oil industry
33 stories related to this topic, newest first.
etftrends.comColombia Presidential Election to Decide Oil Policy
Colombia's 2026 presidential election is drawing attention to the country's oil sector. Current policies under President Gustavo Petro have reduced new exploration contracts and contributed to falling production.
cnbc.comVenezuela Reforms Oil Law as Lake Maracaibo Faces Ongoing Spills
Venezuela changed its hydrocarbons law in January to allow broader private investment in extraction, refining and distribution. Residents and activists near Lake Maracaibo report frequent oil spills and say enforcement of existing environmental rules remains limited.
thehindubusinessline.comBP Removes Chairman Albert Manifold Over Governance Concerns
BP ousted Chairman Albert Manifold after the board received complaints about governance standards, oversight and conduct. The company said the decision followed an internal review of those issues.
themarketherald.com.auAlaska Oil Interest Rises After New Discoveries and Policy Shifts
Recent crude discoveries have prompted renewed exploration activity in Alaska. Federal policy changes under the current administration have coincided with the increased interest.
Washington ExaminerSupreme Court to hear Colorado county lawsuit against oil companies
The Justice Department and conservative groups filed briefs urging the Supreme Court to dismiss a Boulder County lawsuit seeking damages and policy changes from oil companies over climate harms. The court will consider the case during its next term beginning in October.
Los Angeles TimesCalifornia Governor Advises Drivers to Avoid Chevron Stations
Gov. Gavin Newsom posted on X urging Californians to skip Chevron stations over the holiday weekend. Chevron has posted signs at some stations attributing high prices to state policies.
rediff.comCalifornia Governor Urges Drivers to Avoid Chevron Stations Over Gas Prices
The governor's office posted advice on social media directing drivers to unbranded stations for Memorial Day weekend travel. Chevron has placed signs at its stations attributing high prices to state climate policies.
nypost.comChevron Places Signs at California Stations Blaming State Policies for High Gas Prices
Chevron has posted signs at its California gas stations attributing elevated fuel prices to state policies. The signs appear ahead of the Memorial Day weekend as statewide averages exceed the national figure.
news.google.comExxon Nears Oil Pumping Deal in Venezuela
The U.S. oil company is negotiating an agreement to resume oil production in Venezuela. The talks would end a long-running standoff with the country's government.
France 24Venezuela Oil Infrastructure Needs Investment Despite Large Reserves
Venezuela holds the world's largest crude oil reserves. The country's oil infrastructure requires significant investment to support production and exports.
ocregister.comTrump and Xi Discuss Chinese Oil Refiners Subject to U.S. Sanctions
President Trump held a recent discussion with Chinese President Xi about sanctioned Chinese oil refiners. Trump is considering lifting bans on the refiners. The conversation occurred as of May 16, 2026.
The GuardianWatchdog Groups Urge Senate Probe of Justice Alito’s Energy Stock Holdings and Recusal Decisions
A coalition of organizations urged the Senate judiciary committee on Thursday to examine whether Supreme Court Justice Samuel Alito should have recused himself from a climate case involving oil companies in which he holds stock. Alito is the only justice with energy company holdi…
rte.ieVenezuela Begins $150 Billion Sovereign Debt Restructuring
The Venezuelan government announced a comprehensive process to restructure its sovereign and state oil company debt, estimated at $150 billion. Officials said the effort aims to provide substantial debt relief and restore access to international financing after years of default t…
thehindu.comIran Oil Minister: US Sanctions Restrict Oil Sector
Iran's oil minister acknowledged the sector has encountered difficulties since the imposition of a U.S. blockade. He stated that countermeasures were prepared in advance and continue to be implemented. The comments were broadcast on state television.
dnaindia.comUkrainian Drones Target Oil Facilities in Russia's Leningrad Oblast
Russia's Leningrad Oblast governor declared the region a frontline area on April 15 after 243 Ukrainian drones were shot down there from January through March. Oil export terminals, refineries and other hydrocarbon infrastructure near St. Petersburg have been struck in an expansi…
jpost.comSatellite Images Show Suspected Oil Slick Near Iran’s Kharg Island That Is Shrinking, Observers Say
Satellite images captured a suspected oil slick spanning dozens of square kilometres near Iran’s main oil export hub. Environmental observers reported the slick is shrinking despite initial fears of a larger incident. @AJEnglish reported the development on Sunday.
