Oil

Part of the reticence to spend more to drill comes as the oil giants ramp up investment in hydrogen, carbon capture and storage and other low-carbon ventures amid pressure from environmental, social and governance (ESG) investors. Exxon Mobil's revenues rose 52.4 percent to $87.7 billion while Chevron saw a 70…

Hungary and Slovakia, landlocked and dependent on crude from a Russian pipeline, are resisting the oil embargo and holding up the approval of the new package of sanctions. For the sanctions to go into effect, all 27 EU members must give their unanimous approval.…

The European Union is struggling to finalize the terms of an oil embargo on Russia amid resistance by Hungary, whose leader claimed Friday that the proposed embargo would hit his economy like an atomic bomb.Prime Minister Viktor Orban has long cultivated close ties with Moscow and hasn’t joined other EU and North Atlantic Treaty Organization countries in trying to arm Ukraine. He is insisting on more time and EU money if Hungary is to join the rest of the bloc in transitioning away from…

Oil prices are at their highest in years and politicians want companies to pump more. But most large American frackers are standing pat, or even letting production decline, and instead are handing investors cash.Much of the U.S. shale industry recently reported higher profits than in the same quarter a year earlier, but companies aren’t reinvesting more in production—indeed, some have let U.S. output slip as they focus on paying investors. Nine of the largest U.S. oil producers this week said they shelled out a combined…

The Organisation of Petroleum Exporting Countries (OPEC) on Thursday agreed to maintain its planned monthly oil output, as the European Union proposes a ban on Russian oil. OPEC disclosed this at its 28th OPEC and non-OPEC ministerial meeting, according to a statement released by the organisation on Thursday. It noted geopolitical factors and issues related to the ongoing pandemic as reasons for its decision. The development came a day after the European Union announced it is proposing to…

PSU major Oil India, which suffered a cyberattack disrupting its operations in Assam, has received a ransom demand of $75,00,000 (roughly Rs. 57 crore) from the perpetrator, officials said on Wednesday.A case was registered under various sections of the Indian Penal Code and the Information Technology Act, 2000, after the company lodged a complaint with the police.The public sector undertaking Oil India and the government exchequer have incurred a huge financial loss due to the cyberattack—ransomware, as the business…