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…
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…
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…
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…
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…
Hundreds affected by cancelled orders of heating oil to get compensation
Hundreds of people who were affected by suppliers cancelling heating oil orders when prices surged following the Iran war have been told they will receive compensation, the UK's competition watchdog has said. Around 800 people have been notified…
Ukraine Says It Attacked Major Russian Oil Refinery in Yaroslavl
Ukraine said it struck the oil refinery in Yaroslavl, one of Russia's largest fuel-producing plants, in the latest in a flurry of attacks that have sparked a new wave of gasoline shortages across the nation. As a result of the overnight strike, a…
Current price of oil as of Aug. 28, 2026
Oil Prices Slip on Venezuela Supply, Iran Tensions
Oil prices edged lower on Friday as traders assessed reports that the United States is nearing an agreement to gain long-term access to Venezuela's crude reserves, while uncertainty over the Strait of Hormuz continued to influence the market. Brent…
US nears deal to secure stake in Venezuelan oil fields, insiders say
US President Donald Trump's administration is working on a deal to lock in long-term access to some of Venezuela's crude reserves, Reuters sources have said. The agreement, which insiders said could be signed and made public soon, is expected to…
Saudis Sell Oil from Gulf of Oman in Sign of More Hormuz Exits
Saudi Arabia has sold its heavier crude grades to Chinese refiners for a second time this month, a sign that flows through the Strait of Hormuz are likely to remain elevated. State-owned Saudi Aramco recently sold around 4 million barrels of Arab…
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