Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
The oil industry should pay for climate change - and Congress should decide how
For more than 60 years, America's response to global climate change has been like a hot potato passed from the presidency to Congress and the courts. Now, Congress should end the game once and for all. The potato tossing began in 1965 when…
In Alaska, Senate Candidates Claim the Oil Industry Creates Local Jobs. It Doesn't.
Read the top story of the day in your inbox. Sign up for the Daily Prospect newsletter here. The U.S. Senate election in Alaska signals another red state on the brink of flipping blue, with polls showing voters narrowly preferring the Democratic…
Ithaca Energy to Buy Offshore Canada Oil Assets From Suncor Energy for Up to $1.1 Billion
agreed to buy a portfolio of offshore oil projects from Canada 's for up to $1.11 billion. The London-listed energy company said Monday it would buy a 48% stake in Terra Nova, a 40% interest in White Rose Existing Lands and 38.6% in White Rose…
Iran's Oil Minister Resigns as Exports Dry Up Under US Pressure
Iran's Oil Minister Mohsen Paknejad resigned citing personal reasons, as the Islamic Republic tries to sustain its oil industry under a tightening US blockade. President Masoud Pezeshkian accepted Paknejad's resignation letter on Sunday after…
Canada's Cenovus to Buy Athabasca Oil for C$12 Per Share
Cenovus Energy Inc. agreed to buy Athabasca Oil Corp. at an enterprise value of C$5.7 billion ($4 billion), the latest in a wave of consolidation as Canada's government seeks to grow energy production. The cash and share takeover would add about…
Japan should keep focus on cheap Mideast oil, local refiner says
Japan should continue to rely on the Middle East for the bulk of its crude as that's cost-effective, processor Taiyo Oil said, pushing back against a government drive to diversify triggered by the U.S.-Iran war. National strategy should focus on…
Energy regulator hands oil giants discount worth billions to use Trans-Mountain pipeline
Oil companies received a 10 per cent discount worth about $2.5 billion to use the publicly-owned Trans-Mountain pipeline following a ruling by Canada's energy regulator. The decision means that Canadians will not recoup the $40 billion in public…
Global Oil Supply Buffer Running 'Scarily Thin,' Aramco CEO Says
The oil stockpiles that cushion the world from supply shocks have become “scarily thin,” putting markets at risk of worsening unless the Strait of Hormuz reopens, according to the head of Saudi Arabia's state producer. He was speaking…
Daily Open: Who's steering oil now?
U.S. bombers left RAF Fairford over a suspected terror plot, and more tankers were struck near Iran. Yemen's government launched a nationwide offensive to retake all Houthi-held areas. U.S. stock futures were flat as high yields persist and Fed…
Oil slips as Middle East crude exports rise, G7 to release stocks
Oil prices slipped on Monday as rising crude exports from the Middle East and a release of oil stocks from Group of Seven nations are adding to supplies despite ongoing concerns about further damage to Gulf oil infrastructure amid the Iran war.
Current price of oil as of Oct. 5, 2026
Major oil exporters agree to keep production steady in November
Seven major oil-exporting countries agreed Sunday to keep production steady in November at a time when the Iran war has driven the price of benchmark Brent crude oil above $100 a barrel. The so-called OPEC+ subgroup — Saudi Arabia, Russia…
Emerging-Market Assets Climb as Fed Hike Bets Cool, Oil Drops
Emerging-market stocks and currencies advanced after softer-than-expected US jobs data and a further decline in oil prices helped ease concern over aggressive interest-rate hikes by the Federal Reserve. MSCI Inc.'s gauge for developing-market…
Scottish oil drilling firm posts drop in profit in 'less confident' UK market
Saltire Energy Limited posted a drop in profit of 35% and a decrease in revenue of 21% in newly posted annual accounts for the year ended June 30, 2026. Group turnover was £22 million last year, compared to £28m the year before. The…
Supreme Court to hear case Monday on if localities can sue oil companies for climate damages
The Supreme Court will hear a major climate case on Monday that could determine the future of state and local efforts to recover damages from fossil fuel companies over their role in global warming. The case in question, Suncor v. Boulder, is an…
Receive a Daily briefing on Oil Industry News
Get Started