Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
How Venezuela's oil collapse is plunging Cuba into energy and food crisis
Among the nearly 100 people who died during the U.S. military incursion in Venezuela that led to the abduction of President Nicolas Maduro, there were 32 Cubans who were part of Mr. Maduro's security detail. Their presence reflects the intricate…
Oil Market's Watchmen Are at Loggerheads Over 2026 Outlook
Oil traders seeking to plot the path for prices this year are juggling sharply different assessments of the supply-demand outlook, from a huge surplus to a broadly balanced market. The world's three main forecasting agencies — the…
Oil Edges Lower; May be Supported by Iran Tensions
0113 GMT — Oil edges lower in the morning Asian session, but may be supported by Iran tensions that could lead to supply disruptions. Concerns are building over what may happen in Iran as U.S. naval assets move toward the Middle East, says…
Russia Oil's Unexpected Staying Power in India Extends Into 2026
For much of last year, discounted Russian oil made up the lion's share of Indian purchases, a financial lifeline for Moscow that also shaved billions off New Delhi's import bill. Then came US threats, tariffs, sanctions — and months of…
Well-oiled app gains traction
PETALING JAYA: More than 2.2 million people have signed up for the Cooking Oil Price Stabilisation Scheme System (eCOSS) app which allows Malaysians to buy the 1kg subsidised packet cooking oil. The eCOSS app, developed by the Domestic Trade and…
Oil Majors Lose Kazakh Field Dispute Worth as Much as $4 Billion
The oil majors that operate the Karachaganak field in Kazakhstan lost an international arbitration case, leaving them liable to pay as much as $4 billion in compensation to the country's government, according to people familiar with the matter. The…
US Deep Freeze Wreaks Havoc on Texas Oil Producers and Refiners
A massive winter storm that swept the US over the weekend crippled oil and gas producers and the industrial plants that refine the raw commodities into everything from gasoline to plastics. Refinery flares lit up the Houston Ship Channel late…
Oil slips even as US winter storm curbs crude output
OIL prices fell on Tuesday even as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast. Brent crude futures fell 28 cents, or 0.4%, to $65.31 a barrel at 0145 GMT. U.S. West Texas Intermediate crude was at…
California sues Trump administration over approval of oil pipelines near coast
California sued the Trump administration over its approvals for oil pipelines near the state's coast amid the White House's broader push for more drilling there. California is arguing that the Trump administration's moves to restart the pipelines…
Tengizchevroil resumes output in phases after fire at oil field in western Kazakhstan
World ALMATY, Jan. 26 (Xinhua) -- Kazakhstan-based oil producer Tengizchevroil (TCO) on Monday announced a phased resumption of crude oil production at its fields in the Atyrau region in western Kazakhstan following a fire at the Tengiz oil field…
Chevron Amasses Largest Fleet in Almost a Year to Ship Venezuelan Oil
Chevron Corp. has assembled its largest fleet of vessels in almost a year to ship Venezuelan crude, after the US moved to exert control over the country's oil sector following the capture of leader Nicolas Maduro. The oil major, which holds a…
Kazakhstan's Giant Tengiz Oil Field Prepares to Restore Output
Kazakhstan's largest oil producer is preparing to resume output at the giant Tengiz field, a further step to normalize the nation's supply to global markets after a series of disruptions in recent months. The safe restart of the power supply system…
Oil Steadies as Traders Weigh US Cold Snap, Kazakh Resumption
Oil steadied as a winter storm pounded swaths of the US with snow, ice and freezing temepatures, spurring increased heating demand and disrupting refineries, while traders also assessed the supply outlook in OPEC+ nations Kazakhstan and Iran. West…
Ukraine Says It Attacked Small Oil Refinery in Southern Russia
Ukraine said it hit a small oil refinery in southern Russia, the third attack this month on its foe's fuel-producing industry. Explosions were recorded at the territory of the Slavyansk facility after Ukrainian drones struck it overnight and hit…
Saudi Aramco Dismisses Oil Glut Narrative As 'Seriously Exaggerated'
Forecasts of a massive oil glut are seriously exaggerated as demand keeps rising and global stocks are below the five-year average, according to Saudi Aramco's chief executive officer, Amin Nasser. “Oil glut predictions are seriously…
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