Industry News

The Chinese state-backed company reported around $5.72 billion in net income for the first quarter, up 7.1 percent from the same three-month period last year on higher realized oil prices and oil and gas sales.

Rigzone talks to analysts from the Heritage Foundation, Wood Mackenzie, and Standard Chartered.

The Middle East Crisis Temporary State Aid Framework, adopted following a consultation with member states, allows various forms of government assistance for agriculture, fishery and transport companies until yearend.

Oil prices surged amid increasing concerns about the geopolitical situation in the Middle East, Daniel Takieddine, Co-Founder and CEO of Sky Links Capital Group, said.

The year-on-year increase was mainly due to electricity distribution in the UK growing 72.6 percent to nearly 15,000 gWh.

'The blockade is somewhat more effective than the bombing', Trump said.

In the heart of U.S. shale country, gas is so plentiful that producers have to pay buyers to take it off their hands.

Oil prices surged to multi-year highs as the Iran conflict and Hormuz blockade tighten global supply.

Russia said it has no plans of leaving its alliance with OPEC after the United Arab Emirates' shock decision to quit the cartel raised questions about its future.

Eni has entered into a deal with Venezuela's Hydrocarbons Ministry and state-owned PdVSA to relaunch activities at the Junin-5 heavy oil field in the Orinoco Belt.

The stalemate in the U.S.-Iran conflict has continued for a further week with no clear resolutions on either side, Standard Chartered Bank Head of Energy Research Emily Ashford said.

OMV Petrom shareholders approved around $2.07 billion in investment for 2026, mostly for the Neptun Deep gas project on the Romanian Black Sea.

'Woodside has a strategy of securing term shipping for annual average delivery commitments and therefore has limited exposure to volatile spot LNG carrier rates'.

Macquarie strategists, including Walt Chancellor, revealed that they are forecasting that U.S. crude inventories will be down for the week ending April 24.

TotalEnergies reported $5.4 billion in net profit adjusted for nonrecurring items for Q1, up 41 percent from the prior three-month period and 29 percent against Q1 2025 as LNG sales volumes increased amid oil volatility.

'This decision aligns with the United Arab Emirates' long-term strategic and economic vision and the evolution of its energy sector', the UAE Ministry of Energy and Infrastructure said.

The president told his aides to prepare for an extended U.S. Naval blockade of the Strait of Hormuz, the Wall Street Journal reported, as the U.S. looks to intensify economic pressure on Iran as the war enters its third month.

Not all mines placed by Iran in the Strait of Hormuz need to removed for ships to resume transiting the vital passageway, U.S. Energy Secretary Chris Wright said.

Crude settled higher on geopolitical tensions and tight physical markets, even as the UAE's planned OPEC+ exit added longer-term uncertainty.

Two offshore wind developers will give up federal leases and instead commit funds to fossil fuel projects under agreements with the Trump administration, the DOI said Monday.