Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
'We are talking about energy security for Europe': Norway doubles down on oil and gas production
In case of any doubt about Norway's commitment to maintain – and expand – its production of gas and oil offshore, the energy minister, Terje Aasland, has a pithy response: “We will develop, not dismantle, activity on our…
The Iran war has broken the oil market's $100 barometer
Global oil prices have been stuck near $100 a barrel — much lower than some expected, given what the International Energy Agency has called the “largest supply disruption in the history of the global oil market.” Wall Street…
South Korea draws Gulf oil storage interest as Hormuz stays closed
South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country's petroleum reserve bases, the world's sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and…
New Oil Shock Prompts Asian Governments to Intervene in Markets
This article is for subscribers only. I'm James Mayger, an economics and government reporter in Canberra. Today we're looking at Asia's energy scramble. Send us feedback and tips to. And if you aren't yet signed up to receive this newsletter, you…
US stocks rise to records after a solid jobs report overshadows higher oil prices
NEW YORK (AP) — The U.S. stock market rose to records Friday following the latest sign that the nation's job market is doing better than economists expected. The S&P 500 climbed 0.8% to an all-time high after a report said U.S. employers…
ASEAN summit ends with only a push to fast-track oil share pact
Myanmar's Permanent Secretary of the Ministry of Foreign Affairs U Hau Khan Sum, Malaysia's Prime Minister Anwar Ibrahim, Thailand's Prime Minister Anutin Charnvirakul, East Timor's Prime Minister Xanana Gusmao, Vietnam's Prime Minister Le Minh…
Oil Prices Dip After Attacks Imperil Ceasefire With Iran - TT
Containerships sit at anchor in the Strait of Hormuz off Bandar Abbas, Iran, on May 2.(Amirhosein Khorgooi/ISNA via AP) HONG KONG — World shares retreated and oil prices fell back Friday as the fragile ceasefire with Iran was strained by…
Aramco, Adnoc Sneak Oil Through Hormuz as Iran Menaces Strait
Saudi Arabia's Aramco Trading Co. and the UAE's state oil company Adnoc are among firms that have moved crude cargoes through the Strait of Hormuz since Iran effectively closed the waterway, according to people familiar with the situation. While…
Nymex Overview: Oil Higher Despite U.S.-Iran Flare-Up, Set for Sharp Weekly Drop -- OPIS
June Nymex West Texas Intermediate crude futures were up 90cts to $95.70/bbl on Friday, and July WTI was about $1 higher to $92.10/bbl. London-based July ICE Brent was $1.70 higher to $101.80/bbl, and August Brent rose $1.45 to $97.85/bbl. For the…
Fourth S. Korean Tanker Uses Red Sea Detour to Deliver Crude Oil
Another South Korean tanker carrying crude oil has successfully taken a detour through the Red Sea, bypassing the troubled Strait of Hormuz. The Ministry of Oceans and Fisheries said Friday that as of 11 a.m., the vessel had safely passed through…
Beyond Hormuz: This oil giant is plagued by a curse
For Nigeria, Africa's largest oil producer and one of its most densely populated nations, the closure of the Strait of Hormuz in early 2026 exposed fault lines that politicians and technocrats have long preferred to ignore. The Strait of Hormuz is…
Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports
Yesterday when discussing China's unexpected flip-flopping on its decision to order local banks to ignore the latest US sanctions on Chinese, followed days later by a demand that they pause loans to sanctions refiners, we highlighted something…
Shell's CEO Says the Oil Market Is Short 1 Billion Barrels and Getting Worse. Here's What Investors Should Do Now.
The war with Iran has created a massive disruption to global oil supplies. Persian Gulf oil production has tumbled 57% from its pre-war level due to the closure of the Strait of Hormuz. This supply disruption has really added up. According to Shell…
U.S. says it struck two Iran-flagged oil tankers trying to skirt blockade
The U.S. military said it struck two Iran-flagged unladen oil tankers in the Gulf of Oman. The strikes prevented the vessels from entering an Iranian port in violation of a U.S. naval blockade. The U.S. military said it struck two Iran-flagged…
Pipeline company Enbridge unfazed by rival oil shipping projects
An executive with Enbridge Inc. says the company is unfazed by rival oil pipeline expansions likely to jockey for oilsands producers' business. If anything, the stepped-up competition is a good sign, said Colin Gruending, who leads Enbridge's…
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