Oil & Gas

Bob Pease was the independent director of Phillips 66. He defended its performance and criticized Elliott Investment Management, on Friday. The boardroom battle between Phillips 66 and Elliott Investment Management intensified. Elliott, who disclosed earlier this year a stake in Phillips 66 of over $2.5 billion, has been pressing for operational changes at the energy firm and a board revamp. Pease, who was appointed to the board of the refiner in February 2024 following an agreement reached with the activist investor, is actually a director. Pease wrote to his shareholders that Elliott was "a highly distracted shareholder". Elliott's inconsistent involvement...

Canada's Suncor Energy said on Thursday it had identified and isolated the source of a hydrocarbon spill observed during regular monitoring at its 85,000-barrel-per-day refinery in Sarnia, Ontario. Suncor also stated that there were no reported injuries. Suncor did not specify if the spilled crude oil or fuel. The company had earlier said that it was responding in response to an incident near the St. Clair River, noting community members might notice an odor. St. Clair Township, in another community alert reported an oil spill that was being contained by Suncor and Shell booms. The water distribution system of St....

According to four sources familiar with the issue, the U.S. administration of President Donald Trump has asked the oil and biofuels industry to reach an agreement on the next phase in the country's biofuels policies to avoid the political conflicts that marked his first tenure. Big Oil and Farm Belt biofuels producers are competitors who have been fighting for a share of the U.S. multi-billion dollar gasoline market. The two have fought repeatedly over the details of the U.S. Renewable Fuel Standard. This program requires that billions of gallons corn-based ethanol, and other biofuels be blended in the nation's fuel...

The oil prices rose on Thursday due to concerns over tighter supply globally after the U.S. threatened tariffs on Venezuelan buyers. Market players were also weighing the impact of Donald Trump’s latest announcement about auto tariffs. Brent crude futures rose 14 cents or 0.2% to $73.93 per barrel. U.S. West Texas Intermediate Crude Futures rose by 14 cents or 0.2% to $69.79 per barrel at 0049 GMT. The price of oil rose by around 1 percent on Wednesday. This was due to government data that showed U.S. crude and fuel inventories had fallen last week and the threat from the...

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "The imposition of tariffs on auto imports threatens the competitiveness and export-readiness of an industry which relies on international supply chains and markets to achieve its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

At a Wednesday press conference, U.S. president Donald Trump will reveal plans to implement long-promised duties on automobile imports. This move will intensify the global trade conflict Trump started upon regaining control of the White House in this year. The White House did not provide any details about the anticipated tariffs. This includes whether or not there will be carveouts made for parts and vehicles produced under the U.S. Canada-Mexico Agreement. This regional trade agreement was negotiated by Trump during his first term, which allows for largely free trade with two of the largest U.S. trade partners. Trump has himself...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. The Justice Department has filed a criminal fraud case against Boeing in connection with the alleged misrepresentations made by the plane maker to U.S. regulators regarding a critical system on the 737 MAX. On Tuesday, U.S. president Donald Trump signed an executive directive targeting the law firm Jenner & Block. The firm represents clients who challenge some of Trump's major policies. It also employed a former prosecutor in a special council investigation of Trump's 2016 campaign. The...

The price of oil rose on Wednesday morning in the early Asia trading on fears that supplies would be tighter after U.S. president Donald Trump threatened to impose tariffs on countries importing gas and oil from Venezuela, and after U.S. inventories dropped more than expected. Brent crude futures increased 25 cents (0.3%) to $73.27 per barrel at 1214 GMT. U.S. West Texas Intermediate Crude futures increased 28 cents (0.4%) to $69.28 per barrel. Trump signed on Monday an executive order allowing his administration to impose a 25% blanket tariff under the 1977 International Emergency Economic Powers Act for imports coming...

Veniamin Knratiev, the region's governor, said that a fire at a Krasnodar oil depot caused by a suspected Ukrainian drone strike was extinguished almost a week after its start. The Kavkazskaya Depot is only a few kilometers from the Kropotkinskaya Pumping Station of the Caspian Pipeline Consortium. This station was also struck by a drone in the last month. This sparked fears about a possible drop in global oil supply. The depot is crucial for Russia's exports of oil via CPC. CPC transports mainly Kazakhstan's exports of oil. Kondratiev, a Telegram user, said that two reservoirs in the facility had...

The wholesale gas prices in the Netherlands and Britain fell on Tuesday as mild weather reduced demand. Market participants also watched the U.S. led talks in Saudi Arabia aimed at ending the conflict in Ukraine. LSEG data shows that the Dutch front-month contract fell by 0.53 euros to 41.75 Euro per Megawatt Hour (MWh) or $13.35/mmBtu by 0900 GMT. The British front-month contracts was down 0.50 pence to 102.50p/therm. LSEG data shows that temperatures in north-west Europe will be 0.1-0.2C milder than normal and range between 7C and 9C. This is slightly above average. Ulrich Weber, LSEG analyst, said that...

According to a Friday court filing, a U.S. court official overseeing the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum recommends a judge select a $3.7billion offer from an affiliate of Contrarian Funds as the starting point for a second bidding round in this year. The filing stated that four potential "stalking horses" bids were received before the March 7 deadline for Citgo parent PDV Holding shares. Special master responsible for the auction recommended the offer made by Red Tree Investments, a Contrarian Funds affiliate. Judge Leonard Stark has to accept or reject the offer before...

