Oil Industry News
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Aberdeen MP urges Energy Secretary to approve Rosebank oil field
News from the City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. Aberdeen South MP Douglas Lumsden has urged the Energy…
Is the UK set to green-light the Rosebank oil field?
Is the UK set to green-light a huge untapped oil field? The Jackdaw gas field in the North Sea has been allowed to start production after years of debates and legal wrangling - but a decision is yet to be taken on the Rosebank oil field in the…
Is the UK set to green-light the Rosebank oil field?
The Jackdaw gas field in the North Sea has been allowed to start production after years of debates and legal wrangling - but a decision is yet to be taken on the Rosebank oil field in the North Atlantic. Industry bodies argue that the sites could…
Price of Physical Oil Barrels Slides Just as Crude Futures Rally
The oil market is suddenly being gripped by a divergence between futures and physical prices, something that's playing out in two closely watched versions of Brent crude. In the last couple of weeks, Brent futures — where billions of dollars…
Oil prices jump to five-month high as attacks threaten global supply
Oil prices jumped to a five-month high on Thursday after attacks in Saudi Arabia and hits to tankers in the strait of Hormuz threatened further disruptions to the world's crude supply. Brent crude, the international benchmark for oil…
The hidden history of how Big Oil invented the American Dream
What does going on a date have to do with fossil fuels? Everything, according to the petroleum industry. One advertisement from the pipeline company Energy Transfer follows two people getting ready for a date, the man primping with hair gel, the…
Oil Market Fragmentation Is Making Crude Both Cheap and Expensive
With oil, as with real estate, it's all about location, location, location. The petroleum market has never been truly global, but rather a loosely connected collection of regional sources. When prices diverged, barrels were shuttled to the most…
Venezuela claims to have 300 billion barrels of oil in the ground. But experts say that's a stretch
A single figure sets Venezuela apart from the rest of the world: 303 billion barrels of so-called proven oil reserves. But experts say the country's estimate is inherently problematic and far from proven — rooted in exaggerated, aging data…
Oil Heads for Highest Close Since May
Brent crude futures, the global benchmark, are up more than 2% at over $111 a barrel. They're on track to settle at their highest level since May.
World shares retreat as report of damage to oil tankers pushes oil prices higher
World shares and U.S. futures retreated on Thursday as oil prices jumped more than 2% following a report by Iran's state television that seven oil tankers caught fire and were damaged in the Strait of Hormuz. If the report is verified, it would be…
Saudi Arabia Seeks Access to Overseas Oil Storage for Aramco
Saudi Arabia is in talks with foreign governments to give state-owned Aramco access to their strategic oil storage, as the kingdom seeks to make its supplies to customers more resilient during disruptions, Chief Executive Officer Amin Nasser said.
The 'trillion pound' oil fund the government believes Britain could have built
After a half-century wait, the United Kingdom now has an oil fund. Chancellor John Healey announced the creation of an Energy Wealth Fund at the Jackdaw gas approval announcement on Wednesday, with £2bn of funding diverted from the existing…
Government urged to approve Rosebank oil and gas field after Jackdaw go-ahead
News from the City, market updates plus comment and analysis from our business desk I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice. The Government has been urged to approve the Rosebank oil…
Trump's war and tariffs have battered Alaska. A pro-oil Democrat could flip the key Senate seat
Mary Peltola's campaign to represent Alaska in the US Senate has taken her to parts of the massive state's interior that are inaccessible by road and on the frontlines of the cost-of-living crisis she hopes will make her the first Democrat to win…
Venezuela claims to have 300 billion barrels of oil in the ground. But experts say that's a stretch
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