The Latest Breaking News from Oil

The Group of Seven club of wealthy nations on Monday vowed to stand with Ukraine "for as long as it takes", promising to tighten the squeeze on Russia's finances with new sanctions that include a proposal to cap the price of Russian oil.

A rally for global markets is continuing amid hopes that Federal Reserve interest rate hikes may not be as aggressive as earlier feared.

The UN envoy to Yemen, Hans Grundberg, will meet in Riyadh Monday with the Chairman of the Presidential Leadership Council (PLC) in Yemen Rashad al-Alimi to discuss the Houthi militias' refusal to open the Taiz crossings, according to well-informed sources. The sources revealed that the government team concerned with opening…

Sri Lanka is sending two ministers to Russia to negotiate for fuel, a necessity that the Indian ocean island nation has almost run out of amid its ongoing economic crisis

Oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations meeting in Germany. The prospect of more supply tightness loomed over the market as…

Ecuador President Guillermo Lasso announced Sunday the country will reduce rising fuel prices that sparked two weeks of protests, although not by as much as Indigenous groups behind the demonstrations had requested.

Ecuadorean President Guillermo Lasso said on Sunday he would cut prices for gasoline and diesel by 10 cents a gallon, the latest concession to try to end nearly two weeks of anti-government protests in which at least six people have died.

Amid skyrocketing fuel prices, many people and even some politicians have begun to question the profits being made by private refineries. The issue angering critics and consumers is what is known as the gross refining margin, or GRM, of local oil refineries.

Wise men say putting the right man in the right job will get it done and done well. So when Prime Minister Prayut Chan-o-cha last week assigned the National Security Council (NSC) to take the lead in tackling energy and food problems, many eyebrows were raised, questioning the rationale of…

Western leaders hope to tighten vice around Vladimir Putin without causing backlash at home or in global south

Just over 20 years ago, a blockade of an Ellesmere Port oil refinery saw Britain grind to a halt