The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats said.

A campaign group is urging residents to have their say on the latest stage of a long-running legal battle over oil drilling in the Lincolnshire Wolds. The decision to approve an oilfield in Biscathorpe was quashed in July last year following a Supreme Court judgement after a claim had been brought in by SOS Biscathorpe.

BP said that second-quarter profit took a hit from lower crude prices, becoming the latest oil major to issue such a warning. But the stock rose anyway Friday.

Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member.

BP has said lower oil and gas prices will weigh on its earnings in the second quarter, even as the energy major flagged an increase in production and higher refining margins. In a trading update on Friday, BP said it expected earnings in its oil business to be $600mn-$800mn lower in the three months to the end of June than the previous quarter.

Supply is set to rise three times faster than demand this year, the International Energy Agency said, though seasonal factors are tightening the market in the short term.

Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open the floodgates of global crude supply.

The International Energy Agency has said it expects global oil demand to grow at the slowest pace since 2009, outside of the coronavirus pandemic, amid early signs that US tariffs are weighing on economic activity.

Juan Flores, an environmental organizer, gives “toxic tours” in Galena Park, Texas. It sits in the shadow of the U.S.’s largest petrochemical complex.

Russia’s deteriorating crude and oil product exports cast doubt on the nation’s ability to support its production capacity, the International Energy Agency said in its monthly report.

The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

The U.S. Department of Energy announced Friday it has approved an exchange from the Strategic Petroleum Reserve, or SPR, with the ExxonMobil Corp. to ease issues that affect crude oil deliveries to a company site.