Oil Industry News
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Hormuz closure divides the fortunes of Middle Eastern oil states
The Strait of Hormuz's closure and the resulting surge in global oil prices have handed financial windfalls to Iran, Oman and Saudi Arabia, while other states that lack alternative shipment routes have lost billions of dollars, a Reuters…
Edible oils, industry essentials drive growth outlook; FMCG recovery gradual, says Report
The outlook for the edible oils and agri-linked consumer staples sector remains constructive, led by strong volume growth in core categories and improving demand dynamics across industrial segments, according to a recent research report by Nuvama.
Trump administration recombining two federal agencies separated after Gulf oil spill
The Trump administration will combine two agencies that were split up after the infamous 2010 Deepwater Horizon oil spill. The spill, which released millions of gallons of oil into the Gulf of Mexico and killed 11 people, brought national attention…
Oil and gas prices likely to stay elevated even if there is a ceasefire in Iran
Working in the background of this looming deadline is reportedly Vice President JD Vance, who has been in peace talks with Pakistani officials operating as intermediaries between the U.S. and Iranian governments, according to multiple outlets. Both…
China's Coal Giants Bet on Chemicals as War Curbs Oil Supplies
Chinese coal companies are turning to chemicals manufacturing for growth, as war in the Persian Gulf constrains supply of the liquid fossil fuels more commonly used by the industry. The country's vast coal deposits mean that, unlike oil and gas, it…
South Korea to send envoys to secure oil supplies amid crisis
April 6 (Asia Today) -- South Korea's government and ruling Democratic Party said Monday they will dispatch special envoys to major oil-producing countries, including Saudi Arabia, to secure alternative crude supplies as the Middle East conflict…
Oil Holds Gains With US-Iran Deadline in Focus: Markets Wrap
US equity futures were steady and oil held onto gains as President Donald Trump signaled a potential escalation of strikes on Iran as soon as Tuesday, overshadowing hopes for a ceasefire. Asian equity contracts signaled gains for Japan and South…
Live: Energy expert says more drilling for oil won't fix fuel crisis
After the Bondi terror attack, the federal government announced a national buyback scheme to facilitate gun reforms agreed to by the state and territories. The reforms included reducing the number of guns a person can own and making it harder to…
Iran war: India's high-growth economy gets a Middle East oil shock
It wasn't too long ago that India's central bank, the Reserve Bank of India (RBI), described the country's high growth-low inflation environment as a 'Goldilocks' moment. But that optimism has proved ephemeral as the ongoing war in the Middle East…
US-Iran Deadline in Focus, Oil Gains, More
Bloomberg News Now • Browse all episodes Listen for the latest from Bloomberg News…
North American Oil Is In Demand as World Grasps for Supplies
The spiderweb of cracks in the global oil market are spreading across the Rocky Mountains and US Great Plains as demand for a shrinking pool of accessible crude escalates. Oil grades from Texas and North Dakota to Alberta are surging as refiners…
Libya's oil disputes mirror Hormuz crisis, fuel European energy fears
The Strait of Hormuz is only 39km (24 miles) wide at its narrowest point. And yet, 20 million barrels of oil would typically flow through it every day – about 25 percent of the world's maritime oil trade. That was until the United States and…
How defense contractors and oil companies profit from war on Iran as US gas prices soar
Two weeks into the US-Israel war with Iran, the White House was fielding heavy criticism that the conflict would drive up gas prices and frustrate voters. Donald Trump turned to Truth Social to appease Americans about gas prices, which were slowly…
Oil Shock Is Adding Stress to the Global Economy
This article is for subscribers only. Oil markets have been pitched into turmoil by the war in Iran, and the effects will likely be long lasting and far reaching. After a meeting on Sunday, OPEC+ warned that the damage to Middle East energy assets…
Colombia State Oil Company Ecopetrol CEO Ousted, Portafolio Says
Ricardo Roa was ousted as Ecopetrol SA's chief executive officer by its board after Colombian prosecutors charged him with alleged influence peddling. Roa is also accused of violating campaign spending limits as head of Gustavo Petro's successful…
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