Oil Industry News

Trump's Tanker Crackdown Paralyzes Venezuelan Oil Exports

The United States' aggressive campaign against tankers carrying Venezuelan crude has thrown the country's oil industry into disarray, jeopardizing its government's main source of revenue. President Nicolás Maduro of Venezuela has been…

Venezuela accuses US of 'extortion' over seizure of oil tankers - BBC News

Venezuela has accused the United States of the 'greatest extortion' at an emergency session of the UN Security Council in New York. Washington's seizure of two Venezuelan oil tankers was 'worse than piracy,' the Venezuelan ambassador to the UN…

Norway strikes oil in North Sea near British waters

Norway has announced a string of North Sea oil and gas discoveries close to UK waters. British operators Harbour Energy and Aker BP have both made recent finds in the Norwegian North Sea close to the border with UK waters. It suggests that the…

Eneos leads bids for Chevron's Singapore oil refinery stake

Japan's Eneos Holdings is ahead of rival bidders for U.S. heavyweight Chevron's stake in a Singapore oil refinery, according to people familiar with the matter. Other suitors for the 50% stake in Singapore Refining Company (SRC) include commodity…

Oil Slips; Prices Likely to Remain Volatile

Zombie Ship Shows Trump Is Targeting Darkest Corner of Oil Fleet

A 27-year-old crude tanker that was supposedly scrapped in 2021 is due to reach Venezuela late this week, according to ship-tracking data, in the latest example of how the South American country keeps its embattled oil industry alive. The tanker…

Trump's claims to Venezuelan oil are part of broader 'resource imperialism', experts say

Donald Trump's recent claims that the US should keep Venezuelan oil from seized tankers are part of a broader belief in rightwing “resource imperialism”, experts say. In recent weeks, the Trump administration has escalated pressure on…

BP sells stake in motor oil arm Castrol in $6bn deal - BBC News

BP has struck a $6bn (£4.4bn) deal to sell a majority stake in its motor oil division Castrol to a US investment firm. The oil giant sold a 65% stake in Castrol, which makes lubricants for cars, motorcycles and industrial vehicles, to New…

Reliance Resumes Russian Oil Imports to Feed Jamnagar Refinery

India's Reliance Industries Ltd. resumed purchases of discounted Russian crude, sourcing barrels from non-sanctioned suppliers and routing them to its refinery in Gujarat, according to people with knowledge of the matter. India's largest refiner…

Oil rises for sixth session on US data, geopolitical tension

BEIJING/SINGAPORE: Oil prices rose for a sixth day on Wednesday supported by robust U.S. economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 17 cents, ‌or 0.27%, to $62.55 a barrel by…

Oil giant BP to sell 65% stake in $10 billion Castrol unit

BP has agreed to sell a 65% shareholding in lubricants business Castrol. The deal comes as the company looks to divest of $20 billion of assets by the end of 2027. Britain's BP has agreed to sell a 65% shareholding in lubricants business Castrol to…

Venezuela Seeks to Criminalize Oil Tanker Seizures as Trump Puts Pressure on Maduro

CARACAS, Venezuela (AP) — Venezuela's parliament on Tuesday approved a measure that criminalizes a broad range of activities that can hinder navigation and commerce in the South American country, such as the seizure of oil tankers. The bill…

Gold Vs. Oil: A Changing Of The Guard

For three years we had argued—some might say pleaded—that a major gold bull market was approaching. Gold—and more strikingly, gold equities—outperformed almost everything else, as any glance at the comparative charts…

India's Sanction-Hit Nayara Delays Oil Refinery Maintenance Work

Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here.

Oil up as market weighs strong US economic growth, supply risks

NEW YORK: Oil prices settled higher on Tuesday as investors assessed stronger-than-expected US economic growth and the risk of disruptions to oil supply from Venezuela and Russia. Brent crude futures settled 31 cents, or 0.5%, higher at US$62.38 a…