(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut... More »
WASHINGTON (Reuters) – U.S. President Donald Trump on Thursday said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time, saying low gasoline prices were good for U.S. consumers even as they were hurting the indust... More »
MILL VALLEY, California (Reuters) – Electric vehicle startup Rivian on Saturday displayed its pickup truck and SUV at an event in San Francisco’s Bay Area and said that when their prices are unveiled soon they will be lower than has been previously announced. ... More »
SINGAPORE (Reuters) – China’s Hengyi Petrochemical Co Ltd is operating its new 160,000 barrels per day refinery in Brunei at near full capacity after trial production began in July, two company officials told Reuters. The plant in Palau Muara Besar is one of f... More »
DUBAI (Reuters) – Iranian Vice President Eshaq Jahangiri on Saturday warned regional countries of consequences if it is proven that they meddled to stoke recent unrest in Iran. “Some countries in the region should know that they will not have an easy life in t... More »
DUBAI (Reuters) – Iranian Vice-President Eshaq Jahangiri on Saturday warned regional countries of unspecified dire consequences if it is proven that they meddled to stoke unrest in Iran, the semi-official news agency Fars reported. “Some countries in the regio... More »
SINGAPORE (Reuters) – Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, ‘Shell Recharge’, will be available at 10... More »
WASHINGTON (Reuters) – Iowa’s Republican Senator Chuck Grassley said the Trump administration’s Environmental Protection Agency has “screwed” the U.S. ethanol industry and farmers by granting waivers to 31 small petroleum refineries, effectively exempting them... More »
NEW YORK (Reuters) – The Trump administration made it easier for oil refineries to get waivers from the nation’s biofuel law at least four months before a 2017 court decision it often cites to justify the move to the corn lobby, and the move was motivated by a... More »
CALGARY, Alberta (Reuters) – The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump’s recent demands for higher oil output, saying OPEC does not shoulder the blame. “OPEC alone cannot be blamed for all the problems ... More »
LONDON (Reuters) – Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions. Top exporter Saudi Arabia told OPEC it raised oil outp... More »
TOKYO (Reuters) – Toyota Motor Corp (7203.T) and Suzuki Motor Corp (7269.T) agreed on Thursday to produce cars for each other in India as Toyota aims to increase its market share in the world’s fifth-largest passenger car market. The agreement follows an R&D t... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery is seen at sunset in front of the Philadelphia skyline in Pennysylvania, U.S., March 24, 2014. REUTERS/David M. Parrott/File Photo NEW YORK (Reuters) – U.S. President Donald Trump urged representatives... More »
NEW YORK (Reuters) – Several key commodities traders are leaving Goldman Sachs Group Inc, sources said on Wednesday, the latest wrinkle as the Wall Street firm seeks to turn around its struggling commodities unit. Those leaving include Don Casturo, operating c... More »
FILE PHOTO: A construction site at the new Suncor Fort Hills oil sands mining operations near Fort McMurray, Alberta, Canada, September 17, 2014. REUTERS/Todd Korol/File Photo CALGARY, Alberta (Reuters) – The revolution in U.S. shale oil has battered Canada’s ... More »
FILE PHOTO: A gas station attendant pumps fuel into a customer’s car at a gas station in Shanghai, China November 17, 2017. REUTERS/Aly Song/File Photo SINGAPORE (Reuters) – Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that coopera... More »
Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of "red flags" due to surging U.S. production. More »
FILE PHOTO: An offshore oil platform is seen in Huntington Beach, California, U.S. September 28, 2014. REUTERS/Lucy Nicholson/File Photo LONDON (Reuters) – Oil prices fell on Friday after hitting a three-year high of more than $70 a barrel the previous day, bu... More »
A gas station attendant pumps fuel into a customer’s car at PetroChina’s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon SINGAPORE (Reuters) – Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts l... More »
FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma, U.S., September 15, 2015. REUTERS/Nick Oxford/File Photo SINGAPORE (Reuters) – Oil prices on Friday dipped away from some of their highest levels ... More »
FILE PHOTO – A pumpjack brings oil to the surface in the Monterey Shale, California, U.S. April 29, 2013. REUTERS/Lucy Nicholson/File Photo SINGAPORE/LONDON (Reuters) – Oil prices edged up on Friday, lifted by the Forties pipeline outage in the North Sea, ongo... More »
FILE PHOTO – A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson SINGAPORE (Reuters) – Oil prices were stable on Friday as the weight of a strengthening U.S. dollar was countered by China’s relentless thirst for... More »
FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo SINGAPOR... More »
Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, May 11, 2017. REUTERS/Essam Al-Sudani SINGAPORE (Reuters) – Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of t... More »
Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market. More »
China's refiners raised crude oil processing runs to near record monthly levels in October as refining margins jumped after the country's state planner hiked prices for gasoline and diesel at the pump. More »
Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests. More »
Oil markets were stable on Monday, with Brent remaining above $60 per barrel supported by expectations that an OPEC-led production cut due to expire next March would be extended. More »
U.S. refineries from Ohio to Minnesota are capitalizing on access to cheap crude from Western Canada and North Dakota oilfields, helping their region break a historic dependence on fuel from the Gulf Coast while redrawing oil trade maps. More »
U.S. crude oil prices slipped below $50 per barrel on Monday but stayed close to multi-month highs amid a drop in shale drilling and as refineries continued to restart after Hurricane Harvey. More »
Oil prices steadied on Friday after almost a week of sharp rises as Hurricane Irma, one of the most powerful storms in a century, drove towards Florida after tearing through the Caribbean. More »
U.S. oil prices rose on Tuesday as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude, their main feedstock. More »
Texas on Monday edged toward recovery from the devastation of Hurricane Harvey as shipping channels, oil pipelines and refineries restarted some operations and authorities lifted an evacuation order for the area around a once-burning chemical plant. More »
Oil prices dipped on Wednesday but gasoline spiked to its highest since mid-2015 as flooding in the wake of Hurricane Harvey knocked out almost a quarter of U.S. refineries, crimping demand for crude but raising fears of fuel shortages. More »
Flooding from Tropical Storm Harvey has shut nearly a fifth of U.S. oil-refining capacity, triggering worries about a gasoline supply crunch as the slow-moving tempest lumbers through the heart of America's petrochemicals industry. More »
The largest crude oil refinery in the United States was shutting down on Tuesday night due to flooding from Tropical Storm Harvey in its 603,000 barrel-per-day (bpd) Port Arthur, Texas, plant, said sources familiar with operations. More »
Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the U.S. Gulf coast over the weekend, crippling Houston and its port, and knocking out numerous refineries as well as some crude production. More »
A hurricane in the heart of the U.S. energy industry is set to curtail near-record U.S. oil production for several weeks, with the impact expected to reverberate throughout the country and across international energy markets. More »
U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company on Friday in an effort to halt financing that the White House said fuels President Nicolas Maduro's "dictatorship.... More »
Oil markets were stable on Monday, largely holding on to Friday's big gains even though rising U.S. output weighed on hopes the market will tighten after a 13 percent fall in U.S. crude inventories since March. More »
For the oil-trading community, the fall of hedge fund manager Andy Hall signaled a heavy blow, but while commodity funds continue to shutter their doors, some are finding other ways to make money, including trading refining margins and calendar spreads. More »
Oil prices edged down on Monday but still held near nine-week highs, supported by robust U.S. jobs data last week and a slight fall in the U.S. drilling rig count, even as rising output from OPEC reined in crude markets. More »
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. More »
FILE PHOTO: A worker checks the valve of an oil pipe at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. U.S. oil opened above $50 per barrel for the first time since late May on Tuesday, supported by strong fuel demand, but ongoing high suppli... More »
FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. Oil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will... More »
FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government’s forecast for crude output next y... More »
A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling act... More »
FILE PHOTO: Eighteen oil pumpjacks are seen on a Hess well pad near Tioga, North Dakota April 30, 2016. REUTERS/Andrew Cullen/File Photo Oil prices fell more than 2 percent on Friday after data showed U.S. production rose last week just as OPEC exports hit a 2... More »
Environmental Protection Agency Administrator Scott Pruitt testifies before a Senate Appropriations Subcommittee on Capitol Hill in Washington, U.S., June 27, 2017. REUTERS/Aaron P. Bernstein The U.S. government on Wednesday proposed to reduce the volume of bi... More »
An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopoli... More »
An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo Oil prices flirted with both positive and negative territory on Tuesday, hovering around $50 a barrel on tentative signs th... More »
