The Saudi energy ministry said the vital East-West oil pipeline was temporarily shut down after several attacks on the pipeline in the Riyadh and Medina regions on Thursday, adding some people were injured and received medical treatment, state media reported citing a source at the Saudi energy ministry. (Reporting by Yasmine Ghania and Ahemed Tolba) [Read more]
US energy firms add rigs for first time in four weeks, Baker Hughes says
U.S. energy firms added rigs this week for the first time in four weeks, energy services firm Baker Hughes said in its report on Friday. The total oil and gas rig count, an early indicator of future output, rose by three to 591 in the week to September 11, its highest since mid-August. Baker Hughes said this week's increase puts the total rig count up 52 rigs, or 10%, above this time last year. Baker Hughes said oil rigs rose by one to 450 this week, their highest since late August, [Read more]
White House weighs how to use Defense Production Act to expand US oil refining capacity, sources say
The White House is weighing how to use the Defense Production Act to expand U.S. oil refining capacity as the conflict with Iran exposes the country's vulnerability to global crude supply disruptions and price spikes, according to two sources familiar with the administration's plans. Considering such an extraordinary step highlights how the Trump administration is under growing pressure to show it can contain the impact of surging fuel prices on consumers and businesses ahead of November's [Read more]
QatarEnergy seeks US LNG deals through to 2031, sources say
QatarEnergy is negotiating with several producers to secure multi-year U.S. liquefied natural gas contracts through 2031 to replace capacity knocked out by Iranian attacks that will take years to repair, three trading and industry sources said. Discussions include with Venture Global, Cheniere and Woodside, two of the sources said. The contract talks are part of the company's efforts to replace lost volumes from its Ras Laffan facility after two of its 14 LNG trains and a gas-to-liquids (GTL) [Read more]
Chevron CEO says depleted crude oil buffers could lead to higher prices
Chevron CEO Mike Wirth said on Friday that oil buffers that limited crude price increases earlier in the Iran war have been depleted, and the conflict could lift prices further over the next few months. Since the war began in late February, countries have released some crude stockpiles to the market, and the U.S. also lifted restrictions on oil stored on ships floating at sea from countries under sanctions. Those buffers have now been "played out," Wirth said while speaking at a University of [Read more]
Italy moves to speed oil, gas projects in energy security push
Italy adopted measures on Thursday aimed at boosting domestic oil and gas production, Prime Minister Giorgia Meloni said, seeking to cut red tape for drilling licences and reduce dependence on fossil fuel imports. Italy currently produces about 29 million barrels of crude oil a year, mainly in the southern region of Basilicata, and around 3 billion cubic metres of natural gas, covering only a small fraction of its fossil fuel needs, according to official data. "We want to move ahead with [Read more]
Norway oil and gas exploration round attracts bids from 21 firms, including Shell
Norway's energy ministry said on Friday it has received applications from 21 oil and gas companies seeking exploration acreage in the government's annual mature-areas (APA) licensing round. The number of companies rose by one from last year's APA round, as Shell made a comeback after being absent in 2025, the list of applicants showed. This year's round will contain 70 new blocks or parts of blocks to explore for oil and gas in the North Sea, the Norwegian Sea and the Barents Sea, the [Read more]
Oil tanker rates hit record highs following Iran, US shipping attacks
The cost of shipping oil in the largest tankers hit record highs this week following the biggest wave of attacks on shipping since the U.S.-Iran war began in late February. The shipping rate for supertankers - also called very large crude carriers or VLCCs - loading oil from the Gulf of Oman for shipment to China reached around 450 on a Worldscale basis, equaling roughly $11.50 per barrel, according to Baltic Exchange data. This is the highest since the rate was launched earlier this year, [Read more]
Chevron to fund $7 billion Venezuela investment with revenue from existing operations, CEO says
Chevron's planned $7 billion investment in Venezuela will come entirely from cash generated by the U.S. oil major's three existing joint ventures in the country, not new outside capital, CEO Mike Wirth said on Friday. "We'll live entirely within the means of those ventures' ability to generate cash, not bring in cash from the outside," Wirth said at a University of Texas at Austin energy conference. (Reporting by Sheila Dang in Austin;) [Read more]
Yemen’s Houthis reach strategic island at mouth of vital shipping lane
Yemen's Iran-aligned Houthis on Friday reached the strategic island of Perim in the Bab el-Mandeb Strait, four Yemeni government sources told Reuters, potentially tightening their grip on one of the world's vital shipping routes. Earlier, two sources from the Saudi-backed, internationally recognised Yemeni government said its forces had withdrawn from Perim and that the Houthis had also taken the mainland Red Sea coastal town of Dhubab, which faces the island. If the Houthis gain full [Read more]
- « Previous Page
- 1
- …
- 7
- 8
- 9
- 10
- 11
- …
- 1226
- Next Page »