Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Trump's Oil Grab in Venezuela Is Testing the Country's National Identity
Like generations before him, Leonardo Silva grew up steeped in beliefs about the extraordinarily abundant resource that made Venezuela special. All the oil under their feet was theirs, they felt. Virtually free gasoline was a birthright. To be born…
Japan and Philippines to ink deal on oil reserve cooperation
Japan and the Philippines are expected to sign a memorandum of understanding on strengthening cooperation on oil stockpiling in the Southeast Asian country. Under the partnership, Japan's public and private sectors will help the Philippines develop…
Russian oil hub burns after massive blitz on 'heart of Putin's petrol network
A major Russian oil hub has been hit along with a military base as Ukraine fired nearly 1,200 drones in one of its biggest aerial attacks since the war began. The military said that it had hit the Samara linear production and dispatch station near…
Alaska oil production to rise 13% in 2027, US energy agency says
Alaska's crude oil production is forecast to rise 13% in 2027, driven by two projects on the state's North Slope, the US Energy Information Administration said on Nov. 12. Output would reach its highest level since 2014, the agency said in its…
Ecuador wants to monetize its biodiversity - while still drilling for oil
Ecuador is pursuing green bonds, debt-for-nature swaps and biodiversity credits to channel more money into conservation. But the government also plans to expand oil exploration and develop critical-mineral resources, drawing opposition from…
October Oil Supply Exceeded Demand as Russian Crude Output Rose
The International Energy Agency (IEA) said oil supply moved above demand in October for the first time since the Iran war began, while diesel stayed tight and a U.S. license authorized covered Russian diesel transactions. Global supply reached…
Iraq PM targets powerful militia stronghold in $30m oil smuggling probe
Iraq's PM Ali al-Zaidi has dismissed nine senior security officials over an alleged oil smuggling network worth up to $30m monthly, in a move targeting a Kataib Hezbollah stronghold. Al Jazeera's Peter Smith has the latest from Baghdad. Published…
Heating oil prices are up 59% from last winter. The spike is 'crushing folks,' Maine nonprofit says
Heating oil prices averaged $5.91 per gallon as of Nov. 2, a 59% jump from a year earlier, according to the U.S. Energy Information Administration. In Maine, where roughly 50% of the homes rely primarily on heating oil, the jump 'is crushing folks'…
US-backed oil company flaunts Venezuelan facilities
The interim government authorized North American Blue Energy Partners (NABEP) to operate 17 oil fields via a recent deal with the United States, which is set to receive 20 percent of Venezuelan reserves. The Barbados-based firm is the…
Global oil market faces major shift as IEA reveals new forecast
Global oil demand is projected to decline by 2.7 million barrels per day to 102.3 million barrels in 2026, before recovering with an expected increase of 2 million barrels per day in 2027, according to the International Energy Agency (IEA). The…
What California's Oil Supply Means for America's Future | Michael Mische & James Rector
California's economy, including its farms, depends on a steady fuel supply. In 2025, more than 60 percent of the crude oil delivered to the state's refineries came from foreign sources, according to the California Energy Commission. A new study…
Trump To Extend Shipping Waiver For Oil, Fertilizer For 90 Days
Nov 14, 2026 (Bloomberg) –President Donald Trump is giving energy companies and traders more time to transport oil and other commodities around the US on foreign-flagged ships, renewing a policy intended to lower fuel costs. Trump has…
2 oil tankers explode after hitting naval mines near Hormuz: Iran
Two oil tankers attempting to pass through the Strait of Hormuz exploded and caught fire after striking naval mines, Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said on Friday. According to a statement reported by Iranian state media…
Helping elephants keep to their lanes: Can palm oil millions save Borneo's forest and wildlife?
KUALA LUMPUR – Malaysia's palm oil industry, whose activities have played a role in destroying Borneo's ancient rainforests, has been funding conservation projects in a bid to improve its public image and comply with regulations. Across…
From waste oil to mining fuel: The company aiming to cut WA's reliance on imported diesel
The ongoing war in the Middle East has had a dramatic impact on the price of fuel across the nation, with diesel prices specifically climbing to never-before-seen heights, adding significant costs to WA's mining and agriculture industries. Now an…
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