Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Top 10 Oil-Producing Countries In The World, According To The EIA
Oil has been declared dead more times than I can count, yet the world still consumes more than 100 million barrels of it every day, according to the Energy Information Administration. Petroleum powers planes, trucks and ships. It's used to make…
New science report could boost climate suits against oil giants
Climate lawsuits seeking massive damages from fossil fuel companies increasingly hinge on the question: how reliably can scientists pin specific extreme weather to human-caused climate change? Very confidently for events like heat waves and heavy…
South Korea secures 74% of September crude oil needs
July 16 (Asia Today) -- South Korea has secured crude oil supplies for September equivalent to 74% of last year's level as renewed military tensions between the United States and Iran raise concerns about energy shipments through the Strait of…
US military boards oil tanker in Gulf of Oman
Take our brief newsletter survey to help us improve the newsletters you read every day. The U.S. military boarded a sanctioned oil tanker in the Gulf of Oman on Thursday as U.S. forces continued to enforce the naval blockade that went into effect…
Could Somalia See The World's Next Major Oil Discovery?
As the Gulf (the world's traditional energy centre) becomes riskier, the oil industry is searching for new hydrocarbon provinces. Much high-impact exploration is concentrated in Latin America and West Africa, far from Asia-Pacific, the main…
Halliburton Gets Aramco Contracts for Saudi Oil Wells
The lump sum turnkey contracts, which have an initial three-year term, cover oil re-entry operations, drilling, completions, and workers for about 285 planned oil wells across several oil fields in the country. The contracts also have an extension…
Oil Rises Amid Escalating Supply-Disruption Concerns
2352 GMT — Oil rises in early trade amid escalating concerns over supply disruptions in the Middle East. The U.S. struck multiple bridges in Iran on Thursday in a bid to cut off supply routes to a port city and naval base in the Strait of…
Oil giant BP shutters its corporate venture arm after 20 years
BP has had an on-again, off-again relationship with climate tech. Now it's definitely “off.” On top of pivoting away from clean energy earlier this year, the oil giant announced today that it was selling the majority of its venture…
Asian Stocks Drop After Chip Selloff, Oil Gains: Markets Wrap
Asian equities fell for a second day as a selloff in chipmakers deepened on mounting concern that massive artificial-intelligence investments may not justify lofty valuations. Oil climbed. The MSCI Asia Pacific Index slid 0.8%, led by a 3.9%…
Profit margins surge for oil refiners - TT
An oil refinery in Houston. (Mark Felix/Bloomberg) Profit margins for U.S. refiners making gasoline and diesel from crude oil are shattering records, as fuel supply disruptions driven by war lift prices for refined products. The average…
Not possible to compensate everyone hit by heating oil price hikes - minister
Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. Not everyone affected by heating oil price…
How Trump's 'original oil guy' boosted US-Israel ties and played down risks of Iran war
Tycoon Harold Hamm is one of the US's most successful oilmen, the son of Oklahoma sharecroppers who hit it rich as a “wildcatter” and pioneered fracking techniques that drove the shale boom in 2008 that reversed declining US oil…
Landmark Science Report Confirms Big Oil's Fingerprints on Extreme Weather, as Industry Races for Legal Shield
The National Academies of Sciences released a report today that puts the full weight of the country's most respected scientific institution behind extreme weather attribution science, affirming that the field can reliably connect specific disasters…
Slim's Carso Buys Stake in Mexican Oil Field From TotalEnergies
Carlos Slim's Grupo Carso SAB agreed to buy a stake in a Gulf of Mexico offshore field from France's TotalEnergies SE, the latest move by Latin America's richest person to expand his portfolio of Mexican oil and gas assets. Carso, through a…
Chipmakers chip away at stocks, oil hovers at $85
LONDON, July 16 (Reuters) - European stocks and Wall Street futures edged lower on Thursday following more tech troubles in Asia, while benign U.S. inflation data helped keep the dollar and government bond yields under control and the Iran war…
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