FILE PHOTO: A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. REUTERS/Ernest Scheyder Oil prices edged up on Monday, supported by the first fall in U.S. drilling activity ... More »
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder Oil prices rose 1 percent early on Monday on a weaker dollar, but an increase in U.S. drilling activi... More »
A diesel oil pump is seen at a bus terminal in Vienna, Austria May 31, 2017. REUTERS/Heinz-Peter Bader Oil edged up on Friday, recovering some of its steep falls earlier in the week, but crude is still set for its worst first-half decline in two decades despit... More »
Workers clamp together pieces of pipe while drilling an oil well near Fort Stockton, Texas, U.S., May 4, 2017. REUTERS/Ernest Scheyder Oil prices fell on Wednesday after industry data showed a build in U.S. crude stocks and OPEC reported a rise in its producti... More »
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo Oil prices fell for a third day on Tuesday, hit by concerns that a political rift between Qatar and several Arab states would undermine an OPEC-led ... More »
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. REUTERS/Todd Korol/File Photo Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. More »
A man walks in front of the Novokuibyshevsk refinery near the city of Samara, October 28, 2010. REUTERS/Nikolay Korchekov/File Photo Oil prices jumped over 1.5 percent on Monday after the energy ministers of the world’s two biggest producers Saudi Arabia and R... More »
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo Hedge funds and money managers cut bullish bets on U.S. crude for the third straight week, as the oil market remained volatile over concerns about r... More »
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo Oil prices rose on Thursday, with global benchmark Brent crude trading comfortably above $50 a barrel after a fall in U.S. ... More »
FILE PHOTO: A Total petrol station is seen in Libreville, Gabon, February 2, 2017. Picture taken February 2, 2017 REUTERS/Mike Hutchings/File Photo Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders s... More »
A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a ple... More »
A gas station attendant pumps fuel into a customer’s car at PetroChina’s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected an OPE... More »
FILE PHOTO: A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to b... More »
FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo Billionaire investor Carl Icahn’s oil refining company, CVR Energy, m... More »
FILE PHOTO: A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo Oil prices fell on Thursday as record U.S. crude inventories underscored that markets remain bloated, although traders said there were s... More »
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo Oil prices edged up on Thursday, extending two days of increases as supply disruptions in Libya lifted the market, although bloated U.S. crude inven... More »
FILE PHOTO – An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. on September 23, 2015. REUTERS/Mike Blake/File Photo Volkswagen AG (VOWG_p.DE) said the U.S. Environmental Protection Agency has approved its request to sell... More »
President Donald Trump plans to nominate J. Christopher Giancarlo to lead the Commodity Futures Trading Commission, the regulator tasked with policing the massive over-the-counter derivatives market, the White House said on Tuesday. More »
The Senate confirmed Scott Pruitt to run the Environmental Protection Agency over the objections of Democrats and environmentalists worried he will gut the agency, as the administration readies executive orders to ease regulation on drillers and miners. REUTER... More »
Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network’s Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid A government watchdog group, Public Citizen, said on Wednesday it has asked lawmakers to investigate ... More »
A car is filled with gasoline at a gas station pump in Carlsbad, California August 4, 2015. REUTERS/Mike Blake Demand for gasoline in the United States, which accounts for a tenth of global oil consumption, is expected to peak next year as engines become more ... More »
Chevron Corp’s refinery is shown in Richmond, California August 7, 2012. REUTERS/Robert Galbraith/File Photo Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer sup... More »
Oil pump jacks are seen next to a strawberry field in Oxnard, California February 24, 2015. REUTERS/Lucy Nicholson Crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts a... More »
A gas station attendant pumps fuel into a customer’s car at PetroChina’s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at rein... More »
FILE PHOTO – A drop of diesel is seen at the tip of a nozzle after a fuel station customer fills her car’s tank in Sint Pieters Leeuw December 5, 2014. REUTERS/Yves Herman Oil slipped further below $56 a barrel on Wednesday as an industry report showing a larg... More »
