Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Mooted WA oil refinery 'dinosaur technology' amid clean energy transition, experts say
Leading Australian climate policy experts say a new oil refinery in Western Australia would be an investment in “dinosaur technology” that would require public subsidy and do little to solve the country's fuel security. The Albanese…
Oil jumps 7% on escalating Middle East airstrikes
NEW YORK, July 29 (Reuters) - Oil prices climbed 7% on Wednesday as airstrikes resumed in the Middle East, adding to worries about dwindling supply as U.S. government data showed crude inventories fell to a multi-year low. Brent futures…
Imperial Oil Ltd. stock falls Tuesday, underperforms market
Shares of Imperial Oil Ltd. IMO slipped 0.08% to C$177.58 Tuesday, in what proved to be an otherwise all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.51% to 35,749.70. Imperial Oil Ltd.
Markets Hold Back As Crude Oil Prices Climb
Stocks turn lower as Mideast conflict flares up. Investors await Microsoft and Meta reports after the bell. Fed expected to hold interest rates steady. This will be a heavy news day with a slew of earnings already released before the bell and…
U.S. Crude Oil Stockpiles Fall More Than Expected
U.S. crude oil inventories posted a bigger-than-expected drop last week as imports declined, exports rose and refineries took in more oil, according to data released Wednesday by the U.S. Energy Information Administration. Commercial crude oil…
Coffee with olive oil - the truth is revealed
In recent years, seemingly strange recommendations pop up from time to time, but they are usually not born out of nowhere. One of them is the recommendation to put a teaspoon of olive oil inside your morning coffee, sometimes accompanied by…
Oil prices rebound as pause in Iran war shatters - TT
This satellite image provided by Planet Labs PBC on July 27 shows smoke rising from the Saudi Aramco oil processing facility in Abqaiq, Saudi Arabia. (Planet Labs PBC via AP) Oil prices leaped after Jordan and the U.S. knocked down another Iranian…
Big Oil Is Getting Sued for Heat Deaths. It's Fighting Back With an Army of Immunity Laws.
Get your news from a source that's not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily. This story was originally published by Grist and is reproduced here as part of the Climate Desk collaboration. Could the oil industry…
Another Critical Oil Waterway Is About to Close
With apologies to Oscar Wilde, to lose one critical waterway may be regarded as misfortune; to lose two looks like carelessness. Of course, we're long past carelessness and are now barreling toward disaster, with three already lost (the Strait of…
How China Went From Dream Customer to a Nightmare for Big Oil
China is more in control of its oil consumption than anyone realized. That will unsettle oil bosses. During one of the worst energy crises in history, brought on by the Iran war, the crude market's top customer cut imports by 40%. China's need for…
Oil Jumps 7% As Trump Threatens Iran Hours Before Fed Decision
Oil prices surged more than 7% on Wednesday as renewed U.S.-Iran hostilities and fresh threats to shipping through the Bab el-Mandeb pushed WTI above $84 and Brent toward $90, confronting the Federal Reserve with another inflation shock just hours…
Oil prices are cratering on renewed optimism for a US-Iran peace
Oil market volatility continued on Tuesday, as prices plunged for a second day this week as a pause in the fighting held and hopes increased for the US and Iran to renew talks to end the war. Brent and US crude prices tumbled on Tuesday, extending…
We're running out of ways to get oil out of the Middle East
There was a backup plan for getting oil out of the Middle East. We may need another one. After staying relatively quiet for much of the Iran war, Yemen's Houthi rebels launched a major escalation last last week by carrying out attacks on Saudi…
Oil Surges as Fresh Middle East Strikes Threaten Fragile Diplomacy
Oil prices climbed more than 3% as a fresh round of fighting across the Middle East undermined diplomatic efforts to end a five-month-old conflict that has roiled energy markets and disrupted flows through two of the world's most critical…
Top US oil trade group opposes Hormuz tolls after Gulf-backed voluntary fee proposal
NEW YORK, July 28 (Reuters) - The American Petroleum Institute opposes tolls or transit fees for vessels crossing the Strait of Hormuz, the top U.S. oil industry trade group's chief executive Mike Sommers told Reuters in an…
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