The Yemeni Houthis have struck Saudi Arabia’s southern province of Najran in the latest flare-up of Middle Eastern hostilities, killing 11 civilians, Reuters has reported, citing a spokesman for the military coalition led by Saudi Arabia that fights the Houthis in Yemen. The news comes on the heels of reports that Iran is considering […]
India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years […]
The National Economic Council (NEC) approved the refinancing of the company’s Project Gazelle facility on Monday, allowing NNPC to replace the remaining balance of the original 2023 financing with a new structure that provides additional liquidity on improved terms. Government officials say the arrangement will not only inject fresh capital into the economy […]
Tanker crossings in the Strait of Hormuz and Bab el-Mandeb remained subdued at the start of this week despite reports about potential renewal of peace talks based on statements made by President Donald Trump. A dozen tankers crossed the Bab el-Mandeb Strait on Monday, Kpler data cited by Reuters showed. Most of the vessels […]
The Houthi threat to shipments of Saudi crude oil from the Red Sea hasn’t abated and more tankers laden with Saudi oil appeared to have made the transit through the Bab el-Mandeb chokepoint in dark mode. Two tankers that had loaded Saudi crude at the Red Sea port of Yanbu have likely exited the […]
President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your consumer (retail!) Oil Prices DOWN, NOW!” Trump singled out Chevron CEO Mike Wirth after […]
ExxonMobil and Chevron made a combined $26.5 billion in the second quarter after producing more oil, refining more fuel, and selling all of it into a market scrambled by war. Washington is investigating why gasoline costs so much. Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit. Exxon […]
Oil prices declined on Friday but remained on course for a monthly gain of around 20 percent, as crude shipments continued to move through key maritime routes despite the absence of any significant progress in negotiations between the United States and Iran. As of 6:12 GMT, Brent crude futures dropped $1.73, or 1.94 percent, to […]
BP on Friday launched a process to market its North Sea business as the UK-based supermajor looks to simplify its portfolio and invest in high-return projects. The formal launch of a potential sale comes after months of speculation that BP would be divesting part or all of its operations in the UK North Sea to focus on reserve growth […]
The biggest oil supply squeeze is currently in diesel markets amid the lowest global refining activity for this time of year since the 2020 pandemic, Goldman Sachs says. War-induced refinery outages in the Middle East and Russia have collapsed global fuel supply, especially of diesel, while increased output in the Americas and Africa has […]