Eight OPEC+ nations submit revised plans after breaching production limits.
Shell has signed a deal with Bulgaria to explore 4,000 sq km in the Black Sea for oil and gas, as Sofia seeks to diversify energy sources. The move follows a similar agreement with OMV Petrom and NewMed Energy last month.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
Tehran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2025) that will be held from May 8 to 11 is set to become the largest energy trade event in West Asia, - said Iran’s Deputy Oil Minister for International Affairs and Trade.
BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
Russia, the world's second-largest oil exporter, on Wednesday imposed restrictions on another major oil export route, suspending a mooring at the Black Sea port of Novorossiisk only a day after restricting loadings from a key Caspian pipeline.
A cargo ship rammed into an oil tanker off England’s northeast coast on Monday, igniting a fire and spilling jet fuel into the sea, forcing crews to abandon ship as explosions erupted.
Saudi Arabia has reduced oil prices for Asia by 40 cents per barrel, its first cut in three months. This follows OPEC+'s decision to increase supply by 138,000 barrels per day for April. The move aligns with market expectations, as Russian and Iranian oil supplies to China rise.
At least 42,000 liters of oil products have spilled into the Katwickhaven Canal near Hamburg's container port, contaminating over 90,000 cubic meters of water. Emergency crews are working to contain the spread.
The agreement could be signed by Kyiv and Washington as early as Friday, according to one report.
Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
Last year, approximately $1.83 billion was spent on operations at the Azeri-Chirag-Gunashli (ACG) oil and gas field block, according to BP's annual report on its activities in Azerbaijan.
India, the world’s third-largest oil importer, will only purchase Russian crude if it is supplied by companies and ships not sanctioned by the U.S., Oil Secretary Pankaj Jain said.
Oil prices rose on Wednesday, driven by tighter supply from OPEC members and Russia, alongside stronger-than-expected U.S. job data indicating economic growth and higher oil demand.
On the latest “Newshour with Guy Shone”, all about France’s new Prime Minister, François Bayrou, Macron’s motives to appointing the 73-year old centrist leader, France’s far right’s reactions to Macron's pick, and the French Republic’s unprecedented political and economic crisis.
Kazakhstan’s oil production is on an upward trajectory, with output expected to reach 2.08 million barrels per day (mb/d) by 2025, according to the International Energy Agency (IEA). The latest revision raises the forecast by 0.06 mb/d, signaling sustained growth in the nation’s energy sector.
Oil prices rose as Norway's Johan Sverdrup oilfield halted output due to a power outage, while escalating tensions in the Russia-Ukraine conflict added further pressure on global markets.
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Stock markets in the UAE closed lower on Friday, impacted by falling oil prices. The drop comes as concerns over the effects of Hurricane Rafael of US oil production ease. Abu Dhabi's index dropped 0.2%, while Dubai’s main index fell 0.1%.
Oil prices fell 2% as OPEC downgraded its global demand forecast and China's oil imports dropped for the fifth consecutive month. Concerns over Israeli-Iran tensions also weighed on markets, with Brent settling at $77.46 per barrel and WTI at $73.83 per barrel.
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