Oil Industry News
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Energy Up as Traders Hedge on Oil-Price Views - Energy Roundup
Shares of energy companies rose as traders hedged their bets on the outlook for oil futures. Oil prices completed their biggest two-week loss in New York since June. Commercial crude-oil stocks excluding the Strategic Petroleum Reserve unexpectedly…
Trump's Oil Grab in Venezuela Is Testing the Country's National Identity
Like generations before him, Leonardo Silva grew up steeped in beliefs about the extraordinarily abundant resource that made Venezuela special. All the oil under their feet was theirs, they felt. Virtually free gasoline was a birthright. To be born…
Japan and Philippines to ink deal on oil reserve cooperation
Japan and the Philippines are expected to sign a memorandum of understanding on strengthening cooperation on oil stockpiling in the Southeast Asian country. Under the partnership, Japan's public and private sectors will help the Philippines develop…
Imperial Oil Ltd. stock rises Friday, outperforms market
Shares of Imperial Oil Ltd. IMO rallied 1.12% to C$183.74 Friday, in what proved to be an otherwise all-around down trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE falling 0.09% to 36,105.90. Imperial Oil Ltd.
Russian oil hub burns after massive blitz on 'heart of Putin's petrol network
A major Russian oil hub has been hit along with a military base as Ukraine fired nearly 1,200 drones in one of its biggest aerial attacks since the war began. The military said that it had hit the Samara linear production and dispatch station near…
Alaska oil production to rise 13% in 2027, US energy agency says
Alaska's crude oil production is forecast to rise 13% in 2027, driven by two projects on the state's North Slope, the US Energy Information Administration said on Nov. 12. Output would reach its highest level since 2014, the agency said in its…
Alberta Cuts Oil Sands Royalties to Spur Doubling of Output
The oil-rich Canadian province of Alberta will cut the fees it charges companies developing new oil sands projects as part of a government effort to encourage production growth. Under the Oil Sands Growth Program, new facilities and some expansions…
Ecuador wants to monetize its biodiversity - while still drilling for oil
Ecuador is pursuing green bonds, debt-for-nature swaps and biodiversity credits to channel more money into conservation. But the government also plans to expand oil exploration and develop critical-mineral resources, drawing opposition from…
Cruise ship crashes with oil tanker and capsizes - nearly 150 people on board
A cruise ship carrying almost 150 passengers has capsized after colliding with an oil tanker, sparking an urgent rescue effort. The tanker hit the American Cruise Lines' American Heritage at around 12:30pm local time on Friday. There were around…
Communications Services Up on Hopes for Oil Inflation Easing - Communications Services Roundup
Communications-services companies rose as traders rotated back into the sector due to signs of easing energy inflation. Fears that consumer spending on cell-phone plans and streaming subscriptions would be slowed by inflationary pressures elsewhere…
Heating oil prices are up 59% from last winter. The spike is 'crushing folks,' Maine nonprofit says
Heating oil prices averaged $5.91 per gallon as of Nov. 2, a 59% jump from a year earlier, according to the U.S. Energy Information Administration. In Maine, where roughly 50% of the homes rely primarily on heating oil, the jump 'is crushing folks'…
Global oil supplies are suddenly flowing. Why a crude glut won't mean cheaper diesel.
It's official: The world is expected to soon have more oil than it needs for the first time since the Iran war began in February. But more oil won't automatically lead to lower diesel prices. If you look at the supply-and-demand balances on paper…
US-backed oil company flaunts Venezuelan facilities
The interim government authorized North American Blue Energy Partners (NABEP) to operate 17 oil fields via a recent deal with the United States, which is set to receive 20 percent of Venezuelan reserves. The Barbados-based firm is the…
Global oil market faces major shift as IEA reveals new forecast
Global oil demand is projected to decline by 2.7 million barrels per day to 102.3 million barrels in 2026, before recovering with an expected increase of 2 million barrels per day in 2027, according to the International Energy Agency (IEA). The…
What California's Oil Supply Means for America's Future | Michael Mische & James Rector
California's economy, including its farms, depends on a steady fuel supply. In 2025, more than 60 percent of the crude oil delivered to the state's refineries came from foreign sources, according to the California Energy Commission. A new study…
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