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MELBOURNE, Nov 23 (Reuters) – Oil prices rose in early trade on Wednesday after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. Brent crude futures gained 25 cents, or 0.3%, to $88.61 a […]

SOFIA, Bulgaria — Bulgaria will allow a Black Sea refinery owned by a Russian oil company to keep operating and exporting oil products to the European Union until the end of 2024 despite warnings by Brussels that it is against the bloc’s sanctions. The deal between Bulgaria and Russian-owned Lukoil will give an additional 350 […]

Oil Wells pumping outside of Midland Texas. (Photo by: Joe Sohm/Visions of America/Universal Images … [+] Group via Getty Images) Joe Sohm/Visions of America/Universal Images Group via Getty Images A meme making the rounds on Twitter this week captures the cyclical nature of employment levels in the oil and gas industry quite succinctly. The meme […]

Nov 18 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row as relatively high oil prices encourage companies to drill more. The oil and gas rig count, an early indicator of future output, rose three to 782 in the week to Nov. 18, its […]

WASHINGTON, Nov 17 (Reuters) – The United States targeted oil and gas companies in its latest round of Iran-related sanctions, according to a notice posted to the U.S. Department of Treasury website on Thursday. The sanctions target 13 companies in a range of countries, including China and the United Arab Emirates. Reporting by Susan Heavey; […]

Comment on this story Comment The relationship between Washington and Riyadh has reached that stage where Saudi Arabian officials give TV interviews to say how good it is. The current tiff has deep roots but the immediate problem concerns — what else? — oil, where the US and Saudi Arabia have been pulling in opposite directions. President Joe Biden . . […]

In the Putumayo region of the Colombian Amazon, Segundo Meneses’ daily routine took him to the Chufiya river, its banks verdant and waters alive with catfish and piranha. On one morning seven years ago, he noticed a dark film lapping the shore. Where the river turned a bend, it turned to black. It was an […]

WSJ News Exclusive World Cap will only apply to the first point of sale of Russian oil that takes place on land, U.S. and its allies have determined Source link

By Timothy Gardner and Ismail Shakil WASHINGTON (Reuters)—The U.S. Department of Energy on Thursday said it sold 15 million barrels of oil from the Strategic Petroleum Reserve to six companies, completing the last batch of the largest-ever release from the stockpile announced by President Joe Biden in March. The contracts were awarded to Phillips 66, […]

WASHINGTON, Nov 3 (Reuters) – The United States on Thursday issued sanctions against an international oil smuggling network it accused of supporting Hezbollah and Iran’s Quds Force, as Washington seeks to increase pressure on Tehran. The U.S. Treasury Department in a statement said it designated members of the network that facilitated oil trades and generated […]

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