Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
UAE Exits OPEC+ Alliance: What it Means for Global Oil Markets and Energy Strategy
The United Arab Emirates is set to make a significant policy-driven shift in its long-term energy strategy by exiting the OPEC and OPEC+ alliance, a move poised to reshape global oil market dynamics and align with the nation's domestic economic…
UAE to leave Opec group of oil producers amid Middle East energy shock
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 United Arab Emirates has decided to leave the Opec…
UAE to leave Opec group of oil producers amid Middle East energy shock
The United Arab Emirates has decided to leave the Opec group of oil producers after six decades of membership amid an energy supply shock in the Middle East spurred by the US-Israeli war with Iran. The UAE announced the decision, through the…
Outrageous' oil giant BP making £366 a second as households fear surge in bills
Oil giant BP has been slammed for raking in “astronomical” profits of £366 a second while households pay the price of the Iran war. BP's profits more than doubled to almost £2.4billion in the first three months of this…
UAE to leave Opec oil producers group amid Middle East energy shock
The United Arab Emirates has announced its departure from the Opec group of oil producers, concluding six decades of membership. The decision, effective from May 1, was communicated through the state-run WAM news agency and comes amid an energy…
Watch UAE to Leave OPEC in May as Iran War Reshapes Oil Market
UAE to Leave OPEC in May as Iran War Reshapes Oil Market The United Arab Emirates will leave OPEC, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran…
BP slammed over 'astronomical' profits amid oil price spike caused by Iran war
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. BP has come under fire after revealing profits more than…
BP profits more than double as oil and gas prices soar in Iran war
BP's quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East. The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than…
United Arab Emirates to quit oil cartel Opec
The United Arab Emirates (UAE) has said it is quitting the Opec and Opec+ groups of major oil producing nations after nearly 60 years. The UAE said the decision reflected its 'long-term strategic and economic vision and evolving energy profile'.
Breaking | UAE to leave Opec, Opec+ oil groups, for national interest, global demand
The United Arab Emirates announced on Tuesday that it will leave the Organization of the Petroleum Exporting Countries (Opec) and the wider Opec+ alliance effective May 1, a move that signals a push for greater control over its production strategy.
What is the windfall tax on oil and gas companies and how much do they pay?
Rising oil prices have put the spotlight back on the amount of money energy firms are making since prices surged at the beginning of the Iran war. Energy firms operating in the UK are subject to a windfall tax that was introduced in 2022 to help…
Kazakhstan set to redirect German oil to Russian ports
Kazakhstan is set to redirect crude oil previously destined for Germany via the Druzhba pipeline to Russian ports, its energy ministry announced on Tuesday. This move follows Moscow's declaration that it would cease Kazakh oil flows from May. The…
Shell Sees Tight Oil Supplies as Hormuz Remains Blockaded - TT
The oil and liquefied natural gas shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell Plc CEO Wael Sawan said. “We are talking about roughly 900 million barrels that…
UAE to quit Opec in blow to oil exporters' cartel
The United Arab Emirates has quit the Opec oil cartel in a heavy blow to the group and its de facto leader, Saudi Arabia, amid the global energy shock caused by the Iran war. The stunning loss of the UAE, a longstanding Opec member, could create…
Phillips 66 completes sale of Lindsey Oil Refinery
Pritti MistryEast Yorkshire and Lincolnshire Phillips 66 has completed the purchase of Lindsey Oil Refinery. Almost 200 workers were made redundant at the North Lincolnshire site after previous owner Prax Group went into administration in June…
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