A gas station attendant pumps fuel into a customer’s car at PetroChina’s petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduc... More »
FILE PHOTO: An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone/File Photo Oil prices rose on Thursday, supported by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain u... More »
Oil pump jacks are seen next to a strawberry field in Oxnard, California February 24, 2015. REUTERS/Lucy Nicholson Oil prices slid on Wednesday to extend falls from the previous session, as a big increase in U.S. crude inventories and a slump in Chinese demand... More »
FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo Oil was stable on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude r... More »
A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/Files Oil steadied near $57 barrel on Monday as OPEC supply cuts and rising tensions between the United States and Iran were count... More »
A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver Oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. More »
FILE PHOTO: A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin/File Photo Oil prices inched up on Monday, supported by a weaker dol... More »
A customer uses a petrol nozzle in a gas station in Nice August 8, 2012. REUTERS/Eric Gaillard Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the pre... More »
Mexico vowed to keep a lid on prices as part of an economic plan set out on Monday to dampen widespread outrage over a major fuel price hike, though it failed to win universal backing among business groups. More »
A flame rises from a chimney at Taq Taq oil field in Arbil, in Iraq’s Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, ... More »
U.S. President-elect Donald Trump gestures from the front door at the main clubhouse at Trump National Golf Club in Bedminster, New Jersey, U.S., November 20, 2016. REUTERS/Mike Segar The Obama administration signed its final plan for renewable fuel use in the... More »
An Audi logo is seen at the Mondial de l’Automobile, Paris auto show, during media day in Paris, France, September 30, 2016. REUTERS/Jacky Naegelen Audi cars with automatic transmissions have technology capable of distorting emissions when they are tested, Vol... More »
A worker takes oil samples from a well at the Gazpromneft-owned Yuzhno-Priobskoye oil field outside the West Siberian city of Khanty-Mansiysk, Russia, January 28, 2016. REUTERS/Sergei Karpukhin/File Photo Oil prices were stable on Tuesday as financial investor... More »
Out of fuel signs are pictured on gas pumps at a Mapco gas station at Spence Lane and Lebanon Pike in Nashville, Tennessee, U.S. September 17, 2016. REUTERS/David Mudd Retail gasoline prices surged due to continuing problems with Colonial Pipeline Co’s gasolin... More »
A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson Oil prices fell over 1 percent on Monday after the U.S. dollar jumped, with markets pressured as Iraq’s production rose and as Iran said it would only cooperate... More »
By Libby George | LONDON LONDON Oil prices rose on Monday to their highest in nearly a month, with benchmark Brent crude trading more than 10 percent above the start of August, as speculation intensified about potential producer action to support prices in an ... More »
By Norihiko Shirouzu | ATSUGI, Japan ATSUGI, Japan Japanese automaker Nissan Motor Co (7201.T) has come up with a new type of gasoline engine it says may make some of today’s advanced diesel engines obsolete. The new engine uses variable compression technology... More »
SINGAPORE Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a persistent supply overhang that will last well into next year and keep weighing on markets. U.S. West Texas Intermediate (WTI) ... More »
LONDON Oil fell on Monday morning, reversing earlier gains, as increases in OPEC production and U.S. oil rig additions continued to weigh on the market. Brent crude was down $0.44 at $43.09 a barrel at 0854 GMT (4:54 a.m. ET) from the previous settlement, afte... More »
SINGAPORE/TOKYO Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come. International Brent crude oil futures were trading at $45.51 per barrel at 0623 GMT, down 18 c... More »
NEW YORK Oil prices were either side of unchanged on Sunday in early trade as the impact from Turkey’s failed military coup was broadly expected to be limited on global markets. The most-active Brent futures for September delivery rose $0.02, or 0.04 percent, ... More »
NEW DELHI Sanjay Kumar is beaming with joy. The 23-year-old has just bought a used motor scooter, his first, for 30,000 rupees ($445), after years of saving together with his mother. He says the Maestro Scooter by Indian motorbike maker Hero will let him ferry... More »
SINGAPORE/LONDON Oil industry hopes that markets are about return to balance, ending a global glut that pulled down prices by over 70 percent between 2014 and early 2016, might be abruptly dashed. Despite recent disruptions and output cuts, there is mounting e... More »
LONDON Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. Brent cr... More »
