Oil Industry News

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 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…

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…

Reliance stays away from Russian oil, but state refiners lap it up

Reliance Industries Ltd, India's biggest buyer of Russian crude oil, has not bought any barrels from Kremlin in January so far while state-run refiners have stepped up imports prompted by discounts hitting some USD 7 per barrel, almost triple the…

Aramco Starts First Bond Sale of This Year as Oil Prices Lag

Aramco is launching its first bond sale of the year, just as oil prices remain well below levels needed to balance Saudi Arabia's budget. The government-owned oil producer is marketing debt with maturities ranging from three to 30 years, according…

Oil Falls on Possible Technical Correction

2349 GMT — Oil falls in the early morning Asian session on a possible technical correction after WTI and Brent settled 2.9% and 2.8% higher, respectively, on Friday. Also, oil prices are likely to decline as soon as recent production outages…

Oil prices rise as harsh winter disrupts US output

SINGAPORE: Oil prices rose on Monday after climbing more than 2% in the previous session, due to production disruptions in major U.S. crude-producing regions. Brent crude futures rose 42 cents, or 0.7%, to $66.30 a barrel at 0721 GMT. U.S. West…

Iran Is Selling More Oil but Making Less Money