Iranian oil shipments to China will likely fall after the new U.S. restrictions on a refiner, tankers and other vessels. This will increase shipping costs. However, traders expect buyers to find ways to continue to buy some quantities. Washington imposed new sanctions Thursday on entities, including Shouguang Luqing Petrochemical - a "teapot" or independent refinery located in the east China province of Shandong - and vessels that provided oil to these plants, which are China's top buyers for Iranian crude. The fourth round of sanctions against Iran's oil exports was imposed after President Donald Trump called for "maximum" pressure on...

The oil prices rose on Thursday, as traders assessed the impact of President Donald Trump's new auto tariffs and concerns over tighter global supplies after U.S. threats to impose tariffs on Venezuelan oil purchasers. Brent crude futures rose 7 cents or 0.1% to $73.86 per barrel. U.S. West Texas Intermediate Crude Futures increased 10 cents or 0.1% to $69.75 per barrel at 0406 GMT. The price of oil rose by around 1 percent on Wednesday. This was due to government data that showed U.S. crude and fuel inventories had fallen last week and the threat from the U.S. of tariffs...

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

The Gulf stock markets were characterized by low volume on Tuesday, with prices falling as investors awaited clarification of the U.S. threat to impose reciprocal tariffs early next month. On Monday, Donald Trump announced that automobile tariffs will be implemented soon. He also said, however, that some of the levies he had threatened would not be imposed until April 2, indicating a degree of flexibility in this matter. Trump's tariff policy is expected to have a negative impact on global economic growth. It could also trigger more trade tensions and increase inflation. Saudi Arabian Mining Company lost 1.7%. Al Rajhi...

Oil prices fell on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 25 cents or 0.4% to $71.91 per barrel at 0409 GMT. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $68.08. Both benchmarks closed higher on Friday, recording a second weekly gain. This was due to the new U.S. sanction on Iran as well as the latest production plan of the OPEC+ producer groups. After discussions with Ukrainian diplomats on Sunday, a...

The Tunisian president Kais Saied fired Prime Minister Kamel Mddouri, less than one year after his appointment. He named Sara Zaafarani to replace him, amid a faltering economic situation and an increasing number of migrants coming from sub-Saharan Africa. Zaafarani is an engineer and has served as Minister of Equipment and Housing in 2021. He is the third Prime Minister to be elected in less than two and a half years. Saied has been harshly criticizing the performance of many ministers in recent months. He said that they had not met the standards required and that Tunisians have high expectations....

S&P, a global ratings agency, raised Saudi Arabia's credit rating from 'A to 'A+ with a stable outlook' on Friday. This was based on the ongoing social-economic transformation of the country. Fitch stated that the Vision 2030 project of the country provides flexibility in managing capital spending and debt issuance. This report stated that the sustained momentum of this project could help boost activity in the construction, manufacturing, and mining sectors to spur GDP growth between 2025-2028. The ratings agency said earlier this week that it expected the Saudi government to reduce capex, and current spending associated with them in...

Iran's clerical leadership may find that engaging the "Great Satan" in order to negotiate a nuclear agreement and ease crippling economic sanctions is the lesser evil. Four Iranian officials have said that despite its deep mistrust for the United States and in particular President Donald Trump, Tehran is growing increasingly worried about public anger at economic hardships escalating into massive protests. People said that despite the defiant and unyielding rhetoric of Iran's clerical leadership in public, there was a pragmatic desire within Tehran's power corridors to strike a bargain with Washington. Tehran's fears were exacerbated when Trump revived his "maximum-pressure"...

Trade sources reported on Thursday that Saudi Arabia's crude shipments to China, its largest customer, will drop to the lowest level for more than a full year in April. This is partly due to maintenance programs at Sinopec-owned Chinese refineries. Data shows that the OPEC producer, Saudi Arabia, allocated 34 million barrels to its Chinese clients in April, down from 41 millions barrels the previous month. China's drop in demand for Saudi crude oil is despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreeing to continue with their plan to increase production in April. Sinopec intends...

The International Energy Agency reported in its monthly report on the oil market that global oil supply may exceed demand this year by 600,000 barrels a day. This follows a downward revision of its demand growth forecast for 2025. The Paris-based agency stated that the surplus could increase by 400,000 bpd if OPEC+ continues to unwind its output cuts and fails in reining in overproduction against quotas. Calculations based on IEA figures show that the IEA’s February oil report suggested a slightly smaller surplus of about 500,000 bpd. The IEA has revised its forecast for oil demand growth in 2025...

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

A survey released on Tuesday showed that the Saudi Arabian non-oil sector's growth continued to be robust in February. This was due to strong sales by customers and higher activity levels. However, the rate of growth has slowed since the previous month. The Riyad Bank Saudi Arabia Purchasing Managers' Index fell from a decade high reading of 60.5 to 58.4 at the end of February, but remained above 50. This indicates strong growth. The small drop in the headline PMI can be attributed to the slowing of new business growth that had soared at the beginning of the year. The...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines US suspends military assistance to Ukraine Adnoc and OMV sign deal to combine petrochemical assets BYD promises to work with Tesla, its rival in the fight against petrol cars - BAE chief in line for bonus boost under 'golden handcuffs' pay deal View the full article Washington has halted its military aid to Ukraine, just days after President Donald Trump and Ukrainian President Volodymyr Zelenskiy clashed in the Oval Office. Abu Dhabi National...