Oil Industry News

Gov't asks oil industry to refrain from price hikes amid global energy price volatility

The industry ministry on Wednesday asked major oil companies to refrain from engaging in drastic price hikes amid recent volatility in global energy prices, officials said. The request was made during a meeting with four major domestic oil…

Companies offer $279 million for Gulf of Mexico drilling rights in first of 30 planned oil sales

WASHINGTON -- Oil companies offered $279 million for drilling rights in the Gulf of Mexico on Wednesday in the first of 30 sales planned for the region in coming years under Republican efforts to ramp up U.S. fossil fuel production. The sale came…

Oil Edges Higher on Likely Technical Recovery

0119 GMT — Oil edges higher in early Asian trade on a likely technical recovery after oil futures posted back-to-back losses on Tuesday. Oil's recent losses come as a sell-off across refined products weighed on sentiment across the complex…

A Billion-Barrel Oil Glut Is Forming at Sea

Bloomberg Talks: Chevron's Mike Wirth Talks Oil Prices

Curating today's top interviews from around Bloomberg News. Hear conversations with the biggest names in finance, politics and entertainment. On Bloomberg Talks, we round up interviews with Fortune 500 CEOs, government officials, well-known…

Oil steadies ahead of Ukraine peace talks and Fed interest rate decision

LONDON: Oil prices steadied on Wednesday as investors watched for progress in Russia-Ukraine peace talks and awaited a decision on U.S. interest rates. After declines of about 1% in the previous session, Brent crude was up 7 cents, or 0.1%, at…

CPO output down 5.3%, palm oil exports fall 28.13% in Nov - MPOB

KUALA LUMPUR: Malaysia's crude palm oil (CPO) production slid 5.30 per cent month-on-month (m-o-m) to 1.94 million tonnes in November 2025 from 2.04 million tonnes in October 2025, according to the Malaysian Palm Oil Board (MPOB). Palm oil exports…

First Trump Gulf of America offshore oil and gas lease auction draws weaker bidding

BOEM said it received 219 bids from 30 companies, covering about 80 million acres and totaling $371 million. “These strong bidding results represent a clear vote of confidence in the future of the American offshore energy. They demonstrate…

Large Indian Refiners Take Russian Oil as Reliance Avoids Trade

Four out of India's seven largest refiners are now in the market for Russian crude as deep discounts push buyers to seek out non-sanctioned barrels, even as heavyweight Reliance Industries Ltd. stays away. State-run Indian Oil Corp. and Bharat…

Wall Street Sees Modest Oil Price Decline Next Year on Surplus

Oil prices have had their worst year since the pandemic, and Wall Street believes the selling isn't over. Brent crude futures — trading near $62 a barrel — will slip further in 2026 to about $59, according to the average of forecasts…

Deep Discounts Tempt Indian Refiners To Seek Non-Sanctioned Russian Oil

The majority of India's biggest refiners are buying Russian oil from non-sanctioned sellers and traders as widening discounts of Russia's crudes to benchmarks are tempting the price-sensitive Indian importers, sources involved in the purchases told…

Oil falls as focus turns to Russia-Ukraine peace talks, Fed

NEW YORK: Oil prices edged lower on Tuesday after falling 2% in the previous session, with investors keeping a close eye on peace talks to end Russia's war in Ukraine, concerns about ample supply and a looming decision on US interest rates. Brent…

Rosneft Oil Cargo Wanders For Weeks As Sanctions Mount

A cargo of crude oil from sanctioned Russian giant Rosneft has made an 11-week-long meandering trip around Europe and Asia in search of buyers and although it has anchored off a sanctioned Chinese import port, it's not certain it has reached its…

Oil Steadies After Two-Day Drop With Glut Concerns to the Fore

Oil held the biggest two-day drop in a month as concerns about global oversupply continued to weigh on sentiment. West Texas Intermediate rose above $58 a barrel after losing 3% over the previous two sessions, while Brent crude closed near $62. The…

Companies offer $279 million for Gulf of Mexico drilling rights in first of 30 planned oil sales

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