Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Wall Street rises towards more records as oil prices slip
The US stock market is rising towards more records on Friday after Apple, Estee Lauder and other big companies became the latest to deliver fatter profits for the start of the year than analysts expected. Modest dips for oil prices also helped to…
US blockade is squeezing Iran's all-important oil industry, Analysis - Ya Libnan
Even as Iran squeezes world energy supplies with its chokehold on the Strait of Hormuz, its own oil industry is increasingly being threatened by an American blockade. With no way to export the oil it is pumping out and diminishing room to store it…
Oil price declines amid reports of new Iran offer
News from The City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. The FTSE 100 closed down on Friday, but above early lows…
Iran oil crisis fuels confusion over energy transition
Nothing highlights the contradictions and costs of Australia's home-grown energy dramas like a global oil crisis. Energy Minister Chris Bowen says the shortages and price hikes created by the Middle East conflict accelerate the need for the…
Police investigate heating oil thefts in Aberdeenshire
Police investigating the theft of heating oil from two homes in Insch say there have been a number of similar incidents recently across Aberdeenshire. The latest thefts happened in Commerce Street and are believed to have taken place in the early…
The UAE realizes what Trump and OPEC won't admit: We've hit peak oil
When the United Arab Emirates announced that it would, on May 1, exit OPEC after 59 years of membership, the official language was diplomatic and measured. The UAE 's Energy Ministry said the decision followed 'a comprehensive review of its…
Can higher oil prices negate damage to Qatari gas plant for Shell?
News from The City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. Shell is set to reveal how the Middle East conflict has…
Exxon and Chevron quarterly earnings fall despite soaring oil prices
Exxon Mobil and Chevron reported drops in profit in their first quarter despite surging oil prices, a result of stalled deliveries and supply disruptions in the Middle East. Exxon's quarterly earnings fell to $4.2bn from about $7.7bn the same…
Oil Prices Up 9% for the Week - TT
The Phillips 66 Bayway Refinery in Linden, N.J. (Kena Betancur/Bloomberg) NEW YORK— The U.S. stock market is rising toward more records May 1 after Apple, Estee Lauder and other big companies became the latest to deliver fatter profits for…
More and more Russian oil facilities go up in flames
With targeted attacks on the Russian oil industry, Ukraine is causing massive damage to Putin's energy industry. The port city of Tuapse on the Black Sea has been experiencing a veritable barrage for two weeks - even deep in the Russian heartland…
Profit for the biggest U.S. oil companies declined in 1st quarter - but only on paper
Profit for the two largest oil companies in the U.S. tumbled during the first quarter, a three-month period in which the price of crude and gasoline rocketed higher. It's a setback on paper only, however, the result of financial hedges that…
Oil briefly hits 4-year high
Global oil prices surged to a four-year high overnight before retreating somewhat early Thursday as the Strait of Hormuz remains closed, and the prospect of a deal to end the conflict looks dim. The price of Brent crude oil, the international…
Oil price declines amid reports of new Iran offer
The FTSE 100 closed down on Friday, but above early lows, while the oil price fell amid reports that Iran has made a new proposal amid stalled US peace talks. The FTSE 100 closed down 14.89 points, or 0.1%, at 10,363.93. It had earlier traded as…
Spirit Airlines prepares to cease operations amid financial struggles and high oil prices
Spirit Airlines is preparing to cease operations after the beleaguered company ran out of cash and a rescue attempt by the Trump administration appeared to stall. The company struggled to make a deal with its creditors and secure funding to…
Donald Trump's 'wishful thinking' over his blockade of Iranian oil
As the United States blockade of Iranian ports tightens its grip, the regime has been forced to stockpile oil that would have otherwise been exported. But while some commentators believe that Iran will run out of space to store it in less than a…
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