Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Venezuela Defends Right to Strengthen Oil Industry at COP31
Venezuela's defense of a stronger oil sector at COP31 sharpened a debate over energy priorities, while island states sought faster emissions cuts and developing nations called for climate finance. Acting President Delcy Rodriguez argued that…
This Houston startup is using old oil wells to make clean hydrogen
Deep in West Texas, an old oil field is nearing the end of its commercial life. But a startup recently spent a month at the site producing a new energy source: clean, ultra low-carbon hydrogen. Eclipse, the startup, uses microbes to break down oil…
Global Oil Market Swings to Surplus on Gulf Exports, IEA Says
Global oil markets will swing to a supply surplus for the first time since the start of the Iran war as Persian Gulf exports recover despite the ongoing conflict, the International Energy Agency said. “The oil market is showing tentative…
Oil prices increase as Middle East disruption continues - TT
U.S. futures are rising and Nvidia's stock has stabilized as investors assess how Jensen Huang's departure might affect chip supply and the global AI industry. Wall Street is also waiting for the U.S. to release its PPI for October, which captures…
UAE's Adnoc in Talks With Traders for Term Offshore Oil Supplies
Abu Dhabi National Oil Co. is in talks with international trading companies to sell more offshore oil through long-term deals in 2027, as the marketing of supplies within the Persian Gulf continues to shift after months of conflict. The UAE…
Big Oil's War-Fueled Profits Revive Calls for Windfall Taxes
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Mitchell Ferman looks at how surging oil earnings driven by the war in the Persian Gulf are putting industry taxes back on the…
Oil Slips Again as Traders Weigh Diplomacy Hopes
0115 GMT — Oil prices slip, surrendering gains made after comments from Trump saying the U.S. no longer needs a deal with Iran. Trump also said he would prefer Vice President Vance, who has taken the lead in negotiations, to shift focus…
Global Oil Market Set to Return to Surplus as Gulf Exports Recover, IEA Says
The global oil market is expected to return to a surplus in the final quarter of this year for the first time since the outbreak of the Iran war, as a recovery in Middle Eastern exports outpaces demand, the International Energy Agency said Friday.
Asian Stocks Set for Cautious Open on Nvidia, Oil: Markets Wrap
Stocks in Asia looked set for a cautious open as investors weighed the fallout from Nvidia Corp.'s leadership upheaval on the broader artificial-intelligence trade, a rally in oil and a surge in Treasury yields. Asian equity-index futures were…
Oil Prices Rebound as Trump Questions Need for Iran Deal -- 2nd Update
Brent crude for January delivery rose 3.3% to $95.82 a barrel, and West Texas Intermediate for December gained 2.6% to $88.74 a barrel. 'We don't need a deal with Iran. Those days have long since passed,' Trump wrote in a Truth Social post. He also…
Sharp swings for Nvidia and oil prices weigh on Wall Street
NEW YORK (AP) — Big swings for Nvidia's stock price and oil prices are weighing on Wall Street Thursday, but the U.S. market appears to be absorbing them. After falling nearly 1% at the start of trading, the S&P 500 quickly pared its drop to…
Russian crude production rebounds after Trump diesel deal, IEA says as oil markets return to surplus
Russia's crude oil production rose by 210,000 barrels a day to 8.73 million barrels a day in October, according to the IEA. Global oil supply rose to 105.4 million barrels a day in October, lifting supply above demand for the first time since the…
Oil Prices Rise as Middle East Supply Risks Persist
Oil prices rose Friday, rebounding from declines earlier in the session, as traders weighed continued disruptions to Middle Eastern oil shipments against prospects for U.S.- Iran diplomacy. Front-month Brent crude futures rose 0.6% to $96.43 a…
U.S. Crude-Oil Stockpiles Post Unexpected Weekly Build
U.S. crude-oil inventories rose unexpectedly last week, ending a string of five straight weekly withdrawals amid higher imports and a decline in exports, according to data released Thursday by the U.S. Energy Information Administration. Commercial…
US returns over $12 billion in oil proceeds to Venezuela since Maduro's ouster, report says
The Trump administration says it has returned more than $12 billion, or almost 99%, of the revenue obtained from the sales of Venezuelan oil since it ousted then-President Nicolás Maduro in January. In a report released Thursday by the State…
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