Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Venezuela advances plan to release oil industry from state control
To make these ventures more attractive, the plan would cut taxes and offer flexibility on the 30% royalty rate and introduce international mediation to address past expropriation disputes. Rodriguez framed the move as essential to revitalizing an…
India Ups Energy Clout With Renewables Surge And 40-Plus Oil Suppliers
Image courtesy Getty Creatives. One of the world's largest energy consumers - India - is upping its clout in the sector by creating multibillion dollar opportunities in both traditional as well as renewable segments to ensure its security of…
SLB Predicts Worst Is Behind Global Oil Market as OPEC Output to Climb
SLB, the world's largest oilfield-services provider, raised its dividend and posted fourth-quarter earnings that beat estimates as activity in the Middle East and other key regions accelerated and its data-center business rapidly expanded. The…
Tourmaline Oil Corp. stock rises Friday, outperforms market
Shares of Tourmaline Oil Corp. TOU rallied 1.56% to C$62.51 Friday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.43% to 33,144.98. Tourmaline Oil Corp. closed…
U.S. Sanctions Iranian Oil Vessels-But Plans To Deport Iranians Despite Protest Killings
The U.S. announced new sanctions Friday against Iran's oil industry it says are punishment for the regime's killing of protesters, at the same time the Trump administration reportedly prepares to deport dozens of Iranians, some who could face death…
Venezuela moves to open oil industry to private investors after abduction of Nicolas Maduro
VENEZUELAN POLITICIANS HAVE given their initial backing to plans to throw open the oil sector to private investors, paving the way for the return of US energy giants – a key demand of President Donald Trump. Less than three weeks after the…
US Winter Storm Impacting Oil Markets - TT
Pumpjacks near Crane, Texas. A large swath of the country will be affected by this latest winter storm. (Justin Hamel/Bloomberg) [Stay on top of transportation news: Get TTNews in your inbox.] Frigid weather sweeping across much of the U.S. is…
Michigan sues oil giants, alleging collusion to stifle renewables, EVs
The state of Michigan is suing major oil companies and an industry association, alleging that they colluded to hamper the adoption of renewable energy and electric vehicles (EVs). In a lawsuit announced Friday, Michigan sued BP, Chevron…
California sues the Trump administration over plans to restart oil pipelines along the coast
California sued the federal government Friday for approving a Texas-based company's plans to restart two oil pipelines along the state's coast, escalating a fight over the Trump administration's removal of regulatory barriers to offshore oil…
California sues Trump administration over allegedly 'unlawful' pipeline restart approval years after oil spill
California Attorney General Rob Bonta announced on Friday the state is filing a lawsuit against the Trump administration over the Pipeline and Hazardous Materials Safety Administration's (PHMSA) asserting federal jurisdiction over two state oil…
US hits 9 tankers with sanctions over Iranian oil during protest crackdown and internet shutdown
WASHINGTON -- The United States on Friday imposed sanctions on a fleet of nine ships and their owners accused of transporting hundreds of millions of dollars in forbidden Iranian oil to foreign markets. The sanctions are being imposed because of…
Venezuela's interim president's oil law reform to break with Chavez model
Caracas, Venezuela: Venezuela's parliament has advanced a proposal to loosen the state's control over its oil industry and boost the private sector's role in the first major overhaul of the industry in years. The proposal to reform Venezuela's…
Another Russian Shadow Fleet Oil Tanker Runs Into Difficulties
An oil tanker that's under sanction for its role in transporting Russian oil appears to have run into trouble off the coast of Algeria and is now drifting in the Mediterranean Sea, according to tracking data compiled by Bloomberg. The LR2-class…
US Oil Markets Start to Feel Impact of Winter Storm Disruptions
Frigid weather sweeping across much of the US is starting to freeze oil and natural gas wells, threatening to disrupt production from North Dakota to Texas. Crude output in North Dakota's Williston Basin declined on Friday by roughly 7%, or 80,000…
Trump Has Big Plans For Venezuela's Oil. Are They Realistic?
For more than a decade, most major Western oil companies have had little access to Venezuela's reserves, the world's largest, owing to a wave of nationalizations of their operations in the country in the mid-2000s and subsequent US sanctions.
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