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 Trump Corruption Tax on the Oil Industry
May 13, 2026 Dean Baker Since Trump began his war on Iran, there have been a number of occasions where the price of oil futures tumbles just before Trump issues one of his “peace is at hand” proclamations on Truth Social. These drops…
The King's speech contained a huge bit of news for the North Sea oil industry
Proponents argue for a scrapping of the windfall tax on fossil fuel companies to open up investment, and for new licences to be granted for untapped fields. Opponents say a 'just transition' away from what is a finite resource is needed to avoid…
Energy Up with Oil Futures as Stalemate Continues -- Energy Roundup
Shares of energy companies rose alongside oil futures with no end to the energy shock in sight. Oil futures rose by more than 4% in New York to top $102 a barrel after statements from President Trump indicated a cease-fire between the U.S. and Iran…
Oil Prices Drive Inflation Above Wages: A Blip, Not A Trend
Man pumping gasoline, checking prices. The increase in consumer prices exceeded wage growth over the past 12 months, with near panic from some reporters. The numbers show wages rose 3.6% but consumer prices increased by 3.8%. This disparity is a…
Watch Oil Inventories Falling at 'Record Pace' Amid Hormuz Disruption, IEA's Toril Bosoni Says
IEA's Bosoni Says Oil Inventories Falling at 'Record Pace' International Energy Agency oil industry and markets head Toril Bosoni discusses the outlook for oil supplies and prices amid the ongoing disruption in the Strait of Hormuz. Inventories are…
How Long Can the US Be the Oil Supplier of Last Resort?
What do the Federal Reserve and the US oil industry have in common? In today's war-torn market, both are the supplier of last resort. One provides dollars; the other barrels. But that's where the similarities end. The central bank can print the…
How the US and China's oil markets are 'shielding' the world economy from spiraling prices
Oil prices are high, but they haven't quite gone parabolic s ince the Iran war began. Morgan Stanley strategists said there's structural support from the US and China that's helped anchor oil prices and prevent them from rising to levels predicted…
Japan to procure 70% of its oil for June from outside Middle East
Japan is expected to secure over 70% of its crude oil procurement in June from sources other than the Middle East, Prime Minister Sanae Takaichi said Tuesday. At a meeting of related ministers on the day, Takaichi instructed industry minister…
Tourmaline Oil Corp. stock rises Tuesday, outperforms market
Shares of Tourmaline Oil Corp. TOU inched 0.82% higher to C$66.41 Tuesday, in what proved to be an all-around favorable trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.44% to 34,290.73. Tourmaline Oil Corp.
The global oil crisis is proving the case for sustainable aviation
As the conflict in Iran strains the world's oil supplies, a lot of attention has focused on gasoline: Average gas prices have increased more than a dollar a gallon since the war began, exceeding $4 a gallon for the first time in four years. But…
Texas oil and gas industry reports job gains in March
(The Center Square) – Rebounding from job losses in earlier months, the Texas oil and natural gas industry reported job gains in March. Total jobs are still down over the year by at least 3.5%, according to new employment data published by…
Europe's Oil, Gas Lobbies Urge Flexibility on Storage Targets
European Union energy lobby groups called for more flexibility in reaching the bloc's natural gas storage targets, to avoid market pressure during the summer refilling season. The statement by Eurogas and the International Association of Oil & Gas…
Oil Inventories Falling at Record Pace on Iran War, IEA Says
Oil inventories are falling around the world at a record pace and will continue to drop for months as the disruption to Middle East supplies from the Iran war intensifies, according to the International Energy Agency. Global observed oil…
Japanese Refiner Secures Mexican Oil to Bypass Hormuz Chaos
A Japanese refiner bought Mexican crude oil for the first time since 2023 as it navigates supply disruptions triggered by the Iran war and the near-closure of the Strait of Hormuz. Vessels Eagle Kuantan and Eagle Kangar are set to load a combined 1…
India Set to Scale Back Russian Oil Imports If US Waiver Lapses
Indian oil refiners may be forced to scale back imports of Russian crude if a US sanctions waiver is not extended beyond this weekend, with local processors grappling with the fallout from the Iran war. The US hasn't clarified whether it will…
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