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A man walks past a mural depicting an oil pumpjack on a Venezuelan flag in Caracas.

US lifts some sanctions on Venezuela to ease oil sales

The Trump administration has lifted some sanctions on Venezuela's oil industry to ⁠make it easier for US companies to sell its crude oil, and said more restrictions on the country would be lifted soon.

US • 30 Jan

A business man seen on a big screen in Davos at the World Economic Forum

Aramco CEO says oil glut predictions are exaggerated

Global oil glut predictions are seriously exaggerated as demand growth remains strong and global oil stocks are depleted, Amin Nasser, chief executive of Aramco, the world's biggest oil producer, said today.

Business • 22 Jan

Donald Trump seen during talks with farmers at the White House

US says it will dictate Venezuela decisions and oil sales

US President Donald Trump's administration has said it will dictate decisions to Venezuela's interim leaders and control the country's oil sales "indefinitely" after deposing Nicolas Maduro.

US • 08 Jan

(L/R) US Secretary of Defense Pete Hegseth and US Secretary of State Marco Rubio speak to reporters

Rubio says US has three-point plan for Venezuela

The United States has a three-step plan for Venezuela that will begin ⁠with stabilising the country after US forces seized leader Nicolas Maduro on Saturday, overseeing the country's recovery and ‍finally a transition, Secretary of State Marco Rubio said.

World • 07 Jan

Venezuela to cut oil output due to US export embargo

Venezuela's state-run oil company PDVSA has begun cutting crude production because it is running out of storage capacity due to an ongoing US oil blockade that has reduced exports to zero.

Business • 05 Jan

Silver shines in 2025 global market spotlight as oil lags

Precious metals were the standout performers among commodities this year, with silver outperforming most major equity indexes and currencies, while gold hit record highs on economic and geopolitical risks.

Business • 31 Dec 25

Offshore oil rig in the sea with a sunset in the background

BP and Chevron big winners at Gulf of Mexico oil auction

BP, Woodside Energy and Chevron were the top winners at the US government's first sale of oil and gas drilling rights in the Gulf of Mexico since 2023.

Business • 11 Dec 25

Norway to examine scenarios for post-oil economy

Norway said today it will set up a commission to study potential scenarios for the country's post-oil economy, a commitment the Greens Party secured in exchange for backing the government's 2026 budget bill.

Business • 03 Dec 25

Donald Trump welcomes Viktor Orban as he arrives at the White House

Trump urges EU to respect Orban, hails him on migration

US President Donald Trump has said European Union leaders should show more respect to Hungary's right-wing prime minister, Viktor Orban, who has thumbed his nose at them over migration.

World • 07 Nov 25

BP said today it expects first-quarter production to decline from the previous quarter

BP warns of lower Q1 production and weak gas trading

Energy group BP said it expects first-quarter production to decline from the previous quarter, with lower gas output and asset sales in Egypt and Trinidad offsetting gains in oil.

Business • 11 Apr 25

Wall Street fell sharply for a second straight session, pushing the Nasdaq toward a bear market

Shares sink as Trump tariffs unleash recession fears

European shares have slumped as China hit back with steep tariffs days after US President Donald Trump announced sweeping levies, intensifying fears of a global recession triggered by the trade war.

Business • 04 Apr 25

BP and Iraq reached a deal in December on the technical terms to redevelop the Kirkuk fields

Iraq and BP to sign Kirkuk oil and gas deal by February

Iraq and British oil major BP will sign a mammoth deal covering four Kirkuk oil and gas fields by the first week of February, Oil Minister Hayan Abdel-Ghani told Reuters during a visit to Britain.

Business • 15 Jan 25

Oil production in the North Sea has declined from a peak of 4.4 million barrels of oil equivalent per day at the start of the millennium to around 1.3 million boed today

Trump calls to 'open up' North Sea, get rid of windmills

US President-elect Donald Trump has made a call to "open up" the North Sea and get rid of windmills in a post on his social media platform Truth Social.

Business • 03 Jan 25

Cocoa nearly tripled in price over 2024, far outpacing gains in other commodities

Cocoa tops global commodities rally for second year

Cocoa and coffee are poised to close 2024 as the biggest gainers among commodities for a second year on a global supply deficit, while steel-making coal will end as the worst performer, hit by slow growth in China.

Business • 31 Dec 24

BP is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output

BP drops oil output target in strategy reset - sources

BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said.

Business • 07 Oct 24

Saudi Aramco, the world's biggest crude exporter, is currently producing roughly nine million barrels per day, well below its capacity of 12 million bpd

Saudi Aramco maintains $31 billion dividend

Saudi Arabian state-owned oil giant Aramco expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter today, hit by lower oil prices and volumes sold.

Business • 07 May 24

Having fallen for four months, petrol and diesel prices resumed their ascent in February

'Perfect storm' brings €2 per litre fuel back in prospect

€2 per litre fuel prices are firmly back in sight following the recent restoration of excise duties, with another due in August. €100 oil is also in prospect resulting in something of a 'perfect storm' forming on fuel forecourts.

Business • 22 Apr 24

Norway to boost oil, gas drilling, including in Arctic

Norway has today awarded stakes in 62 offshore oil and gas exploration licences to 24 energy companies in its annual licensing round, including in the Arctic Barents Sea, the country's energy minister said.

Business • 16 Jan 24

Today's deal will create one of the world's biggest independent producers

Harbour Energy in $11bn deal for Wintershall assets

Britain's Harbour Energy has agreed to buy Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with co-owners BASF and LetterOne that creates one of the world's biggest independent producers.

Business • 22 Dec 23

Palestinian militants fire rockets towards Israel from Rafah

IEA says risk of oil supply disruptions is limited

The International Energy Agency said today the risk of oil supply disruptions due to the conflict between Israel and Hamas is limited but that it stands ready to intervene in markets if necessary.

Business • 12 Oct 23

US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels

Oil prices climb further amid concerns over supply

US oil futures jumped to their highest in more than a year today as a drop in crude stocks in the United States added to worries over tight global supplies from OPEC+ output cuts.

Business • 28 Sep 23

Norway's annual award of new offshore acreage for drilling is central to the country's strategy of extending oil and gas production for decades to come

Norway's exploration round attracts bids from 25 firms

Norway's latest offshore oil and gas exploration licensing round attracted bids from 25 companies, including Shell, ConocoPhillips, Aker BP and Equinor, the energy ministry said today.

Business • 29 Aug 23

Oil slips as investors turn cautious

Oil prices slipped today, still under pressure from the previous day's weak data from major economies, which had investors worried about the demand outlook and as the dollar strengthened ahead of a speech from US Federal Reserve Chair Jerome Powell.

Business • 24 Aug 23

OPEC said it expects global oil demand to rise by 2.25 million bpd in 2024

OPEC expects global oil demand to rise in 2024

Oil prices held near recent highs on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency.

Business • 11 Aug 23

British Prime Minister Rishi Sunak said new domestic fossil fuels would help to improve the energy security and reduce reliance on states such as Russia

UK commits to hundreds of North Sea oil, gas licences

Britain has committed to granting hundreds of licences for North Sea oil and gas extraction as part of efforts to become more energy independent, drawing criticism from environmental campaigners.

Business • 31 Jul 23