OIL

10,863 articles

Oil prices drift lower on trade concerns
Aug 01, 2018 (UPI)
Iran on Wednesday said a new naval destroyer was in the testing phase ahead of a deployment to the Strait of Hormuz. A rear-admiral said that, if Iran's oil exp...
Drilling contract for offshore Canada starts in the fourth quarter
Aug 01, 2018 (UPI)
Transocean said it secured a one-year contract extension with Husky Oil to lease its harsh-environment Henry Goodrich rig for $100 million. "The contract is exp...
Russia cites trade wars as a negative factor for oil prices
Aug 01, 2018 (UPI)
On Wednesday, U.S. Trade Representative Robert Lighthizer said President Donald Trump had called for an increase in tariffs targeting $200 billion in Chinese go...
Iraqi oil exports stable near record high
Aug 01, 2018 (UPI)
The ministry reported total exports from July brought in $7.6 billion for the Iraqi economy. Last month, the government in Baghdad said it realized a price for ...
Iran again vows action in the Strait of Hormuz
Jul 31, 2018 (UPI)
"The cruel sanctions being imposed on Iran will affect Strait of Hormuz functions," Rear-Admiral Hossein Khanzadi was quoted by the official Islamic Republic Ne...
BP's Dudley sees short-term support for the price of oil
Jul 31, 2018 (UPI)
BP reported strong results for the second quarter, noting production apart from operations in Russia were up 1.4 percent from last year. The company reported a ...
Iraq has spent more than $700 bn oil wealth since 2005
Jul 31, 2018 (AFP)
"Between 2005 and 2017, the finance ministry has taken in $706.23 billion dollars in foreign exchange" from oil, it said in a statement. "A total of $703.11 bil...
Aker BP acquires Norwegian assets from Total
Jul 31, 2018 (UPI)
Aker BP, which formed as a result of a tie up with the Norwegian subsidiary of BP, reported Tuesday it agreed to pay $205 million to a Norwegian subsidiary of T...
Venezuela is the clear global leader in oil reserves
Jul 31, 2018 (UPI)
In a report running nearly 90 pages, the Italian company's 17th annual review found total oil reserves declined 0.2 percent last year in part because of decline...
Rig company Transocean upbeat about the future
Jul 31, 2018 (UPI)
The company, which has headquarters in Switzerland, reported total contract drilling revenues of $790 million for the second quarter, a 19 percent increase from...
Venezuela's Maduro will fall, says Colombia's Santos
Jul 31, 2018 (AFP)
"I can see it happening in the near future," said Santos, pointing to the International Monetary Fund's latest projection that Venezuela's inflation will hit on...
Low supply, high demand pushing up gas prices
Jul 31, 2018 (UPI)
Motor club AAA reported a national average retail price for Tuesday of $2.86 for a gallon of regular unleaded gasoline, up about 3 cents from last week. Jeanett...
'Enemies' destroying Iran's economy, central bank chief says
Jul 30, 2018 (UPI)
"Enemies are out to destroy the country's assets and instill disappointment in public through sanctions," Abdolnasser Hemmati, the head of the Central Bank of I...
Supply-side disruptions push oil prices higher
Jul 30, 2018 (UPI)
The price of oil dropped slightly to end last week, with Brent crude oil, the global benchmark for the price of oil, losing 0.34 percent Friday to close at $74....
Total makes another LNG splash with Ichthys project off Australia
Jul 30, 2018 (UPI)
The company said it expected the project to be in service for the next 40 years, with a peak production capacity of 285,000 barrels of oil equivalent per day. G...
Kurdish oil production passes target rate
Jul 30, 2018 (UPI)
The company said it put a fourth well in service at the Peshkabir field in the Kurdish north. Its rate of production is around 8,000 barrels of oil per day, mea...
Germany's E.ON integrates further with Innogy
Jul 30, 2018 (UPI)
Plans of the complex agreement to divide up pieces of Innogy between E.ON, one of the country's largest renewable energy investors, and RWE, one of Germany's bi...
Oil States International rebounds after Hurricane Harvey
Jul 30, 2018 (UPI)
Oil States International, which has its headquarters in Houston, reported net income for the second quarter of $2.7 million, compared with a net loss of $14.2 m...
Engineers use Tiki torches in study of soot, diesel filters
Jul 30, 2018 (SPX)
A team of engineers at the University of Notre Dame is using the backyard torches as part of an effort to mimic the soot oxidation process in a diesel engine - ...
Rig company Diamond Offshore mentions 'prolonged downturn'
Jul 30, 2018 (UPI)
The company reported a net loss for the second quarter of $69 million, compared with income of $19.3 million for the three months ending March 31. The slump com...
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