Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
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…
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'…
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…
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…
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…
ASX to nosedive as oil shock intensifies
The Australian sharemarket is poised to nosedive on Monday, as the spreading war in the Middle East stokes investor fears of a drawn-out conflict that could send inflation skyrocketing as the price of crude oil tops $US90 ($128) a barrel. Futures…
Spike in oil prices triggers talk of an economic doomsday scenario
U.S. and global benchmark prices on Friday tallied their largest weekly gains on record. Another week like that would lift prices very close to their all-time highs — and invite talk of an economic doomsday. The price of oil can have…
UAE and Kuwait Start Oil Output Cuts After Hormuz Blockage
(Bloomberg) -- The United Arab Emirates and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co. is “managing…
Oil Soars, Trump Touts Progress, Receives Remains, More
Bloomberg News Now • Browse all episodes Listen for the latest from Bloomberg News…
Oil prices are soaring, but Trump is downplaying the need to tap the Strategic Petroleum Reserve
Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America's Strategic Petroleum Reserve to ease the pressure. Trump was asked by…
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