Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Beyond Oil: Disruption In Hormuz Spells Trouble For Global Markets
Machinery at Yara International ASA's 24-megawatt plant for renewable hydrogen production at the company's Heroya industrial facility in Porsgrunn, Norway, on Monday, June 10, 2024. Europe's largest fertilizer maker, Yara, opened a renewable…
Energy Major Shell Cashes In On Volatile Oil Markets
This article is for subscribers only. Morning, this is Chloé Meley and Moira Warburton from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories. Volatile energy markets have been painful for most…
As prices fall, crack spread signals a split in oil markets
The benchmark price used for most fuel surcharges has fallen for the 12th time in 13 weeks in an oil market that remains bifurcated to an almost historical level. The Department of Energy/Energy Information Administration average weekly retail…
A timeline of how the oil market weathered a historic supply shock and fell to pre-war levels
As the first attacks of the Iran war began and the Strait of Hormuz was shuttered, markets wasted little time pricing in the expected devastation in oil markets. Oil prices skyrocketed overnight. With the supply disruption characterized as one of…
Nigeria's Renaissance Makes Oil Discovery in Former Shell Field
Renaissance Africa Energy said it made a “significant” oil discovery in a Nigerian block once held by a unit of Shell Plc, demonstrating the growing capability of local companies in Africa's biggest producer. The JK-004 exploration…
US Offshore Oil Agency Weighs Using Waters for Space Launches
The US government agency responsible for managing oil and gas drilling in the nation's coastal waters is now considering adding space operations to its purview, heeding a call from President Donald Trump. The Bureau of Ocean Energy Management said…
Fuel on the fire: why oil companies are profiting as the world gets dangerously hot
As the world swelters in ever more dangerous heat, why are oil companies being allowed to turn up the gas instead of paying for the consequences of their greed? That ought to be the question on everyone's minds amid baking heat domes over much of…
US Sees Global Oil Output, Flows Back at Pre-War Level By 2027
Global crude oil production and flows are expected to bounce back toward their pre-war levels by the end of this year, according to a US government report, earlier than a previous estimate. A majority of shut-in production from the war will come…
Ukrainian drones flew all the way to Siberia to strike Russia's largest oil refinery
Ukraine struck Russia's largest oil refinery, located in the city of Omsk, on Monday, marking what its forces say was its furthest-ever drone attack in the war. The Omsk facility, which processes about 21 million tons of oil a year, is in Western…
Oil prices rise as attacks revive safety concerns in the Strait of Hormuz
Oil prices jumped Tuesday to their highest level since late last week after reports that two tankers transiting the Strait of Hormuz had been hit by unknown projectiles. U.S. crude oil rose more than 3% to above $70 per barrel for the first time…
German Oil Stocking Agency Says It's Refilling Strategic Reserve
Germany's oil stockpiling agency EBV is looking to refill strategic reserves of diesel, a move that could pile more pressure on an already tight fuel market. A tender for more than 760,000 barrels of diesel was issued earlier this week by EBV. On…
Wall Street Warms to India's Markets as Oil Pressures Fade
After spending more than a year on the sidelines, global investors are showing fresh interest in India as sentiment begins to improve across the country's markets. Citigroup Inc.'s India team returned from meetings with 36 US clients saying…
Shell says oil, gas trading strong as war drives volatility - TT
A sign displays the prices of unleaded gasoline and diesel at a Shell gas station in Miami Beach, Fla. (Zak Bennett/Bloomberg) Shell Plc said it delivered another strong oil and gas trading result in the second quarter as it benefited from the…
Peak oil: China's crude demand set to fall as EV bets ease Hormuz fears
China's crude oil demand is expected to peak this year, according to executives from the country's largest oil firm, a scenario set to further reshape the global energy market following the Strait of Hormuz crisis. The world's top oil importer…
Shell Signals Strong Oil and Gas Trading Profit on Iran War
Shell Plc signaled it had another strong oil and gas trading result in the second quarter as it benefited from the market turmoil caused by the Iran war. Oil trading profits came in line with a strong first quarter while gas trading results were…
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