Oil Industry News
A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.
Imperial Oil Ltd. stock rises Friday, outperforms market
Shares of Imperial Oil Ltd. IMO rallied 1.12% to C$183.74 Friday, in what proved to be an otherwise all-around down trading session for the Canadian market, with the S&P/TSX Composite Index GSPTSE falling 0.09% to 36,105.90. Imperial Oil Ltd.
Alberta Cuts Oil Sands Royalties to Spur Doubling of Output
The oil-rich Canadian province of Alberta will cut the fees it charges companies developing new oil sands projects as part of a government effort to encourage production growth. Under the Oil Sands Growth Program, new facilities and some expansions…
This Houston startup is using old oil wells to make clean hydrogen
Deep in West Texas, an old oil field is nearing the end of its commercial life. But a startup recently spent a month at the site producing a new energy source: clean, ultra low-carbon hydrogen. Eclipse, the startup, uses microbes to break down oil…
NYMEX Overview: Oil Eases as IEA Sees Surplus in Q4, 2027 -- OPIS
Crude and refined product futures fell slightly around midday Friday, after the International Energy Agency projected that global oil supply will swing sharply to a surplus in the fourth quarter, followed by a more substantial inventory build in…
Cruise ship crashes with oil tanker and capsizes - nearly 150 people on board
A cruise ship carrying almost 150 passengers has capsized after colliding with an oil tanker, sparking an urgent rescue effort. The tanker hit the American Cruise Lines' American Heritage at around 12:30pm local time on Friday. There were around…
Global Oil Market Swings to Surplus on Gulf Exports, IEA Says
Global oil markets will swing to a supply surplus for the first time since the start of the Iran war as Persian Gulf exports recover despite the ongoing conflict, the International Energy Agency said. “The oil market is showing tentative…
Oil prices increase as Middle East disruption continues - TT
U.S. futures are rising and Nvidia's stock has stabilized as investors assess how Jensen Huang's departure might affect chip supply and the global AI industry. Wall Street is also waiting for the U.S. to release its PPI for October, which captures…
UAE's Adnoc in Talks With Traders for Term Offshore Oil Supplies
Abu Dhabi National Oil Co. is in talks with international trading companies to sell more offshore oil through long-term deals in 2027, as the marketing of supplies within the Persian Gulf continues to shift after months of conflict. The UAE…
Big Oil's War-Fueled Profits Revive Calls for Windfall Taxes
This article is for subscribers only. Welcome to our guide to the commodities driving the global economy. Today, reporter Mitchell Ferman looks at how surging oil earnings driven by the war in the Persian Gulf are putting industry taxes back on the…
Oil Slips Again as Traders Weigh Diplomacy Hopes
0115 GMT — Oil prices slip, surrendering gains made after comments from Trump saying the U.S. no longer needs a deal with Iran. Trump also said he would prefer Vice President Vance, who has taken the lead in negotiations, to shift focus…
Global Oil Market Set to Return to Surplus as Gulf Exports Recover, IEA Says
The global oil market is expected to return to a surplus in the final quarter of this year for the first time since the outbreak of the Iran war, as a recovery in Middle Eastern exports outpaces demand, the International Energy Agency said Friday.
Russian crude production rebounds after Trump diesel deal, IEA says as oil markets return to surplus
Russia's crude oil production rose by 210,000 barrels a day to 8.73 million barrels a day in October, according to the IEA. Global oil supply rose to 105.4 million barrels a day in October, lifting supply above demand for the first time since the…
Oil Prices Rise as Middle East Supply Risks Persist
Oil prices rose Friday, rebounding from declines earlier in the session, as traders weighed continued disruptions to Middle Eastern oil shipments against prospects for U.S.- Iran diplomacy. Front-month Brent crude futures rose 0.6% to $96.43 a…
River cruise ship capsizes in after collision with oil tanker
A tanker has crashed into a river cruise boat carrying 129 passengers in New Orleans, leaving the vessel partially submerged in the Mississippi River. Emergency rescue operations are under way after the much larger Atlantic Asphalt tanker struck…
Azerbaijan uses tax incentives to accelerate its shift beyond oil
Azerbaijan's expanding tax incentive framework represents an important step in the country's efforts to reshape its economic structure, strengthen domestic production and increase the contribution of non-oil industries to national growth. By…
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