The Latest Breaking News from Petroleum

The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally. The acquisition is funded by a capital increase led by TAQA's existing significant shareholders. The investment brings to TAQA a long-established, well-diversified MENA-based business with…

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87…

The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Iran's nuclear activities. This comes two weeks before the anticipated visit of US Secretary of State Antony Blinken to Beijing. “China is the main…

Hundreds of residents and small business owners in Rayong have filed lawsuits for damages worth 5 billion baht against Star Petroleum Refining (SPRC), PTT Global Chemical (PTTGC) and government agencies over an oil spill last year.

Oil companies may end up relying on environmentally questionable crop-based fuels.

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC). The deal aims to fund Egypt's trade needs, including for importing energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the ITFC’s chief executive officer. Last year Egypt signed a similar agreement,…

PTT Exploration and Production Plc (PTTEP) is continuing to refocus its investments on new petroleum sites, with the latest plan to sell the Cash and Maple gas and condensate field in Australia.

U.S. Treasury Secretary Janet Yellen expressed confidence that restrictions on Russian sales of crude oil can be expanded to refined petroleum products in February, while acknowledging that the task will be more complicated.

The Strategic Petroleum Reserve is supposed to insulate the U.S. from oil embargoes and foreign wars. More often, it has been used like an insurance policy for private companies.