Oil

A total of 93 oil and gas firms made it in the latest edition of the Forbes Global 2000 rankings of the world’s largest public companies. Forbes’ Global 2000 ranks the largest public companies in the world using four metrics—sales, profits, assets, and market value, and all these have reached …

On Saturday, Iraq’s Foreign Minister Fuad Hussein warned that global oil prices could surge to $300 per barrel if military tensions between Iran and Israel continue to escalate. The warning came during a phone call with his German counterpart, Foreign Minister Johann Wadephul, as the two discussed rising instability in …

The combined net profits of Russia’s oil and gas companies nearly halved in the first quarter from a year earlier, while petroleum revenues for the budget have been falling with the decline in oil prices in recent months. The net profits of the Russian oil and gas firms slumped to …

Per Japanese government instructions, refiner Taiyo Oil has bought a cargo of Russia’s Sakhalin crude to ensure stable production of the LNG plant that supplies gas to Japan, a company spokesperson told Reuters on Tuesday. “At the request of the Ministry of Economy, Trade and Industry, we have decided to …

China’s crude oil imports fell in May to their lowest daily rate in four months, data showed on Monday, as planned maintenance work at both state-owned and independent refiners picked up. May imports in the world’s largest crude buyer totalled 46.6 million metric tons, equivalent to 10.97 million barrels per …

HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends. “Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd …

Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed …

A supertanker carrying 2.1 million barrels of Russia’s Far Eastern ESPO crude grade has been anchored near China for days in what traders say is an unusual pattern that could suggest weaker demand in the Asian market. The Big Star supertanker loaded ESPO from three smaller vessels near Russia’s Zarubino …

US crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a …

With six little words, Elon Musk has relegated the oil industry to a historical footnote. This, despite the oil industry underpinning the workings of the entire world. “Compared to solar, oil is small-time,” Musk posted on X, delivering a withering verdict on the fossil fuel era. No charts, no caveats. …