Oil Industry News

Is It About the Oil?

Yesterday, Venezuela said its military would escort oil tankers heading to Asia to stop the United States from seizing them. Washington spent the fall punishing and pressuring the Caribbean nation in an ostensible campaign against drugs. Now we may…

Oil companies shun Trump's brazen request to return to Venezuela

As the Trump administration begins laying down the groundwork for a post-Nicolas Maduro Venezuela, they are hitting an unexpected roadblock: the American oil industry. Trump has reportedly been taking a temperature check into oil companies'…

Oil Edges Lower Amid Some Headwinds

Trump: Venezuela must pay for seized US oil assets

President Trump said Wednesday that Venezuela must pay for the oil assets previously seized by the South American nation, as tensions rise over the U.S. military's action in the Caribbean. “You remember, they took all of our energy rights.

Venezuela hits back at Trump as oil tankers are escorted to Asia

Notifications can be managed in browser preferences. Venezuela's navy has escorted commercial oil tankers to Asia, directly defying a US military blockade targeting the country's oil industry. President Nicolas Maduro ordered the naval escorts for…

The World Is Awash With Oil and Prices Are Poised to Keep Falling

Almost every day, an oil tanker arrives off the coast of Guyana to pick up a cargo that could reach a buyer practically anywhere on the planet. The stream of shipments is all the more remarkable because just a few years ago, the country didn't pump…

Oil settles higher as market assesses mounting supply risks

HOUSTON: Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers. Brent crude closed 14 cents, or 0.2%, higher…

First Female Oil Giant CEO Rejects Renewable Energy Shift

BP, one of the world's top five oil companies, has recently announced the appointment of its first female CEO as the company navigates challenging waters against rivals like ExxonMobil and Shell. The newly appointed leader is tasked with a critical…

Var Energi Plans 20 New Projects to Squeeze More Oil From Norway

Norwegian oil company Var Energi ASA plans to green-light a swath of new projects to maintain output from an aging basin into the next decade. Chief Executive Officer Nick Walker said he wants to give the go-ahead to 20 projects “over the…

Venezuelan navy escorts oil tankers in direct challenge to Trump blockade

Venezuela's navy has escorted commercial oil tankers to Asia in direct defiance of a U.S. military blockade targeting the country's oil industry. Three ships carrying urea, petroleum coke and other oil-based products sailed on Tuesday and Wednesday…

Oil Heads for Second Weekly Decline as Glut Concerns Dominate

Oil headed for a second weekly decline as concerns over a growing glut outweighed potential supply disruptions. West Texas Intermediate traded near $56 a barrel, and was down more than 2% for the week, while Brent closed below $60 on Thursday.

Venezuela oil blockade could have 'chilling effect' on Maduro, ex-ambassador says

Brazil's president said today that his country is willing to help prevent an armed confrontation between the U.S. and Venezuela. The remarks come one day after the Trump administration announced it would block sanctioned oil tankers traveling to…

BP's CEO Pick Cements Strategic Shift Back to Oil and Gas

This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Mitchell Ferman takes stock of BP's shock decision to bring in an external chief executive officer for the first time. BP…

This oil drilling stock is remarkably cheap. How to trade it with options

The 'Dogs of the Dow' is an investment strategy, often employed at the end of a year in anticipation of some potential 'mean reversion' that identifies underperforming stocks with high yields. As the name implies, it looks for these within the Dow…

UK Targets Three Smaller Russian Oil Producers in Latest Curbs

The UK government imposed sanctions on three smaller Russian oil producers, as a US-brokered peace deal between Moscow and Kyiv remains elusive. Tatneft PJSC, Russneft PJSC and NNK PJSC were sanctioned for “obtaining a benefit from or…