Energy

The Greek-flagged oil tanker Sounion, carrying 150,000 tonnes of crude oil, now presents a significant environmental hazard after being evacuated following an attack in the Red Sea. The EU’s Red Sea naval mission, Aspides, reported that the tanker was struck by multiple projectiles near Yemen’s Hodeidah port, an area where Iran-aligned Houthis have been targeting […]

Oil prices steadied on Thursday, supported by a drop in U.S. fuel inventories that limited further declines after four consecutive days of decreases driven by concerns about global demand. Brent crude futures rose by 29 cents (0.4%) to $76.34 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 43 cents (0.6%) to $72.36. […]

Oil prices experienced a slight increase on Wednesday, recovering some ground after a series of sell-offs triggered by expectations of reduced demand from China and easing concerns over potential disruptions in Middle East supply chains. Brent crude futures rose by 47 cents (0.6%) to $77.67 a barrel, while U.S. West Texas Intermediate (WTI) crude gained […]

Norwegian oil and gas companies are being called upon to enhance their investments in exploration and production to mitigate an anticipated decline in national output over the coming years, according to a resource report released by the national petroleum industry regulator. As Europe’s largest gas supplier and a significant oil producer, Norway currently produces around […]

Shares of Occidental Petroleum (OXY) fell to $56.17, dipping below the $60 threshold that has historically prompted significant purchases by Warren Buffett’s Berkshire Hathaway (BRK.A). This price point has been informally referred to as “the Berkshire put,” as Buffett’s firm has routinely bought shares whenever the stock trades below this level. Despite this trend, Occidental […]

Ukraine has finalized a new system of minimum export prices for its essential grains and oilseeds, a move the government believes will address price distortions exacerbated by the ongoing conflict with Russia. This initiative aims to curb the practice of selling agricultural products at artificially low prices to evade taxes. The cabinet has approved the […]

Iraq has agreed to share profits with BP from the development of its significant Kirkuk oil and gas fields, marking a shift from traditional low-margin service contracts to a more favorable profit-sharing model. This change aims to accelerate production growth and attract Western oil majors back to Iraq. BP, returning to Iraq after nearly five […]

The expanded Trans Mountain (TMX) oil pipeline, which began commercial operations in May, has yet to significantly affect crude costs for U.S. West Coast refiners, according to industry sources. The TMX expansion has tripled the pipeline’s capacity to 890,000 barrels per day (bpd), enhancing access to Canadian heavy crude for West Coast refineries and opening […]

An arbitration panel will investigate the undisclosed value of Hess Corporation’s oil assets in Guyana amid a legal clash between Exxon Mobil and Chevron. Chevron’s $53 billion offer for Hess, one of the largest deals in recent oil industry history, centers on Hess’s stake in a lucrative Guyana oil field operated by Exxon. Exxon and […]

Dealmaking in the US oil and gas sector soared by 57% last year, as energy companies ramped up development spending fueled by increased cash flows from prior profits. According to a report from Ernst & Young, top energy firms invested $49.2 billion in mergers and acquisitions (M&A) in 2023, a significant rise from $31.4 billion […]