Oil and Gas
How Saudi Arabia is diversifying away from oil — and betting big on AI
President and CEO of Saudi’s Aramco, Amin H. Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. Hamad I Mohammed | Reuters Think of Saudi Arabia and the first thing that comes to mind might be its massive, oil-derived wealth. While oil continues to drive Saudi Arabia’s economy, the […]
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What a cut in Reliance’s Russian crude purchases would mean for India
The Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. Bloomberg | Bloomberg | Getty Images India’s largest private oil refiner Reliance Industries is reportedly halting purchases of Russian crude, following the U.S.’ decision to sanction Russia’s two largest oil companies, Rosneft and Lukoil. Reliance has become a major buyer […]
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EU targets Russian energy with new sanctions — and welcomes Trump’s major policy shift
A worker carries out maintenance tasks at the Eustream gas facility on February 25, 2025 in Velke Kapusany, Slovakia. Robert Nemeti | Getty Images News | Getty Images The European Union on Thursday launched a fresh round of sanctions against Russia for its war in Ukraine, joining the U.S. by targeting Moscow’s energy infrastructure. The package of measures, which […]
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China and India to face supply jolt as U.S. targets Russia’s oil giants
General view of Orsknefteorgsintez oil refinery in the city of Orsk, Orenburg region, Russia Aug. 28, 2025. Stringer | Reuters U.S. decision to sanction Russia’s two largest oil companies threatens to disrupt the energy lifeline linking Moscow to its biggest customers in Asia, but without causing an immediate supply shock, industry experts told CNBC. The […]
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CNBC Daily Open: Tesla’s revenue rose — but so did its operating costs
Consumers with the Tesla Model Y L electric vehicle in Tesla stores in Shanghai, China on October 19, 2025. CFOTO | Future Publishing | Getty Images There are generally two ways for a company to increase its profit: increasing sales or cutting costs. Preferably both at the same time — because a rise in revenue […]
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CNBC Daily Open: Tesla’s increased costs outweighed its revenue growth
Tesla electric vehicles are parked at a Tesla service center on Aug. 2, 2025 in San Diego, California. Kevin Carter | Getty Images There are generally two ways for a company to increase its profit: increasing sales or cutting costs. Preferably both at the same time — because a rise in revenue might be overshadowed […]
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Trump administration sanctions big Russian oil companies, presses for Ukraine ceasefire
The Trump administration on Wednesday imposed further sanctions on Russia’s two largest oil companies, citing “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.” “Now is the time to stop the killing and for an immediate ceasefire,” Treasury Secretary Scott Bessent said as he announced the sanctions on Rosneft […]
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CNBC Daily Open: Major U.S. banks enjoy a blowout quarter — assuaging trade war concerns
U.S. Treasury Secretary Scott Bessent adjusts his glasses during a meeting with U.S. President Donald Trump and President of Argentina Javier Milei in the Cabinet Room at the White House on Oct. 14, 2025 in Washington, DC. Kevin Dietsch | Getty Images China has been using its dominance in the rare earth industry to slash […]
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Trump says Modi assured him India will stop Russian oil purchases, but timeline unclear
The India-flagged oil tanker Desh Ujaala is pictured in the Gulf waters near Al-Basrah Oil Terminal (ABOT), about 50 kilometres offshore of Iraq’s southern Faw peninsula, on August 5, 2025. Hussein Faleh | AFP | Getty Images U.S. President Donald Trump said Wednesday that Indian Prime Minister Narendra Modi told him New Delhi will stop […]
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Iraq pledges to end $4 billion gas imports from Iran by 2028 as it races to diversify beyond oil
BAGHDAD — Iraq’s Prime Minister Mohammed Shia Al-Sudani said he hopes to end the country’s $4 billion reliance on Iranian gas by 2028, in an effort to diversify the major oil-producer’s economy. Decades of mismanagement, underinvestment and corruption have strained the power grid of Iraq, which is OPEC’s second-largest oil producer after Saudi Arabia. Gas […]
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