Namibia surpasses South Africa in offshore oil development, securing major discoveries in the Orange Basin with over 20 billion barrels of oil equivalent. Namibia has accelerated offshore oil exploration in the Orange Basin, outpacing South Africa despite both nations shar
U.S. oil majors face criticism over high earnings as crude futures drop following presidential remarks on excessive profits. President Trump criticized Exxon Mobil (XOM) and Chevron (CVX) for generating excessive profits, calling on the companies to lower retail gasoline p
Major oil firms signal refining constraints will sustain high fuel costs despite crude price fluctuations, tightening global supply. Shell, ExxonMobil, and Chevron have warned that global fuel stocks are critically low, pushing pump prices higher regardless of crude oil tr
Oil prices fell after Trump delayed Iran strikes Crude oil prices tumbled after the US postponed strikes against Iran. The OPEC+ output increase had little impact on the market's supply calculus due to constrained shipping through the Strait of Hormuz and the Bab al-Mandeb
Energy companies drive Q2 earnings beats as oil prices boost profits, outpacing broader S&P 500 growth of 37.9%. The Energy sector is reporting the highest earnings growth among S&P 500 sectors for Q2, surging 128.2% year-over-year. This outpaces the broader index’s averag
President Donald Trump demanded that U.S. oil companies immediately lower gasoline prices on Monday after crude futures plunged following his decision to suspend another planned military strike on Iran. In a Truth Social post, Trump instructed producers to “get your consum
Venezuela's long-awaited oil revival has been slower than many in Washington anticipated, according to the Wall Street Journal. Seven months after Nicolás Maduro's removal, negotiations between the interim government and major U.S. energy companies remain bogged down, with
Two Saudi crude-laden tankers transited the Bab el-Mandeb Strait without transponders amid persistent Houthi threats to Red Sea shipments. Two tankers carrying Saudi crude oil sailed through the Bab el-Mandeb Strait with their transponders turned off, vessel-tracking data
Indian refiner Chennai Petroleum Corporation Limited plans to boost the crude oil refining capacity at its Manali refinery by a third to 280,000 barrels per day (bpd), the refiner said in its 2025/2026 report. Chennai Petroleum Corporation Limited (CPCL) is a subsidiary of
Seven core members of OPEC+ agreed Sunday to raise collective oil output by 188,000 barrels per day starting in September, a sixth consecutive monthly increase that completes the group's rollback of voluntary production cuts first introduced in 2023. The participating coun
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