oil

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Russian Energy Bigwig Falls Out of Hospital Window

What led to death of Lukoil Chairman Ravil Maganov, after other mysterious deaths this year, isn't clear

(Newser) - What's not being disputed is that the chair of one of Russia's largest oil producers has died after falling out of a hospital window. What's murkier, however, is what led to Ravil Maganov's demise—what CBS News notes is the sixth death this year of a...

Sri Lanka Desperate for Tourists, Russian Oil

President says he has asked Putin help

(Newser) - With Sri Lanka facing a severe economic crisis , the country's leaders have apparently decided they can't afford to shun Russia. President Gotabaya Rajapaksa said Wednesday that he had asked Vladimir Putin for help in a "very productive" phone call, reports Reuters . The country has almost exhausted its...

Pain at the Pump Sees a New Jump
Pain at the Pump
Sees a New Jump

Pain at the Pump Sees a New Jump

Gas prices have spiked 25 cents in just one week

(Newser) - At least 10 states now claim an average gas price of more than $5 per gallon, and some of them can trace this dubious honor back to a surge over the past few days. According to AAA, the country's average increased to $4.87 a gallon on Monday, which...

OPEC Alliance Agrees to Boost Oil Production

Move by group that includes Russia may bring modest relief to sky-high prices

(Newser) - The OPEC oil cartel and allied countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices and inflation. The decision Thursday steps up the pace by the alliance, known as OPEC Plus,...

Inside the EU's Proposed Ban on Russian Oil Imports
Inside the EU's Proposed Ban
on Russian Oil Imports
the rundown

Inside the EU's Proposed Ban on Russian Oil Imports

'Let us be clear: it will not be easy,' says Ursula von der Leyen

(Newser) - Some 25% of all oil imports to the EU came from Russia last year. European Commission President Ursula von der Leyen is ready to take that figure down to zero. Von der Leyen on Wednesday proposed a total ban on Russian imports to the EU as part of a sixth...

As Prices Spike, Biden to Tap Oil Reserve: Sources
It's the Biggest
Drawdown 
of US Oil
in History
UPDATED

It's the Biggest Drawdown of US Oil in History

President orders release of 180M barrels from US reserves over six months

(Newser) - Update: This summary has been updated with new developments throughout. President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked since...

House Approves Ban on Russian Oil
House Approves Ban
on Russian Oil

House Approves Ban on Russian Oil

Legislation would make Biden's restrictions law

(Newser) - The House overwhelmingly approved legislation Wednesday night that would ban Russian oil imports to the United States, an effort to put into law the restrictions announced by President Joe Biden in response to the escalating war in Ukraine, the AP reports. Going further than Biden's import ban on Russian...

Shell: Yup, We Bought Russian Oil
Apologetic Shell
Swears Off Russian Oil
UPDATED

Apologetic Shell Swears Off Russian Oil

CEO admits purchase 'was not the right' decision amid Russia's invasion of Ukraine

(Newser) - Update: Shell on Tuesday apologized for buying 100,000 metric tons of Russian crude oil while promising to end involvement in all Russian hydrocarbons from oil to natural gas. "Despite being made with security of supplies at the forefront of our thinking," the decision to purchase a cargo...

Biden May Visit Saudi Arabia
Biden May Visit
Saudi Arabia

Biden May Visit Saudi Arabia

As cost of oil continues to rise

(Newser) - Since his election in 2020, President Biden hasn't spoken with Saudi Arabia's crown prince and de facto ruler directly, connecting only with his father , King Salman bin Abdulaziz Al Saud. It's not clear whether that might change any time in the near future, but what is clear,...

US, Allies Make Rare Move on Oil
US, Allies 
Make Rare
Move on Oil

US, Allies Make Rare Move on Oil

All 31 nations in IEA agree to release a total of 60M barrels

(Newser) - All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves—half of that from the United States—"to send a strong message to oil markets" that there will be "no shortfall in supplies" after Russia invaded...

Abandoned Red Sea Tanker Is Disaster Waiting to Happen

It's on the verge of dumping out four times as much oil as the Exxon Valdez

(Newser) - A ghost ship holding more than a million barrels of crude oil is rotting in the Red Sea. It could just sink. Or it could explode. And if either of those things happens, millions of people will be without water, on top of the environmental devastation, the Guardian reports. It...

Biden Suspends Another Big Trump Program

Suspends oil, gas leases in the Alaska's Arctic National Wildlife Refuge

(Newser) - The Biden administration on Tuesday suspended oil and gas leases in Alaska’s Arctic National Wildlife Refuge, reversing a drilling program approved by the Trump administration and reviving a political fight over a remote region that is home to polar bears and other wildlife—and a rich reserve of oil....

5 Iranian Oil Tankers Head for Venezuela

A Trump official had warned Iran against the move

(Newser) - Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela amid heightened tensions between Tehran and Washington, the AP reports. The tankers' voyage come after Venezuela's socialist leader Nicolás Maduro turned to Iran for help in flying...

OPEC, Russia Make 'Unprecedented' Oil Move

A tenth of global supply is going bye-bye

(Newser) - OPEC, Russia, and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to...

Iran Just Struck Oil Big Time
Iran Just Struck Oil Big Time

Iran Just Struck Oil Big Time

Find could bolster Tehran's known reserves by a third amid struggles with sanctions

(Newser) - Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over US sanctions. The announcement by Hassan...

Exxon Mobil Profit Falls 49%
Profits Plunge for Exxon Mobil

Profits Plunge for Exxon Mobil

But the Texas oil giant still reported over $3B in profits for the third quarter

(Newser) - Exxon Mobil's profits fell dramatically in the third quarter as the company was hurt by lower prices for crude oil and natural gas, the AP reports. The Texas oil giant reported $3.17 billion in profits in the third quarter Friday, down 49% from the same time last year....

Keystone's 2nd Big Spill in 2 Years: 'What's Going On?'

Nearly 400K gallons of crude oil leaked onto half-acre in North Dakota on Tuesday

(Newser) - "Two cracks on a fair­ly new pipe­line—geez, what’s going on?" That's a legitimate question to ask about the Keystone XL pipeline, a safety expert tells the Star Tribune , considering that an apparent rupture in the controversial pipeline Tuesday in North Dakota is the second...

US Military Rolls Back Into Syria
US Military Rolls Back Into Syria

US Military Rolls Back Into Syria

Washington hopes to secure oil fields from ISIS

(Newser) - Syria, we just can't quit you: As planned , US troops rolled back into the war-torn nation Saturday to help protect oil fields from ISIS, the Washington Post reports. Roughly a dozen Army vehicles with big American flags entered the Deir ez-Zor region to team up with Kurdish-led Syrian Democratic...

Pompeo: Saudi Oil Attack an 'Act of War' by Iran

As Trump hits Iran with new sanctions

(Newser) - President Trump may have hedged on officially naming Iran as the party responsible for the weekend attack on Saudi oil facilities, but he lowered the financial kibosh on Tehran on Wednesday morning, Bloomberg reports. "I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the...

Burning Oil Facility Lights Up the Sky
Drones Strike
Major Oil Facility

Drones Strike Major Oil Facility

Iranian-backed Houthis strike in Saudi Arabia

(Newser) - Drones launched by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia and another major oil field Saturday, sparking huge fires at a vulnerable chokepoint for global energy supplies, the AP reports. It remained unclear hours later whether anyone was injured at the Abqaiq...

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