Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The Oil Industry's Latest Disaster: Trillions of Gallons of Buried Toxic Wastewater
This story is published in partnership with DeSmog, the climate investigations site. A cache of government documents dating back nearly a century casts serious doubt on the safety of the oil and gas industry's most common method for disposing of…
US energy secretary visits Venezuela to assess oil industry
US Energy Secretary Chris Wright landed in Venezuela to assess progress on revamping the country's oil industry following the ouster of former President Nicolás Maduro. The first steps are underway, including an overhaul of Venezuelan law to…
Sanctions, Ship Seizures and Low Prices Squeeze Russia's Oil Industry
Dozens of tankers filled with Russian oil are floating at sea without buyers. Western powers are seizing the aging ships the country relies upon. Buyers of Russian oil are demanding the steepest discount to global oil prices since the early months…
US Energy Secretary Chris Wright Visits Venezuela To Assess Oil Industry Overhaul
Caracas: United States Energy Secretary Chris Wright arrived Wednesday in Venezuela for a firsthand assessment of the country's oil industry, a visit that further asserts the U.S. government's self-appointed role in turning around Venezuela's…
Tony Blair's oil lobbying is a misleading rehash of fossil fuel industry spin
A thinktank with close ties to Saudi Arabia and substantial funding from a Donald Trump ally needs to present a particularly robust analysis to earn the right to be listened to on the climate crisis. On that measure, Tony Blair's latest report…
What US taxpayers should be asking about Venezuela and foreign oil
When President Trump sat down with oil industry executives to pitch rebuilding Venezuela's oil sector, one comment quietly undercut the entire premise of the meeting. Exxon's CEO described Venezuela as “uninvestable” under current…
Nymex Overview: Petroleum Futures Trade Lower on Bearish Oil Supply and Demand Signals -- OPIS
Refined product futures were following crude lower. The March RBOB contract was down 6.45cts to $1.9144/gal and the April contract was trading 5.92cts lower at $2.1431/gal. The March ULSD contract was 5.96cts lower at $2.3808/gal and the April…
From sanctioned to 'legitimate': How China bought Venezuelan oil from the US
China has bought some Venezuelan oil that was bought earlier by the US, according to Energy Secretary Chris Wright. “China has already bought some of the crude that's been sold by the US government,” Wright told the media in Caracas…
Oil Set for Weekly Loss as Iran Concerns Ebb, Wider Markets Drop
Oil headed for the first back-to-back weekly drop this year on a risk-off tone in wider markets, concerns about a global crude glut, and the prospect of drawn out US-Iran talks over a nuclear deal. West Texas Intermediate steadied below $63 a…
Oil prices fall on supply forecast, easing risk
HOUSTON: Oil prices dropped on Thursday due to falling demand, retreating fears of renewed Middle East conflict and expected increases in supply. Brent crude oil futures settled at US$67.52 a barrel down US$1.88, or 2.71%. US West Texas…
India Faces Russian Oil Squeeze After US Deal
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months. India may have to sharply cut Russian crude after the…
How Texas Is This? 'Zombie Wells' Become a Flashpoint in the Oil Patch
Welcome to Bloomberg's Texas Edition — covering all the industries and people driving America's second-largest economy, from finance and oil to tech and sports. Join us each week for an inside look at Texas through a Bloomberg lens. Sign up…
Top Oil Traders Say Sanctions Are Starting to Lift Crude Prices
Some of the world's biggest oil traders said a surge in crude prices so far this year has been aided by key refiners turning away supplies from countries subject to sanctions. The boss of Vitol Group, the world's top independent oil trader, said on…
Forget 'peak oil': the era of scarcity is dead, and now we're drowning in abundance
Forget the old fears of Peak Oil. The world has flipped from a scarcity crisis to a crisis of drowning in abundance. We have entered the era of the Super Glut —a structural deluge where we are extracting hydrocarbons faster than the…
IEA Slashes Oil Demand Growth Forecast For 2026
Global oil demand is expected to rise by 850,000 barrels per day this year, the International Energy Agency (IEA) said on Thursday as it cut its growth estimate from 930,000 bpd expected last month. All the 850,000 bpd growth this year is poised to…
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