Washington ExaminerIran's Economy Loses Up to $150 Billion From Conflict
A new analysis estimates explicit economic damage to Iran at $144 billion from the ongoing war and U.S. blockade, with the true total believed significantly higher. A CIA assessment reported by Reuters indicates Iran would not face severe economic pressure from a port blockade fo…
Washington ExaminerEstimate Puts Explicit Economic Damage to Iran at $144 Billion
A report released on Friday estimated explicit economic damage to Iran from the war and blockade at $144 billion, with a range of $50 billion to $300 billion. The assessment drew on satellite imagery, battle damage reports, and industry data but excluded harder-to-measure costs s…
Cnbc**Oil Executives Say Iran Conflict Tightens Markets, Boosts U.S. Exports and Energy-Security Spending**
Chief executives of SLB, Baker Hughes, Halliburton, Exxon Mobil and Diamondback Energy outlined sweeping shifts in global energy markets during recent earnings calls. Iran's blockade of the Strait of Hormuz has caused the loss of nearly a billion barrels of oil, with the shortage…
thehindu.comU.S. Sanctions Iraq’s Deputy Oil Minister and Iraqi Militia Figures Linked to Iran
The U.S. Treasury Department announced sanctions on May 7, 2026, against Iraq's deputy oil minister and senior figures tied to two Iran-aligned militias. Ali Maarij Al-Bahadly was accused of facilitating the diversion of Iraqi oil for the benefit of the Iranian regime and its pro…
link.springer.comChinese Fuel Trader HY Energy Sues JP Morgan and Citigroup Over $40 Million in Blocked Payments
HY Energy filed two lawsuits in Chinese courts against the U.S. banks for failing to process transfers to China Oil and Petroleum Company Limited in 2023. The payments were blocked a year before the U.S. Treasury sanctioned the Hong Kong-based firm for ties to Iran's Islamic Revo…
Financial TimesSaudi Aramco Q1 Profit Rises 26%
Saudi Aramco posted net profit of $33.6 billion for the first quarter as higher oil prices from the regional conflict offset lower production and exports. The company maximized use of its East-West pipeline to bypass the closed Strait of Hormuz. Meanwhile Toyota reported a £3 bil…
rediff.comUkrainian Drones Damage Units at Russia's Kirishi Refinery, Halting Processing
Russia's second-largest oil refinery, Kirishi, stopped processing on Tuesday following a Ukrainian drone attack that damaged three of its four crude distillation units. Ukrainian security services confirmed the strike, while local officials reported a fire in the area. The facili…
finance.yahoo.comOccidental Petroleum Names Richard Jackson as CEO Successor to Vicki Hollub
Occidental Petroleum announced that COO Richard Jackson will succeed Vicki Hollub as CEO in June following her retirement. Hollub, the first woman to lead a major U.S. oil company, will remain on the board. The announcement highlights Jackson's extensive experience across global…
New York PostCalifornia Seeks Federal Court Order to Halt Sable Offshore Oil Operations Off Santa Barbara
California's attorney general has filed a motion in federal court to stop Sable Offshore Corp. from resuming oil pumping operations. The move challenges a federal executive order that allowed the restart, citing state environmental protections. The pipeline involved was shut down…
Los Angeles TimesParamount Reports Q1 Profit Growth; Warner Bros. Acquisition Advances
Paramount reported stronger-than-expected first-quarter 2026 earnings while advancing its $111 billion acquisition of Warner Bros. Discovery. The company defended plans for 30 annual film releases and highlighted streaming growth. Other firms including Reddit and Big Oil companie…
al-monitor.comDrone Strikes Fujairah Oil Complex in UAE, Injuring Three Indian Nationals
Three Indian citizens sustained moderate injuries in a drone attack attributed to Iran on an oil industry complex in Fujairah, UAE. A fire broke out at the petroleum industrial site following the strike. The incident was reported by Fujairah's Media Office.
news.sky.comExxon CEO Says Venezuela Offers Oil Opportunity
Exxon Mobil CEO Darren Woods highlighted a shift in the company's stance on Venezuela, describing it as a significant resource now more accessible. He discussed the firm's quarterly results and resilience to disruptions from the Iran war. Woods emphasized Exxon's positioning to d…
thehindu.comFrench Oil Major Total Reports 29% Profit Increase Amid Oil Price Surge
Total, a French oil company, announced a 29% rise in profits due to higher oil prices and trading gains linked to a recent conflict. The company increased production outside the Gulf region to offset shutdowns caused by the war. This development reflects the impact of geopolitica…
Substrate placeholder — needs reviewVenezuela Faces Potential Economic Growth After Maduro's Removal
Venezuela may see economic growth following the U.S. removal of President Nicolás Maduro in January 2026. An interim government under Delcy Rodríguez shares power with the United States, focusing on reviving the oil and mining sectors. Challenges include poverty, corruption, and…
winnipegfreepress.comSupreme Court Unanimously Rules 8-0 to Shift Louisiana Coastal Damage Lawsuits Against Oil Companies to Federal Court
The U.S. Supreme Court issued an 8-0 ruling on April 17, 2026, allowing oil companies including Chevron to move environmental lawsuits from Louisiana state courts to federal courts. The decision in Chevron v. Plaquemines Parish vacated a lower court ruling and remanded the case f…
Substrate placeholder — needs reviewUS Oil & Gas Association Opposes Proposed Tax on Fuel Producers in California
The US Oil & Gas Association has criticized a proposed federal bill to tax fuel producers, stating it would not reduce gas prices in California. The group attributes high gas prices to state taxes and environmental regulations. It urges suspension of state-level taxes to align pr…
Substrate placeholder — needs reviewValero Reduces Mexican Crude Imports Following Fire at Port Arthur Refinery
Valero Energy Corp has reduced its imports of Mexican crude oil to a fraction of usual levels after a fire damaged its Port Arthur refinery in Texas. The refinery, one of the largest in the United States, processes significant volumes of heavy crude from Mexico. Petroleos Mexican…