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…

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…

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…

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…

Eneos Leads Bids for Chevron's Singapore Oil Refinery Stake

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

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

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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…

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…

Libya's Oil Reserves, Reforms Draw Investors Despite the Risks

Libya's vast fossil fuel potential and “investor-friendly reforms” are attracting global energy firms despite the inherent political risks, a boost for the oil-rich African nation. The latest bid round from the country offers 22…

Saudi oil giant Aramco executive says China is core market, strategic partner

RIYADH, Dec. 23 (Xinhua) -- China is 'a very important and central market' for and a long-term 'strategic partner' of Saudi Aramco, an executive of the Saudi oil giant said recently, voicing optimism about the Chinese economy and its future…

Borneo Oil's associate Verde Resources seeks Nasdaq listing, raising US$5-US$8mil

KUALA LUMPUR: Borneo Oil Bhd said its quoted investment, Verde Resources Inc (VRDR), has filed a registration statement with the US Securities and Exchange Commission for an underwritten public offering and has applied to list its common stock on…

Cheap Oil and Fed Cuts Could Power 2026 Rally in Cyclical Stocks

This article is for subscribers only. This time next year, where do you expect 10-year Treasury yields to be? Let us know in the latest Markets Pulse survey. US economic growth is set to accelerate with cheaper oil. Fed rate cuts are likely with…

Twelve Orang Asli held for alleged trespass on Rompin oil palm plantation

Nation KUANTAN: Police have detained 12 Orang Asli men for allegedly trespassing into an oil palm plantation in Kampung Tanam, Rompin. Rompin district police chief Supt Sharif Shai Sharif Mondoi said the men, aged from 20 to 44, were arrested at…