Oil Industry News

A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.

reuters.com - New Petrobras CEO says to drive energy shift while expanding oil and gas
New Petrobras CEO says to drive energy shift while expanding oil and gas
Reuters

SAO PAULO, Jan 27 (Reuters) - The new chief executive of Petrobras (PETR4.SA) told employees the oil company will drive Brazil's transition to renewable energy, while keeping its oil and gas expansion on track. The first remarks by Jean Paul Prates…

rockandrolljunkie.com - Redaksi - China's Oil and Gas Use Fell in 2022 for First Time in Decades
China's Oil and Gas Use Fell in 2022 for First Time in Decades
rockandrolljunkie.com

With its economy severely hampered by stringent measures to curb the spread of Covid-19, China's oil and gas consumption declined in 2022 for the first time in decades, the International Energy Agency said on Friday. But after China's recent…

ft.com - Justin Jacobs - Chevron profits slip as oil and gas prices fall
Chevron profits slip as oil and gas prices fall
Financial Times

US supermajor falls short of fourth-quarter expectations but reports record annual earnings of $35.5bn Receive free Chevron Corp updates We'll send you a myFT Daily Digest email rounding up the latest Chevron Corp news every morning. Chevron…

cnbc.com - Sam Meredith - Big Oil poised to smash annual profit records - sparking outcry from campaigners and activists
Big Oil poised to smash annual profit records - sparking outcry from campaigners and activists
CNBC

Oil majors Exxon Mobil, Chevron, BP, Shell and TotalEnergies are slated to report a combined profit of $190 billion for 2022, according to estimates from analysts at Refinitiv. U.S. President Joe Biden has previously accused oil companies of…

news10.com - Mychael Schnell - House passes bill aimed at restricting presidential releases of reserve oil
House passes bill aimed at restricting presidential releases of reserve oil
NEWS10

The House on Thursday passed legislation intended to restrict the president's ability to release oil from the country's emergency supply — a bill aimed squarely at President Biden for his handling of rising gasoline prices last year. The…

reuters.com - Indian refiners' oil processing in December rises 4% y/y
Indian refiners' oil processing in December rises 4% y/y
Reuters

Jan 27 (Reuters) - Indian refiners' crude oil processing in December rose about 4% from a year earlier, provisional government data showed, in line with elevated demand in the world's third-biggest oil importer and consumer. Crude oil production…

reuters.com - Valerie Volcovici - U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president
Reuters

WASHINGTON, Jan 27 (Reuters) - Over two dozen U.S. representatives on Friday called on top U.S. climate envoy John Kerry to urge the United Arab Emirates to withdraw its appointment of the head of its state oil company as president of the COP28…

marketwatch.com - Myra P. Saefong - OPEC+ committee meets next week with ample oil uncertainties to discuss
OPEC+ committee meets next week with ample oil uncertainties to discuss
MarketWatch

A committee meeting for the Organization of the Petroleum Exporting Countries and their allies next week isn't expected to result in any changes to oil production levels, but attendees will have a lot to discuss as the reopening of China's economy…

businessinsider.com - Ryan Hogg - Oil will rise to $100 by third quarter amid China reopening: Goldman Sachs
Oil will rise to $100 by third quarter amid China reopening: Goldman Sachs
Business Insider

Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023. The bank said China's reopening was likely to add 1.6 million barrels a day in demand to the market. Goldman's Nikhil Bhandari said supply was unlikely to keep…

marketwatch.com - Joseph Adinolfi - Oil prices climb as U.S. economic hopes brighten; natural gas trades at lowest since 2021
Oil prices climb as U.S. economic hopes brighten; natural gas trades at lowest since 2021
MarketWatch

Oil futures edged up again on Friday as traders fixated on improving demand prospects driven by China's economic reopening and expectations that the U.S. economy could achieve a “soft landing” and avoid a recession later this year.

wsj.com - Laurence Norman - Western Nations Discuss Price Caps on Russian Oil Products
Western Nations Discuss Price Caps on Russian Oil Products
Wall Street Journal

The U.S. and its allies are discussing the levels for two price caps on Russian petroleum products, which the Western nations are preparing to impose on Feb. 5 in an expansion of their sanctions on Russia's oil industry. The two caps, one on…

reuters.com - Nia Williams - Suncor buys smaller stake in Canada oil sands mine after TotalEnergies challenges Teck deal
Suncor buys smaller stake in Canada oil sands mine after TotalEnergies challenges Teck deal
Reuters

Jan 27 (Reuters) - Canada's Suncor Energy (SU.TO) on Friday said it was buying a smaller stake in the Fort Hills oil sands mine in northern Alberta from Teck Resources (TECKb.TO) after partner TotalEnergies (TTEF.PA) exercised its right of first…

theguardian.com - Rob Smyth - Champions, firefighters, snake-oil salesmen and now … Sean Dyche?
Champions, firefighters, snake-oil salesmen and now … Sean Dyche?
The Guardian

There's more to Sean Dyche than meets the ear. His gravelly voice, which makes Phil Mitchell sound like a pubescent teenager in comparison, has reinforced the image of Dyche as somebody who is – to use some of the praise delivered by Social…

inews.co.uk - Ben Gartside - Nadhim Zahawi's family links to controversial oil broker raise 'red flags
Nadhim Zahawi's family links to controversial oil broker raise 'red flags
inews.co.uk

‘Red flags' have been raised over Nadhim Zahawi's family links to a controversial Kurdish power broker for oil contracts, i has been told. The Tory chairman, who was born in Baghdad, spent several years declaring income for work carried out…

foxnews.com - Associated Press - House Republicans seeking to restrict presidential use of nation's emergency oil stockpile
House Republicans seeking to restrict presidential use of nation's emergency oil stockpile
Fox News

For the second time this month, House Republicans are seeking to restrict presidential use of the nation's emergency oil stockpile — a proposal that has already drawn a White House veto threat. A GOP bill set for a vote Friday would require…

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