Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
China's Micbot trains robots to withstand the heat of Saudi Arabian oil industry
A Chinese robotics firm is accelerating its overseas strategy, with a fleet of AI-powered industrial quadrupeds being primed for Saudi Aramco facilities, while revving up its bid for a listing in Hong Kong next year. Heavy-duty, explosion-proof…
Why the US Wants an Even Bigger Role in Venezuela's Oil Industry
While Venezuela isn't the powerhouse oil producer it used to be, the country nonetheless has some of the world's largest oil reserves. Since the US seized then-Venezuelan President Nicolás Maduro on Jan. 3, the US has restored diplomatic…
Russian Oil Is Backbone Of India's Energy Security
'In the current environment, India is effectively paying a premium for supply security and diversification.' India's crude oil imports from Russia are expected to fall to 2.1 mbpd in August, down from 2.6 mbpd in previous months, though Russia…
Chinese state oil giant CNOOC sees potential for US-China energy cooperation
Chinese state-owned oil and gas major CNOOC (0883) sees potential for energy cooperation between China and the United States, a senior executive said on Thursday, adding that the company would consider investments alongside US partners in the…
Oil Shrugs Off Trump's 'Toughest Sanctions in History'
Oil holds near $90 despite sweeping Iran sanctions as uncertainty over Hormuz transits keeps markets on edge. The US announcement of 'toughest sanctions in history' against Iran did relatively little to push oil prices away from their comfort zone…
Venezuela weighs OPEC exit as U.S. discusses oil stake - TT
A sculpture of a hand holding an oil well in Caracas, Venezuela. (Matias Delacroix/Bloomberg) Venezuela is considering leaving OPEC amid talks with U.S. officials, marking a potential break from the oil cartel it helped found in 1960. The move…
Oil Prices Slip as Venezuela Supply Prospects Weigh on Market
Oil prices edged lower on Friday as traders assessed reports that the United States was nearing a deal for long-term access to Venezuelan crude reserves, potentially opening the door to billions of dollars in investment from American energy…
Hundreds affected by cancelled orders of heating oil to get compensation
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. Hundreds of people who were affected by suppliers…
Pentagon Eyes 100-Year Lease on Venezuela Oil Fields
The U.S. Department of Defense is reportedly negotiating a major energy partnership that could give Washington a direct stake in Venezuela's vast crude oil resources as it seeks to strengthen control over strategically important energy supplies.
According to Axios, the U.S. Is Closing in on a Massive Venezuela Oil Deal. 3 Oil Stocks That Could Win.
According to a recent report by Axios, the U.S. is in discussions with the Venezuelan government about taking an ownership stake in its vast oil resources. The reported deal would more than double the size of America's oil reserves. U.S. oil…
US Energy Firms Are Nearing a Venezuela Oil Deal That Could Help Rebuild a Broken Country
Chevron, alongside several other American energy companies, are reportedly nearing agreements to expand oil drilling and related operations in Venezuela, eight months after the United States removed the country's socialist dictator, Nicolás…
Oil prices still volatile on Iran war uncertainty - TT
One wild card for inflation has been oil prices, which have been volatile due to uncertainty about the war in Iran. U.S. futures are mixed Aug. 28 ahead of an address from Federal Reserve Chair Kevin Warsh in Jackson Hole, Wyo., during the Fed's…
Hundreds to get compensation after heating oil orders cancelled amid Iran war
Hundreds of people affected by suppliers cancelling heating oil orders when energy prices spiked following the war with Iran are to receive compensation, the UK's competition regulator has announced. Around 800 customers have already been informed…
Saudi oil sale signals more Hormuz exits - TT
Oil tankers and cargo ships in the Gulf of Oman. (Elke Scholiers/Getty Images) Saudi Aramco sold about 4 million barrels of Arab Medium and Heavy crude to PetroChina for September loading outside the Strait of Hormuz. The sale signals continued…
Oil Edges Higher on Fading Hopes for Strait of Hormuz's Reopening
2335 GMT — Oil edges higher on fading hopes for the reopening of the Strait of Hormuz. The Trump administration has told mediators it has no interest in returning to the terms of a preliminary deal it reached with Iran, which later fell…
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