Oil Industry News
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Oil Industry to Invest, Produce Less Before Expected Demand Decline, Study Says -- OPIS
The global oil industry will reduce exploration investments and drill less as producers anticipate falling world oil demand well before the decline takes place, according to a new study published by the University of Chicago. Ryan Kellogg, a…
Tourmaline Oil Corp. stock falls Tuesday, underperforms market
Shares of Tourmaline Oil Corp. TOU slipped 0.26% to C$65.07 Tuesday, in what proved to be an otherwise all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE rising 0.18% to 25,635.73. Tourmaline Oil…
Shale Oil Is More Likely To Boom Than Peak
Incoming President Donald Trump and his team have suggested that by expanding drilling, oil production might rise by 3 million barrels/day (mb/d), bringing down prices and thus U.S. inflation. This is meeting pushback from experts who argue that…
US Deepens Sanctions on Iran's 'Shadow' Oil Fleet
WASHINGTON (Reuters) - The Biden administration on Tuesday ramped up its sanctions on Iran, targeting 35 entities and vessels that it said transported illicit Iranian petroleum to foreign markets as part of what the U.S. Treasury Department called…
Oil prices edge up on geopolitical tensions, Opec+ supply plans
OIL prices firmed on Wednesday as market participants weighed up geopolitical tensions and the prospect of OPEC+ extending supply cuts against weaker demand. Brent crude futures rose 16 cents, or 0.2%, to $73.78 a barrel by 0440 GMT, while U.S.
Oil Prices Steady; OPEC+ Meeting in Focus
0220 GMT — Oil futures are steady in early Asian trade as market participants await the outcome of an OPEC+ meeting later this week. “Traders could adopt a ‘wait-and-see' approach ahead of the meeting, where OPEC+ is expected…
Nymex Overview: Oil Futures Up on Expectations OPEC+ Will Extend Output Cuts -- OPIS
Crude-oil futures were up by about $2 on a weaker dollar and expectations OPEC members and allied producers will again extend production cuts to support prices when they meet on Thursday. The Nymex January West Texas Intermediate contract was up by…
Oil rises on Lebanon fears, more Opec+ supply cuts
NEW YORK: Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week. Brent crude futures…
Analysts See Weekly Decline in U.S. Crude-Oil Stockpiles
U.S. crude-oil inventories likely fell for a second consecutive week, while gasoline stocks are seen slightly higher as refineries increased their capacity use, according to a survey by The Wall Street Journal. Commercial crude stocks probably fell…
Treasury sanctions 35 vessels, entities for transporting Iranian oil
Dec. 3 (UPI) -- The U.S. Treasury Department on Tuesday sanctioned 35 entities and vessels that have shipped oil from Iran to foreign markets despite sanctions levied by the United States. The department described a complex shell game organized by…
FTSE rises and oil prices rally as political instability stokes supply concerns
Our unmissable weekly email of all the gossip, rumours and covert goings-on inside the Square Mile I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. Miners and energy giants helped lift…
Oil prices rise ahead of OPEC+ decision this week on production cuts
Oil futures rose Tuesday morning as traders awaited a meeting of the Organization of the Petroleum Exporting Countries and its allies that's expected to result in a further delay to the partial unwind of production cuts. OPEC+ ministers are set to…
Hong Kong battling 'space oil' drug trend, police log 90 cases in first 10 months
Hong Kong is battling a sharp rise in drug cases involving a newly emerging narcotic known as “space oil”, with police handling 90 reports in the first 10 months of the year compared with only eight in all of 2023. The force provided…
Oil workers predict new fuel prices as 2 Nigerian refineries seek market control
Festus Osifo, president of PENGASSAN, has disclosed that the prices of petrol will not drop despite two functional refineries He said that the high exchange rate, currently at over N1,600 per dollar, has continued to impact commodity prices in…
FTSE rises and oil prices rally as political instability stokes supply concerns
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which…
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