Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The Oil Industry Is Bruised, and Consumers Will Be Feeling the Pain
We're coming to the end of summer road trip season, and that might be a good thing. As Bloomberg News oil markets reporter Mia Gindis writes today, higher energy prices are working their way down to consumers. Plus: Polio is widely considered a…
Five Japanese oil distributors admit to forming price cartel
Five Japanese oil distributors admitted to forming a price cartel for gas oil sold to transport and other companies in Tokyo, at the first hearing of their trial at Tokyo District Court on Thursday. East Japan Usami and Kyoei Sekiyu of Tokyo, Eneos…
The US and Venezuela: a century-old relationship drenched in oil
Written in the middle of the last century, the US Department of State memo conveys its message in a curt and undiplomatically honest tone: the glue that binds Washington to Caracas is, and is always likely to be, oil. “All US policies toward…
Forget crude oil. The real energy crisis right now is in diesel
The average price of diesel gas on Wednesday hit its highest level since the Iran war started, as a global supply bottleneck tightens and seasonal demand is poised to rise. The fuel that powers everything from boats and trains to farm equipment and…
Who is Alejandro Betancourt, the colourful oil baron behind US-Venezuela oil deal?
Juan Francisco Alonso BBC News Mundo President Donald Trump has called the deal granting the US control of strategic Venezuelan oil fields 'the biggest in history'. North American Blue Energy Partners (Nabep), a company little known outside the…
Who is Alejandro Betancourt, the colourful oil baron behind US-Venezuela oil deal?
President Donald Trump has called the deal granting the US control of strategic Venezuelan oil fields 'the biggest in history'. North American Blue Energy Partners (Nabep), a company little known outside the South American country, will oversee the…
U.S. oil giant Chevron confirms it will expand operations in Venezuela
Chevron, the second-largest U.S. oil company, has had a presence in Venezuela since 1923. 'President Trump's mission in Venezuela is straightforward. The mission is to bring peace, freedom, opportunity and prosperity to the people of Venezuela,'…
U.S. oil giant Chevron confirms it will expand operations in Venezuela
Oil giant Chevron confirmed that it will expand operations in Venezuela after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. Chevron, the only U.S. oil company…
Oil Futures Fall on Likely Technical Correction
2336 GMT — Oil futures fall in early Asian trade on a likely technical correction after the futures rose for a third consecutive session on Wednesday. However, losses may be limited by ongoing worries over a further escalation in strikes…
U.S. firms gain majority control of 65B oil barrels in Venezuela
Sept. 2 (UPI) -- Venezuela's acting President Delcy Rodríguez signed an energy agreement Wednesday in Caracas granting U.S. companies majority control over 65 billion barrels of crude oil reserves. Venezuelan authorities, in the presence of…
Futures Flat As Yields Ignore Oil Meltup
Futures are flats with Tech in line and small caps lagging even as bond yields dip 1bp across the curve, ignoring the continued rise in oil. In a quiet session ahead of tomorrow's jobs report, Japan remains the standout, with the yen strengthening…
Tourmaline Oil Corp. stock falls Wednesday, underperforms market
Shares of Tourmaline Oil Corp. TOU slipped 1.25% to C$63.43 Wednesday, in what proved to be an otherwise all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.74% to 36,091.61. Tourmaline Oil…
Chevron plans to double its Venezuela oil production
Chevron announced early Wednesday that it has reached an agreement to expand its oil production in Venezuela. © AP Photo/Rogelio V. Solis, File The company said the deal would more than double its current oil production in Venezuela, bringing…
India's growth defies oil shock but data faces credibility questions
'Doomsayers were doomed and India bloomed… Yet again,' wrote Indian Prime Minister Narendra Modi on X, reacting to smart first quarter GDP data that came out earlier this week, widely beating forecasts, but also sparking a major controversy…
The Latest: Chevron expanding in Venezuela as Trump deal claims more oil reserves
Oil giant Chevron confirmed that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves and give the Pentagon a stake in the profits. Canadian Prime…
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