
Crude oil pumped from the depths of the Pacific Ocean is flowing for the first time in more than a decade through a pipeline that crosses California state park land after the Trump administration defied state officials to restart drilling off Santa…
'Serious incident': drone attack on Russian oil refinery causes major fire
A Ukrainian drone attack has caused a “large-scale fire” at Russia's Tuapse oil refinery on the Black Sea, forcing the evacuation of nearby buildings, local officials said on Tuesday. The Rosneft-owned refinery delivers oil…
Oil Prices on Upswing as Iran War Drags On - TT
U.S. forces patrol the Arabian Sea near the Touska cargo ship on April 20. (U.S. Navy/Getty Images/Bloomberg) TOKYO — European shares opened with gains after a retreat April 28 in Asia. Oil prices climbed after diplomatic efforts to end the…
What Are 'Front-Month' Brent Oil Futures, and What's Happening To Them?
Brent crude oil futures are rising again as hopes fade for a quick reopening of the Strait of Hormuz. But not all Brent prices are the same, and today is one of those days when two different contracts are gaining attention. The most-actively traded…
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