oil News Updates

The Trump administration issued a general license expanding the ability of oil companies to operate in Venezuela, a significant step to ease sanctions under the new leadership in Caracas.

The rise in fuel production is being driven largely by the ramp-up of the Dos Bocas plant. The refinery operated at 77.5% of its installed capacity in December, its best performance to date.

The company expects to book roughly $3 billion of data center-related orders between 2025 and 2027 and is also on track to double its natural gas turbine capacity by the first half of 2027.

Frigid weather sweeping across much of the U.S. is starting to freeze oil and natural gas wells, threatening to disrupt production from North Dakota to Texas.

U.S. federal and state officials are lining up with the oil industry to support a plan by Phillips 66 and Kinder Morgan to deliver gasoline to California.

A unit of BP was the high bidder in a U.S. auction for oil and gas drilling rights in the Gulf of Mexico, the first sale held during President Donald Trump’s second term.

Oil prices spiked after the U.S. announced new sanctions on Russia's oil industry in an attempt to get President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

Canadian Prime Minister Mark Carney pitched deeper cooperation with the U.S. on energy, including a possible revival of the Keystone XL pipeline, in his meeting with President Donald Trump.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.