Oil Industry News

Oil Edges Lower; Near-Term Gains Likely Limited

0135 GMT — Oil edges lower in early Asian trading. The broad geopolitical instability in the Middle East and the Russia-Ukraine conflict typically would sustain a risk premium on crude oil prices, but the market's near-term gains are limited…

Crew Paints Russian Flag on Oil Tanker Pursued by the U.S. Coast Guard

The crew of an oil tanker fleeing U.S. forces in the Atlantic Ocean recently painted a Russian flag on the side of the vessel, in an apparent attempt to claim Russian protection, two American officials said on Tuesday. It's the latest twist in a…

MMEA detains oil tanker for lack of anchoring permit

Nation PETALING JAYA: An oil tanker operating in Malaysian waters has been detained by the Selangor Malaysian Maritime Enforcement Agency (MMEA) after the captain failed to present the necessary anchoring permissions. Selangor MMEA director…

Oil flat as Russia-Ukraine peace hopes fade

HOUSTON: Oil was steady after a choppy session on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen. Brent crude futures for February delivery, which expire on…

KPMG's Mayor Expects Oil Glut to Continue

KPMG's Regina Mayor expects the global oil glut to continue in 2026. She sees a structural oversupply in the global market. OPEC+ members meeting this weekend are expected to stick with plans to pause further supply hikes amid growing evidence of a…

Oil slips as Brent heads for longest stretch of annual losses in 2025

SINGAPORE: Oil prices slipped more than 10% in 2025, with Brent heading for its longest stretch of annual losses ever, as supply outpaced demand in a year marked by wars, higher tariffs ‌and OPEC+ output and sanctions on Russia, Iran and…

DOGE Cuts, Coding Issues Delayed a Key US Oil Report This Week

A closely watched US oil report was delayed by several hours this week in the latest sign that federal staffing cuts are impacting data that's crucial to markets. The report was slated to be published at 10:30 a.m. Washington time on Monday, with…

Oil Heads for Deepest Annual Loss Since 2020 on Surplus Concerns

Oil headed for its deepest annual loss since the pandemic in 2020, with prices undermined by concerns about a punishing surplus that's set to dominate market sentiment and trading into the new year. US benchmark West Texas Intermediate was below…

Oil Tanker Pursued by the U.S. Appears to Claim Russian Protection

Russian Oil Flows to India Sink But Reliance May Limit Decline

Russian crude oil flows to India this month are on track to hit the lowest level in three years, though volumes may rise early next year after Reliance Industries Ltd. resumed purchases. Deliveries are expected to be about 1.1 million barrels a day…

OPEC+ Likely to Confirm Oil Production Pause, Delegates Say - TT

[Stay on top of transportation news: Get TTNews in your inbox.] OPEC+ is expected to stick with a planned output pause when it meets this weekend amid growing signs of global oil oversupply, three delegates said. Key members led by Saudi Arabia and…

Aramco, OIL likely to pick up stake in BPCL's Andhra refinery

State-owned Bharat Petroleum Corporation Ltd (BPCL) is willing to dilute a 30–40 per cent stake in its upcoming greenfield refinery in Andhra Pradesh, with Gulf energy major Saudi Aramco and upstream player Oil India Ltd (OIL) likely to join…

Oil Futures Settle Lower in Sluggish Trade

Oil futures relinquish early gains and settle modestly lower in light trade, with February Brent going off the board little changed at $61.92 a barrel and the March contract falling 0.3% to $61.33. 'The catalyst for the upside now would be…

New Era Energy Shares Drop After CEO's Environmental Violations and Oil & Gas Scam

The stock of New Era Energy & Digital (Nasdaq:NUAI) took a sharp dive on Monday, falling over 41%, and continued to slide by a further 8.9% during after-hours trading, following a lawsuit filed by New Mexico 's Attorney General against CEO Everett…

India's Russian Oil Imports Set to Fall to Lowest Level Since 2022 - Bloomberg

India's imports of Russian crude are set to drop to around 1.1 million barrels per day (bpd) in December amid U.S. sanctions pressure, Bloomberg reported Tuesday, citing Kpler data. Though December's levels mark a three-year low for Russian oil…