Latest Oil and gas industry News

In this April 29, 2020 photo, Venezuelan shipping magnate Wilmer Ruperti smokes a cigarette during an interview in Caracas, Venezuela. As a result of U.S. sanctions on Venezuela, a high-stakes legal fight in U.S. federal court is pitting Ruperti against Greek shipping magnate Evangelos Marinakis, in connection with oil tanker Alkimos carrying high octane gasoline estimated to be worth millions. (AP Photo/Scott Smith)

Venezuela sanctions set off fight for 'plundered' oil cargo

Jul. 3, 2020 5:01 PM EDT

MIAMI (AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of Texas, undisturbed by the high-stakes legal fight playing out in a federal courtroom as a result of American sanctions on Venezuela. The commercial dispute, which hasn’t been previously...

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, July 3, 2020. Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. (AP Photo/Eugene Hoshiko)

World stocks mostly dip with US closed for holiday

Jul. 3, 2020 12:47 PM EDT

World stock markets fell slightly in Europe on Friday after gains in Asia, with trading somewhat subdued by a long holiday weekend in the U.S. With Wall Street remaining closed in observance of Independence Day, Germany's DAX edged 0.6% lower to 12,528.18. The CAC 40 in Paris dropped 0.8% to 5,007.14, while...

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, July 3, 2020. Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. (AP Photo/Eugene Hoshiko)

Asian shares advance following upbeat US jobs report

Jul. 2, 2020 11:27 PM EDT

Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. Tokyo's Nikkei 225 index picked up 0.3% to 22,220.33, while the Shanghai Composite index jumped 1.3% to 3,130.62. In South Korea, the Kospi gained 0.6% to 2,148.24, and Australia's S&P/ASX 200 rose 0.6% to 6,067.30....

Vehicles wait in line to fill up with fuel at a gas station in Caracas, Venezuela, Tuesday, June 2, 2020. Starting June, Venezuelans pay international market fuel prices, with limited access to subsidized gasoline each month, marking a historic break in the country's practice of having the world's cheapest fuel. (AP Photo/Matias Delacroix)

US tries to seize Iranian gas heading toward Venezuela

Jul. 2, 2020 8:26 PM EDT

MIAMI (AP) — U.S. federal prosecutors are seeking to seize four tankers sailing toward Venezuela with gasoline supplied by Iran, the latest attempt to disrupt ever-closer trade ties between the two heavily sanctioned anti-American allies. The civil-forfeiture complaint filed late Wednesday in the District...

Canada high court dismisses Indigenous appeal of pipeline

Jul. 2, 2020 7:35 PM EDT

TORONTO (AP) — The Supreme Court of Canada on Thursday dismissed an appeal from British Columbia First Nations against the Trans Mountain pipeline expansion that would nearly triple the flow of oil from the Alberta oil sands to the Pacific Coast The court dismissed the appeal from the Squamish Nation,...

Workers salvage oil canisters from the wreckage of a vehicle oil store hit by Saudi-led airstrikes in Sanaa, Yemen, Thursday, July 2, 2020. (AP Photo/Hani Mohammed)

Saudi-led coalition launches new strikes on Yemeni capital

Jul. 2, 2020 3:04 PM EDT

CAIRO (AP) — The Saudi-led coalition fighting Iran-backed rebels in Yemen said Thursday that it unleashed a new air campaign on the war-torn country's capital and on other provinces, in retaliation for drone attacks on Saudi Arabia that were claimed by the rebels. “The targeting of civilians and...

FILE - In this May 11, 2020 file photo, a container ship is docked at Maher Terminals in Elizabeth, N.J. The U.S. trade deficit rose for the third straight month in May. Both exports and imports fell as the coronavirus outbreak continued to take a toll on world commerce. The Commerce Department said Thursday, July 2 that the gap between the United States buys and what it sells abroad rose 9.7% in May to $54.6 billion, highest since December 2018. (AP Photo/Mark Lennihan, File)

US trade deficit rises 9.7% in May to $54.6 billion

Jul. 2, 2020 9:28 AM EDT

WASHINGTON (AP) — The U.S. trade deficit rose for the third straight month in May. Both exports and imports fell as the coronavirus outbreak continued to take a toll on world commerce. The Commerce Department said Thursday that the gap between the goods and services the United States buys and what it sells...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 2, 2020. Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections. (AP Photo/Ahn Young-joon)

Asian stocks follow Wall Street higher on vaccine hopes

Jul. 2, 2020 12:04 AM EDT

Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections. Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all advanced. Investors were encouraged after Pfizer and BioNtech announced preliminary data from a...

Libyan Ministry of justice employees dig out at a siyte of a suspected mass grave in the town of Tarhouna, Libya, Tuesday, June 23, 2020. The United Nations said that at least eight mass graves have been discovered, mostly in Tarhuna, a key western town that served as a main stronghold for Khalifa's east-based forces in their 14-month campaign to capture the capital, Tripoli. (AP Photo/Hazem Ahmed)

UN chief tells Libya's Hifter there is no military solution

Jul. 1, 2020 9:59 PM EDT

UNITED NATIONS (AP) — U.N. Secretary-General Antonio Guterres told the commander of Libya’s eastern-based forces Wednesday that there can be no military solution to the conflict he launched in April 2019 against the U.N.-supported government in the capital, Tripoli. U.N. spokesman Stephane Dujarric...

Street musician Cal Austermuhl performs on a street in downtown Anchorage, Alaska Wednesday, July 1, 2020, the same day Alaska residents began receiving their share of the state's oil wealth. Austermuhl says his $992 share was already spent on bills. (AP Photo/Mark Thiessen)

Alaska oil checks smaller, but they help pay virus bills

Jul. 1, 2020 8:58 PM EDT

ANCHORAGE, Alaska (AP) — Downtown Anchorage street musician Cal Austermuhl had good reason to be singing the blues Wednesday, the same day the state of Alaska began distributing $992 checks that will be paid to nearly every resident. “Mine’s already spent,” he said of his share of the...