Oil and Gas
BP CEO hails exploration discovery boon after surprise profit beat
Trowbridge in Somerset, England, on March 15, 2025. Anna Barclay | Getty Images News | Getty Images Britain’s BP on Tuesday posted stronger-than-expected second-quarter profit, following a period of heightened volatility for global oil and gas prices. The struggling energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 […]
Read More
Trump says he will ‘substantially’ raise tariffs on India over Russian oil purchases
President Donald Trump said on Monday he will substantially raise tariffs on India over its purchases of Russian oil. “India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine […]
Read More
Trump’s penalty threat puts India in a bind over Russian oil
The Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. Bloomberg | Bloomberg | Getty Images India is navigating a tricky balancing act after U.S. President Donald Trump threatened a “penalty” over its continued imports of Russian oil — a trade that New Delhi appears reluctant to end anytime soon. […]
Read More
India to maintain Russian oil imports despite Trump threats, government sources say
Russia’s President Vladimir Putin (R) speaks with India’s Prime Minister Narendra Modi (L) during a visit to the shipyard Zvezda, as Rosneft Russian oil giant chief Igor Sechin (C) accompanies them, outside the far-eastern Russian port of Vladivostok on September 4, 2019, ahead of the start of the Eastern Economic Forum hosted by Russia. Alexander […]
Read More
Chevron profit hit by low crude oil prices and loss from Hess acquisition
Chevron on Friday reported second-quarter earnings that took a substantial hit due to low oil prices and a loss on its acquisition of Hess Corporation. The oil major’s net income declined about 44% to $2.49 billion, or $1.45 per share, from $4.43 billion, or $2.43 per share, in the same period last year. Chevron booked […]
Read More
Indian state refiners pause Russian oil purchases, Reuters reports
FILE PHOTO: Crude oil tanker Nevskiy Prospect, owned by Russia’s leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey September 6, 2020. Yoruk Isik | Reuters Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned countries not to purchase oil from Moscow, industry sources said. India, the world’s third-largest oil importer, is the biggest buyer […]
Read More
Oil giant Shell posts profit beat, keeps share buyback pace steady at $3.5 billion
The brand logo of the mineral oil and natural gas company Shell plc can be seen at a filling station of the company in Nuremberg (Bavaria) on July 25, 2025. Picture Alliance | Picture Alliance | Getty Images Britain’s Shell on Thursday reported better-than-expected second-quarter profit and maintained the pace of its shareholder returns, despite […]
Read More
EU lowers price cap for Russian crude under new sanctions package
Aerial view of a ship at sea. Suriyapong Thongsawang | Moment | Getty Images The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow’s crude oil barrels. Within a year of Russia’s 2022 invasion of Ukraine, the G7 and EU restricted the price […]
Read More
The palace, the protests and the red carpet: How OPEC’s seminar played out
The Hofburg palace receives attendees to the July 9-10 OPEC Seminar conference in Vienna. Ruxandra Iordache | CNBC For centuries, Vienna’s romantic Hofburg palace served as a winter residence of the imperial Habsburg dynasty — this week, though, it welcomed Saudi royalty, energy ministers, top CEOs and a slew of analysts traders and more. Here are some highlights: The […]
Read More
Embattled Iran slams consequences of war on oil markets
Dilara Irem Sancar | Anadolu | Getty Images Iran’s oil minister on Wednesday criticized the effects of war-led disruptions to oil markets, weeks after Tehran’s 12-day hostilities with Israel sent crude price soaring. In remarks via videoconference for the OPEC seminar in Vienna, Mohsen Paknejad said, “Whatever the cause, an aggression of war that leads […]
Read More