Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Oil and gas firm Harbour Energy plans to cut 100 offshore jobs - BBC News
The UK's largest oil and gas producer plans to cut about 100 offshore jobs, it has announced. Harbour Energy has already reduced its onshore workforce by about 600 since 2023. The company, which has a base in Kingswells, Aberdeen, said the latest…
Gulf Energy Gets Kenya Tax Breaks for Tullow's Former Oil Fields
Kenya agreed to grant tax breaks and allow higher recovery costs to an energy trading firm that acquired Tullow Oil Plc 's blocks in the East African country to accelerate development of the project whose output is planned for next year.
OPEC+ Hits Pause As Global Oil Surpluses Threaten 2026 Prices
Russia's President Vladimir Putin shakes hands with OPEC Secretary General Haitham Al Ghais during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 20, 2025. The 28th edition of Saint Petersburg International…
Oil prices steady on worries about geopolitical risks to supply
Oil prices held firm on Tuesday as traders weighed up risks from Ukrainian drone strikes on Russian energy sites, mounting U.S.-Venezuela tension and mixed expectations for U.S. fuel inventories. Brent crude futures rose 7 cents, or 0.1%, to $63.24…
Third Russia-Linked Oil Tanker Suffers Explosions at Sea
An oil tanker carrying diesel suffered four external explosions near Dakar, Senegal, its manager said, the third vessel with links to Russia to have been struck over the last few days. Seawater entered the engine room of the Mersin, Besiktas…
Oil Edges Higher Amid Supply Chain Disruption
0124 GMT — Oil edges higher in early Asian trading amid supply chain disruption. One of three moorings on a pipeline linking Kazakh oil fields to Russia's Black Sea coast was damaged by a Ukrainian attack, ANZ research analysts point out.
Oil Holds Gain as Traders Focus on Venezuela, Black Sea Outage
Oil held a gain as the market watched for US President Donald Trump's next steps on Venezuela, and assessed the fallout from damage to a crude export terminal in the Black Sea. Brent was near $63 a barrel after rising 1.3% in the previous session…
Little-known oil could be driving obesity - and is in more foods than you think
One of the most common vegetable oils found in processed foods could be contributing to weight gain due to the way it is processed in the body, a new study has suggested. While not usually used as a base in cooking, soybean oil is often found in…
There's Too Much Oil. Who Are the Winners and Losers?
Oil prices have been falling as the market faces the prospect of a growing surplus. This year is set to culminate in the first major glut since 2020. The International Energy Agency forecast in November that global supply will outweigh demand by…
Opec+ says 'all is fine in oil' but uncertainty rises
AT first glance the decision by the Organisation of the Petroleum Exporting Countries and its allies (Opec+) to leave oil output levels unchanged for the first quarter of next year could be viewed as confirmation the exporter group is concerned…
India Picks Up Non-Sanctioned Russian Oil as Discounts Widen
India's state-run refiners Indian Oil Corp. and Bharat Petroleum Corp. have bought Russian crude for January delivery, lured by discounts and plentiful supplies from non-sanctioned sellers, according to people familiar with the matter. The…
Canada to Boost Output of Trans Mountain Oil Pipeline Before Selling It
The Canadian government will likely look at selling equity in the state-owned Trans Mountain oil pipeline only after steps are taken over the next few years to maximize its output, Energy Minister Tim Hodgson said. The government purchased the…
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People Are Drinking Shots of Olive Oil-But Is the Viral Trend Actually Good for You?
Extra virgin olive oil is an incredibly healthy food, with proven benefits for heart and brain health and anti-inflammatory effects. Choosing to take a daily shot of extra virgin olive oil may be useful for people who don't consume much olive oil…
Ukraine's underwater drones hit 2 Russian oil tankers in Black Sea
Ukrainian underwater drones have struck two tankers belonging to Russia's so-called shadow fleet in the Black Sea, a Ukrainian security official has confirmed -- marking the latest escalation in Kyiv's campaign to disrupt Moscow's oil exports, CNN…
Oil rises 2% on OPEC+ output plan, supply worries
PERTH/SINGAPORE: Oil prices climbed 2% on Monday after OPEC+ members reaffirmed a plan to hold output steady and as the Caspian Pipeline Consortium halted exports after a major drone attack and U.S.-Venezuela tensions raised concerns about supply.
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