Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Shell Sees Strong Oil and Gas Trading as War Drives Price Swings
Shell Plc expects to report strong results from oil trading in the third quarter as a squeeze on global fuel supplies drives refining margins to a record. The London-based energy giant said oil trading was in line with the robust results of the…
Oil giant may stop UK investment if North Sea drilling is denied
Norwegian state energy firm Equinor could withhold future UK funding if the government fails to sanction new oil and gas extraction in the North Sea. Anders Opedal, chief executive of the company, indicated that alternative markets would be…
UK risks being 'uninvestable' if new oil and gas fields not approved, warns Equinor
Oil giant Equinor has warned it may shun further investments in the UK if new oil and gas fields at Rosebank and Jackdaw are not approved. 'The question will be: is the UK investable in the future? I hope it will not come to that,' said Anders…
Lower oil boosts FTSE 100 but defence stocks lag
News from the City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. Stocks in London made progress on Tuesday, supported by…
EU States Expect Oil Release Will Just Enact Prior Commitments
European Union countries are in broad agreement that a Group of Seven deal announced last week for an emergency release of as much as 100 million barrels of diesel and crude stocks will in fact just enact previous commitments rather than requiring…
Oil Rises Amid Ongoing Mideast Tensions
0008 GMT — Oil rises in early Asian trade amid ongoing tensions in the Middle East that could sustain concerns over supply disruptions in the region. Attacks by Yemen 's Houthi rebels damaged two airports in southern Saudi Arabia near the…
Why G7 Countries Releasing Millions Of Barrels Of Oil Is Good For American Oil Companies
American oil companies stand to benefit most from the G7's coordinated release of 100 million barrels of crude and diesel reserves. The release eases market pressures without restricting U.S. fuel exports, preserving high oil prices and demand for…
Indian Stock Market Falls: Sensex, Nifty Down on Crude Oil Spike
Indian benchmark indices Sensex and Nifty witnessed a decline in early trade, halting a two-day rally, as surging crude oil prices and anticipation of the Reserve Bank of India's monetary policy decision weighed on investor sentiment. Indian…
Chinese independent refiners boost Iraqi oil purchases as Iranian flows fall, traders say
Chinese independent refiners have stepped up purchases of crude from Iraq and Qatar for October and November delivery to replace dwindling Iranian supplies, as exports from other Gulf producers through the Strait of Hormuz recover, traders said.
Naval drone hits oil tanker off Russian resort city Sochi, triggering massive blaze
An oil tanker off Russia's Black Sea coast was struck by a naval drone, triggering a huge fire and black smoke cloud that blanketed parts of the resort city of Sochi, Russia's transport ministry has said. The transport ministry said a…
Iraq devalues its currency as Iran-U.S. war disrupts oil shipping routes
Iraq devalued its currency Wednesday, changing the official exchange rate from around 1,300 dinars to the U.S. dollar to 1,500 dinars to the dollar. The country's central bank said in a statement that the new exchange rate had been decided at a…
Yitzhak Tshuva's Ithaca Energy invests $860 million in Canadian oil drilling
Businessman Yitzhak Tshuva, the controlling shareholder of Delek Group, is not satisfied with oil drilling operations in the Mediterranean and the North Sea alone. Recently, it was reported that North Sea-focused Ithaca Energy is purchasing…
Lower oil boosts FTSE 100 but defence stocks lag
Stocks in London made progress on Tuesday, supported by falling oil prices, a calmer bond market and US stock gains. In London, the FTSE 100 index ended up 43.75 points, 0.4%, at 10,541.69. The FTSE 250 rose 91.58 points, 0.4%, to 24,215.33, and…
Emerging Markets Gain as Oil Drop, Brazil Vote Boost Sentiment
Emerging-market stocks and currencies rose Tuesday as Treasury yields and oil prices eased, while Brazilian assets remain in favor after a conservative sweep in the first round of the presidential election. MSCI's emerging market stock index rose…
Amy Coney Barrett raises 'quibble' in Big Oil Supreme Court case
The Supreme Court 's new term opened Monday with a potentially landmark case pitting states and local governments against some of the world's largest oil firms. The case asks whether states can hold oil giants liable under state law for climate…
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