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 and gas shock: traders contemplate an energy crisis
For the past week, oil and gas traders have watched as a long-feared “worst-case scenario” played out in energy markets, said Bloomberg. Tanker traffic through the Strait of Hormuz, through which a fifth of the world's oil and gas…
U.A.E.'s State Oil Company Signals It Slowed Oil Pumping
State-run Abu Dhabi National Oil Co., or Adnoc, signaled Saturday that it had started reducing oil production. The company said it was “carefully managing offshore production levels” to address storage requirements. Crude-oil storage…
Kuwait cuts oil production as Strait of Hormuz closure disrupts global energy market
Kuwait said it is cutting oil production due to 'Iranian threats against safe passage of ships through the Strait of Hormuz.' Kuwait is the fifth-largest oil producer in OPEC. It produced approximately 2.6 million barrels per day in January. Oil…
Flames engulf Iran after US and Israeli strikes against regime's oil
Get your news delivered straight to you by 7am - sign up to our new Morning Mail newsletter for FREE LIVE Follow the Mail's live coverage as the Middle East war enters its ninth day Iran's capital erupted into flames amid increasingly heavy…
Almost 1.4m homes face instant £600 rise in heating oil costs
Almost 1.4 million homes are facing an instant £600-plus rise in heating oil costs amid claims of 'shameful behaviour from rogue suppliers'. Latest figures show the bulk price of heating oil – the main source of warmth for 'off-grid'…
The Latest: Israel hits Lebanon and Tehran oil depot as desalination plants become targets
Israel on Sunday struck southern Lebanon, Beirut and an oil storage facility in Tehran as the war in the Middle East keeps escalating, and Prime Minister Benjamin Netanyahu promised “many surprises” for the next phase of the conflict.
From oil to saffron: how US-Iran conflict is rattling Chinese investors
The supply of oil and other essential commodities may be grabbing the headlines as the US-Iran conflict escalates, but the ripple effects are being felt far beyond energy markets – all the way to the global supply of the saffron used in…
Oil storage facility struck in Tehran: What to know
DUBAI, United Arab Emirates (AP) — The Iran war exploded further late Saturday as pillars of flame rose above an oil storage facility in Tehran and Israeli Prime Minister Benjamin Netanyahu promised “many surprises” for the…
To ease pressure': Trump on Russian oil waiver to India
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, 'If there were some, I would do it just to…
ANP, PPP demand withdrawal of oil price hike
PESHAWAR: Awami National Party and Pakistan Peoples Party have condemned the massive increase in prices of petroleum products and urged the federal government to reverse its decision in the larger public interest. In their separate statements…
Venezuela's Gas Potential Could Overshadow Its Famous Oil Reserves
While attention is often on Venezuela's vast oil reserves, many experts believe that exploiting its natural gas fields, which were previously neglected, presents a more immediate opportunity for economic success. Developing Venezuela's gas industry…
Israel hits Iran oil facility, as PM Netanyahu warns of 'many surprises'
The Iran war exploded further late Saturday as pillars of flame rose above an oil storage facility in Tehran and Israeli Prime Minister Benjamin Netanyahu promised “many surprises” for the next phase of the week-old conflict. Iranian…
Oil and gas prices rise rapidly as Iran war escalates
NEW YORK (AP) — The price of oil surged higher and showed no signs of halting its rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a war in the Middle East. The conflict, in which nearly every…
White House official suggests Iran's oil can alleviate supply crisis
Iran 's vast oil reserves could play a key role in easing global pressure as oil and gas prices start to rise sharply worldwide following the closure of the Strait of Hormuz this week. 'Ultimately, we're not going to have to worry about these…
Iran Sustains Strikes on Arab States, Oil Supply Shock Deepens
Arab states along the Persian Gulf contended with a ninth day of incoming missiles and drones from Iran, which said it had the capacity to sustain the war for months. President Donald Trump said the US will consider widening its strikes on Iran in…
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