Industry News

New research using drilling samples points to a widespread Miocene-age petroleum system in the eastern Nordic Seas similar to prolific producing basins offshore West and Central Africa.

The surge was driven by stronger diesel shipments from Baltic ports to nearby markets.

Oil prices fell as traders looked past geopolitics and focused on a growing global surplus.

Chinese buyers shunned offers for Venezuelan crude this week.

'Physical natural gas prices are crashing', EBW Analytics Group Energy Analyst Eli Rubin said.

Trafigura is one of the world's biggest traders of oil, moving an average of 6.6 million barrels a day.

The work to be undertaken by three companies 'will transition the United States away from foreign sources of uranium and diversify the nation's domestic fuel supply', DOE said.

Phillips 66 won a sale supervised by the UK government for the Lindsey refinery and associated assets, under court orders to liquidate several Prax Group businesses.

North America dropped 16 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

'The global oil market in 2026 will not be about Venezuela', SEB Chief Commodities Analyst Bjarne Schieldrop said.

The Italian state-backed company said it had transferred the management of its traditional refineries and depots in the Middle East and Europe to a new company to streamline these assets' decarbonization.

Falcon Australia won shareholder approval for Tamboran's takeover offer, part of a bigger transaction under which Tamboran is to merge with Falcon Australia's parent company and create a 'leading position' in the Beetaloo sub-basin.

The cut comes as OPEC and some of its allies stuck with plans to pause supply increases in the first quarter.

Oil prices rose as geopolitical risks increased following US action against Venezuela.

Denmark's prime minister urged Donald Trump to stop threatening to take control of Greenland.

'When drivers look back, 2025 will stand out as one of the calmest years at the pump in recent history', said Patrick De Haan, head of petroleum analysis for GasBuddy.

U.S. oil stocks jumped Monday after President Donald Trump pledged to revive the Venezuelan energy sector.

Cactus and Baker Hughes completed a transaction to create a joint venture consisting of the latter's surface pressure control business.

Eight OPEC+ countries met virtually on January 4 'to review global market conditions and outlook', a statement posted on OPEC's site highlighted.

'We're going to get the oil flowing the way it should be', U.S. President Donald Trump said.