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 Oil Market Is Trading on Bearish Vibes - for Now
When the oil trading community descended on London for its annual International Energy Week jamboree last week, the bears outnumbered the bulls, probably by three-to-one. They fought about supply. They argued about demand. But, above all, they…
Michigan antitrust lawsuit says oil companies hobbled EVs and renewables
Michigan is taking on major oil and gas companies in court, joining nearly a dozen other states that have brought climate-related lawsuits against ExxonMobil and its industry peers. But Michigan's approach is different: accusing Big Oil not of…
Asia markets make cautious start, oil rises on U.S.-Iran talks
Noriko Hayashi | Bloomberg | Getty Images Asian financial markets were treading carefully on Tuesday in holiday-thinned trading, but oil pushed higher with U.S and Iran nuclear negotiations in Geneva due to begin later in the day. Mainland Chinese…
Western pressure on Russian oil trade brings Indonesia into focus
As Western pressure tightens on traditional buyers of Russian crude, analysts say Indonesia 's status as a fast-growing net oil importer with limited fiscal headroom could position it as a potential new market for Moscow's discounted supplies. But…
Niche Corner of the Oil Market Is Rocked by Huge Bet - on Tankers
A niche but crucial part of the oil market is being rocked by a huge bet from a South Korean tycoon who has amassed a large share of the tanker market, with help from one of the industry's wealthiest men. Over the past month or two, the Sinokor…
Oil prices rise 1% ahead of US-Iran nuclear talks
NEW YORK: Oil prices edged up on Monday as investors weighed the market implications of upcoming US-Iran talks aimed at de-escalating tensions against a backdrop of expected Opec+ supply increases. Brent crude futures settled 90 cents, or 1.33%…
Hungary and Slovakia ask neighbouring country to help deliver Russian oil
Hungary and Slovakia have sought Croatia's help to deliver Russian oil, Hungary's foreign minister confirmed on Monday, following disruptions to flows via Ukraine and conflicting accusations of blame. Kyiv's foreign ministry said a Russian attack…
Oil drifts ahead of US-Iran nuclear talks
SINGAPORE: Oil prices traded sideways on Monday ahead of talks between Washington and Tehran, with concerns about Iran-U.S. tensions disrupting oil flows keeping a floor under prices, while OPEC+ leans in favour of resuming output hikes from April.
Strait Showdown: Iran Launches 'Smart Control' Exercise At Oil Transit Point
Iran's elite Islamic Revolutionary Guard Corps (IRGC) kicked off naval drills Monday in the strategically vital Strait of Hormuz, according to state media. The exercise, dubbed 'Smart Control of Hormuz Strait,' is being carried out by IRGC naval…
India Might Soon Replace Russian Oil With Venezuelan At Scale After All
A new US license is being interpreted as prohibiting Venezuelan energy companies from transactions with China among other countries, which if true, could lead to India purchasing the 642,000 barrels of oil per day that China imported on average…
Irish soldiers could board Russian oil tankers amid 'threat to everyone' warning
The Irish Defence Forces could board Russian oil tankers to help stop how the country is funding its attack on Ukraine, the Defence Minister has said. Minister Helen McEntee is set to publish a new maritime security strategy in the coming weeks, as…
Oil Supplies to Hungary and Slovakia Halted After Damage to Druzhba Pipeline
Oil flows to Hungary and Slovakia via Russia's Druzhba pipeline have been halted after a Russian airstrike damaged the conduit on Ukrainian territory, leaving the two landlocked EU states scrambling for alternative routes for Russian crude despite…
US paving way for India's shift from Russia to Venezuela oil
Russian state media outlet RT posted on X about the US Treasury Department's new “ Venezuela General License 48,” which allows US companies to provide “goods, technology, software, or services for the exploration, development…
Chevron exec admits he's 'worried' about California - as oil giant-aligned group decries sky-high gas prices
A Chevron bigwig burned California's energy policies last week as the state's nation-leading gas prices soared well above $4 a gallon amid a wave of oil refinery shutdowns. Andy Walz, the oil giant's global refining president, told Fox Business…
Desperate California importing oil from Bahamas using century-old loophole as state faces highest US gas prices
California is increasingly importing gasoline through the Bahamas — a workaround to a 106-year-old US shipping law that forces domestic fuel shipments onto costly American vessels. More than 40% of the gasoline California imported in…
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