Oil Industry News
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Scrap windfall tax on oil and gas firms early, North Sea industry urges
The North Sea oil and gas industry has called on Labour to scrap the windfall tax on fossil fuel firms three years early, as Britain heads into a winter with energy bills expected to reach their highest level since Russia's invasion of Ukraine.
UK Government action could 'unlock' 100-plus oil and gas projects, say bosses
Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. More than 100 new oil and gas projects could…
Houthi gains in Yemen, attack on Saudi pipeline compound pressure on oil markets
Yemen's Houthi rebels seized more islands in the strategically crucial Bab al-Mandab Strait today and now control the west coast of the country on the Red Sea. In the meantime, a crucial pipeline in Saudi Arabia will be out of commission for weeks…
UK could 'unlock' 100 more oil and gas projects, say North Sea bosses
The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an industry report claims. Offshore Energies UK (OEUK) said changes to the windfall tax on energy firms and approval of the…
UK could 'unlock' 100 more oil and gas projects, say North Sea bosses
Scotland environment, energy and rural affairs correspondent The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an industry report claims. Offshore Energies UK (OEUK) said changes…
Oil Rises as Stabilizers in Crude Market Start to Weaken
0030 GMT — Oil gains in early Asian trade. Stabilizers in the global oil market appear to be weakening with China's crude oil imports edging higher and non-OPEC+ supply outside the Middle East likely to only come online in 2027, says…
Houthis seize strategic Red Sea islands as analysts warn of impending oil crunch
Yemen's Houthi rebels have seized two strategic islands in the Red Sea, reinforcing the Iran-backed group's ability to control a key shipping route, as concerns mount that the world is facing a new oil supply crisis. The seizure of the islands of…
UK Oil and Gas Group Says Earlier Tax Shift Could Raise £14.9 Billion
A new fiscal regime in the UK from 2027 could deliver an additional £14.9 billion, or $20 billion, to Britain's revenues, the leading offshore industry group said in its annual Economic Report, calling on the Burnham government to bring…
Saudi Arabia appeals to US as pipeline closure and Houthis spike oil prices
The Houthis continued their advance on Monday, seizing two more key islands in the Bab el-Mandeb Strait, as the Saudis continued their appeals to the United States for further assistance. Saudi Crown Prince Mohammed bin Salman received U.S. Central…
Oil and Treasury yields haven't moved this closely in seven years. That's bad news for markets
Oil and 10-year Treasury yields are moving in near lockstep, with their correlation at its strongest since 2019. Higher oil could drive inflation and Treasury yields higher, tightening financial conditions and pressuring stocks and consumers.
Oil Prices Rise as Middle East Supply Concerns Persist
Oil prices rose in early European trading Tuesday as the shutdown of Saudi Arabia 's East-West Pipeline and recent territorial gains by Houthi militants in Yemen kept concerns over Middle East crude supplies elevated. Brent crude futures rose 1.8%…
$100 oil will wreck the midterms: Trump can't wait for November to cut a deal
On Wednesday, President Donald Trump predicted that the Iran war would end “immediately after” the November election. On Monday, Iran and Gulf states are due to meet in Oman over passage through the Strait of Hormuz, while the Houthis…
Asian shares trade mixed as markets continue to watch AI stocks and oil prices
Asian shares were trading mixed early Tuesday, after a rtificial-intelligence stocks slid overnight. Japan's benchmark Nikkei 225 surged 0.8% in morning trading to 63,993.22. Softbank Group, the Japanese giant that is a major investor of OpenAI…
China's oil demand could falter as Saudi pipeline shutdown raises costs
As the shutdown of Saudi Arabia's major oil pipeline tightens global crude supply, shipments to China remain relatively insulated in the near term, though rising prices and freight costs are set to dampen demand, according to analysts. Drone…
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