Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Protecting Your Business From Oil Prices
Reco McCambry, CEO @ Novae, a black-owned fintech providing greater access to credit, capital & entrepreneurship for underserved communities Many modern business models are affected by oil prices. These effects can be devastating for companies that…
The U.S. Is Awash In Oil And Gasoline. So Why Are Pump Prices So High?
(Photo via Smith Collection/Gado/Getty Images). Political leaders (of both parties) have assured us that the United States is “energy independent.” So why (the heck) are gas prices so high? Here's a peculiar fact that points the way…
Asian markets mixed as tech recovery stutters, oil slips
Asian markets fluctuated Monday as investors struggled to maintain last week's late tech recovery, with traders turning their focus to the upcoming earnings season, while oil prices fell on further supplies passing through the Strait of Hormuz.
Indonesia, Singapore say key oil passage will remain 'accessible'
Indonesia and Singapore vowed on Monday that the Strait of Malacca, a critical oil transit chokepoint in the region, will remain “accessible” even as Iran imposes fees on ships traversing the Strait of Hormuz. Indonesian President…
Ontario, Alberta Pitch Cross-Canada Oil Pipeline to Ease US Reliance
Alberta and Ontario proposed a crude oil pipeline and energy corridor across Canada as a way of reducing the country's dependence on the US. The 3,300-kilometer (2,051-mile) route, called the Northern Shield Energy Corridor, would connect the…
OPEC+ companies slightly boosting production as oil prices slide
A group of oil-exporting countries has agreed to a modest increase in oil production, though current prices are already relatively low. Seven OPEC+ nations have said they will increase their production goals by 188,000 barrels per day. The…
Canada Unleashes Wave of Oil Drilling Permits in Next Big Play
As oil prices surged this spring, Alberta producers didn't look to Canada's long-cycle oil sands. Instead, they rushed to drill the Clearwater formation, a low-cost conventional oil play that lets producers bring on new supply far more quickly.
World absorbs historic Iran war oil supply loss, but depleted stocks bring risks
The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term peace elusive and buffer reserves now drained, it still faces the looming risk of future price spikes.
Saudis Make Biggest Oil Price Cut in Decades as Market Weakens
Saudi Arabia cut the price of its main crude grade for customers in Asia in August by the most in at least 26 years, as a surge of global supply heightens competition for buyers. State producer Saudi Aramco will lower the price of its Arab Light…
Cuba suffers island-wide blackout amid US oil blockade
This marks the latest widespread blackout for Cuba this year, with the healthcare system and other critical services among those affected. The last nationwide power outage happened in March. Cuba is undergoing an extended economic crisis that the…
Russia's Largest Oil Refinery in Flames
Last night Ukraine struck the largest oil refinery in Russia which is located outside of Omsk, more than 1,500 miles from the Ukrainian border. The Gazprom Neft-operated refinery is located on the northern outskirts of the city of Omsk, around…
Oil Edges Lower on OPEC Increase, Dollar Steady: Markets Wrap
Oil opened lower as energy flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies. Traders were also focused on the Korean won's first day of 24-hour trading. S&P 500 futures held Friday's gain after US markets were shut…
Oil slips after OPEC+ agrees to raise output targets
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. SCROLL TO CONTINUE WITH…
Oil, gas tankers cross Hormuz via Oman-side route after U-turns
Oil and gas shipping along a U.S.-protected corridor in the Strait of Hormuz showed signs of recovering Sunday, a day after a batch of vessels performed unexplained U-turns and detours in the vital energy corridor. Six oil and gas freighters were…
OPEC+ Emerges From War to Threat of Oil Surplus
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, OPEC reporter Grant Smith analyzes the group's latest policy move and looks at how shifts in the oil market could alter its calculus in…
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