Oil field, Alberta, Canada Norm Betts | Bloomberg | Getty Images Oil prices are likely to fall in the longer run after the initial jump following President Donald Trump’s implementation of hefty tariffs on Canada, Mexico and China, said industry watchers. Over the weekend, Trump followed through on his long-threatened 25% tariffs on imports from…
Ukraine says its forces successfully hit an oil refinery in the Russian town of Kstovo, around 800 kilometres (500 miles) from the front lines in eastern Ukraine. Four drones hit a Lukoil company depot, Ukrainian media said, adding that the facility suffered significant damage. Videos posted on social media showed large flames rising over an…
BBC A still taken from video verified by the BBC as genuine at the Ryazan oil refinery Ukraine reportedly hit a Russian oil refinery and targeted Moscow during an attack involving a wave of at least 100 drones, one of the largest single operations of its kind during the war. Video footage verified by the…
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024. Nurphoto | Nurphoto | Getty Images British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-reduction exercise. “Today, we have today told staff across bp that…
Aerial view of a ship at sea. Suriyapong Thongsawang | Moment | Getty Images Oil-linked shipping costs rallied after last week’s announcement of tighter U.S. sanctions to drain Russia’s war coffers, in a move that poses significant threats to Moscow’s maritime distribution chains. On Jan. 10, the U.S. Treasury Department announced fresh measures to…
If President-elect Donald Trump follows through with his threat to impose tariffs on Canadian goods, Ottawa is prepared to retaliate with levies that could take aim at the energy sector, Canada’s minister of international trade, Mary Ng, said Thursday. “Everything is on the table,” Ng told global markets reporter Seema Mody on CNBC’s “Squawk on…
Aerial view of brine ponds and processing areas of the lithium mine of the Chilean company SQM (Sociedad Quimica Minera) in the Atacama Desert, Calama, Chile, on Sept. 12, 2022. Martin Bernetti | Afp | Getty Images RIYADH, Saudi Arabia – The energy minister of Saudi Arabia – the Gulf kingdom whose wealth and power…
German authorities have said an oil tanker stuck in German waters belongs to Russia’s “shadow fleet”, which Berlin says is used to avoid sanctions. Germany’s maritime authorities (CCME) said on Friday that the Panamanian-flagged ship, known as Eventin, had lost power and steering, meaning tugboats were deployed to secure the vessel. German Foreign Minister Annalena…
Budrul Chukrut | Lightrocket | Getty Images Exxon Mobil and Chevron are jumping into the race to power artificial intelligence data centers, as the two oil majors bet tech companies will ultimately turn to natural gas to meet their tremendous energy needs. Exxon unveiled plans this week to build a natural gas plant to power…
A pump jack in Midland, Texas, US, on Thursday, Oct. 3, 2024. Anthony Prieto | Bloomberg | Getty Images Oil prices may see a drastic fall in the event that oil alliance OPEC+ unwinds its existing output cuts, said market watchers who are predicting a bearish year ahead for crude. “There is more fear about…
